Pakistan slams Netanyahu for comments on establishing Palestinian state on Saudi soil

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Friday met a delegation of Association of Chartered Certified Accountants (ACCA) and assured that his country was fostering a robust financial management framework aligned with global best practices amid its efforts for economic recovery.
The ACCA delegation, led by its global president Ayla Majid, briefed the minister about its collaborations with policymakers and government agencies, including the Finance Division, the Auditor General’s Office, and the Securities and Exchange Commission of Pakistan (SECP).
The delegation elaborated on ACCA’s specialized training, certifications and capacity-building programs, particularly in areas such as innovation, technology, public financial management, and financial governance, according to the Press Information Department (PID) of the Pakistani government.
During the meeting, Aurangzeb emphasized the need for outcome-based training and certification programs to ensure accountability and ownership in capacity-building initiatives in the South Asian country.
“He encouraged the organization to engage with other ministries and departments for broader training and development programs,” the PID said in a statement.
“The finance minister also underscored the importance of focusing on climate finance, particularly in terms of its utilization and measurable outcomes, to ensure sustainable economic growth.”
The development comes as Pakistan treads a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) loan program it secured in September last year.
Since averting an imminent default on its external debt in 2023, Pakistan is now keeping its current account in check primarily through containing imports. The country’s exports rose 10 percent to $19.6 billion in the last seven months till January, while it is keeping tabs on imports that increased by 7 percent to $33 billion, according to Pakistan Bureau of Statistics.
“Both sides reaffirmed their commitment to strengthening cooperation in financial governance and professional development, with a shared vision of enhancing Pakistan’s economic resilience and institutional capacity,” the PID added.

ISLAMABAD: The World Bank’s private investment arm is increasing equity investments and eyeing large-scale infrastructure financing in Pakistan, in an investment plan that could unlock $2 billion annually over a decade, the institution’s chief told Reuters on Friday.
International Finance Corporation chief Makhtar Diop’s maiden visit to Pakistan follows the World Bank’s plans to allocate up to $20 billion for Pakistan under a Country Partnership Framework announced in January, with the IFC also slotted to invest the same amount.
“Between now and maybe October we will be able to progress enough on a couple of transactions that will signal that this is a country ready to receive large-scale financing for critical and important infrastructure,” said Makhtar Diop, the corporation’s managing director.
Diop said a $2 billion annual investment “is not a large number” for Pakistan, which needs infrastructure development in international airports, energy, water and ports.
Cash-strapped Pakistan is currently under a $7 billion International Monetary Fund bailout program and navigating a tricky path to recovery.
The South Asian nation narrowly averted a sovereign debt default, with reserves not sufficient enough to meet a month’s worth of controlled imports.
The IFC had an exposure of $2.1 billion in Pakistan during the fiscal year 2024, ending in June, marking its record investment in the South Asian country’s $350 billion economy.
Pakistan’s economy grew by a meagre 0.92 percent in the first quarter of the fiscal year.
Diop said the IFC is looking into agriculture, infrastructure, the “very important” financial sector, and the digital sector.
Pakistan is looking to generate revenue by speeding up a privatization push, but efforts to privatise the national flag carrier, Pakistan International Airlines, and outsource the capital’s airport have fallen flat.
In line with the IFC’s global push, Diop said equity-based transactions were to be expected in Pakistan too.
“Debt will still be a very important part in our business, but our equity will increase in the world, but also in Pakistan. It means we are believing really in Pakistan because we can take equity for a long, long time,” he said.