Pakistan reassures IMF it will stay reform course on sidelines of IMF-World Bank meetings

Pakistan's Finance Minister Muhammad Aurangzeb (left) and IMF Managing Director Kristalina Georgieva pose for a picture during the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington DC, US, on April 21, 2025. (@KGeorgieva/X)
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Updated 24 April 2025
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Pakistan reassures IMF it will stay reform course on sidelines of IMF-World Bank meetings

  • IMF Managing Director Kristalina Georgieva acknowledges Pakistan has made ‘great progress’ in restoring macroeconomic stability despite global challenges
  • The statement came after Finance Minister Muhammad Aurangzeb’s meeting with Georgieva in Washington on the sidelines of IMF-World Bank spring meetings

ISLAMABAD: Finance Minister Muhammad Aurangzeb has reassured the International Monetary Fund (IMF) that his country would stay the reform course under its $7 billion bailout program, the Pakistani finance ministry said on Tuesday, on the opening day of the IMF-World Bank spring meetings.

Aurangzeb is currently on a visit to Washington, United States to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.

In his meeting with IMF Managing Director Kristalina Georgieva, Aurangzeb thanked the IMF team for a staff-level agreement on the first review of Pakistan’s $7 billion program and a new arrangement under the Resilience and Sustainability Facility (RSF).

Pakistan secured the $7 billion program in Sept. last year as it moved to consolidate its economy since averting a default in 2023. Islamabad has since undertaken several reforms to reduce public debt, maintain low inflation, improve energy sector viability, and to accelerate growth.

“He reiterated the Government of Pakistan’s commitment to maintaining the reform momentum and extended an invitation from the Prime Minister of Pakistan for Ms. Georgieva to visit the country,” the Pakistani finance ministry said.
Georgieva said Pakistan had made “great progress” in restoring macroeconomic stability despite global challenges.

“We continue to work with the authorities on their reform agenda for the benefit of Pakistan’s people,” she said on X, following her meeting with the Pakistani finance minister and central bank governor.




IMF Managing Director Kristalina Georgieva (left) Governor of the State Bank of Pakistan, Jameel Ahmad, during the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington DC, US, on April 21, 2025. (@KGeorgieva/X)

The finance minister held a meeting with World Bank Group President Ajay Banga and commended its leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.

“He appreciated the World Bank’s ongoing assistance in crafting a comprehensive implementation strategy and action plan to operationalize the CPF while simultaneously enhancing overall efficiency,” Aurangzeb’s ministry said.

“The Minister also provided a detailed overview of Pakistan’s macroeconomic turnaround and reaffirmed the government’s unwavering commitment to ensuring sustainable economic stability.”




Pakistan's Finance Minister Muhammad Aurangzeb (fourth right) holds meeting with officials of The World Bank Group in Washington DC, US, on April 21, 2025. (Finance Ministry)

In his meetings with Deloitte and the International Finance Corporation (IFC) officials, Aurangzeb discussed cooperation in multiple areas like energy and private sector reforms and critical minerals.

“The Finance Minister met with the Deloitte delegation and apprised them of Pakistan’s macroeconomic outlook, the government’s sectoral development agenda, and its export-led growth priorities. Both sides explored potential collaboration in energy sector reforms, critical minerals extraction and marketing, privatization, technology, crypto policy, and the operationalization of the Country Partnership Framework (CPF),” the Pakistani finance ministry said.

“He reviewed progress on Diversified Payment Rights (DPR) and commended the IFC’s pivotal role in securing USD 2.5 billion in debt financing for the Reko Diq Copper and Gold Mine Project in Balochistan. The Minister emphasized the importance of ensuring that local communities benefit from the project’s economic gains.”

Earlier in the day, the finance minister attended a luncheon hosted by the US-Pakistan Business Council at the US Chamber of Commerce, where he engaged with corporate leaders and detailed Pakistan’s economic progress and reform measures in taxation, energy, and privatization. He emphasized the importance of regional trade, market diversification, and sectoral expansion, and expressed Pakistan’s commitment to continued collaboration in the mining and minerals sector.

During his visit to Washington, Aurangzeb would also meet with finance ministers and counterpart leaders of China, the United States, United Kingdom, Saudi Arabia and Turkiye and officials of global credit rating agencies, commercial and investment banks.


Pakistan to send delegation to key world capitals to highlight stance on India standoff

Updated 29 sec ago
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Pakistan to send delegation to key world capitals to highlight stance on India standoff

  • PM Shehbaz Sharif has asked former foreign minister Bilawal Bhutto-Zardari to lead Pakistan’s diplomatic outreach
  • The delegation will visit London, Washington, Paris, and Brussels in the coming days to counter India’s narrative

KARACHI: Prime Minister Shehbaz Sharif on Saturday tasked former foreign minister Bilawal Bhutto-Zardari with leading Pakistan’s diplomatic outreach to major international capitals to present the country’s perspective on the recent military conflict with India, as hostilities persist despite a US-brokered ceasefire following four days of cross-border strikes.

The move follows an April 22 gun attack in Indian-administered Kashmir that killed 26 tourists. India blamed Pakistan for the assault, a claim Islamabad denied while calling for an international investigation.

The incident triggered retaliatory military action by India across the Line of Control in Kashmir and in mainland Pakistan, followed by Islamabad’s reprisal strikes. US President Donald Trump later announced a ceasefire on May 10, with his administration saying the countries had agreed to begin talks at a neutral venue to resolve outstanding disputes.

However, India has pushed back against the understanding, with New Delhi announcing to dispatch a delegation to key world capitals earlier on Saturday. Pakistan’s decision to do the same came later in the day.

“The prime minister has decided to send a diplomatic delegation to expose Indian propaganda and nefarious conspiracies at the international level,” the Prime Minister’s Office said in a statement, adding that Sharif had contacted Bhutto-Zardari in this regard.

“The delegation will expose India’s propaganda and efforts to destabilize regional peace in London, Washington, Paris and Brussels,” it added.

Addressing a ceremony in Islamabad a day earlier, Sharif said India and Pakistan had fought several wars in the past, though these conflicts had not helped them resolve their disputes.

He urged India to begin dialogue to address mutual concerns and ensure peaceful coexistence.

Bhutto-Zardari also confirmed the assignment in a post on social media platform X.

“I was contacted earlier today by Prime Minister @CMShehbaz, who requested that I lead a delegation to present Pakistan’s case for peace on the international stage,” he wrote. “I am honored to accept this responsibility and remain committed to serving Pakistan in these challenging times.”

The delegation aims to lobby officials and diplomats on Pakistan’s narrative.

Besides Bhutto-Zardari, the team includes Musadik Malik, Khurram Dastgir Khan, Sherry Rehman, Hina Rabbani Khar, Faisal Subzwari and former diplomats Tehmina Janjua and Jalil Abbas Jilani.


IMF says Pakistan’s loan ‘fully financed,’ with $6 billion inflows expected next fiscal year

Updated 47 min 38 sec ago
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IMF says Pakistan’s loan ‘fully financed,’ with $6 billion inflows expected next fiscal year

  • The global lender releases its country report, acknowledging improvements in Pakistan’s financial position
  • IMF says despite the recovery, Pakistan’s growth in the first half of the fiscal year was below expectations

KARACHI: The International Monetary Fund (IMF) said on Saturday Pakistan’s bailout program is “fully financed,” citing nearly $6 billion in external inflows expected in the next fiscal year and renewed commitments from key allies to roll over maturing debt.

The IMF released its country report on Pakistan earlier in the day, offering financial reassurance for the country, which in 2023 was on the verge of default and had to secure emergency funding.

Islamabad had to line up financing guarantees from friendly nations such as Saudi Arabia, the United Arab Emirates and China before the IMF agreed to revive its lending program, a standard condition to ensure the country could meet its external obligations.

Pakistan also secured a $7 billion Extended Fund Facility (EFF) last year after the international lender acknowledged the country’s progress in implementing stringent reforms that led to improved macroeconomic indicators.

“The program is fully financed, with firm commitments for the next 12 months and good prospects for the remainder of the Fund-supported program,” the IMF said in the report.

It added“substantial progress” had been made in realizing financing committed ahead of the EFF request, with $2.6 billion already disbursed or expected to be disbursed in the coming months.

It said these included support from Saudi Arabia, the Islamic Development Bank and a commercial loan backed by a partial guarantee from the Asian Development Bank.

The Fund projected Pakistan would receive around $6 billion in external inflows during the next fiscal year beginning in July.

It added these consist of fresh disbursements from the IMF, oil imports from Saudi Arabia on deferred payment terms, funding from China and other international financial institutions, budget support loans and proceeds from planned bond issuances.

Pakistan also intends to borrow modestly from commercial banks.

“Firm commitments are also in place for an additional $1 billion of financing in the next 12 months,” the IMF said. “Key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining program period.”

The report noted the country’s financial and external conditions had improved, with foreign reserves exceeding program projections and a current account surplus recorded in the first eight months of the ongoing fiscal year.

It said inflation has declined to “historical lows,” although core inflation remains elevated at around 9 percent.

The Fund also noted economic recovery was continuing, but growth in the first half of FY25 was “somewhat lower than anticipated.”


PM Sharif says Pakistan witnessed world’s biggest drop in gender digital gap in 2024-25

Updated 17 May 2025
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PM Sharif says Pakistan witnessed world’s biggest drop in gender digital gap in 2024-25

  • PM says Pakistan has over 200 million telecom subscriptions and 150 million broadband users
  • Mobile manufacturing is up 47.5 percent as Pakistan boosts connectivity through submarine cables

KARACHI: Prime Minister Shehbaz Sharif said on Saturday Pakistan recorded the world’s biggest reduction in the gender digital divide in 2024-25, with eight million more women gaining access to mobile Internet.

The announcement came on World Telecommunication and Information Society Day, observed annually on May 17 to promote the importance of information and communication technologies (ICTs).

The day was institutionalized in 1969 to commemorate the founding of the International Telecommunication Union (ITU) on this day in 1865.

Pakistan has been striving to advance gender equality in digital access to serve its broader economic goals, particularly as it seeks to attract foreign investment in its IT sector.

“Pakistan has made remarkable progress in narrowing the gender digital divide,” Sharif said in a statement released by his office.

“In 2024-2025, 8 million more women gained mobile Internet access, reducing the gender gap from 38 percent to 25 percent— the highest improvement globally, led by rural women,” he added.

The prime minister highlighted that Pakistan’s digital transformation includes surpassing 200 million telecom subscriptions, 150 million broadband users and two million fiber-to-the-home (FTTH) connections.

Additionally, mobile manufacturing has grown by 47.46 percent, and international connectivity has been enhanced through high-capacity submarine cables.

The prime minister noted the mobile ecosystem was now contributing $16.7 billion to Pakistan’s economy.

He said the government was committed to fostering a digital environment that promotes inclusion and empowers women through targeted policies, skills development programs and gender-sensitive digital infrastructure.

Sharif also called on all stakeholders to champion gender-responsive digital transformation and continue building an inclusive and empowered digital Pakistan.


President Zardari visits troops in Gujranwala, lauds swift military response to Indian attack

Updated 17 May 2025
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President Zardari visits troops in Gujranwala, lauds swift military response to Indian attack

  • He praises people who lost their lives during the conflict, calling their sacrifice a source of national pride
  • Pakistan says its response to New Delhi culminated in a successful pushback that neutralized the threat

ISLAMABAD: President Asif Ali Zardari on Saturday praised the armed forces for swiftly repelling an Indian attack, saying they had changed the battlefield dynamics “within a matter of hours” in a recent military confrontation.
The comments came during a visit to Gujranwala Cantonment, where the president met with troops and top military leadership, including Chief of Army Staff General Asim Munir.
Zardari’s remarks refer to Pakistan’s military retaliation, launched in response to Indian missile and drone attacks last week in various parts of the country.
The operation, according to Pakistani officials, culminated in a successful pushback that neutralized the threat and shifted the momentum on the ground.
“History will bear witness to how, within a matter of hours, the Pakistan Armed Forces repelled aggression with unmatched precision and resolve, sending an unequivocal message of Pakistan’s strength, resilience and national unity,” Zardari said, according to a statement from the military’s media wing.
During his visit, the president paid tribute to both military personnel and civilians who lost their lives in defense of the country, calling their sacrifice “a sacred trust and a source of enduring national pride.”
He also congratulated troops on the conclusion of the military operation, praising their morale, combat readiness and commitment to safeguarding national sovereignty.
The visit came amid heightened tensions between Pakistan and India following cross-border hostilities, though both sides have now been observing a fragile ceasefire.
The president was also accompanied by interior minister Mohsin Naqvi and received at the cantonment by senior army commanders from Gujranwala and Mangla Corps.


Pakistan detains four deportees linked to human smuggling after UAE convictions

Updated 17 May 2025
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Pakistan detains four deportees linked to human smuggling after UAE convictions

  • The suspects arrived in Pakistan on emergency travel documents after serving their sentences in the UAE
  • Pakistan has intensified its crackdown on human smuggling networks following migrant boat tragedies

KARACHI: The Federal Investigation Agency (FIA) on Saturday detained four men deported from the United Arab Emirates (UAE) for their alleged involvement in human smuggling and prostitution, as Pakistan intensifies its crackdown on such networks following a series of deadly migrant boat tragedies.

The suspects were arrested upon arrival at Karachi’s Jinnah International Airport, according to an FIA statement, after being convicted in the UAE for participating in illegal activities. After serving their sentences, they were deported to Pakistan on emergency travel documents.

“FIA Immigration carries out a major operation,” the statement said. “Four suspects arriving from the UAE have been taken into custody. The suspects were involved in illegal activities in the UAE.”

“The suspects have been transferred to the Anti-Human Trafficking Circle in Karachi for further legal action,” it added.

The arrests come amid Pakistan’s broader campaign against human smuggling, which has gained urgency following multiple migrant boat disasters involving Pakistani nationals.

Earlier this year, over 40 Pakistanis were feared drowned near Morocco’s coast while in 2023 more than 200 Pakistanis were presumed dead in a shipwreck off Greece.

Prime Minister Shehbaz Sharif has vowed to dismantle human smuggling networks that lure citizens into perilous journeys with false promises of better lives abroad.

“Global cooperation is essential to combat prostitution carried out under the guise of human smuggling,” the FIA said.

“All available resources are being utilized to eliminate human smuggling,” it added.