US congressman urges collaboration with Pakistan in critical minerals, industrial development

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Updated 14 April 2025
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US congressman urges collaboration with Pakistan in critical minerals, industrial development

US congressman urges collaboration with Pakistan in critical minerals, industrial development
  • US Congressional delegation is in Pakistan for meetings with key government and military leaders
  • Pakistan has world’s largest copper-gold mineral zones and is also rich in lithium used to make batteries

ISLAMABAD: US Republican Congressman Jack Bergman has called for cooperation with Islamabad in the critical minerals and industrial development sectors, aiming to build a strategic partnership that “provides value not only to Pakistan but to the entire world.”

The United States has identified a list of “critical minerals” like aluminum, lithium, cobalt, and rare earth elements that it has deemed essential for its economy, national security, and technological advancements. Pakistan is endowed with various mineral resources, including salt, coal, copper, gold, chromite, bauxite, and gemstones. It is also rich in lithium used to make batteries, as well as other minerals. But despite rich natural reserves estimated to be worth $6 trillion, Pakistan’s mineral sector contributes only 3.2% to GDP and 0.1% to global exports. 

The country is now aiming to tap into this underutilized potential and last week organized a minerals summit attended by top government officials and heads of companies from various countries including the US, UK, Europe, China and the Middle East. 

“The value of the relationship going forward between Pakistan and the United States cannot be overestimated or how positive an impact it’s going to make, not only just here in Pakistan, in the United States, but in developing areas around the world,” said Bergman, who is part of a three-member US congressional delegation visiting Pakistan this week. 

“The importance of what we’re doing here in these specific areas is to bring partnerships together in very specific areas, critical minerals being only one of many but it sets the stage for the next steps in the development of good industries that provide value not only to Pakistan but to the entire world.”

“We cannot overestimate the value of the kinds of industries that we are involved with now in developing capabilities, whether it’s industrial techniques, mining techniques, new products, all of those elements that go into the future of our productive world,” Bergman added.

Last week, senior official Eric Meyer from the US Department of State’s Bureau of South and Central Asian Affairs attended the Pakistan Minerals Summit and expressed interest in enhancing cooperation with Pakistan in the minerals sector, citing President Donald Trump’s vision of securing rare materials as a “strategic priority” that could benefit both countries.

Pakistan is home to one of the world’s largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of ore. 

Barrick Gold, which owns a 50% stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy.


Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization

Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization
Updated 21 sec ago
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Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization

Global real estate giant quits advisory role in Pakistan’s Roosevelt Hotel privatization
  • Jones Lang LaSalle steps down over conflict of interest as Pakistan seeks to sell stake in NYC hotel
  • Privatization of iconic hotel is part of IMF-backed reform push to offload loss-making state assets

ISLAMABAD: Global real estate firm Jones Lang LaSalle (JLL) has stepped down from its role as financial adviser for the privatization of Pakistan’s Roosevelt Hotel in New York, citing a conflict of interest due to client interest in the property, the government said on Thursday.

Pakistan plans to sell a minority stake in the century-old Manhattan hotel and is seeking a redevelopment partner as part of a broader effort to offload loss-making state-owned assets under a $7 billion agreement with the International Monetary Fund (IMF). The Roosevelt Hotel, viewed as one of Pakistan’s most valuable foreign holdings, was closed in 2020 and has since operated intermittently, including as a migrant shelter.

JLL was appointed in January last year to advise the government on the potential sale transaction of the Roosevelt Hotel, the privatization ministry said in a statement.

“The Privatization Commission of Pakistan announces that Jones Lang LaSalle (JLL), a leading global real estate services firm, acting as Financial Adviser for privatization of Roosevelt Hotel, has formally conveyed its decision to resign from the assignment owing to the emergence of a potential conflict of interest,” the ministry said.

It added that JLL had conducted due diligence on the hotel and submitted due diligence and transaction structure reports, in which it analyzed a range of transaction structure options in line with international best practices and market dynamics.

The ministry said JLL has cited “heightened interest” in Roosevelt Hotel from many of its clients, post cancelation of its lease agreement with New York City, as the reason for the decision to withdraw from its role.

“This, JLL says, has put them in a compromising position, therefore they have decided to resign in order to avoid any perceived or actual conflict of interest,” the ministry explained.

The statement said Pakistan’s Privatization Commission is initiating the process to hire a new financial adviser on a fast-track basis to ensure that the process for Roosevelt Hotel’s privatization is carried forward in a “transparent and competitive manner.”

“The Government of Pakistan and the Privatization Commission remain fully committed to conclude the ongoing privatization of Roosevelt Hotel expeditiously, in accordance with all applicable legal requirements,” the statement concluded.

The Roosevelt Hotel has long been one of Pakistan’s most prominent but politically sensitive overseas assets. Acquired by the Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street.

Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning.


Pakistan pushes for UN-OIC cooperation to counter ‘alarming resurgence’ of Islamophobia

Pakistan pushes for UN-OIC cooperation to counter ‘alarming resurgence’ of Islamophobia
Updated 12 min 34 sec ago
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Pakistan pushes for UN-OIC cooperation to counter ‘alarming resurgence’ of Islamophobia

Pakistan pushes for UN-OIC cooperation to counter ‘alarming resurgence’ of Islamophobia
  • Deputy PM Ishaq Dar chairs meeting of the UN Security Council in New York on UN-OIC cooperation
  • Pakistani deputy premier says religious hatred “morally indefensible,” strikes at UN Charter’s foundation

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Thursday pushed for greater cooperation between the Organization of Islamic Cooperation (OIC) and the United Nations (UN) to counter rising extremism and “alarming resurgence” of Islamophobia worldwide.

As the president of the UN Security Council for July, Pakistan chaired a meeting at the multilateral forum to discuss the cooperation between the OIC and the UN. The briefing was titled: ‘Cooperation between the United Nations and regional and subregional organizations.’

In 2022, the UN General Assembly adopted a resolution sponsored by 60 OIC members states, spearheaded by Pakistan, which designated Mar. 15 as the International Day to Combat Islamophobia.

Speaking at the briefing, Dar noted that the UN-OIC engagement continues to grow, from mediation and political transition to coordinated responses in humanitarian emergency, advocacy on issues of disarmament, development, and protection of religious and cultural heritage.

“Excellencies, nowhere in this cooperation is it more necessary than in encountering the rising tide of extremism, particularly the alarming resurgence of Islamophobia,” Dar said during his address.

He added that religious hatred is not only “morally indefensible,” but also strikes at the very foundation of the UN Charter. The deputy premier noted that the global community’s endorsement of Pakistan’s initiative to designate 15 March as the International Day to Combat Islamophobia, followed by the adoption of a resolution leading to the appointment of a UN Special Envoy on Islamophobia, are “milestones” that reaffirm the OIC and UN’s shared resolve.

“There has long been a strong voice on this issue, and we must further institutionalize its role in global efforts to promote respect, inclusion, and interfaith harmony,” Dar said.

Presidential statements are formal expressions of the Security Council’s consensus but are not legally binding. They require unanimous approval and are often preceded by complex negotiations.

Founded in 1969, the OIC includes 57 member states across four continents and serves as a platform for collaboration on political, economic and social issues affecting Muslim communities worldwide.


Army says major, sepoy killed in counterterror operation in Pakistan's southwest

Army says major, sepoy killed in counterterror operation in Pakistan's southwest
Updated 24 July 2025
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Army says major, sepoy killed in counterterror operation in Pakistan's southwest

Army says major, sepoy killed in counterterror operation in Pakistan's southwest
  • Military says three militants backed by neighboring India gunned down in Mastung district
  • Pakistan's restive Balochistan province has long been the site of separatist, insurgent violence

ISLAMABAD: An army major and a sepoy were killed during an intelligence-based operation in Pakistan's southwestern Mastung district, the military's media wing said on Thursday amid Islamabad's battle against surging militancy. 

The latest operation took place in Balochistan's Mastung district on July 23 when security forces received reports of the presence of "terrorists" belonging to "Fitna al Hindustan," a term the Pakistani military uses for militants it says are backed by neighbor and archrival India.

The military said three militants were killed during its counterterror operation. However, Major Zeeyyad Salim Awal, 31, and Sepoy Nazam Hussain, 22, were killed during the exchange of fire, the military's media wing said. 

"Sanitization operation is being conducted to eliminate any other Indian sponsored terrorist found in the area, as the security forces of Pakistan are determined to wipe out the menace of Indian Sponsored Terrorism from the country," the military said. 

"And such sacrifices of our brave men further strengthen our resolve."

Pakistan's restive Balochistan province has long been the site of separatist and insurgent violence, and Islamabad has frequently alleged Indian involvement in destabilizing activities there, a charge New Delhi denies.

India accuses Pakistan of training and funding militant groups in the part of disputed Kashmir that New Delhi administers. Islamabad denies the allegations and says it only extends diplomatic support to the people of Kashmir. 

The two countries engaged in the worst fighting between them since 1998 in May this year, pounding each other with drones, fighter jets, missiles and artillery fire before Washington brokered a ceasefire on May 10. 

 


Farhan’s 50 lifts Pakistan to 178-7 in third Bangladesh T20I

Farhan’s 50 lifts Pakistan to 178-7 in third Bangladesh T20I
Updated 24 July 2025
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Farhan’s 50 lifts Pakistan to 178-7 in third Bangladesh T20I

Farhan’s 50 lifts Pakistan to 178-7 in third Bangladesh T20I
  • Sahibzada Farhan’s 41-ball 63 studded with five sixes and six boundaries
  • Bangladesh rest five main players after already winning three-match series

DHAKA: Opener Sahibzada Farhan hit a solid half century to guide Pakistan to an improved total of 178-7 in the third and final Twenty20 international against Bangladesh in Dhaka on Thursday.

Farhan’s 41-ball 63 studded with five sixes and six boundaries as well as Hasan Nawaz’s 17-ball 33 with three sixes and a boundary helped Pakistan post a challenging total after they were sent into bat.

Having already won their first-ever T20I series against Pakistan with victories in the first two matches, Bangladesh rested five of their main players including spearhead Mustafizur Rahman.

Pakistan had scored 110 and 125 in the first two matches — also in Dhaka.

Farhan, who replaced Fakhar Zaman as one of two changes for Pakistan, put on 82 for the opening stand with Saim Ayub who scored a 15-ball 21 with a six and two boundaries.

Farhan, 29, fell in the 12th over to spinner Nasum Ahmed who finished with 2-22 in his four overs. Pacer Taskin Ahmed took 3-38.

Mohammad Nawaz, who scored 16-ball 27 with two sixes and as many fours, and skipper Salman Agha made 12 to help Pakistan add 46 runs in the last five overs.


Pakistan central bank has room to slash interest rate by 100bps by December — analysts

Pakistan central bank has room to slash interest rate by 100bps by December — analysts
Updated 24 July 2025
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Pakistan central bank has room to slash interest rate by 100bps by December — analysts

Pakistan central bank has room to slash interest rate by 100bps by December — analysts
  • Central bank’s Monetary Policy Committee to meet on July 30 to announce policy rate
  • Rate cut to reduce financing costs, boost productivity and support recovery, says analyst

KARACHI: Pakistan’s central bank has room to slash the key interest rate by 100 basis points by December, financial analysts said on Thursday, noting that the move would reduce financing costs and boost productivity in the country.

The central bank’s Monetary Policy Committee (MPC) is scheduled to hold its meeting on July 30 to decide about the key interest rate. A majority of financial market participants expect the central bank to cut its key interest rate by 50 to 100 basis points next week, as per a report by Karachi-based brokerage firm Topline Securities. A majority, 56 percent, expect a 50 to 100 basis points rate cut next week, the report said while thirty-seven percent expect the policy rate to remain unchanged at 11 percent.

The findings reflect growing market confidence that declining inflation and easing global oil prices have created space for monetary easing. In its last meeting, the State Bank of Pakistan (SBP) kept the policy rate unchanged at 11 percent, citing uncertainty over the federal budget and regional tensions in the Middle East. This time, a stronger consensus appears to be building toward a rate cut.

“We are expecting inflation to average 5-7 percent in FY26, leaving a room of a total of 100 basis points cut in our view after adjusting it for real rate of 400 basis points,” Shankar Talreja, Topline Securities’ head of research, told Arab News.

Talreja said he expected the SBP to announce a policy rate cut of 50 basis points when it meets next week.

“We are expecting the policy rate to bottom out at 10 percent by December 2025,” he said.

Shahid Ali Habib, the chief executive officer at brokerage research firm Arif Habib Ltd., said he also expected the interest rate to be slashed by 50 basis points. The SBP has slashed the key policy rate by an aggressive 11,000 points from a record 22 percent over the last one year, as inflation eases in the South Asian country.

“A rate cut now could reduce financing costs, boost productivity and support recovery after a modest 2.68 percent GDP growth in FY25,” Habib said.

The expectations come as Prime Minister Shehbaz Sharif’s government aims to increase the GDP of Pakistan’s debt-ridden economy by 4.2 percent this year, up from the 2.7 percent last fiscal year.

Backed by the International Monetary Fund’s $7 billion loan, Pakistan’s economy has stabilized in recent months with inflation ebbing to 3.2 percent in June and the current account showing a surplus of $328 million last month.

Pakistan’s easing inflationary pressures have been the main driving force behind the central bank’s aggressive policy rate cuts. Habib said Pakistan’s macroeconomic situation was improving, saying that he sees FY26 inflation averaging on 5.4 percent and core inflation at around 8 percent this fiscal year.

However, Talreja said the decline in borrowing costs could be a “non-event” for Pakistan’s booming stock market, which has already factored in the expected change.

Pakistani stocks have risen 19 percent since January with the benchmark KSE-100 Index hitting a record 140,585 points during intraday trading last week, according to the Pakistan Stock Exchange data.

“The majority of the impact is already taken by the markets, the treasury bills are trading at 10.7 percent which already incorporates around 50 basis points cut,” Talreja noted.

Talreja said if slashed further, the policy rate will nonetheless provide some respite to businesses as the cost of financing will further come down.

“Honestly, either 50 or 100 basis points won’t matter significantly as we have already eased over 11,00 basis points in the last one year,” the analyst said.