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Tag: Pakistan economy

  • IFC chief says $2bn annual investment in Pakistan not rigid target

    IFC chief says $2bn annual investment in Pakistan not rigid target

    Canada Global (Web News) Following key meetings with Finance Division officials, International Finance Corporation (IFC) chief Makhtar Diop stated on Thursday that a $2 billion annual investment is feasible for Pakistan, given its pressing infrastructure needs in airports, energy, water, and ports.

    Diop’s visit, his first to Pakistan, comes as part of the World Bank’s broader plan to allocate up to $20 billion for the country under the Country Partnership Framework (CPF) announced in January, with IFC set to contribute the same amount.

    In an exclusive interview with Reuters, Diop expressed optimism about progress on major transactions by October, signaling Pakistan’s readiness for large-scale financing in critical infrastructure.

    Pakistan, currently navigating economic recovery under a $7 billion IMF bailout program, urgently requires external funding for development projects. The country’s foreign exchange reserves remain insufficient to cover even a month’s worth of controlled imports.

    During the fiscal year 2024, IFC had an investment exposure of $2.1 billion in Pakistan—its highest yet in the country’s $350 billion economy, which saw minimal growth of 0.92% in the first quarter. Diop highlighted IFC’s interest in agriculture, infrastructure, financial services, and the digital sector.

    The government is pushing for privatization to generate revenue, but efforts to privatize Pakistan International Airlines and outsource Islamabad’s airport have faced challenges.

    Diop noted that while debt financing remains crucial, equity-based transactions will also play a greater role in Pakistan, reflecting IFC’s long-term commitment to the country.

    Earlier, Diop and his delegation met with Finance Division officials to discuss strategies for industry-driven growth, particularly through export expansion. During a high-level meeting at the Ministry of Finance, he reaffirmed IFC’s commitment to supporting Pakistan in areas such as green energy, data centers, agriculture, telecom, and digitization.

    Finance Minister Mohammad Aurangzeb and his team were also present at the meeting, where Diop praised Pakistan’s CPF agreement with the World Bank, calling it a model for global best practices.

    Dr. Syed Tauqeer Hussain Shah, Executive Director (Pakistan) at the World Bank Group, described the recently approved $40 billion CPF as a strong vote of confidence in Pakistan’s economic reforms. He emphasized that IFC has a robust investment pipeline for the country, though continued economic and political stability will be key to sustaining investor confidence.

  • At least 9 killed in Pakistan Ramadan donation stampede

    At least 9 killed in Pakistan Ramadan donation stampede

    Canada Global (Web News) As a result of a Ramadan alms contribution that prompted a stampede in the country’s inflation-stricken southern city of Karachi, at least nine people were killed, according to officials.

    The Pakistani rupee has been in freefall for months, and the cost of basic foods has increased by almost 50% as the nation struggles with a balance of payments crisis that has forced it into bailout negotiations with the International Monetary Fund (IMF).

    Senior police officer Fida Janwari said the stampede occurred as desperate ladies with children flocked to a factory handing out donations. Baldia Town is a suburb in western Karachi.

    Many began to flee as a result of the panic, he told AFP.

    According to spokesman Muhammad Farraukh, the bodies of six women and three children were taken to the Abbasi Shaheed state hospital.

    Two more dead were delivered to another hospital in the city, a Rescue NGO representative told AFP.

    Asma Ahmed, 30, claimed that among the deceased were her grandma and niece.


  • LHC approves Imran Khan’s protective bail plea

    LHC approves Imran Khan’s protective bail plea

    Canada Global (Web News) Imran Khan, the chairman of Pakistan Tehreek-e-Insaf (PTI), received protective bail from the Lahore High Court (LHC) on Monday till March 3 in connection with a protest outside the Pakistan Election Commission (ECP).

    After a brief recess, a two-member Lahore High Court (LHC) panel began hearing the case. The judge also prohibited the arrest of Imran Khan by the police.

    Grabbing the microphone, Imran stated that although his leg had partially recovered, the doctors had nevertheless advised him to rest for two weeks.

    He stated that his physical examination was planned for February 28. He continued by saying that he had spent an hour waiting outside the courtroom and that he “totally respects the courts.”

    Imran was given protective bail till March 3 and told to appear before the appropriate court by that date by the judge.

    Imran Khan, a former prime minister, arrived in court as directed by the judge to appear in a bail plea involving a protest outside the Pakistani Election Commission (ECP). Together with a crowd of PTI supporters, the PTI chairman arrived at court to attend two separate hearings.

  • Imran Khan praises President Alvi for rejecting mini-budget ordinance

    Imran Khan praises President Alvi for rejecting mini-budget ordinance

    Canada Global (Web News) Imran Khan, the leader of the Pakistan Tehreek-e-Insaf (PTI), applauded President Arif Alvi on Saturday for declining the federal government’s request to approve an ordinance that sought to impose new taxes to raise additional revenue in accordance with the requirements of the International Monetary Fund (IMF) to revive the stalled $6.5 billion bailout package.

    The deposed premier fired a salvo at the PDM-led government over the audio leaks saga while speaking to a group of columnists at his Zaman Park residence in Lahore. He claimed that the judiciary was being pressured and blackmailed through audio tapes and that the country would not tolerate these “fascist acts.”

  • PM Shehbaz wants to upgrade economic ties with Russia

    PM Shehbaz wants to upgrade economic ties with Russia

    Canada Global (Web News) Pakistan is eager to improve its bilateral cooperation with Russia in trade, business, and economic affairs, according to Prime Minister Shehbaz Sharif.

    He was speaking to a group that paid him a visit in Lahore on Thursday and was led by the Russian Energy Minister Nikolay Shulginov.

    The Prime Minister welcomed the team and emphasised the value Pakistan places on its ties with the Russian Federation.

    The two parties also discussed issues with gas pipelines.

    The prime minister welcomed the team and emphasised the value Pakistan placed on its ties with the Russian Federation.

    He remembered their meeting in Samarkand in September 2022, saying that key decisions had been made there to further bolster relations between Pakistan and Russia.

    He also expressed appreciation at the parties’ strong determination to enhance their bilateral trade, investment, and economic relations.

    The Russian energy minister expressed the same thoughts as the prime minister and gave him a personal letter from Russian President Vladimir Putin.

    President Putin reaffirmed Russia’s strong desire to strengthen the bilateral partnership in his speech, referring to Pakistan as the country’s significant partner in South Asia and the Islamic world.

    The eighth round of the Pakistan-Russia Inter-Governmental Commission meeting, slated to take place in Islamabad on January 20, 2023, received direction from the prime minister.

    Minister for State for Petroleum Musadik Malik, Federal Minister for Economic Affairs Sardar Ayaz Sadiq, Federal Minister for Commerce Syed Naveed Qamar, and Special Assistant.

    The meeting was also attended by Federal Minister for Economic Affairs Sardar Ayaz Sadiq, Federal Minister for Commerce Syed Naveed Qamar, Minister for State for Petroleum Musadik Malik, and Special Assistant to the Prime Minister Tariq Fatimi.

  • Qamar Zaman Kaira says no chance of default in FM Bilawal’s presence

    Qamar Zaman Kaira says no chance of default in FM Bilawal’s presence

    Canada Global (Web News) According to Qamar Zaman Kaira, the prime minister’s adviser for Gilgit-Baltistan and Kashmir, there was no danger of a default as long as Foreign Minister Bilawal Bhutto was a member of the coalition administration.

    Speaking to the media in the provincial capital of Punjab, Mr. Kaira acknowledged that the price of energy and gas increased when the current government took office, adding that the foreign minister was aware that the populace was dissatisfied and undernourished.

    If the coalition administration had not made the difficult choices, Mr. Kaira claimed that “things would have been different and the country may have gone into default.”

    Imran Khan, the leader of the Pakistan Tehreek-e-Insaf (PTI), was criticised by Mr. Kaira, who also advised the nation’s youth not to be inflamed by Imran’s claim that Pakistan would imitate Sri Lanka.

    FM Bilawal Bhutto Zardari has a vision to follow, said Mr. Kaira, who lavished admiration on Mr. Bhutto-Zardari and urged young people to follow in his footsteps.

  • Markets in Pakistan to close by 8:30pm, wedding halls 10pm

    Markets in Pakistan to close by 8:30pm, wedding halls 10pm

    Canada Global (Web News) The government’s final energy conservation plan, which was unveiled on Tuesday by Defense Minister Khawaja Asif, stipulates that markets across the nation will close at 8:30 p.m. and wedding venues at 10:00 p.m.

    After the federal cabinet meeting on Tuesday, he spoke at a press conference alongside Ministers for the Environment Sherry Rehman and Power Khurram Dastgir Khan.

    The federal cabinet has approved the immediate implementation of the energy conservation plan. Its meeting, presided over by Prime Minister Shehbaz Sharif, was held on Tuesday in Islamabad.