KARACHI: Finance Minister Muhammad Aurangzeb on Monday held meetings with three UAE-based banks which concluded with both sides expressing their desire to explore potential avenues for collaboration for economic growth, Pakistan’s finance ministry said. 

The ministry held a series of virtual meetings with three UAE-based banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank. The meeting, chaired by Aurangzeb, focused on the banks’ support for Pakistan’s development and fiscal objectives, the finance ministry said.

“The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration,” the finance ministry said. 

“The finance minister reaffirmed Pakistan’s openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.”

Aurangzeb said Pakistan is on the path to macroeconomic stability. He noted that this year, Pakistan’s forex reserves are approaching the $14 billion mark, which would provide the nation with three months of import cover.

Pakistan has undertaken structural, financial reforms in recent months mandated by the International Monetary Fund (IMF) in exchange for bailout programs from the international lender. 

These include increasing its tax base, introducing reforms in the energy sector and privatizing loss-making public assets. Aurangzeb underscored that the government is “firmly committed” to long-term reforms. 

“We have broken away from the old boom and bust cycle,” the minister said. “The current stability is backed by difficult but necessary reforms— and we are staying the course.”

He shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year, the ministry said. 

“During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan’s economic plans,” the statement said. 

The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment, with over $10 billion invested in the last two decades.

The Gulf country is also home to over a million expatriates from Pakistan, the second-largest overseas Pakistani community globally, and a major source of remittances.

ISLAMABAD: Pakistan’s foreign office spokesperson on Monday rejected “baseless” reports by the Indian media which claimed Islamabad had deployed its nuclear-capable ‘Shaheen’ missile against India in the recent conflict between the two countries. 

India and Pakistan were involved in the worst fighting between the two nuclear-armed neighbors since 1999 earlier this month. Both Pakistan and India struck each other with missiles, fighter jets, drones and artillery fire for four days before US President Donald Trump announced a ceasefire on May 10. 

The Indian Army shared a video on Twitter on Sunday purportedly showing the use of Pakistan’s Shaheen missile. The video was picked up by several Indian media outlets, such as NDTV and News Arena India. 

The Indian Army, however, deleted the video from its Twitter account upon realizing “the claim was unsubstantiated,” Pakistan’s foreign office said. 

 “The Ministry of Foreign Affairs has firmly rejected the unfounded allegations circulating in certain segments of the Indian media, which falsely claim that Pakistan employed the Shaheen missile during Operation Bunyanun Marsoos (BM),” the foreign office spokesperson said. 

He said some Indian outlets have continued to propagate the “misinformation,” noting that the Indian Army has not offered any clarification or retraction on the matter. 

“Analysts observe that such disinformation campaigns are part of a deliberate attempt to obscure India’s setbacks in Operation Sindoor, which were a result of Pakistan’s demonstrated conventional military capabilities,” it said. 

“Additionally, these fabricated stories align with New Delhi’s ongoing efforts to promote a misleading narrative regarding the ceasefire and baseless allegations of so-called ‘nuclear blackmail’ by Pakistan.”
 
The foreign office said Pakistan Army had mentioned the use of the weapons it used against India in a press release issued by the military’s media wing on May 12. 

It said the army used precision-guided, long-range Fatah series missiles— F1 and F2— as well as advanced munitions, highly capable long-range loitering killer drones and precision long-range artillery. 

“Disseminating unverified and inflammatory content not only undermines regional stability but also reflects poorly on the professionalism of official institutions,” the foreign office said. 

India’s defense minister last week urged the International Atomic Energy Agency to take charge of Pakistan’s nuclear weapons, calling Pakistan an “irresponsible and rogue” nation.

Pakistan responded by saying that India’s “irresponsible remarks reveal his profound insecurity and frustration regarding Pakistan’s effective defense and deterrence against Indian aggression through conventional means.”

Both India and Pakistan have fought two out of three wars since 1947 over the disputed Himalayan territory of Kashmir. They both administer parts of the territory but claim it in full.