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Saudi Arabia to deposit $2 billion in Pakistani central bank before IMF bailout — defense minister 

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Updated 27 May 2023
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Saudi Arabia to deposit $2 billion in Pakistani central bank before IMF bailout — defense minister 

  • Khawaja Asif promises to place all resources of Pakistan at the Kingdom’s disposal for its safety and security 
  • Says his party is seeking ‘judicial remedy’ to get ex-PM Nawaz Sharif’s conviction overturned before his return 
Updated 27 May 2023
AAMIR SAEED 

ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif said on Thursday that Saudi Arabia would be depositing funds worth $2 billion in the Pakistani central bank before the revival of a stalled $6.5 billion International Monetary Fund (IMF) bailout program, amid desperate attempts by the South Asian country to secure external financing to avoid a default. 

Pakistan, a nation of over 220 million, has been facing an economic crisis for the last several months, with soaring inflation, a depreciating currency and critically low foreign exchange reserves. To avert the possibility of a default on its international obligations, the government has been striving for the resumption of the IMF loan program, stalled since November last year. 

In March, the IMF asked Pakistan to secure financing assurances from friendly states and multilateral donors before it could release $1.1 billion tranche, after which China rolled over its $2 billion loan to the cash-strapped South Asian nation. This was followed by a $2 billion pledge by Saudi Arabia and the UAE promising $1 billion support to Islamabad. 

However, the global lender has yet to sanction the release of funds. To keep the frail economy afloat, the South Asian country is facing the daunting task of securing the crucial IMF funds ahead of its budget for the next fiscal year on June 9. 

“The IMF asked them (Saudi Arabia) to give that commitment to them. They (Saudi Arabia) have already given that, that means that they will pay [the funds to Pakistan],” Asif told Arab News in an exclusive interview on Thursday. 

“I think, if I am not wrong, they will be depositing that money ($2 billion) before the IMF program. The IMF is not giving us something, not a big amount. It is just a program which we have to complete till 30th of June.” 

Pakistan’s IMF bailout program is set to expire on June 30, which has prompted the government to look for other options to avert a sovereign default. 

“We are receiving help from UAE, Saudi Arabia, China and some other sources also,” Asif said. “We hope to, God willing, come out of this economic wilderness very soon.” 

Earlier this year, the defense minister said in one of his statements that Pakistan had already defaulted, stirring a debate and fueling commotion within the country’s business community. 

“My use of the word default perhaps was not very accurate or very appropriate, but the fact remains that we are in a dire financial situation, we were in dire financial situation and we are still not out of the woods,” he replied, when asked about his statement. 

Asif said he was “just trying to explain” by using the word default that Pakistan was borrowing money to service its loans. 

During the interview, the minister lauded Saudi Arabia for its assistance to Pakistan on several occasions and expressed profound regard for the Saudi royal family. 

“Saudi Arabia, the land obviously, is the ultimate sacredness for us, the two holy cities. And our relationship with Saudi Arabia has a long history of brotherhood and respect and love for each other,” he said. 

“I have no words to explain that the feelings we have for Saudi Arabia and the ruling family of Saudi Arabia. They have helped us at very crucial junctures of our history in last 75 years and we are indebted to them.” 

He vowed to place all resources of Pakistan at the Kingdom’s disposal for its protection and safety. 

“And our forces or our resources, whatever resources we have mostly defense related, they will always be at the disposal of the Kingdom of Saudi Arabia for their defense, their protection,” Asif said. 

“Whatever worth we are, we will always stand by the Kingdom of Saudi Arabia.” 

Arab News also questioned Asif about the return of his Pakistan Muslim League-Nawaz (PML-N) party’s supremo and three-time former prime minister, Nawaz Sharif, to Pakistan. To which, Asif said said they were following a legal way to get his conviction in corruption cases overturned before his return to the country from London. 

Sharif, who is the elder brother of sitting Pakistan PM Shehbaz Sharif, was restricted for life from holding any political office by Pakistan’s top court in April 2018, followed by his conviction in a corruption case the same year. The ex-premier, who left for London in 2019 after securing bail on medical grounds and has since not returned, says the cases against him were politically motivated. 

“He will be returning soon. There are some legal hurdles, the sentence he received during 2017-18 when engineering to bring Imran Khan to power was taking place,” Asif said. “He [Sharif] had to be replaced and sentenced, that was a plan.” 

The defense minister said the “circumstances” forced Sharif to stay in exile in London. 

“He is still suffering, and he is in exile not because of his own choice,” he said, adding that Sharif was dismissed on the “most frivolous” charge of not receiving money from his son’s company. 

“We have to secure his position legally before he returns. I think that will happen soon. We are following the legal path to secure that, nothing, something which is beyond legal realm.” 

The minister said they were working on a legal strategy to get Sharif’s conviction overturned from the Supreme Court. 

“We are seeking a judicial remedy to that,” he said, adding that they would be filing a petition for it in the Supreme Court. “It’ll happen. You’ll come to know about it.” 

Topics: Pakistan’s defense minister Khawaja Asif Pakistan Saudi Ties International Monetary Fund (IMF)

Pakistan stocks hit all-time intraday high after power tariff cuts, favorable IMF review

Updated 04 April 2025
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Pakistan stocks hit all-time intraday high after power tariff cuts, favorable IMF review

  • A day ago, the South Asian country announced more than Rs7 cut in domestic and industrial power tariffs
  • Pakistan last week reached a staff-level agreement with IMF for the first review of its $7 billion loan program
Updated 04 April 2025
Hasaan Ali Khan

ISLAMABAD: The Pakistan Stock Exchange (PSX) gained more than 1,800 points in an all-time high in intraday trade on Friday, with Prime Minister Shehbaz Sharif attributing the bullish sentiment to his government’s economic policies.
The benchmark KSE-100 index surged by 1,855 points, or 1.56 percent, to reach 120,793 points at 10am on Friday, compared to the previous close of 118,938 points.
The development comes a day after Pakistan announced more than Rs7 cut in domestic and industrial power tariffs and nearly a week after it reached a staff-level agreement with the International Monetary Fund (IMF) for the first review of its $7 billion loan program secured last year.
“Positive trend in business at the Pakistan Stock Exchange reflects growing confidence of traders and investors in government’s economic policies,” PM Sharif said in a statement.
“A major reduction in electricity tariffs has been made, which will not only provide relief to domestic consumers, but it is also welcoming for the business community and industries.”
Ahsan Mehanti, chief executive officer of the Karachi-based Arif Habib Corporation brokerage house, said the industrial power tariff cut and the year-on-year drop in consumer price index (CPI) inflation rate to 0.7 in March, which has led to expectations of a policy rate cut, were key factors behind the bullish trend.
“Institutional support on the IMF deal and speculations over the government negotiations on [US President Donald] Trump tariff played a catalyst role in bullish activity at the PSX,” he said.
Raza Jafri, head of research at Intermarket Securities, said Pakistani equities have been performing well after the Eid Al-Fitr break, in sharp contrast to world markets, as the South Asian country appears to be better placed than competing textile exporters such as Bangladesh and Vietnam when it comes to reciprocal tariffs.
“[But] domestic developments such as the ongoing IMF program and cut in electricity tariffs seem to hold more importance for Pakistan which is relatively insulated from global developments and arguably a net beneficiary if the reduction in international oil prices more than offsets the impact on exports,” he added.

Topics: Pakistan Stock Exchange (PSX) Pakistan economy

Pakistan Super League 10th edition tickets go up for sale online

Updated 04 April 2025
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Pakistan Super League 10th edition tickets go up for sale online

  • The Twenty-20 tournament is set to begin from Apr. 11 and will feature over 30 matches
  • Online tickets can be collected from designated TCS pick-up centers or delivered to home
Updated 04 April 2025
Hasaan Ali Khan

ISLAMABAD: Online sale of tickets for the 10th edition of the Pakistan Super League (PSL) began on Thursday, the Pakistan Cricket Board (PCB) said.
The 10th edition of the PSL beginning on Apr. 11 will host 34 matches in Karachi, Lahore, Rawalpindi and Multan, with the final scheduled for May 18 at Lahore’s Qaddafi Stadium.
This season will feature top local and international players, following the usual format with group stages and knockout rounds, according to the PCB.
Tickets booked online can be collected from designated TCS pick-up centers or delivered directly to home.
“HBL PSL X tickets online sale has commenced from 3pm PKT today as the marquee event is all set to begin from Apr. 11,” the PCB said in a statement on Thursday.


Physical tickets for the tournament will go up for sale at designated TCS centers across the country at 4pm on Apr. 7 onwards, according to the board.
The stadium seating for each match is divided into four categories: General Enclosure, Premium, First-Class and VIP Stands, along with the exclusive HQSP PCB Gallery.
Ticket prices start at $2 (Rs650) for the general category. Regular match tickets can go up to $21 (Rs6,000) for VIP categories, while playoffs and finals may cost as much as $35 (Rs10,000) for VIP stands.
The PCB said it will also hold a ticket raffle at every match, with exciting prizes such as motorcycles, smartphones and gift hampers to enhance fan engagement and offer a unique match-day experience.

Topics: Pakistan Super League (PSL) Pakistan Super League 2025

PM Sharif forms committee to probe Pakistan’s failure to utilize Hajj 2025 private quota

Updated 04 April 2025
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PM Sharif forms committee to probe Pakistan’s failure to utilize Hajj 2025 private quota

  • Committee to probe why Kingdom’s Hajj policy was not implemented by Pakistan’s religion ministry through private Hajj operators
  • Inquiry committee would also ‘fix the responsibility for this serious lapse, depriving thousands of Pakistani pilgrims from Hajj 2025’
Updated 04 April 2025
Shahjahan Khurram

ISLAMABAD: Prime Minister Shehbaz Sharif has formed a three-member inquiry committee to investigate why Pakistan had failed to utilize the private Hajj 2025 quota by not complying with certain requirements of the Kingdom’s Hajj policy, a notification by the Cabinet Division said on Thursday.
Pakistan and Saudi Arabia signed the Hajj Agreement 2025 in January, according to which 179,210 Pakistanis were expected to perform the annual pilgrimage this year. The quota was divided equally between government and private schemes.
However, the South Asian country failed to fully avail the private Hajj quota and the inquiry committee, led by the Cabinet Division secretary, would investigate the reasons behind the lapse. The probe panel also includes the chairman of Pakistan’s Federal Board of Revenue (FBR) and the Gilgit-Baltistan chief secretary.
“The Prime Minister, while taking serious notice for non-availing of the private Hajj quota for Hajj-2025 due to non-compliance of the requirements of the Kingdom of Saudi Arabia, has been pleased to constitute an inquiry committee on ‘Hajj Arrangements,’” the notification said, without specifying the number of private Hajj scheme seats that could not be filled.
It said the committee’s terms of reference would include inquiring why Saudi Arabia’s Hajj policy, revised in 2025, was not implemented by Pakistan’s Ministry of Religious Affairs and Interfaith Harmony through private Hajj operators.
The notification said the committee would also probe the ministry’s efforts to get the pre-requisite formalities completed by private Hajj operators by the target date set by the Kingdom.
The committee would also “fix the responsibility for this serious lapse, depriving thousands of Pakistani pilgrims from Hajj 2025,” it added.
Speaking to a private news channel, Pakistan Ulema Council Chairman Tahir Ashrafi praised Sharif’s move, describing it as a “step in the right direction.”
“Due to this, matters related to private Hajj pilgrims will improve in future and the current situation will also come to light, as to what happened and why did the delay take place,” Ashrafi told Express News. 
In January, the Pakistani prime minister had chaired a meeting to review Hajj 2025 preparations, during which he had warned officials the government would not tolerate any negligence in their duties related to the annual pilgrimage.

Topics: Hajj 2025 PM Probe Revised hajj Policy

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Nationalist party supporters to march toward Balochistan’s capital for release of Baloch rights activists

Updated 04 April 2025
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Nationalist party supporters to march toward Balochistan’s capital for release of Baloch rights activists

  • The Balochistan National Party-Mengal has been staging a sit-in in Mastung for the last one week to demand release of Dr. Mahrang Baloch and other activists
  • Provincial minister Zahoor Buledi admits two rounds of talks with the protesters have failed to yield results, but says they will continue to negotiate
Updated 04 April 2025
SAADULLAH AKHTER

QUETTA: The Balochistan National Party-Mengal (BNP-M) on Friday announced a march toward the capital of Pakistan’s southwestern Balochistan province on April 6, amid a deadlock with authorities over the release of Dr. Mahrang Baloch and other Baloch ethnic rights activists.
Baloch and a few other activists were arrested on March 22 after they took part in a sit-in protest outside the University of Balochistan to demand the release of some members of her Baloch Yakjehti Committee (BYC) rights group, whom they allege have been detained by security agencies. They have since been charged with terrorism, sedition and murder after the demonstration ended in the death of three protesters, according to police documents.
The Pakistan army and the government have in the past variously referred to Baloch and her BYC as “terrorist proxies” who they say are allied with militant separatist groups like the Balochistan Liberation Army (BLA). Baloch and her group deny the charge and say they lead peaceful protests for the rights of the ethnic Baloch people.
On Friday, the BNP-M, which led supporters out of its chief Akhtar Mengal’s tribal heartland of Wadh in Balochistan’s Khuzdar district on March 28 to stage a sit-in at Lak Pass near the Mastung district, said its two-day ultimatum for the authorities to release Baloch and other activists had ended and it would now move toward the provincial capital of Quetta.
“We are standing on our demands for the release of detained Baloch women activists, but the government committee is not listening to us seriously,” Sanaullah Baloch, a senior BNP-M member, told Arab News, accusing authorities of “digging trenches” at the Quetta-Karachi highway to keep them from reaching the provincial capital.
“We have decided to march toward the capital for another round of sit-in and protests.”
At least two rounds of talks between the government and BNP-M chief Mengal have failed to yield any result, while provincial authorities have suspended mobile Internet in Quetta for the last three days, citing “serious security threats.”
Zahoor Buledi, a senior Balochistan minister who is part of the negotiations, said the government is fully engaged in a dialogue with the BNP-M.
“Though we held two rounds of talks with Mr. Mengal, they didn’t bore any result,” he told Arab News. “Talks will continue.”
Balochistan, Pakistan’s largest province by landmass and rich in mineral resources, has been the site of an insurgency for the last two decades. The separatists accuse Islamabad of exploiting the province’s natural resources, such as gold and copper. Successive Pakistani governments have denied the allegations.
Police actions against Baloch rights activists have intensified after Baloch separatists last month staged a dramatic train siege that officials said ended in around 60 deaths, half of whom were separatists behind the assault.
More than a dozen United Nations experts demanded last week that Pakistan immediately release detained Baloch rights defenders and halt its crackdown on peaceful protests.

Topics: Mahrang Baloch Baloch Yakjehti Committee Sardar Akhtar Mengal

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Pakistan says UNSC inaction over Gaza humanitarian crisis setting ‘dangerous precedent’

Updated 04 April 2025
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Pakistan says UNSC inaction over Gaza humanitarian crisis setting ‘dangerous precedent’

  • The statement came as Israeli airstrikes killed at least 100 Palestinians across the Gaza Strip on Thursday
  • Envoy says Pakistan refuses to be part of ‘this moral bankruptcy,’ demands immediate ceasefire in Gaza
Updated 04 April 2025
KASHIF IMRAN

ISLAMABAD: Pakistan’s permanent representative to the United Nations (UN) has said the UN Security Council’s (UNSC) inaction over a humanitarian crisis in Gaza is setting a “dangerous precedent,” the Pakistani mission said on Friday, questioning Israel’s violation of the UN charter, international law and a ceasefire agreement with Hamas.
The statement came during an open briefing at the UNSC on the situation in Palestinian territories, which was convened by Algeria with the support of Pakistan, China, Somalia and Russia.
Pakistan’s Ambassador Asim Iftikhar Ahmad said the UNSC’s failure to implement its resolutions not only undermines the institution, but also erodes the international order built on the UN Charter.
“What is happening before our eyes is a travesty. It is unacceptable. The council must act. We cannot be part of a body that remains a mere spectator and does nothing,” he said.
“We refuse to be part of this moral bankruptcy, and what our Slovenian colleague referred to as ‘erosion of humanity’.”
The statement came as Israeli airstrikes killed at least 100 Palestinians across the Gaza Strip on Thursday, including 27 or more sheltering at a school, according to Palestinian medical authorities, in a stepped-up offensive that Israel’s military said is intended to pressure Hamas. More than 30 other Gaza residents were killed in strikes on homes in the nearby neighborhood of Shijaiyah.
The first phase of the ceasefire between Israel and Hamas went into force on January 19 after 15 months of war, which began after Hamas attacks on Israel on Oct. 7, 2023. Israel said on March 19 that its forces resumed ground operations in the central and southern Gaza Strip. It also announced a major expansion of military operations in Gaza on Wednesday, asking residents to evacuate targeted areas. UN humanitarian office said around 280,000 Palestinians have been displaced since Israel ended the ceasefire with Hamas last month.
The fresh evacuation orders came a day after senior government officials said Israel would seize large parts of the Palestinian territory and establish a new security corridor across it. To pressure Hamas, Israel has imposed a monthlong blockade on food, fuel and humanitarian aid that has left civilians facing acute shortages as supplies dwindle — a tactic that rights groups say is a war crime.
Ambassador Ahmad lamented that Gaza has descended into an “abyss of suffering,” which is manifested from the way unarmed civilians including children, women, humanitarian workers, UN personnel and journalists as well as civilian infrastructure such as hospitals and schools are being attacked indiscriminately.
“Nothing is spared, not even the historic cultural sites. It is total annihilation, a situation where fundamental principles of humanitarian law are being disregarded with impunity,” he said.
Since breaking the ceasefire last month, the Pakistan UN envoy said, Israel has killed over 1,100 Palestinians, adding to the more than 50,000 killed between October 2023 and January 2025.
“This is not just warfare, it is the systematic destruction of a people,” he said.
He drew the council’s attention to Israel’s blockade of all border crossings, barring humanitarian aid with no food or medical supplies being allowed into Gaza.
“Starvation as a weapon of war is a war crime,” he lamented.
The Pakistani envoy strongly condemned the deliberate targeting of aid convoys, including the killing of 15 humanitarian workers on March 23, saying that more than 400 humanitarian workers, including 284 UNRWA personnel, have been killed in Israel’s war on Gaza.
“When UN staff and humanitarian workers are gunned down with impunity, we must ask: what remains of the global order we built from the ashes of World War II? ”
Ambassador Ahmad also said that Israel’s intent to permanently colonize and annex the occupied West Bank is alarming and unacceptable.
“Equally concerning are Israel’s plans to seize territory in Gaza, including the establishment of a so-called ‘security corridor’,” he said. “This would constitute a dangerous escalation and a violation of international law.”
Ambassador Ahmad called upon the UNSC and the international community to go beyond “rhetorical condemnations” to concrete action, including immediate halt to hostilities and full implementation of the January 19 ceasefire in Gaza, lifting of Israel’s blockade to ensure unrestricted humanitarian aid, preventing forced removal of Palestinians or annexation of their land, and reviving a “credible peace process.”
Pakistan does not recognize Israel and has consistently called for an independent Palestinian state based on “internationally agreed parameters” and pre-1967 borders. The South Asian country has consistently called for a cessation of Israeli military campaign in Gaza and dispatched more than two dozen aid consignments for the Palestinian people since Israel began pounding Gaza in Oct. 2023.

Topics: pakistan palestine ties Pakistan at UNSC Asim Iftikhar Ahmad

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