ֱ

Bailout: Pakistan thanks ֱ, UAE, China for support ahead of IMF meeting today

Bailout: Pakistan thanks ֱ, UAE, China for support ahead of IMF meeting today
The International Monetary Fund headquarters building is seen during the IMF/World Bank spring meetings in Washington, US, April 21, 2017. (REUTERS/File)
Short Url
Updated 25 September 2024

Bailout: Pakistan thanks ֱ, UAE, China for support ahead of IMF meeting today

Bailout: Pakistan thanks ֱ, UAE, China for support ahead of IMF meeting today
  • IMF executive board scheduled to meet today to discuss approval of $7 billion loan for Pakistan
  • External financing gaps prompted Pakistan to seek commitments, debt reprofiling from key allies

ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday Pakistan had met the “tough conditions” set by the International Monetary Fund (IMF) with the help of ֱ, the United Arab Emirates and China, as the global lending agency’s board meets today to discuss the $7 billion loan program for the country.
Pakistan reached a staff-level agreement with the IMF in July for a fresh loan to keep its fragile economy afloat. Finance Minister Muhammad Aurangzeb had earlier expressed hope of sealing the deal by the end of August. However, delays were caused by an external financing gap, which prompted Pakistan to seek commitments from key allies and request debt reprofiling.
Just a day earlier, the finance minister again expressed optimism about securing the loan program after the IMF board meeting, while emphasizing the government’s commitment to structural reforms.
“[Today] is the IMF board meeting, and we have fulfilled all of their conditions, very tough conditions, but praise be to God, we have completed them,” he told the media in New York on the sidelines of the 79th United Nations General Assembly Session. “I want to express my heartfelt gratitude once again, to our trusted brother nations, ֱ, China and the UAE. Without their immense support, this would not have been possible.”
“At the final stage, the conditions were related to China, and just like in the past, the Chinese government once again held Pakistan’s hand and offered immense support,” he added. “I am deeply grateful to the Chinese leadership.”
Pakistan’s last $3 billion IMF program helped avert a sovereign default in 2023 amid a sharp decline in foreign exchange reserves, currency depreciation and record inflation.
The government has already maintained that the country’s macroeconomic indicators have improved, though it needs the 37-month-long IMF program to solidify those gains.
“You have to grow and build from a stable base,” Pakistan’s finance minister said on Tuesday while addressing a high-level private sector dialogue, ‘CPEC-II and the Region.’ “We have reached that level now. Now, we can say that we have a good foundation on which we can build from here.”
“Now we need to move forward and stay with the reform agenda whether it’s on the taxation or energy side [or] on the state-owned enterprises or privatization side,” he added.


Militants attack security camp in northwest Pakistan, killing 3 officers, wounding 17

Militants attack security camp in northwest Pakistan, killing 3 officers, wounding 17
Updated 40 sec ago

Militants attack security camp in northwest Pakistan, killing 3 officers, wounding 17

Militants attack security camp in northwest Pakistan, killing 3 officers, wounding 17
  • Seventeen security personnel wounded in assault in northwestern Hangu district, police say 
  • Latest attack comes weeks after military launched operation in northwestern Bajaur district

PESHAWAR, Pakistan: Militants attacked a security forces camp in northwestern Pakistan on Monday, sparking an hours-long gunbattle that left at least three officers and one assailant dead, police said.

Seventeen security personnel were wounded in the assault in Hangu, a district in Khyber Pakhtunkhwa province, according to local police official Nazar Mohammad. He said security forces quickly responded and launched a search operation in the nearby mountains to track down the attackers who fled.

Interior Minister Mohsin Naqvi paid tribute to the slain officers in a statement and directed authorities to provide the best possible medical treatment to the wounded.

No group immediately claimed responsibility, but the Pakistani Taliban, known as Tehreek-e-Taliban Pakistan or TTP, have claimed responsibility for similar attacks in the past.

Pakistan has witnessed a surge in such attacks in recent months.

The latest attack in Hangu comes weeks after Pakistan’s military launched a “targeted operation” against TTP in another northwestern district, Bajaur displacing nearly 100,000 residents. So far, authorities have not released any details about the ongoing operation. Pakistan carried out an operation in Bajaur against TTP in 2009 as well.


Pakistan deepens Bangladesh détente with high-level visits as leaders sign pacts, push trade

Pakistan deepens Bangladesh détente with high-level visits as leaders sign pacts, push trade
Updated 3 sec ago

Pakistan deepens Bangladesh détente with high-level visits as leaders sign pacts, push trade

Pakistan deepens Bangladesh détente with high-level visits as leaders sign pacts, push trade
  • Multiple agreements signed during deputy PM, commerce minister’s visits, including visa waivers, joint trade group
  • Analysts widely say 2024 political shift in Dhaka has opened up space for closer engagement with Islamabad

ISLAMABAD: Senior Pakistani officials, including Deputy Prime Minister Ishaq Dar and Commerce Minister Jam Kamal, wrapped up high-level visits to Bangladesh last week as both nations seek to mend decades of strained ties. 

The trips saw multiple agreements signed, including a visa waiver for diplomats, the establishment of a joint working group on trade, and cooperation between foreign service academies, with discussions centered on boosting economic cooperation and investment.

“In all his engagements, the DPM/FM expressed Pakistan’s strong desire to forge a brotherly relationship with Bangladesh for the mutual benefit of the people of the two countries,” Pakistan’s foreign office said in a statement on Monday, following the conclusion of Dar’s two-day visit from Aug. 23–24.

During his meetings with Chief Adviser Prof. Muhammad Yunus and Foreign Adviser Touhid Hossain, Dar discussed bilateral relations, trade, people-to-people contacts, cultural exchanges, and cooperation in education, humanitarian issues, and sports. 

He also met opposition leaders, including Bangladesh Nationalist Party Chairperson Khalida Zia and Jamaat-e-Islami chief Dr. Shafiqur Rehman.

“The two sides emphasized the need for sustaining the existing momentum of positive developments in bilateral relations,” Pakistan’s foreign ministry said on Sunday. “In that connection, they agreed to focus on regular institutional dialogue, early finalization of pending agreements and MoUs, and enhanced cooperation in the fields of trade and investment, education, capacity building, and connectivity.”

Commerce Minister Jam Kamal, who spent four days in Dhaka, met with business leaders across sectors during visits to Bangladesh’s Chambers of Commerce and Industries. His trip concluded with the signing of a memorandum of understanding (MoU) to establish the Joint Working Group on Trade.

The visits mark an effort by Islamabad and Dhaka to reset ties after decades of bitterness rooted in Bangladesh’s 1971 war of independence, which ended 24 years of the two countries existing as one. 

Analysts say the 2024 ouster of former Prime Minister Sheikh Hasina, under whose government Dhaka leaned more heavily toward Pakistan’s arch rival New Delhi, has helped create space for closer engagement between Pakistan and Bangladesh.


Pakistan, UAE deepen trade links with first cargo delivery to Central Asia

Pakistan, UAE deepen trade links with first cargo delivery to Central Asia
Updated 25 August 2025

Pakistan, UAE deepen trade links with first cargo delivery to Central Asia

Pakistan, UAE deepen trade links with first cargo delivery to Central Asia
  • Pakistan’s NLC, Dubai-based DP World deliver 38 tons of auto parts from UAE to Tajikistan in 16 days
  • Partnership underscores Pakistan’s ambition to become hub connecting Gulf and Central Asian markets

ISLAMABAD: Pakistan’s state-run National Logistics Cell (NLC) and Dubai-based global logistics firm DP World have completed their first commercial cargo delivery from the United Arab Emirates (UAE) to Tajikistan via Karachi, state media reported on Monday, marking a milestone in Pakistan’s bid to become a regional trade hub.

The cargo, 38 tons of automotive spare parts, was shipped from Jebel Ali port in Dubai to Karachi and then transported overland to the Tajik capital Dushanbe. The journey was completed in just 16 days, which DP World said in a video was the fastest transit time currently available between Dubai and Dushanbe. Competing routes typically take between 20 and 70 days.

“NLC and DP World transported 38 tons of automotive spare parts to Tajik capital Dushanbe,” state broadcaster Radio Pakistan reported. “This achievement was made possible through NLC’s professional expertise and modern logistics infrastructure.”

In a video shared by Radio Pakistan, DP World said the rapid delivery underscored Pakistan’s emerging role in regional trade.

“Pakistan’s growing logistics capabilities is ensuring trade flows across the region,” the company said. “As Central Asia’s demand rises, Pakistan’s role as a connector is more vital than ever.”

The development highlights the deepening partnership between NLC, Pakistan’s premier logistics organization, and DP World, which has stepped up investment in Pakistan’s freight corridors and port facilities. 

In January 2024, the two sides signed an agreement under which DP World will upgrade Qasim International Container Terminal, Pakistan’s busiest trade gateway, and help develop the Karachi Freight Corridor to improve cargo movement across the country. Earlier this year, the partnership dispatched Pakistan’s first commercial goods convoy to Central Asia.

The delivery also comes as Pakistan seeks to deepen economic cooperation with the UAE, its third-largest trading partner after China and the United States. The Gulf country has invested over $10 billion in Pakistan in the last two decades, according to the UAE foreign ministry, and hosts nearly 1.8 million Pakistani expatriates.

Earlier this month, Pakistan’s commerce ministry announced plans to establish a “Pakistan Mart” near Dubai’s Jebel Ali port to showcase Pakistani products to international buyers. DP World will build the facility at no cost to Pakistani stakeholders, Islamabad said.

In January 2024, Pakistan and the UAE also signed agreements worth more than $3 billion covering cooperation in railways, special economic zones, and infrastructure.

Pakistan is positioning itself as a key transit hub between the Gulf and landlocked Central Asian states, where demand for goods is growing. The UAE has long been a major entry point for cargo into the region, and the new corridor through Karachi offers both countries a faster, more reliable trade route.

By investing in freight and port infrastructure, Islamabad hopes to capture a larger share of regional trade flows, a goal that has gained urgency as Pakistan struggles to revive its economy and expand exports.

“Pakistan’s growing logistics capabilities is ensuring trade flows across the region,” DP World said. “As Central Asia’s demand rises, Pakistan’s role as a connector is more vital than ever.”


Pakistan issues flood warnings for Ravi, Sutlej rivers as monsoon death toll nears 800

Pakistan issues flood warnings for Ravi, Sutlej rivers as monsoon death toll nears 800
Updated 25 August 2025

Pakistan issues flood warnings for Ravi, Sutlej rivers as monsoon death toll nears 800

Pakistan issues flood warnings for Ravi, Sutlej rivers as monsoon death toll nears 800
  • Medium-level flood risk on River Ravi over the next 48 hours, NDMA says
  • Punjab authorities on alert as Sutlej river flows reported at high flood level

ISLAMABAD: Pakistani disaster management authorities on Monday issued fresh flood warnings for two major rivers as heavy monsoon rains continue to batter the country, with the death toll from weather-related incidents since late June climbing close to 800.

The most devastating spell of the monsoon began on August 15 and has killed at least 485 people in just 10 days. Since the start of the season on June 26, official figures show 798 deaths, underscoring the scale of the disaster in a country ranked among the most climate-vulnerable in the world.

“NDMA’s National Emergencies Operation Center (NEOC) has issued a flood alert for River Ravi over the next 48 hours, indicating a medium-level threat,” the authority said in its latest alert on Monday. 

According to hydrological data, inflows at Thein Dam on the Indian side have reached 1,717 feet, or about 86 percent of its capacity. 

“Downstream releases from Thein Dam, combined with rising nullah discharges on the Indian side, are likely to further elevate river flows,” the NDMA said. 

Members of the Rescue 1122 team sit on a boat with the monsoon rain clouds in the background, as they are waiting for residents to evacuate, due to the monsoon rains and rising water level of the Sutlej River, in Ghatti Kalanjar village near the Pakistan-India border in Kasur district of the Punjab province, Pakistan, on August 24, 2025. (REUTERS)

Medium to high flows are expected in nullahs originating from the Pir Panjal Range, particularly Bein, Basantar and Deg, with low to medium flooding likely at Jassar in the next 24 hours.

Residents in low-lying and flood-prone areas have been urged to remain alert, avoid unnecessary travel near riverbanks and strictly follow official flood warnings. The NDMA advised communities to prepare emergency kits with food, water and medical supplies for up to five days, secure valuables and livestock, and avoid crossing causeways, low bridges and flooded roads.

Separately, the Punjab Provincial Disaster Management Authority (PDMA) reported a high flood in the Sutlej River at Harike, downstream of India. 

“River Sutlej (Harike below) has been reported to be at high flood level at 10:00 hrs (25th August, 2025) which will affect the incoming water levels downstream,” the PDMA said in its flood alert.

Authorities in Punjab have directed commissioners and deputy commissioners in multiple districts, including Lahore, Sahiwal, Multan, Bahawalpur and Dera Ghazi Khan, to remain on high alert. PDMA Director General Irfan Ali Kathia instructed local administrations to complete emergency preparations, pre-position rescue teams at sensitive locations, and issue community warnings through mosques and local announcements.

The PDMA has said the province was experiencing its eighth monsoon spell, expected to last until August 27. Heavy rains have been forecast in the next 24 hours across most districts, with upper Punjab, including Murree, Rawalpindi, Attock, Jhelum and Chakwal, likely to receive the heaviest downpours.

The PDMA reported no casualties or damages in the past 24 hours but directed district administrations in vulnerable areas to remain on high alert. Citizens were urged to adopt safety measures during the rains, especially keeping children away from rivers, canals and storm drains.

Separately, the Flood Forecasting Division (FFD) said on Sunday that the Chenab and Indus rivers were likely to reach high flood levels in the next 24 hours, while the Sutlej at Ganda Singh Wala would remain at high flood levels for several days, depending on releases from Indian reservoirs.

Residents stand at the premises of their house flooded due to the monsoon rains and rising water level of the Sutlej River, in Hakuwala village near the Pakistan-India border in Kasur district of the Punjab province, Pakistan, on August 23, 2025. (REUTERS)

SHIFTING CLIMATE PATTERNS

Since the monsoon season started on June 26, the Khyber Pakhtunkhwa (KP) province has reported 479 deaths, followed by Punjab with 165, Sindh 54, Gilgit-Baltistan 45, Balochistan 24, Azad Jammu and Kashmir 23 and the capital, Islamabad, eight, according to official figures.

Authorities say the ongoing monsoon spell is expected to last until at least September 10 and the National Disaster Management Authority (NDMA) has warned the rains could rival the scale of the catastrophic floods of June 2022, which killed more than 1,700 people and caused over $30 billion in damage, according to government estimates.

“During 25th August: Landslides/mudslides may cause road closures in vulnerable hilly areas of Kashmir during the forecast period,” the Pakistan Meteorological Department (PMD) said in its daily forecast on Monday morning. 

“Heavy downpour may cause urban flood in low lying areas of Narowal, Sialkot, Gujarat, Jhelum, Gujranwala and Lahore.”

The PMD also cautioned that heavy rain, windstorms and lightning could damage weak structures such as the roofs of mud houses, electric poles, billboards, vehicles and solar panels.

Annual monsoon rains are crucial for Pakistan’s agriculture and water supply but in recent years have also unleashed devastation, intensified by shifting climate patterns.

Despite contributing less than 1 percent of global greenhouse gas emissions, Pakistan ranks among the countries most vulnerable to climate change. In recent years it has endured increasingly erratic weather, including droughts, heatwaves and record-breaking rains that have caused widespread loss of life and damage to property.

Experts warn that without urgent adaptation and mitigation measures, the human and economic toll of climate change in Pakistan will only deepen in the years ahead.


World Bank approves $47.9 million grant to boost education in Pakistan’s Punjab province

World Bank approves $47.9 million grant to boost education in Pakistan’s Punjab province
Updated 25 August 2025

World Bank approves $47.9 million grant to boost education in Pakistan’s Punjab province

World Bank approves $47.9 million grant to boost education in Pakistan’s Punjab province
  • Project to expand early childhood education, re-enroll out-of-school children
  • Over four million children and 100,000 teachers expected to benefit

ISLAMABAD: The World Bank said on Monday it had approved a $47.9 million grant to support education reforms in Pakistan’s Punjab province, aiming to expand access to schooling, strengthen teacher training, and improve learning outcomes for millions of children.

The funds, provided through the Global Partnership for Education Fund, will finance the Getting Results: Access and Delivery of Quality Education Services and System Transformation in Punjab Project. The initiative will expand early childhood education, re-enroll out-of-school children, provide remedial learning at the elementary level, and strengthen the sector’s ability to respond to climate shocks and emergencies.

The announcement comes as Pakistan continues to grapple with a severe education crisis. According to UNICEF and government estimates, about 26 million children remain out of school nationwide, the majority of them girls. Punjab, the country’s most populous province, has made progress in expanding access but still struggles with gaps in quality, inclusivity, and resilience to climate-related disruptions such as floods.

“This project represents a crucial step toward addressing learning poverty and ensuring equitable access to quality education across Punjab,” said Bolormaa Amgaabazar, World Bank Country Director for Pakistan.

The project aims to directly benefit more than 4 million children, including 80,000 out-of-school children, three million enrolled in provincial schools, about 850,000 in the non-formal sector, and 140,000 differently abled children in special education institutions. More than 100,000 teachers and school leaders will also receive professional development, while parents and communities will be engaged through awareness campaigns.

According to the World Bank, the program is designed to strengthen foundational learning, build system capacity, and promote behavioral change to support long-term human capital development.

“The project is aligned with the Government of Punjab’s broader education reform agenda, which seeks to create a more effective, accountable, and inclusive education system,” said Izza Farrakh, World Bank Task Team Leader for the project. “It will do so by supporting the government’s efforts to improve governance, management, and capacity in the education sector.”

Since joining the World Bank in 1950, Pakistan has received more than $48 billion in assistance. The Bank’s current portfolio in the country includes 54 projects with commitments totaling $15.7 billion. The International Finance Corporation (IFC), the Bank’s private sector arm, has invested about $13 billion in Pakistan since 1956, supporting projects in renewable energy, financial inclusion, infrastructure, health care, and trade.