Pakistan urges World Bank support on economic reforms, development agenda

Pakistan urges World Bank support on economic reforms, development agenda
People commute on a road in Islamabad on July 11, 2023. (AFP/File)
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Updated 26 November 2024
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Pakistan urges World Bank support on economic reforms, development agenda

Pakistan urges World Bank support on economic reforms, development agenda
  • IMF approved a $7 billion bailout loan for Pakistan in September that comes with a tough economic reforms agenda
  • IMF is pushing Pakistan to continue prudent fiscal and monetary policies, mobilize revenue from untapped tax bases

ISLAMABAD: Minister for Finance Muhammad Aurangzeb met World Bank Country Director Najy Benhassine on Tuesday and urged the international lender to support Pakistan in its economic reforms and development agenda, Radio Pakistan reported. 

The talks in Islamabad came less than two months after the IMF approved a $7 billion bailout loan for Pakistan that is attached to tough economic reforms. The IMF is pushing Pakistan to continue prudent fiscal and monetary policies, and to mobilize revenue from untapped tax bases.

Pakistan’s $350 billion economy has struggled for decades with boom-and-bust cycles, needing 23 IMF bailouts since 1958.

“During the meeting, the Finance Minister highlighted the importance of collaboration with the World Bank to support Pakistan’s economic reforms and development agenda,” Radio Pakistan reported. “The Finance Minister reiterated the government’s commitment to fiscal discipline, sustainable growth, and efficient resource utilization.”

The discussions focused on the establishment of a robust and transparent tax policy framework to enhance revenue mobilization and improve compliance while ensuring equitable taxation, the report said. 

The World Bank team also offered technical assistance to streamline the budget-making process, adopt modern practices to improve transparency and accountability in public financial management, and put in place an effective debt management mechanism to ensure fiscal sustainability and reduce risks.

Issues related to the Agricultural Income Tax Regime and GST harmonization in coordination with provinces and an enhanced focus on the active role of the National Tax Council also came under discussion.

“The Finance Minister expressed gratitude for the World Bank’s support and reaffirmed the government’s resolve to implement reforms aimed at sustainable economic progress,” the reported said, adding that the World Bank officials reiterated the lender’s commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives.

The IMF, which approved the new bailout in September, has said the program will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”

The IMF said in its statement on approving the loan that Pakistan had taken key steps to restore economic stability with consistent policy implementation under the 2023-24 standby arrangement.

It added that growth had rebounded to 2.4 percent and inflation has receded significantly, falling to single digits, amid appropriately tight fiscal and monetary policies.

A contained current account and calm foreign exchange market conditions have allowed the rebuilding of reserve buffers, and the central bank of Pakistan has been able to reduce interest rates by 700 bps since June in four consecutive cuts.

Despite this progress, Pakistan’s vulnerabilities and structural challenges remain formidable and the tax base remains too narrow.

The South Asian country is the IMF’s fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender’s data.


Gerry’s dnata launches Pakistan’s first all-women-led flight operation

Gerry’s dnata launches Pakistan’s first all-women-led flight operation
Updated 1 min 52 sec ago
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Gerry’s dnata launches Pakistan’s first all-women-led flight operation

Gerry’s dnata launches Pakistan’s first all-women-led flight operation
  • All-women team successfully handled complete turnaround of SriLankan Airlines A320 at Jinnah International Airport
  • Gerry’s dnata, a leading ground-handling services provider in Pakistan, also provides training and innovative services

KARACHI: Gerry’s dnata, a leading ground-handling services provider in Pakistan, said on Friday it had launched the country’s first-ever Women-Led Flight (WLF) operation, where an all-women team successfully handled the complete turnaround of a SriLankan Airlines A320 at the Jinnah International Airport in Karachi.

The initiative, which was launched ahead of International Women’s Day, marks a “powerful step” toward breaking barriers, accelerating action for workplace inclusion and empowering women to take charge of roles that men traditionally dominated, Gerry’s dnata said.

“From aircraft towing and baggage handling to security checks and cabin readiness, the WLF project showcases the strength, skill, and resilience of Pakistan’s female workforce in aviation,” the company said in a statement.

“This is more than just a flight operation, it’s a defining shift in Pakistan’s workforce landscape,” said Ali Kamal, a VP at Gerry’s dnata. 

“The Women-Led Flight Project is a testament to what’s possible when talent meets opportunity. We are incredibly proud to be at the forefront of this movement, paving the way for a future where women are equally represented in every field.”

Gerry’s Group & dnata joined hands for the first time in Pakistan to form Gerry’s dnata in 1993. Since the launch of the joint venture, it has ramped up its scale of operations in Pakistan and is now present at airports in Lahore, Karachi, Islamabad, Multan, Peshawar, Quetta and Faisalabad, offering a wide range of ground and cargo handling services to scheduled and non-scheduled airlines. The company is also involved in training and innovative services.
 


Pakistan Navy ship Yarmook participates in UAE defense exhibitions

Pakistan Navy ship Yarmook participates in UAE defense exhibitions
Updated 27 min 7 sec ago
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Pakistan Navy ship Yarmook participates in UAE defense exhibitions

Pakistan Navy ship Yarmook participates in UAE defense exhibitions
  • PNS Yarmook participates in IDEX and NAVDEX exhibition held in Abu Dhabi from Feb. 21-25
  • Over 200,000 visitors attend exhibition comprising over 1,500 participants from 65 countries

ISLAMABAD: Pakistan Navy warship Yarmook participated in two defense exhibitions held in the United Arab Emirates (UAE), the navy said on Friday, highlighting the South Asian nation’s robust defense ties and active role in global maritime security.
The International Defense Exhibition (IDEX) and Naval Defense Exhibition (NAVDEX), held on Feb. 21-25 in Abu Dhabi, are premier global platforms to showcase advanced defense technologies and latest innovations, and to foster international collaboration.
More than 200,000 visitors attended the joint exhibition that saw participation of over 1,500 exhibitors from 65 countries, according to the IDEX website. Naval vessels from eight nations, including Pakistan, participated in the exhibition.
Upon arrival in Abu Dhabi, the Pakistani ship was received by Pakistan’s Ambassador to the UAE Faisal Niaz Tirmizi, followed by the Yarmook commanding officer’s meetings with various dignitaries to discuss matters of mutual interest, according to Pakistan Navy’s Directorate General of Public Relations (DGPR).
“During its stay, PNS YARMOOK remained open to visitors and welcomed numerous officials from the armed forces, business, and corporate sectors,” the DGPR said in a statement.
“Distinguished visitors included the UAE’s Minister of Tolerance and Coexistence, Romania’s Minister of National Defense, Yemen’s Defense Minister, the Chief of the Romanian Naval Forces, the Chief of Staff of the Egyptian Naval Forces, the Commander of the Royal Saudi Naval Forces, the Commander of the Royal Bahrain Navy, and the CEO of DAMEN Shipyard.”
Pakistan’s participation in NAVDEX 2025 highlights its strong defense ties with the UAE and its active role in global maritime security initiatives.
“Upon departure, PNS YARMOOK also conducted a passage exercise with the UAE Navy Ship AL-EMARAT,” the DGPR added.
PNS Yarmook regularly participates in joint operations and exercises with friendly countries in addition to its own operations.
Last July, Pakistan deployed PNS Yarmook to protect commercial vessels arriving at its ports. In August 2024, the warship conducted bilateral exercises with allied navies in Bahrain as part of a Regional Maritime Security Patrol deployment, aimed at enhancing naval coordination and joint operational capabilities in the region.


Pakistan to host PSL 10th edition from April 11

Pakistan to host PSL 10th edition from April 11
Updated 58 min 11 sec ago
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Pakistan to host PSL 10th edition from April 11

Pakistan to host PSL 10th edition from April 11
  • The six-team tournament will see 34 matches from April 11 till May 18
  • Lahore will host 13 matches, including two eliminators and the final

ISLAMABAD: Pakistan will host the 10th edition of the Pakistan Super League (PSL) from April 11, the Pakistan Cricket Board (PCB) said on Friday, with defending champions Islamabad United taking on two times champions Lahore Qalandars at the Rawalpindi Cricket Stadium in the opening match.
The six-team tournament will see 34 matches between April 11 and May 18. Lahore’s Qaddafi Stadium will host 13 matches, including two eliminators and the final, according to the PCB.
Rawalpindi Cricket Stadium will host 11 matches, including the first qualifier on May 13. National Bank Stadium in Karachi and Multan Cricket Stadium will host five PSL matches each.
“We are thrilled to officially announce the schedule for the historic 10th edition of the HBL Pakistan Super League,” PSL Chief Executive Officer Salman Naseer was quoted as saying by the PCB.
“As part of our commitment to expanding the reach of the HBL PSL, we are delighted to host an exhibition match in Peshawar before the start of the tournament, which is a significant step in bringing top-tier cricket to Peshawar, a city with a deep-rooted love for the game.”
The PSL, which officially began in February 2016, features city-based franchise teams and has become a major event in Pakistan’s cricket calendar, symbolizing the country’s love for the sport. The league brings together both local and international talent, and has grown substantially in value and popularity since its inception.
“We remain dedicated to enhancing the experience for players, fans, and stakeholders, who have witnessed some breathtaking contests in the league over the years,” Naseer said.
Karachi Kings, winners of the league’s 5th edition, will begin their campaign on April 12 in their own backyard against runners up of the last edition, Multan Sultans. Multan Sultans, winners of the 6th edition, will face Lahore Qalandars on April 22 – the first HBL PSL X match hosted by Multan Cricket Stadium.
The newly constructed Qaddafi Stadium in Lahore will welcome the PSL-X on April 24, with the home side taking on Peshawar Zalmi. Qalandars won the 7th and 8th editions.
Peshawar Zalmi, champions of the PSL 2017, will play their five matches at Rawalpindi Cricket Stadium, while Quetta Gladiators, winners of the fourth edition, will play five matches at Qaddafi Stadium.


Pakistan reports two new polio cases amid deepening virus crisis

Pakistan reports two new polio cases amid deepening virus crisis
Updated 28 February 2025
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Pakistan reports two new polio cases amid deepening virus crisis

Pakistan reports two new polio cases amid deepening virus crisis
  • The South Asian country has witnessed an intense resurgence of the virus in recent months
  • Pakistan, Afghanistan are the last two countries in the world where polio remains an endemic

ISLAMABAD: Health authorities have confirmed two new cases of wild poliovirus type 1 (WPV1) in Pakistan, the country’s polio program said on Thursday.
Polio is a paralyzing disease that has no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of 5 is essential to provide children high immunity against the disease.
The South Asian country has been witnessing an intense resurgence of the virus and reported a total of 74 cases last year, raising several questions about the gains made in recent years in the fight against the viral disease.
Health authorities have confirmed one new case of the virus in the Kambar district of the southern Sindh province and another in the Mandi Bahauddin district of the Punjab province, according to the country’s polio program.
“This is the third polio case from Sindh and the first from Punjab this year, bringing the total number of cases in the country to five,” the polio program said in a statement.
Pakistan and Afghanistan are the last two countries in the world where polio remains an endemic.
Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain. In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.
Pakistan’s polio program began in 1994 but efforts to eradicate the virus have since been undermined by vaccine misinformation and opposition from some religious hard-liners who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams.
Pakistan this month concluded its first nationwide anti-polio campaign of 2025, with 99 percent of the targets achieved, according to the polio program. The campaign, conducted on Feb. 3-9, vaccinated more than 45 million children.
“[An] fIPV-OPV (fractional dose inactivated poliovirus vaccine-oral polio vaccine) campaign is underway in Karachi and Quetta Division to vaccinate nearly 1 million children with the injectable and oral polio vaccines for an added immunity boost,” the polio program said.
“Moreover, a targeted vaccination activity in 104 union councils bordering Afghanistan or having Afghan refugee camps/populations is also in progress (February 24-28) to vaccinate over 0.66 million children, to reduce the risk of cross-border and internal poliovirus transmission.”
“The Polio Programme urges all parents to get their children vaccinated against polio at every opportunity to keep them protected from this devastating disease,” it added.
This week, the World Health Organization said Saudi Arabia had reaffirmed its $500 million pledge to eradicate polio from Pakistan and Afghanistan under the Global Polio Eradication Initiative (GPEI).
The GPEI hopes to declare an end to the wild virus and the vaccine-derived variant by 2027 and 2029, respectively, compared with a previous deadline of 2026 for both forms.


Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank

Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank
Updated 28 February 2025
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Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank

Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank
  • Founded in 2021, ABHI has been serving customers in Pakistan, UAE, Saudi Arabia and Bangladesh through its credit-bridging products
  • The fintech firm says its collaboration with TPL Corp. to launch microfinance bank is a major step toward financial inclusion in Pakistan

KARACHI: Pakistani fintech ABHI, which expanded its operations to the United Arab of Emirates (UAE) and Kingdom of Saudi Arabia, has launched ABHI Microfinance Bank in collaboration with TPL Corp, the company said on Thursday.
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, Saudi Arabia and Bangladesh through its credit-bridging products such as the Earned Wage Access (EWA) facility.
TPL Corp. is the investment holding company of the TPL Group with investments across the insurance, real estate, transport, securities, technology and financial sectors
ABHI said its strategic collaboration, approved by the Pakistani central bank, was a major step toward redefining financial inclusion in the South Asian country.
“This acquisition marks a significant step toward strengthening Pakistan’s financial ecosystem and expanding access to credit for unserved and underserved communities,” the fintech firm quoted State Bank of Pakistan Governor Jameel Ahmed as saying at the launch of ABHI Microfinance Bank.
“Collaborations like these play a vital role in driving financial inclusion and empowering individuals and businesses across the country.”
The event, hosted by ABHI and TPL Corp. in Karachi, brought together international investors, industry leaders, financial experts and key stakeholders, serving as a platform to highlight the collective vision of the three entities in transforming Pakistan’s financial landscape.
The development comes as Pakistan seeks to increase financial inclusion and document its economy as the South Asian country treads a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) program.
SBP Governor Ahmad this week said the central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population and to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
The central bank chief also urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.