Pakistan’s central bank keeps interest rate on hold at 22 percent

The logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. (Photo courtesy: REUTERS/FILE)
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Updated 18 March 2024
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Pakistan’s central bank keeps interest rate on hold at 22 percent

  • Interest rate unchanged for sixth straight meeting as per expectations of majority of analysts
  • Bank said although inflation rate eased in February, it remained high and subject to risks

KARACHI: Pakistan’s central bank on Monday held its key interest rate at 22 percent for the sixth straight policy meeting as inflation risks continued to loom.
The decision was in line with the expectations of a majority of analysts, although most are also expecting rate cuts from the second quarter of this year.
The bank said that although the inflation rate had eased in February, it remained high and subject to risks.
“This warrants a cautious approach and requires continuity of the current monetary stance to bring inflation down to the target range of 5–7 percent by September 2025,” the State Bank of Pakistan’s (SBP) monetary policy committee said in a statement.
Monday’s policy decision is the last ahead of the April expiry of a $3 billion Stand by Arrangement with the International Monetary Fund.
Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the IMF for securing the critical bailout. 

 

 


Pakistan disaster authority warns of more showers, floods till July 10

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Pakistan disaster authority warns of more showers, floods till July 10

  • Pakistan is currently bracing for an extreme monsoon season, which lasts till mid-Sept.
  • The country has already reported over 60 rain-related deaths in a little more than a week

KARACHI: Pakistan’s National Disaster Management Authority (NDMA) on Thursday warned of more monsoon showers, floods and landslides in the country between July 6 and July 10, urging citizens to exercise caution during the forecast period.

The development comes as Pakistan braces for an extreme monsoon season, which usually lasts till mid-September, with 64 people killed in rains and floods in a little more than a week.

More rains and strong winds are expected in Punjab’s Rawalpindi, Lahore, Faisalabad, Multan and Dera Ghazi Khan cities as well as the capital, Islamabad. Thunderstorms are likely to hit Swat, Chitral, Peshawar, Mardan and other areas of Khyber Pakhtunkhwa.

“Due to rains and other factors, there is a risk of flooding in low-lying areas, overflowing of rivers and canals and landslides in mountainous areas,” the NDMA said in its latest advisory.

The northern Gilgit-Baltistan region and Azad Kashmir may witness heavy showers, floods and landslides, according to the authority.

Similarly, downpours are expected in Karachi, Hyderabad, Sukkur, Tharparkar and other cities of the Sindh province as well as Quetta, Zhob, Khuzdar and Sibi in Balochistan.

“Stay away from weak structures, electricity poles, billboards. There is a risk of accidents due to reduced visibility in storms, be careful,” the NDMA asked citizens. “Stay away from rivers and canals.”

Pakistan, home to over 240 million people, is consistently ranked among the countries most vulnerable to climate change.

In 2022, record-breaking monsoon rains and glacier melt caused catastrophic floods that affected 33 million people and killed more than 1,700.
 


Czech climber missing in Pakistan after fall on Nanga Parbat expedition

Updated 15 min 6 sec ago
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Czech climber missing in Pakistan after fall on Nanga Parbat expedition

  • Klara Kolouchova, 46, reportedly fell from a height between Camp I and Camp II
  • Recovery efforts are underway to locate and retrieve her body from the fall site

ISLAMABAD: A Czech woman climber has gone missing after a fall during her attempt to summit Nanga Parbat, a Pakistani mountaineering club said on Friday.

Klara Kolouchova, 46, reportedly fell from a height between Camp I and Camp II of Nanga Parbat on Thursday, according to Karrar Haidri, secretary-general of the Alpine Club of Pakistan that organizes various expeditions.

“Authorities and rescue teams were immediately alerted and dispatched,” Haidri told Arab News. “Recovery efforts are underway to locate and retrieve her body from the fall site.”

Klara, an accomplished mountaineer, was globally recognized as the first Czech woman to summit both Mount Everest and K2. She had arrived in Pakistan on June 15, accompanied by her husband and five team members.

“Our thoughts and prayers are with her family, friends, and the mountaineering community during this difficult time,” Haidri said.

Nanga Parbat, the ninth-highest peak in the world at 8,126 meters, is infamous for its difficult terrain and high fatality rate, which has earned it the nickname “Killer Mountain.”

Over 100 climbers and porters have died on its slopes, with the Rupal face considered particularly unforgiving due to avalanche risk and exposure to extreme weather.

Earlier this week, three European climbers achieved a rare feat on one of the world’s most dangerous peaks by scaling Nanga Parbat from the treacherous Rupal face in alpine style, with one of them paragliding down from near the summit in a daring solo descent.

Unlike traditional expedition climbing, alpine style involves climbing in a single push without establishing fixed ropes or pre-stocked camps, requiring climbers to carry all their gear. The approach demands speed, efficiency and a high degree of skill, especially at high altitude.

German climber David Göttler was joined by French mountaineers Tiphaine Duperier and Boris Langenstein for the climb via the Schell route, a steep and rarely successful line up the mountain’s massive southern wall. The Rupal face, rising nearly 4,600 meters from base to summit, is considered the world’s highest mountain face and among the most technically demanding.

“Sometimes you need to be patient … It’s taken five attempts, but now that I’ve achieved it, I know it’s all been worthwhile,” Göttler wrote in a social media post on Tuesday, describing his 12-year pursuit of the route.

He said summiting with his teammates in alpine style was “incredible,” adding that being able to fly down from around 7,700 meters to base camp on the same day took his joy “to the next level.”


‘Best experience’: Omani motorcyclists praise Pakistan’s landscape, warmth and cuisine

Updated 38 min 57 sec ago
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‘Best experience’: Omani motorcyclists praise Pakistan’s landscape, warmth and cuisine

  • Motorcyclists from 40-member Bousher Bikers Club are in Pakistan on a 15-day goodwill tour
  • Motorcyclists laud food and scenery, plan return with families as Pakistan pushes to expand tourism

ISLAMABAD: Riding more than 2,000 kilometers across Pakistan’s diverse terrain — from snow capped mountain passes to fertile river plains — a group of eight Omani bikers say their journey through the country has been unlike any other.

The motorcyclists from Oman’s Bousher Bikers Club are in Pakistan on a 15-day goodwill tour, part of a broader initiative to promote people-to-people ties between the two nations. Over the past two weeks, they have traveled through Islamabad, the northern Gilgit-Baltistan region, the Naran resort town and parts of eastern Punjab, with a final stop planned in Lahore before their departure today, Thursday.

“[This is] the best experience. I say that people here in Pakistan, they open their heart before they open their door for us,” said Majid Al-Rawahi, the group’s leader, speaking outside Islamabad’s Faisal Mosque on Monday.

“We really feel as our country here, as our home.”

The Omani riders, all part of a 40-member club based in the Bousher neighborhood of Muscat, arrived in Pakistan on June 20 on a visit facilitated by the Pakistani embassy in Muscat and the Omani government.

During their journey, they’ve explored Islamabad, the Sargodha region in Punjab, the Naran resort town in Khyber Pakhtunkhwa, and the Khunjerab Pass, the world’s highest paved international border crossing between Pakistan and China.

Al-Rawahi said that while some of what they had heard about Pakistan before the trip included negative stereotypes, their experience on the road quickly proved otherwise.

“We crossed more than 2,000 kilometers by bike and it was a very interesting trip for us as we met a lot of people, friendly people, peaceful people, and helpful people,” he said.

Issa Al-Hasani, another member of the group, said the journey through northern Pakistan had been filled with “breathtaking landscapes,” including waterfalls, rolling hills, and vibrant small towns. But it was the warmth of the people that left the strongest impression.

“The people were kind and friendly, always greeting us with warm smiles,” he said. “Pakistan is a beautiful country with high security, good people, good manners and respect, and I want to say thank you to everyone.”

EDIBLE MEMORIES

Pakistan has in recent years promoted its northern areas as a haven for adventurists and nature lovers. With snow-capped mountains, alpine lakes, historic forts, and expansive deserts, the country offers routes that appeal to both local and international travelers, particularly bikers and overlanders seeking remote, scenic journeys. 

Pakistan offers visa-free entry to citizens of 126 countries for tourism and business purposes, effective August 14, 2024. These travelers can obtain an electronic visa within 24 hours, free of charge, and use e-gates at select airports and Gwadar Port. The eVisa is valid for a single entry for 90 days. 

The Pakistan Tourism Development Corporation (PTDC) projects the travel and tourism industry to grow annually by 6.75 percent from 2025 to 2029, reaching a market size of $5.53 billion by the end of the period.

Still, the experience of traveling in Pakistan isn’t without its challenges.

Al-Rawahi said Pakistan’s roadside infrastructure, particularly rest areas, washrooms and restaurants, could benefit from improvement to better serve tourists.

That said, the group also expressed deep appreciation for what they experienced, especially the food.

“We tried various traditional dishes and found them delicious, especially biryani and local sweets,” said Al-Rawahi.

For Kamil Al-Wahaibi, the memories are also edible. 

He said he especially enjoyed kulcha paratha, a flaky, buttery flatbread.

“We call it lola in Oman and we eat it with tea,” he said with a smile.

As the group’s tour enters its final stretch with a visit to Lahore before departure on July 4, the riders are already thinking about returning. 

“I want to bring my family, especially to the [Azad] Kashmir side, and during the winter to the desert as it is a good tourism time here,” Al-Rawahi said.

Al-Wahaibi agreed:

“I will come back with my family and with my friends. They will enjoy it.”


Pakistan calls for stronger agricultural and food security cooperation with Egypt

Updated 04 July 2025
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Pakistan calls for stronger agricultural and food security cooperation with Egypt

  • Pakistan’s food security minister praises Egypt for arid farming and climate-smart technologies
  • He also acknowledges Egypt’s support on global issues and cooperation at multilateral forums

KARACHI: Pakistan on Thursday called for enhanced collaboration with Egypt in agricultural science, biotechnology and food security, citing Egyptian expertise in climate-smart technologies and arid farming during a ceremony held in Islamabad.

Federal Minister for National Food Security and Research Rana Tanveer Hussain represented Prime Minister Shehbaz Sharif at the event marking Egypt’s National Day, which brought together diplomats, government officials and members of the business community.

“Referring to Egypt’s impressive progress in agricultural development, the Minister called for enhanced collaboration in areas such as agricultural science, seed development, arid farming, capacity building, drip irrigation and climate-smart technologies, where Egypt has notable expertise,” said an official statement issued after the ceremony.

“Hussain emphasized the importance of joint initiatives in food security, biotechnology and sustainable agricultural practices,” it continued.

“He said that Pakistan and Egypt’s shared experience in managing water-scarce environments offers an opportunity for meaningful partnerships between research institutions and private sectors in both nations.”

The minister acknowledged Egypt’s support to Pakistan on regional and international matters and praised the ongoing cooperation at multilateral forums such as the Organization of Islamic Cooperation (OIC) and the United Nations.

Noting the revival of the Pakistan–Egypt Joint Ministerial Commission (JMC), Hussain said both governments are working to finalize new bilateral agreements in trade, agriculture, higher education and cultural exchange.

Egypt’s agricultural sector is on an upward trajectory and has witnessed a strong export performance, though environmental constraints remain a concern.


Pakistan eyes ‘multibillion-dollar benefits’ as it plans direct ferry link to Oman

Updated 04 July 2025
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Pakistan eyes ‘multibillion-dollar benefits’ as it plans direct ferry link to Oman

  • Pakistani minister says Oman can boost regional ties via maritime corridor to South and Central Asia
  • He proposes boosting bilateral trade through improved port infrastructure and closer cooperation

KARACHI: Pakistan and Oman have agreed to deepen maritime cooperation, including launching a direct ferry service between Gwadar and the Sultanate, in a move that Islamabad says could unlock billions of dollars in trade, investment and transit revenue.

The development follows a high-level meeting on Thursday between Pakistan’s Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Oman’s Ambassador Fahad bin Sulaiman bin Khalaf Al Kharusi.

Both officials emphasized the need to boost maritime connectivity and capitalize on their long-standing economic and cultural ties.

“Minister Junaid Chaudhry underscored the economic potential of launching a direct ferry service from Gwadar to Oman, projecting multi-billion-dollar benefits in trade expansion, investment inflows and transit revenue,” said an official statement issued after the meeting.

“He stated that Pakistan stands to earn an estimated $10–15 billion annually through Gwadar’s maritime operations, while Oman could establish a maritime corridor to South and Central Asia, significantly enhancing its regional connectivity,” it added.

A view of newly constructed highway connecting to Gwadar port in the coastal city of Gwadar, Balochistan, Pakistan on January 14, 2025. (AP/File)

Earlier this week, the government announced its plan to launch a ferry service connecting Gwadar Port, a centerpiece of the China-Pakistan Economic Corridor (CPEC), to the Gulf Cooperation Council countries, aiming to strengthen regional ties, improve passenger movement and access new markets across the Middle East.

Pakistan’s minister of maritime affairs said his country’s exports to Oman stood at $224 million in 2024, and stressed the need to scale this up through improved port infrastructure and bilateral collaboration.

As part of long-term cooperation, he also offered maritime training and education opportunities for Omani students at the Pakistan Marine Academy.

The Omani ambassador welcomed the proposals and emphasized the importance of expanding cultural and commercial ties.

He acknowledged the positive contributions of the Pakistani diaspora to Oman’s development and noted that Urdu was widely understood in his country, reflecting strong social bonds between the two nations.