Pakistan, Saudi Arabia ink multiple agreements valuing $2 billion

Short Url
Updated 10 October 2024
Follow

Pakistan, Saudi Arabia ink multiple agreements valuing $2 billion

Pakistan, Saudi Arabia ink multiple agreements valuing $2 billion
  • Saudi investment minister is heading a large business delegation on three-day visit to Islamabad
  • Saudi visit comes as Pakistan seeks foreign investments to navigate tricky path to economic recovery

ISLAMABAD: Prime Minister Shehbaz Sharif witnessed the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses on Thursday, calling the ceremony a precursor to many future partnerships.

The event took place as Sharif welcomed Saudi Investment Minister Khalid bin Abdulaziz Al-Falih at the PM House, describing his visit as an “important milestone” in the economic relations between the two countries.

The Saudi minister brought a large delegation of businessmen representing various economic sectors, including energy, mining, agriculture, tourism and industry, a day earlier, with the aim of finalizing 27 business-to-business deals and MoUs.

The visit took place at a time when Pakistan is seeking to strengthen trade and investment ties with friendly nations, particularly the kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for the South Asian country.

“Today’s ceremony will lead to many more such events in times to come if we are sincere to the cause,” Sharif told the gathering, referring to Pakistan’s commitment to implementing these agreements and turning the MoUs into lucrative business deals.

He assured the Saudi delegation of his government’s full cooperation, saying he would not allow any impediments to thwart the business cooperation between the two countries.

The prime minister said Pakistan’s relations with the kingdom were firmly rooted in history and that both countries had stood by each other through thick and thin.

“Saudi Arabia has always supported Pakistan, whether after floods or earthquakes,” he continued. “This is not only friendship. This is true brotherhood, which we must transform into a relationship of economic development, cooperation and promoting our investments.”

Earlier, the prime minister told the Saudi minister that his visit was “an important milestone in strengthening investment ties between Pakistan and Saudi Arabia, setting the stage for greater collaboration in sectors of mutual interest.”

The prime minister pointed out that Al-Falih’s trip to Pakistan was the third high-level Saudi delegation to visit the country in the last six months, calling it a testament to the growing momentum in the bilateral relationship.

He also reaffirmed Pakistan’s commitment to Saudi Arabia’s sovereignty and territorial integrity, expressing readiness to strengthen defense ties, including support for the kingdom’s Vision 2030, which seeks to develop indigenous defense and security capabilities.

According to the PM Office, the Saudi minister reiterated the kingdom’s commitment to increasing its investment portfolio in Pakistan, particularly in mining, agriculture, food security and infrastructure development.

He further said the signing of 27 agreements and MoUs was just the beginning of the journey.


Pakistan tax-to-GDP ratio up 1.5 percentage points as PM orders stricter oversight of informal economy

Pakistan tax-to-GDP ratio up 1.5 percentage points as PM orders stricter oversight of informal economy
Updated 39 sec ago
Follow

Pakistan tax-to-GDP ratio up 1.5 percentage points as PM orders stricter oversight of informal economy

Pakistan tax-to-GDP ratio up 1.5 percentage points as PM orders stricter oversight of informal economy
  • Officials say the tax-to-GDP ratio reached 10.6 percent by the end of June 2025, up from 9.1 percent the previous year
  • PM Sharif instructs FBR to fast-track restructuring of its digital wing, consult stakeholders like businesses

ISLAMABAD: Pakistan’s tax-to-GDP ratio rose by 1.5 percentage points in fiscal year 2024–25 compared to the previous year, officials said on Wednesday, as Prime Minister Shehbaz Sharif called for stronger enforcement measures to bring the country’s vast informal economy into the tax net.

The tax-to-GDP ratio reached 10.6 percent by the end of June 2025, up from 9.1 percent the previous year, according to a briefing at a review meeting chaired by the prime minister in Islamabad.

The government aims to continue raising the ratio under a wider economic and structural reform efforts backed by the International Monetary Fund (IMF), which includes digitization of the Federal Board of Revenue (FBR), the country’s tax collection agency, to improve enforcement and expand the tax base.

“Digitization at the FBR has helped meet targets, but steps must now be taken to ensure the system becomes sustainable,” the prime minister was quoted as saying in a statement released by his office. “Enforcement must be strengthened further to curb the informal economy.”

The meeting was told that total tax revenue collected in FY2024–25 crossed Rs20.4 trillion ($71.4 billion), while the number of income tax return filers jumped from 4.5 million in 2024 to over 7.2 million by June 2025.

Officials credited the increase to enhanced enforcement, including reforms in the retail sector, integration of point-of-sale systems and an expanded digital footprint.

They said tax revenue from the retail sector alone rose by Rs455 billion ($1.6 billion) compared to the previous year.

The prime minister instructed FBR to fast-track the restructuring of its digital wing, set deadlines for implementation and consult with all stakeholders, including taxpayers and the business community, to ensure the reform process remains inclusive.

He also praised FBR officials and directed them to present actionable targets for the next phase of reforms within a week.

 


Balochistan says provincial action plan against separatists ready amid spike in violence

Balochistan says provincial action plan against separatists ready amid spike in violence
Updated 23 July 2025
Follow

Balochistan says provincial action plan against separatists ready amid spike in violence

Balochistan says provincial action plan against separatists ready amid spike in violence
  • Chief Minister Mir Sarfraz Bugti says ethnic insurgent groups are dragging the Baloch nation ‘into a futile war’
  • He maintains security forces are operating in ‘grey zones’ where it is hard to distinguish between friend and foes

ISLAMABAD: Amid a renewed wave of separatist violence in Balochistan, Chief Minister Mir Sarfraz Bugti said Wednesday a provincial action plan for peace had been formulated, as he warned of the evolving and asymmetric nature of the security threat facing the province.

The statement came during the 16th National Workshop on Balochistan in Quetta, where Bugti addressed senior civil and military participants. His remarks followed a recent spike in attacks by ethnic Baloch insurgents, who have escalated their decades-long campaign by launching coordinated strikes on security forces, government officials and non-local workers.

The unrest continues despite repeated crackdowns and military operations, complicating stability efforts in a province critical to the multibillion-dollar China-Pakistan Economic Corridor (CPEC).

“A provincial action plan for peace in Balochistan has been formed,” Bugti was quoted in an official statement circulated after the event. “Our response mechanisms have been strengthened, and terrorists cannot hold even an inch of ground permanently.”

While acknowledging that the province has long suffered from misgovernance and uneven development, Bugti rejected that unemployment and underdevelopment alone were driving unrest.

“Those who fight the state do so not because of jobs or education but because they dream of a separate state based on Baloch identity,” he continued. “This is an intelligence-driven drone war against Pakistan.”

He added that the insurgents were attempting to push the Baloch people into an unwinnable conflict.

“The Baloch nation is being dragged into a futile war,” he said, warning that acts of violence, whether in the name of nationalism or religion, would be treated the same. 

“We will embrace those disillusioned with the state and address their grievances, but those who kill innocents and want to break the country cannot be engaged outside the constitution,” he added.

The chief minister described the provincial security landscape as increasingly opaque, saying Pakistani forces were operating in “grey zones” where it was difficult “to distinguish between friend and foe.”

On the issue of enforced disappearances, a deeply contentious point in Balochistan’s political discourse, Bugti said that comprehensive legislation had already been passed.

Families of missing persons and human rights groups accuse state institutions of arbitrary detentions and extrajudicial killings in Balochistan.

Pakistani authorities have frequently rejected these claims, calling them “baseless allegations.”

Reiterating that the fight against separatist violence is not just the state’s burden but “a war that concerns every Pakistani,” Bugti said the state would remain firm against any attempt to destabilize the province.


Pakistani officials push for unified climate-health strategy under comprehensive national framework

Pakistani officials push for unified climate-health strategy under comprehensive national framework
Updated 23 July 2025
Follow

Pakistani officials push for unified climate-health strategy under comprehensive national framework

Pakistani officials push for unified climate-health strategy under comprehensive national framework
  • Stakeholders advocate One Health Pakistan initiative, linking human, animal and environmental health
  • The meeting in Islamabad says pollution, biodiversity loss are accelerating zoonotic disease outbreaks

ISLAMABAD: Senior Pakistani officials on Tuesday urged stronger cross-sector coordination to address the country’s rising climate-linked health risks, as stakeholders gathered in Islamabad to reaffirm support for the One Health Pakistan initiative, a national framework linking human, animal and environmental health.

The meeting was held at COMSTECH and co-hosted by the Health Services Academy and the Ministry of Climate Change and Environmental Coordination. It brought together officials from the health, environment and development sectors, along with representatives from the World Health Organization, UN Food and Agriculture Organization, Asian Development Bank, World Bank, and World Wide Fund for Nature.

The session focused on building a climate-resilient health workforce and integrated response systems for pandemic preparedness.

“We must reaffirm our collective commitment to the One Health Pakistan initiative,” said Federal Parliamentary Secretary for Health Dr. Nelson Azeem. “The challenges we face are interlinked, and so must be our response.”

Other speakers warned that unchecked pollution, biodiversity loss and weak institutional coordination were accelerating zoonotic disease outbreaks and undermining early warning systems.

Participants proposed the creation of dedicated One Health Units within provincial and federal departments to streamline disease surveillance and climate-health response planning, potentially funded through Annual Development Plans, Public Sector Development Program or international pandemic preparedness programs.

Those present also agreed to turn dialogue into concrete action by strengthening inter-agency coordination, investing in integrated surveillance systems and scaling up climate-resilient health planning nationwide.


US says Pakistan to attend bilateral talks in Washington but gives no details

US says Pakistan to attend bilateral talks in Washington but gives no details
Updated 23 July 2025
Follow

US says Pakistan to attend bilateral talks in Washington but gives no details

US says Pakistan to attend bilateral talks in Washington but gives no details
  • Announcement comes as political channels have reactivated between the two sides in recent months
  • Pakistan’s finance chief also hinted this week at ‘leadership-level’ announcements by the two countries

ISLAMABAD: A senior US State Department official said Tuesday Pakistan will participate in a bilateral meeting in Washington, but declined to say whether the United States would play any role in mediating longstanding tensions between Pakistan and India, particularly over Kashmir.

The comment came in response to a question at a news briefing about whether Washington’s push for direct communication between India and Pakistan — such as on the Indus Waters Treaty — would also apply to more contentious issues like Kashmir.

Pakistan and India had a four-day military standoff in May that ended with a US-brokered ceasefire. Washington later announced that both countries had agreed to meet at a neutral venue to discuss outstanding issues.

Pakistan welcomed the proposal, but India, which has long opposed third-party involvement, rejected it.

“We have Pakistan who is going to be here for a bilat, and I’ll be participating in that,” State Department spokesperson Tammy Bruce said during the briefing, without elaborating on the schedule or the agenda. “I’m looking forward to that as well.”

Bruce did not directly answer the question on Kashmir, instead offering a general comment about addressing difficult issues.

The briefing came weeks after a rare one-on-one lunch hosted by former President Donald Trump for Pakistan’s military chief, Field Marshal Asim Munir, at the White House on June 18. No civilian Pakistani officials were present at the meeting.

Trump later credited both Munir and Indian Prime Minister Narendra Modi for “acting responsibly” and preventing a potential regional catastrophe.

India has denied any US role in the ceasefire, calling it a bilateral decision between New Delhi and Islamabad, though Trump has continued to claim credit for stopping the conflict.

On Tuesday, he reiterated separately that he “stopped the recent war” between the two countries and claimed five planes were shot down during the fighting.

While political channels between Washington and Islamabad have reactivated in recent weeks, the two sides are also engaged in trade talks after Trump imposed 29 percent “reciprocal tariffs” on Pakistan in April.

Finance Minister Muhammad Aurangzeb, who is currently in Washington, said both countries are working to shift their relationship from one focused on trade to one anchored in long-term investment.

Speaking after meetings with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, Aurangzeb said the two sides had identified priority sectors including minerals, mining, artificial intelligence and cryptocurrency regulation.

He also hinted at forthcoming “leadership-level” announcements in the coming days.


Pakistan sentences eight prominent Imran Khan aides for 2023 unrest

Pakistan sentences eight prominent Imran Khan aides for 2023 unrest
Updated 23 July 2025
Follow

Pakistan sentences eight prominent Imran Khan aides for 2023 unrest

Pakistan sentences eight prominent Imran Khan aides for 2023 unrest
  • Those sentenced include Yasmin Rashid, Ejaz Chaudhry, Mehmoodur Rashid and Umar Cheema
  • The court acquitted PTI Vice Chairman Shah Mehmood Qureshi who is in custody in other cases

LAHORE: A Pakistani anti-terrorism court sentenced eight senior members of former Prime Minister Imran Khan’s party to 10 years in prison late on Tuesday over riots that targeted military sites following Khan’s 2023 arrest, their lawyer said.

Khan is on trial on similar charges, being tried separately. The government accuses him and other leaders of inciting the May 9, 2023, protests, during which demonstrators attacked military and government buildings, including the army headquarters in Rawalpindi and the residence of a senior commander in Lahore.

The prosecution is still presenting witnesses in Khan’s proceedings, and Tuesday’s verdict does not directly affect his case.

The sentences, issued in a jail trial in Lahore, are among a series of prosecutions involving Khan’s Pakistan Tehreek-e-Insaf (PTI) party. Defense lawyer Burhan Moazzam said they would appeal.

“It is surprising that six people were acquitted while eight were convicted, even though they were all charged under the same allegations,” he said.

The case relates to one of several incidents stemming from the May 9 unrest, involving alleged incitement during attacks near a major intersection in Lahore. Moazzam said separate trials were ongoing in connection with other incidents that day.

Those sentenced include senior PTI figures who held positions in Khan’s Punjab government: Yasmin Rashid, a former provincial health minister; Ejaz Chaudhry, a senator; Mehmoodur Rashid, a former housing minister; and Umar Sarfraz Cheema, a former provincial governor and aide to Khan.

The court also acquitted PTI Vice Chairman Shah Mehmood Qureshi who is in custody in connection with other cases, and it was not immediately clear whether the acquittal would lead to his release.

Commenting on the verdict, junior law minister Aqeel Malik told local media the decision was “in line with the law and the constitution.”

Khan, who was ousted in a no-confidence vote in 2022, remains in prison facing multiple cases, including charges of corruption, contempt and disclosure of official secrets. He denies wrongdoing and says the cases are politically motivated. The military denies targeting PTI.

Authorities say the May 9 violence caused billions in damage and led to over 3,000 arrests in Punjab.