KARACHI: The International Monetary Fund (IMF) has applauded Pakistan’s commitment to conducting external governance and corruption evaluation to strengthen its systems, according to a statement this week, adding its assessment team, which recently concluded its visit to the country, will return later this year.
A three-member IMF mission carried out the Governance and Corruption Diagnostic Assessment (GCD) in Pakistan from February 6 to 14 under the $7 billion loan program secured in September 2024.
According to Pakistan’s finance ministry, it will prepare a report recommending actions to address corruption vulnerabilities and strengthen integrity and governance, adding that its findings will help shape structural reforms.
The IMF said the team had done the “groundwork” for the assessment at the request of Pakistani authorities, surveying several critical areas.
“The IMF appreciates the commitment of the Government of Pakistan to this exercise and looks forward to continuing our collaboration,” the international lending agency said on its website in a statement prepared on February 18.
“The IMF team for the GCD assessment will return to Pakistan later this year to continue gathering information and exploring opportunities to strengthen governance, integrity, and economic outcomes in preparation for the eventual assessment,” it added.
The statement said the visiting team’s focus was to preliminarily assess governance and corruption vulnerabilities across six core state functions, including fiscal and central bank governance and operations, financial sector oversight, market regulation, rule of law and anti-money laundering and countering the financing of terrorism (AML-CFT).
During its mission, the IMF team engaged with the Finance Division, Federal Board of Revenue, State Bank of Pakistan, Auditor General of Pakistan, Securities and Exchange Commission, Ministry of Law and Justice and the Supreme Court of Pakistan.
Additionally, its members met with a range of other stakeholders, including business associations, civil society organizations and international development partners.
Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf also wrote to the team, raising grievances related to the last general elections, which it claims were rigged, and concerns about the judiciary.
IMF commends Pakistan’s governance and anti-corruption reform efforts, plans follow-up visit
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IMF commends Pakistan’s governance and anti-corruption reform efforts, plans follow-up visit
- A three-member IMF mission performed initial assessment during a visit to Pakistan from Feb. 6 to 14
- The team evaluated six critical areas, including fiscal and central bank governance, rule of law in Pakistan
Pakistan deadline for registration of intending Hajj pilgrims to expire tomorrow
- Intending pilgrims can register for Hajj 2026 through approved banks or online
- Registration is also mandatory for pilgrims left out of private scheme this year
ISLAMABAD: A deadline for intending Pakistani pilgrims to register for next year’s Hajj pilgrimage will expire on Wednesday, according to the Pakistani religious affairs ministry.
Intending pilgrims can register themselves through 15 approved banks and only registered candidates will be considered eligible for Hajj 2026, according to the ministry.
After the registration, intending pilgrims will be able to opt for the government or private Hajj scheme. No fee will have to be paid for Hajj registration.
“One day is left for mandatory registration of pilgrims for Hajj 2026,” the religious affairs ministry said on Tuesday. “Intending Hajj pilgrims can also complete registration online from home.”
The expenses and other terms and conditions of Hajj 2026 will be issued separately as per the Hajj policy, according to the statement.
Registration is mandatory for pilgrims who were left out of the private scheme this year as well as Pakistanis residing abroad.
Pakistan received a quota of 179,210 pilgrims from Saudi Arabia for Hajj 2025, which was evenly divided between the government and private Hajj operators.
While the government filled its full allocation of over 88,000 pilgrims, a major portion of the private quota remained unutilized due to delays by companies in meeting payment and registration deadlines.
IMF, Pakistan deny lender rejected crypto mining power subsidy plan
- Reports citing a Power Division official earlier suggested the IMF had rejected Pakistan’s plan for subsidized power tariffs for crypto mining
- IMF representative says both sides still in talks, global lender reiterated importance of maintaining a level playing field for all participants
ISLAMABAD: Pakistan’s Power Division and the International Monetary Fund (IMF) on Tuesday denied the global lender had rejected the Pakistani government’s plan to subsidize electricity for cryptocurrency mining and artificial intelligence (AI) data centers in the South Asian country.
The development comes days after reports suggested the Power Division secretary had informed a Senate committee that the IMF had rejected Pakistan’s proposal to offer subsidized tariffs for crypto mining and to certain industrial sectors, warning that such measures could further strain the already burdened power sector.
Pakistan’s finance ministry announced in May this year that the government had allocated 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and AI data centers, aiming to transform the country into a global leader in digital innovation.
Speaking to Arab News, Zafar Yab Khan, a spokesperson for the Power Division, clarified that Power Division Secretary Dr. Fakhray Alam Irfan had not made any such comments about the global lender rejecting Pakistan’s proposal.
“He (Alam) categorically said that ‘we are still in negotiations with the IMF and discussing with them pros and cons of this initiative and hopeful to reach a solution during these negotiations’,” Khan told Arab News.
When asked if the IMF had rejected the proposal, Mahir Binici, the IMF resident representative in Pakistan, the two sides were still in talks and would remain engaged on the matter of providing surplus power for crypto mining and artificial intelligence sectors.
“IMF staff has held informational discussions at a technical level with the authorities to learn more about their plans related to developing the IT sector,” he told Arab News.
“Staff reiterated the importance of maintaining a level playing field for all private sector participants and will continue to engage with the authorities on this as appropriate as plans develop further.”
Khan, the Power Division spokesperson, said Pakistan had surplus electricity to power crypto mining.
“We can confirm that this surplus electricity is available and can be allocated for crypto mining and other IT initiatives,” he said.
Pakistan’s bitcoin mining initiative is spearheaded by the Pakistan Crypto Council (PCC), a government-backed body under the Ministry of Finance, that was established in March to create a legal framework for cryptocurrency trading to lure international investment.
In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan while in May, Islamabad also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.
Pakistan is uniquely positioned, both geographically and economically, to become a global hub for data centers, and offers the most strategic location in the world for data flow and digital infrastructure as a bridge between Asia, Europe, and the Middle East, according to officials.
The country’s combination of surplus power, geographic advantage, advanced subsea cable connectivity, renewable energy potential, and a large, digitally engaged population creates a compelling case for becoming a regional epicenter of Web3, AI, and digital innovation.
The office of special assistant to the prime minister on blockchain and crypto, Bilal bin Saqib, has said that strategic partnerships are being forged to ensure that energy-intensive blockchain infrastructure is both sustainable and revenue-generating.
“Further advancing this momentum, the government announced the allocation of 2,000 megawatts of surplus electricity for Bitcoin mining and artificial intelligence (AI) data centers, leveraging Pakistan’s untapped energy potential to power the future of digital finance and computation,” it said.
Pakistan’s leading Islamic bank, top mobile wallet team up to boost digital remittances
- International transfers to be routed directly into JazzCash wallets under Dubai Islamic Bank tie-up
- Partnership targets financial access for freelancers amid growth of Shariah-compliant digital banking
KARACHI: Dubai Islamic Bank Pakistan (DIBPL) and JazzCash, Pakistan’s largest mobile wallet provider, have partnered to streamline inward remittances and expand digital payment solutions for the country’s growing freelance economy, the two companies said in a joint statement on Tuesday.
Under a Memorandum of Understanding signed in Karachi, DIBPL and JazzCash will enable international home remittances to be deposited directly into JazzCash mobile wallets through DIBPL’s global network. The collaboration will also focus on developing customized financial products for freelancers in Pakistan.
“This partnership with JazzCash is motivated by our commitment to deliver inclusive and innovative financial solutions,” Muhammad Ali Gulfaraz, CEO of DIBPL, said in a statement.
“By combining our international and domestic scale with JazzCash’s extensive last-mile digital reach to millions of recipients, we aim to make remittances and digital transactions more accessible, secure, and aligned with the needs of a diverse customer base.”
JazzCash, a subsidiary of Jazz and a key player in Pakistan’s digital payments sector, has over 48 million registered users, according to Mobilink Microfinance Bank. It already serves over 25 percent of the country’s 2.3 million freelancers, according to company estimates.
“With over a quarter of Pakistan’s freelancers already relying on JazzCash for their payments, this partnership with DIBPL allows us to deepen our impact and build tailored solutions for a rapidly growing segment of the digital economy,” said Murtaza Ali, President of JazzCash.
“Together, we are enabling more seamless cross-border transactions, particularly for freelancers who need fast, secure, and Shariah-compliant access to global payments.”
Pakistan’s Islamic banking sector has expanded rapidly over the past decade, now accounting for nearly 20 percent of the country’s banking assets, according to the State Bank of Pakistan. The combination of Shariah-compliant banking and mobile financial services has created new avenues for financial inclusion, particularly among unbanked populations.
The country also ranks among the top five recipients of remittances in South Asia, with overseas Pakistanis sending home over $27 billion annually. However, informal channels and limited access to formal banking continue to hinder financial inclusion.
With an increasing number of Pakistanis working as freelancers and remote workers for global clients, especially in IT, digital marketing and content creation, there is growing demand for reliable, fast, and regulatory-compliant payment solutions.
Partnerships like the one announced Tuesday aim to address these gaps by integrating formal financial services with digital platforms, the firms said, adding that the collaboration reflects their commitment to advancing Pakistan’s digital economy while remaining within a Shariah-compliant and regulatory-compliant framework.
Injured Rauf and Shadab to miss Pakistan’s T20 series in Bangladesh
- Haris Rauf injured a hamstring in Major League Cricket in the United States last week
- Uncapped fast bowlers Ahmed Danial and Salman Mirza were picked in a 15-man squad
ISLAMABAD: Pakistan fast bowler Haris Rauf and allrounder Shadab Khan were injured and will miss the Twenty20 series in Bangladesh this month.
Rauf injured a hamstring in Major League Cricket in the United States last week, and Shadab recently underwent shoulder surgery.
Uncapped fast bowlers Ahmed Danial and Salman Mirza were picked in a 15-man squad on Tuesday to supplement Abbas Afridi and fast bowling allrounder Faheem Ashraf.
Left-arm spinner Sufiyan Muqeem was also recalled after he was overlooked for the last home series against Bangladesh.
Spin allrounder Mohammad Nawaz has also made his way back into the national squad since last appearing in January 2024 against New Zealand, after impressive performance in the Pakistan Super League.
The three-match T20 series will be played in Mirpur from July 20-24.
Pakistan: Salman Agha (captain), Abrar Ahmed, Ahmed Daniyal, Faheem Ashraf, Fakhar Zaman, Hassan Nawaz, Hussain Talat, Khushdil Shah, Abbas Afridi, Mohammad Haris, Mohammad Nawaz, Sahibzada Farhan, Saim Ayub, Salman Mirza, Sufiyan Muqeem.
Turkish foreign, defense ministers to visit Pakistan Wednesday
- Visit aims to deepen bilateral cooperation and boost defense industry ties, Turkish source says
- Foreign Minister Fidan to offer support for regional peace and express solidarity with Pakistan
ANKARA: Turkiye’s foreign and defense ministers will visit Pakistan on Wednesday for talks with Prime Minister Shehbaz Sharif to discuss bilateral ties, regional issues, and defense industry cooperation, a Turkish diplomatic source said on Tuesday.
Turkiye has strong ties with Pakistan and expressed solidarity with it during its military conflict with India in May, angering India.
During the visit, Foreign Minister Hakan Fidan will express Turkiye’s desire to deepen ties in every field and offer Ankara’s support in taking steps toward regional peace, the source said.
Fidan will stress the countries “need to strengthen their cooperation in the defense industry,” the source said.
Ankara also has cordial ties with India, but after its support for Pakistan, small Indian grocery shops and major online fashion retailers boycotted Turkish products, while New Delhi also canceled Turkiye-based aviation service provider Celebi clearance over “national security” reasons.
