‘Incredible event’: Pakistan’s minerals summit attracts global investors

‘Incredible event’: Pakistan’s minerals summit attracts global investors
Dave Williams, CEO of Mudex, an Australian drilling fluids company, speaks during an interview in Islamabad, Pakistan, on April 8, 2025. (Photo Courtesy: Radio Pakistan)
Short Url
Updated 11 April 2025
Follow

‘Incredible event’: Pakistan’s minerals summit attracts global investors

‘Incredible event’: Pakistan’s minerals summit attracts global investors
  • Pakistan Minerals Summit held this week to attract foreign investment in country’s vast natural reserves estimated to be worth $6 trillion
  • Event saw participation from major international companies and government officials from US, China, Saudi Arabia and other nations

ISLAMABAD: Major international companies from the US, Australia, South Africa and other nations have praised a global minerals summit hosted by Pakistan this week for opening up opportunities for investment in the country’s vast natural reserves, estimated to be worth $6 trillion.

The Pakistan Minerals Summit, aimed at attracting foreign investment in the country’s mining sector, saw participation from major international companies including Canada-based Barrick Gold and government officials from the United States, Saudi Arabia, China, Turkiye, the United Kingdom, Azerbaijan and other nations. 

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 percent 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.

But despite rich reserves of salt, copper, gold and coal, Pakistan’s mineral sector contributes only 3.2 percent to GDP and 0.1 percent to global exports. The country is now aiming to tap into this underutilized potential.

“This is really a great event so far for me. I’m meeting some great people, learning about the culture and the event is probably one of the best events we’ve been to recently,” Dave Williams, the CEO of Mudex, an Australian drilling fluids company, said in an interview to Radio Pakistan. 

Mudex is based in Perth, specializing in the production and supply of environmentally friendly drilling fluids for industries such as mining, civil construction, water wells and horizontal directional drilling. Founded in 2014, Mudex offers a wide range of drilling fluid products including viscosifiers, lubricants, foaming agents and lost circulation materials. 

“The networking and all has been really good … Being able to understand the immensity of the work that is happening in Pakistan at the moment,” the Mudex CEO said about the minerals summit.

Sohail Kiani, president of Canada’s SARF, said he was pleased to see Pakistani “finally recognizing its potential” in the minerals sector.

“Pakistan is a copper country and in the coming years, copper is going to become very important,” he said. 

Pakistan’s copper reserves are estimated to be around 6.5 billion tons. 

“The geology of this country is very conducive to taking out minerals which the world needs but obviously they’ve been in the ground for millions of years so we need to have a robust policy,” Kiani added.

Leah Boyer Saifullah, Senior Policy Adviser for the Critical Minerals Forum in Washington DC, described the minerals summit as “incredible.” 

“I’m so glad to see Pakistan coming to the table, being part of this discussion,” she said. “I think this is going to be incredible for the country and for Pak-US relations.”

Tabassum Qadir, the CEO of Uprise Commodities Africa, said she was attending the mineral summit to explore opportunities at the Thar coal mines, located in southern Pakistan. They represent a significant source of lignite coal reserves in the country and are being developed for power generation. 

“There is a gasification feasibility done in South Africa, which I want to implement in Pakistan,” Qadir said. 

The businesswoman’s investment signals a renewed effort to harness Pakistan’s Thar coal reserves through gasification technology, which converts coal into synthetic gas for industrial use. 

The initiative can reduce energy costs, alleviate the country’s growing fuel import bill and provide a domestic alternative to costly liquefied natural gas.


IMF may disburse first tranche of climate loan to Pakistan in ‘about six months’

IMF may disburse first tranche of climate loan to Pakistan in ‘about six months’
Updated 7 sec ago
Follow

IMF may disburse first tranche of climate loan to Pakistan in ‘about six months’

IMF may disburse first tranche of climate loan to Pakistan in ‘about six months’
  • Lender to approve first climate loan payment with the second review of Pakistan’s External Fund Facility program, says source
  • Pakistan’s finance adviser says loan, linked to implementation of key performance indicators, to be released over next 28 months

KARACHI: The International Monetary Fund (IMF) is likely to release the first tranche of its $1.4 billion climate resilience loan for Pakistan “in about six months,” a source with direct knowledge of the development told Arab News on Thursday. 

The IMF last Friday approved a fresh $1.4 billion loan to Pakistan under its climate resilience fund and approved the first review of its $7 billion External Fund Facility program, freeing about $1 billion in cash.

The Washington-based lender is expected to start the Resilience and Sustainability Facility (RSF) funding for Pakistan along with its second review of Islamabad’s EFF program, the source disclosed on condition of anonymity as they are not authorized to speak to media on the matter. 

“With the second review of the EFF, if the [IMF] board approves then they [Pakistan] might get the first tranche of the RSF, ” the source said, adding that the next EFF review is expected to take place “in about six months.”

“For climate financing, nothing will be disbursed now,” they added. 

Pakistan’s finance adviser Khurram Schehzad said the climate loan is not a “one-off payment.”

“The RSF fund will be released gradually over the next 28 months, which is linked to the implementation of 13 KPIs (key performance indicators),” the official told Arab News.

He did not elaborate how much the global lender would release as part of the first tranche.

The RSF will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters. The South Asian country has been consistently ranked as one of the worst affected countries due to climate change effects. 

In 2022, Pakistan was devastated by flash floods triggered by unusually heavy rains and the melting of glaciers. The catastrophe killed 1,700 people, displaced more than 30 million others and damaged crops and infrastructure worth $30 billion.

That forced Pakistan last year to request the IMF for the RSF fund to address its vulnerability to climate change.

The IMF on May 9 approved the much-awaited climate loan for Pakistan and disbursed the $1.02 billion as its first tranche under the EFF program on May 13.

The Washington-based lender is scheduled to hold its second EFF review of Pakistan’s economic performance on Sept. 15, Sana Tawfik, the head of research at Arif Habib Ltd., said, citing the IMF’s Pakistan Country Report 2024.

When asked if the next IMF review will be delayed, the source replied in the negative. 

The RSF funds are crucial for Pakistan as its dwindling foreign exchange reserves rose to $10.3 billion last week. This amount does not meet the IMF’s three-month import cover threshold requirement.

In its monetary policy statement on May 5, Pakistan’s central bank said delays in the realization of official inflows coupled with “large debt repayments” weakened net financial inflows into the country till March.

Pakistan, which narrowly averted a sovereign default in 2023 after a last-gasp IMF bailout package, owed about $26 billion debt repayments this year ending June. While most of its foreign debt has been repaid, the country still relies heavily on the IMF’s funds to keep its balance of payment position in check.

The central bank expects the country’s foreign reserves to increase to $14 billion by June “on the back of the expected realization of planned official inflows.”

“This build-up in FX reserves to continue in FY26, based on a moderate current account deficit and improved financial inflows,” the SBP said in its statement.


Pakistan Air Force shot down six Indian fighter jets, says PM Sharif

Pakistan Air Force shot down six Indian fighter jets, says PM Sharif
Updated 15 May 2025
Follow

Pakistan Air Force shot down six Indian fighter jets, says PM Sharif

Pakistan Air Force shot down six Indian fighter jets, says PM Sharif
  • Pakistan PM visits air force base in eastern Kamra town with army chief, senior members of the cabinet
  • Pakistan and India engaged in combat for four days last week beafore agreeing to ceasefire on Saturday

ISLAMABAD: Prime Minister Shehbaz Sharif paid rich tributes to the Pakistan Air Force (PAF) on Thursday, crediting them for shooting down six Indian fighter jets during the military conflict between the nuclear-armed neighbors last week.

Pakistan’s government and the PAF recently hailed the use of the J-10Cs, saying they were used to shoot down five Indian fighter jets, including three French Rafales, during hostilities between the two sides on the night of May 6. Four days of fighting between India and Pakistan saw them pound each other with missiles, drones and artillery until the United States brokered a ceasefire on Saturday.

The Indian Air Force (IAF) has so far not commented on the reports that Pakistan downed five of its fighter jets, but its chief said admitted this week during a news conference that “losses are a part of combat.”

Sharif paid a visit to the PAF’s operational air base in Kamra, a town located in Pakistan’s eastern Attock district. Accompanied by Army Chief General Syed Asim Munir and senior members of the cabinet, including Foreign Minister Ishaq Dar, Sharif lauded Pakistani pilots for successfully defending the country when India fired missiles into Pakistani territories last Wednesday night.

“Just now we were given an excellent presentation and in that, the actual situation [of the conflict] surfaced,” Sharif told PAF personnel at the air base. “Based on the presentation I can tell the nation today without fear of contradiction that not five but these falcons, you, shot down six enemy jets.”

In a separate statement, the military’s media wing said the sixth Indian aircraft downed by the PAF was a Mirage-2000 fighter jet. It said the jet was shot down near Pampore, east of Srinagar in Indian-administered Kashmir.

Sharif paid trich tribute to the PAF, saying that it had proven to be superior in combat to the IAF based on its homegrown technical expertise.

“The entire nation takes immense pride in the valor and vigilance of its armed forces,” Sharif said. “Under the capable stewardship of the chief of army staff, our defenders have once again underscored that Pakistan’s security is inviolable and any act of belligerence will be met with a forceful, resolute and unforgiving response.”

Sharif warned India that Pakistan’s armed forces were ready to respond to any future acts of aggression.

“Pakistan’s armed forces remain fully prepared and resolutely committed to defending every inch of our territory,” he said. “We stand united, vigilant, and unshakable for the defense of our homeland.”

Dar earlier on Thursday informed lawmakers in parliament that the ceasefire agreement between Islamabad and Delhi has been extended till Sunday.

“For now, these are military-to-military communications, so obviously, then political dialogue will take place,” he said. “The resolution of all issues lies there.”

India and Pakistan, both bitter rivals who possess nuclear weapons, have fought three wars since 1947 after gaining independence from British colonial India. The root cause of their conflict is the disputed Himalayan Kashmir region, which they both claim in full but administer only parts of.


Pakistan offers lowest-cost Hajj package under government scheme globally, says official

Pakistan offers lowest-cost Hajj package under government scheme globally, says official
Updated 15 May 2025
Follow

Pakistan offers lowest-cost Hajj package under government scheme globally, says official

Pakistan offers lowest-cost Hajj package under government scheme globally, says official
  • Nearly 89,000 Pakistani pilgrims are expected to perform Hajj under government scheme this year
  • Pakistan has set cost of long Hajj package at Rs1,075,000 ($3,854), Rs1,150,000 ($4,122) for short one

ISLAMABAD: Pakistan’s Director General Hajj Abdul Wahab Soomro said on Thursday that Islamabad is offering its citizens the lowest-cost Hajj package globally, vowing that authorities have aimed to prioritize pilgrims’ comfort, safety and spiritual fulfillment for this year’s pilgrimage.

Pakistan this year introduced a shortened Hajj program of 20 to 25 days to make the pilgrimage more convenient and accessible, the Ministry of Religious Affairs said earlier this year. It set the cost at around Rs1,075,000 ($3,854) for the long Hajj package and Rs1,150,000 ($4,122) for the short Hajj package, as shorter stays often incur higher airfare, premium accommodation rates, and expedited transport services, which drive up overall costs.

In a statement issued from Makkah, Soomro said the government’s Hajj Scheme for 88,380 pilgrims is being elevated to “unprecedented heights” to ensure a seamless and spiritually enriching pilgrimage, state broadcaster Radio Pakistan reported.

“Highlighting the key initiatives, he [Soomro] said our scheme offers the lowest-cost Hajj package globally,” Radio Pakistan said. “Pilgrims are now given the option to choose between single, double, or triple-bed rooms at an additional cost.”

The official said that due to the non-uniform nature of Makkah’s buildings, accommodations are allocated to Pakistani pilgrims based on pilgrim profiling to ensure optimal convenience.

He said Pakistan’s health care network, in collaboration with the Saudi German Hospital and other leading medical institutions, ensures 24/7 emergency care.

“The DG Hajj said such innovative measures and enhancements demonstrate a strong commitment to facilitating Hajj with maximum convenience at minimal cost,” the statement added.

This year’s Hajj will take place in June, with over 23,620 Pakistanis expected to perform the pilgrimage through private tour operators.


Pakistan seeks greater collaboration with US in blockchain, artificial intelligence

Pakistan seeks greater collaboration with US in blockchain, artificial intelligence
Updated 15 May 2025
Follow

Pakistan seeks greater collaboration with US in blockchain, artificial intelligence

Pakistan seeks greater collaboration with US in blockchain, artificial intelligence
  • Pakistan Crypto Council CEO Bilal bin Saqib meets Acting US Ambassador Natalie Baker in Islamabad, says finance ministry
  • Pakistan says it plans to initiate joint programs, talent exchanges and MoUs between American companies and its startups

ISLAMABAD: Pakistan’s Crypto Council (PCC) CEO Bilal bin Saqib met Acting US Ambassador Natalie Baker on Thursday to seek deeper collaboration with Washington in blockchain and artificial intelligence (AI), the finance ministry said.

Pakistan has increasingly sought to formalize its crypto economy amid rising interest in blockchain technologies worldwide. The country is already among the world’s fastest-growing crypto markets, ranking near the top in global adoption rates, with an estimated $300 billion in annual crypto transactions and around 25 million active users.

As part of these efforts, the PCC last month partnered with World Liberty Financial (WLF), a decentralized finance platform backed by US President Donald Trump, to advance blockchain innovation, stablecoin adoption and decentralized finance (DeFi) integration across Pakistan.

“Pakistan Crypto Council CEO meets US ambassador to advance youth collaboration in blockchain & AI,” the finance ministry’s statement said.

It added that Saqib met Baker to discuss creating bridges between US institutions and Pakistan’s entrepreneurial ecosystem. The PCC emphasized Pakistan’s commitment to becoming a globally competitive innovation hub, with blockchain and AI at the core of its future economy, the council said.

“Pakistan is home to one of the world’s youngest populations — eager, ambitious, and ready to lead the future of Web3 and AI,” Saqib said. “This is the time to invest in them, to connect them with global leaders, and to create real pipelines of opportunity between the US and Pakistan.”

The ministry said that Pakistan plans to initiate joint programs, talent exchange and strategic memoranda of understanding between American tech companies and Pakistani startups to build long-term partnerships that benefit both nations.

“The Pakistan Crypto Council remains committed to using blockchain as a tool of diplomacy, education, and empowerment — ensuring that Pakistan’s youth are not left behind but stand at the forefront of the global digital revolution,” the statement concluded.

Pakistan’s proactive stance to formalize its crypto economy follows its broader push to position itself as a hub for digital finance innovation, with 64 percent of its population under the age of 30.

Rising mobile broadband access, a booming freelance economy and increasing government interest in blockchain have accelerated the country’s Web3 adoption.


Pakistanis constituted largest group of UK asylum seekers in 2024

Pakistanis constituted largest group of UK asylum seekers in 2024
Updated 15 May 2025
Follow

Pakistanis constituted largest group of UK asylum seekers in 2024

Pakistanis constituted largest group of UK asylum seekers in 2024
  • Number of asylum seekers in UK has tripled in recent years, with 84,200 applications in 2024
  • In previous years, asylum seekers came to the UK mainly from Syria and Iran, official data says

LONDON: The number of asylum seekers has risen sharply in recent years in the United Kingdom, with tens of thousands of applications still waiting to be decided, according to official figures.

Labour Prime Minister Keir Starmer announced Thursday that he had begun formal talks with unspecified countries to create “return centers” outside the UK for those who have exhausted all legal avenues to remain in the country.

The number of asylum seekers in the UK has tripled in recent years, with 84,200 applications in 2024, compared with an average of 27,500 between 2011 and 2020, according to official figures.

In 2022, there were approximately 13 asylum applications per 10,000 people in the UK, compared with 25 asylum applications per 10,000 people in the EU at the same time.

Some 11 percent of migrants in the UK were asylum seekers or refugees in 2023 — almost twice as high as the 2019 figure of six percent.

The proportion of initial asylum applications rejected in 2024 was 53 percent, compared with 88 percent in 2004 and 24 percent in 2022.

Between 2004 and 2021, approximately three-quarters of applicants whose initial request was rejected appealed the decision, with a third being succesful.

More than 9,000 failed asylum seekers were deported in 2024 — 36 percent more than in 2023.

Some 224,700 cases were a “work in progress” in 2024, with 87,200 awaiting an initial decision and 137,500 awaiting follow-up after an initial refusal, according to official documents.

This total has been declining since 2022 but remains four times higher than in 2014 due to longer waiting times for an initial decision and a larger number of people facing deportation.

The number of people crossing the Channel in makeshift boats, a route that virtually did not exist before 2018, has increased sharply in recent years.

Between 2018 and December 2024, 148,000 migrants risked their lives and reached UK shores by this route, according to official figures.

Of those, 95 percent applied for asylum, representing 29 percent of all asylum seekers over that period.

Nearly 13,000 migrants have already crossed the Channel in 2025, more than in the same period in 2024.

In 2024, the largest group of asylum seekers hailed from Pakistan, followed by Afghanistan. In previous years, they came mainly from Syria and Iran.