KARACHI: The International Monetary Fund (IMF) said on Thursday it would wait for findings of its mission, currently holding talks in Islamabad, for further engagement with Pakistan, which seeks a fresh bailout from the global lender.
The South Asian country, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month completed a short-term $3 billion IMF program that helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
While Islamabad has said it expects a staff-level agreement by July, both Pakistani and IMF officials have refrained from commenting on the size of the program. The South Asian country is expected to seek around $7-8 billion bailout from the global lender.
An IMF team, led by Mission Chief Nathan Porter, this week met Pakistan Finance Minister Muhammad Aurangzeb, central bank governor, chairman of the Federal Board of Revenue and other officials in Islamabad to kickstart discussions on the country’s further engagement with the lender.
“Right now, a mission team led by Nathan Porter, our Mission Chief, is meeting with the authorities this week to discuss the next phase of our engagement with Pakistan,” IMF spokesperson Julie Kozack said at a press briefing on Thursday, when asked about the status of talks with Pakistan.
“Given that there is a mission on the ground, we will wait for them to complete their work and we will communicate the findings of the mission in due course.”
Pakistan narrowly averted a default last summer and its $350 billion economy has slightly stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high of 38 percent in May last year.
However, the South Asian country is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year, compared to negative growth last year.
Wall Street Bank Citi expects Pakistan to reach an agreement with the IMF of up to $8 billion program by end-July, and recommends going long on the country’s 2027 international bond.
“While longer-term challenges pertain, we see several positive catalysts supporting the Eurobonds,” Nikola Apostolov at Citi wrote in a note to clients.
“First, a larger and longer IMF EFF (Extended Fund Facility) program could be finalized by July – possibly a $7-8 billion 4-year program and secondly and a possible inflow of Saudi investments,” Apostolov said after a team from Citi visited Pakistan and met policymakers, including Finance Minister Muhammad Aurangzeb.
Citi said it expected Pakistan’s international 2027 bond to offer a sweet spot to investors with sufficient liquidity and large upside as risks of default dissipate further.
IMF to wait for ‘findings’ of mission in Pakistan for further engagement with Islamabad — spokesperson
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IMF to wait for ‘findings’ of mission in Pakistan for further engagement with Islamabad — spokesperson
- An IMF team this week met top Pakistani officials in Islamabad to kickstart discussions on a fresh bailout
- The cash-strapped South Asian country is expected to seek around $7-8 billion bailout from the global lender
Pakistan appoint Salman Ali Agha new T20I captain, axe ‘RizBar’ from squad for New Zealand series
- Pakistan drop major players Rizwan, Babar, Naseem Shah from T20I squad for upcoming New Zealand tour
- Pakistan will play five T20Is against New Zealand from March 16-26, three ODIs from March 29-April 5
ISLAMABAD: Pakistan Cricket Board (PCB) announced on Tuesday its decision to appoint Salman Ali Agha as the new captain of the national cricket team’s T20I squad for the New Zealand series, axing former captain Babar Azam and ODI skipper Mohammad Rizwan from the team, as the board dropped both experienced players following Pakistan’s dismal performance in the ongoing ICC Champions Trophy tournament.
Former Pakistani cricketers and analysts have blamed the Pakistan cricket team’s recent losses in the ongoing Champions Trophy, which led to their first-round exit from the tournament, to the cautious approach adopted by Rizwan and Azam, popularly known by fans as “RizBar.”
While other teams play aggressive cricket during the powerplay overs when the fielding side is faced with restrictions, Rizwan and Azam have been criticized for batting defensively against opposition teams and scoring at a low run-rate.
Local media reports claimed that the PCB would drop major players from Pakistan’s upcoming ODI and T20I series of New Zealand following the Champions Trophy humiliation. Pakistan is set to play five T20I matches against New Zealand from Mar. 16-26 and three ODI matches from Mar. 29-Apr. 5.
“Salman Ali Agha has been named Pakistan’s T20I captain, with Shadab Khan as vice-captain, for the five-match T20I series against New Zealand from 16-26 March,” the PCB said in a statement. “Mohammad Rizwan will continue as ODI captain, with Salman serving as his deputy for the three 50-over matches scheduled at the backend of the tour from 29 March to 5 April.”
The PCB said it had taken the decision to appoint Agha as captain for T20I format and vice-captain for ODIs keeping in mind two major upcoming tournaments, the ACC Men’s T20 Asia Cup 2025 (scheduled to take place in September 2025) and the ICC Men’s T20 World Cup 2026 (scheduled to take place in February/March 2026).
For the T20I squad against New Zealand, Pakistan have named three uncapped players, Abdul Samad, Hasan Nawaz and Mohammad Ali. Aggressive opening batters Saim Ayub and Fakhar Zaman have not been selected for both ODI and T20I series against New Zealand due to injuries, the PCB said.
“Both are expected to be fully fit for the HBL Pakistan Super League 10, starting in Rawalpindi on 11 April 2025,” the PCB said.
The PCB announced it has asked interim white-ball head coach Aqib Javed to continue in the same role while the search for a permanent head coach continues. Meanwhile, the board said it has appointed former cricketer Muhammad Yousuf as new batting coach.
Pakistan squads for New Zealand tour:
T20I squad — Salman Ali Agha (captain), Shadab Khan (vice-captain), Abdul Samad, Abrar Ahmed, Haris Rauf, Hasan Nawaz, Jahandad Khan, Khushdil Shah, Mohammad Abbas Afridi, Mohammad Ali, Mohammad Haris, Muhammad Irfan Khan, Omair Bin Yousaf, Shaheen Shah Afridi, Sufyan Moqim and Usman Khan
ODI squad — Mohammad Rizwan (captain), Salman Ali Agha (vice-captain), Abdullah Shafique, Abrar Ahmed, Akif Javed, Babar Azam, Faheem Ashraf, Imam-ul-Haq, Khushdil Shah, Mohammad Ali, Mohammad Wasim Jr., Muhammad Irfan Khan, Naseem Shah, Sufyan Moqim and Tayyab Tahir. A wicketkeeper/batter will be added to the ODI squad following the T20Is
New Zealand tour schedule:
16 Mar – first T20I, Hagley Oval, Christchurch
18 Mar – second T20I, University Oval, Dunedin
21 Mar – third T20I, Eden Park, Auckland
23 Mar – fourth T20I, Bay Oval, Mount Maunganui
26 Mar – fifth T20I, Sky Stadium, Wellington
29 Mar – first ODI, McLean Park, Napier
2 Apr – second ODI, Seddon Park, Hamilton
5 Apr – third ODI, Bay Oval, Mount Maunganui
Pakistan-Afghanistan border clashes ease, thousands seek shelter
- Torkham crossing has been shut since Feb. 21 due to dispute over construction of border-area outpost by Afghanistan
- Closure has stranded 5,000 trucks of essential goods, caused at least $15 million in losses, says Pakistani businessman
PESHAWAR: Overnight clashes between Pakistani and Afghan security forces at the main border crossing between the countries caused thousands of people to flee their homes but the situation had calmed down by Tuesday morning, residents and officials said.
The conflict started on Monday, the first working day of Ramadan, when food imports from Pakistan usually peak in Afghanistan.
Around 15,000 local residents fled to Landi Kotal due to the clashes, an official said. Afghan border guards had opened fire without warning, targeting government buildings and civilians, and causing widespread panic.
“The tensions between the two countries and continuous closure of the border has been causing multiple problems to the people of the border area. People are very poor and dependent on their businesses related to the border,” Ali Shinwari, who lives in the border town, told Reuters.
Relatives and tribesmen in a nearby town have been hosting dozens of relatives since the border closure, he added.
The Torkham crossing has been shut since February 21 due to a dispute over the construction of a border-area outpost by Afghanistan, Pakistani officials said on condition of anonymity.
Pakistan’s Ministry of Foreign Affairs did not immediately respond to a request for a comment.
The Taliban-run Afghan Interior Ministry said on Monday one Taliban fighter was killed and two injured, while Pakistani security officials reported that members of their forces had also been wounded.
The Torkham crossing is the main transit artery for travelers and goods between Pakistan and landlocked Afghanistan. Trade between the countries was worth over $1.6 billion in 2024, according to Pakistan’s foreign office.
The closure has stranded 5,000 trucks filled with essential goods and caused at least $15 million in losses, said Yousaf Afridi, president of the Chamber of Commerce and Industries for Pakistan’s Khyber district where the Torkham crossing is located.
Pakistan PM seeks plan to lift trade with Baku to $2 billion before Azerbaijan president’s visit
- President Ilham Aliyev is expected to arrive in Islamabad in April to further deepen bilateral cooperation
- Both countries signed several MoUs last month to enhance cooperation in trade, energy and tourism
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday instructed the commerce ministry to draft a comprehensive strategy to raise Pakistan’s trade volume with Azerbaijan to $2 billion, ahead of an expected visit by Azerbaijani President Ilham Aliyev to Islamabad next month.
Pakistan and Azerbaijan signed multiple memoranda of understanding (MoU) last month to enhance cooperation in trade, energy, tourism and education during Sharif’s visit to Baku, aimed at strengthening bilateral collaboration.
The visit was part of Pakistan’s broader push for economic diplomacy with Central Asian republics, offering them access to its southern ports in Karachi and Gwadar.
“The prime minister has directed the Ministry of Commerce to present a comprehensive roadmap for increasing Pakistan-Azerbaijan trade volume to $2 billion,” the PM Office said in a statement following a meeting chaired by Sharif to review progress on recent MoUs.
The prime minister formed a committee, led by Deputy Prime Minister and Foreign Minister Ishaq Dar, to ensure preparations for agreements in the energy and infrastructure sectors between the two sides, the statement added.
Sharif instructed officials to finalize all necessary arrangements on a priority basis before the Azerbaijani president’s visit.
“Pakistan and Azerbaijan share deep-rooted fraternal ties spanning decades,” he was quoted as saying. “We are taking priority steps to fully capitalize on the vast trade and investment potential between Pakistan and Central Asian states.”
The prime minister also directed the appointment of trade officers in countries with high trade potential for Pakistan, including Azerbaijan.
Last year in July, Azerbaijan announced a $2 billion investment in Pakistan during Aliyev’s visit to Islamabad. A few months later in September, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, deepening defense cooperation between the two nations.
Pakistan seeks joint ventures in renewable energy with Kyrgyztan
- Pakistan’s Power Minister Sardar Awais Ahmed Khan Leghari meets Kyrgyz ambassador to discuss energy opportunities
- Pakistan is part of CASA-1000 project through which it expects to buy energy from ex-Soviet republics Tajikistan, Kyrgyzstan
ISLAMABAD: Pakistan’s Power Minister Sardar Awais Leghari sought joint ventures with Kyrgyzstan in renewable energy, state-run media reported on Tuesday, amid Islamabad’s push to resolve its prolonged energy crisis through collaboration with international partners.
Pakistan has suffered from an energy crisis that stems largely from a gap its energy supplies and electricity demand. The cash-strapped country lacks adequate resources to run its oil-and-gas powered plants and imports most of its energy needs. Similar to Pakistan, Kyrgyzstan also has large but untapped potential for renewable energy, including hydropower, solar and wind.
According to National Electric Power Regulatory Authority’s (NEPRA) 2022 yearly report, Pakistan’s total installed power generation capacity is 43,775 MW, of which 59 percent of energy comes from thermal (fossil fuels), 25 percent from hydro, 7 percent from renewable (wind, solar and biomass) and 9 percent from nuclear energy resources.
“Talking to Ambassador Kyrgyzstan to Pakistan Avazbek Atakhanov in Islamabad, he [Leghari] emphasized the potential for joint ventures in renewable energy,” state broadcaster Radio Pakistan reported.
Leghari invited Kyrgyz investors to explore opportunities in Pakistan’s energy sector. He briefed the ambassador on the ongoing reforms being undertaken by the government in the power sector, which the minister said was aimed at improving efficiency and sustainability.
“The Ambassador of Kyrgyzstan appreciated Pakistan’s reform efforts in the energy sector and expressed his country’s willingness to collaborate in areas of mutual interest,” Radio Pakistan said.
The Kyrgyz ambassador noted that enhanced cooperation in power infrastructure and energy connectivity would contribute to regional stability and economic growth, the state broadcaster added.
Pakistan has been eagerly pushing to leverage its strategic position as a key trade and transit hub to connect Central Asia with global markets. Since last year, there has been a flurry of high-level visits, investment discussions and other economic engagements between Islamabad and Central Asian republics in a bid to achieve that.
Pakistan is eagerly pursuing the CASA-1000 project, through which former Soviet republics Tajikistan and Kyrgyzstan, who both have an extensive network of hydroelectric power plants, will be able to sell excess energy to Pakistan and Afghanistan in the summer months.
Last month Prime Minister Shehbaz Sharif undertook visits to Azerbaijan and Uzbekistan as part of Pakistan’s economic diplomacy push to enhance trade and investment with landlocked Central Asian states.
Uzbekistan is the largest consumer market and the second-biggest economy in Central Asia. It is central to Pakistan’s regional connectivity plans and was the first Central Asian nation with which Pakistani officials signed a bilateral Transit Trade Agreement (UPTTA) and a Preferential Trade Agreement (PTA) covering 17 items.
China ready to strengthen space ties as Pakistani astronaut prepares for Tiangong mission
- Chinese spokesperson hopes Pakistani astronaut’s entry into the Chinese space station will be a success
- The Pakistani astronaut will train as a scientific payload specialist to conduct research aboard the station
ISLAMABAD: China is prepared to strengthen space cooperation with Pakistan, its embassy in Islamabad said on Tuesday, quoting Chinese Foreign Spokesperson Lin Jian, who highlighted a day earlier a Pakistani astronaut would soon join the Chinese space station successfully.
Pakistan’s space agency signed a cooperation agreement with China last week, paving the way for the country’s first astronaut to embark on a mission to the Chinese space station, Tiangong.
According to Pakistan’s Space & Upper Atmosphere Research Commission (SUPARCO), the Pakistani astronaut will be trained as a scientific payload specialist to conduct research aboard the station.
The mission will focus on scientific experiments across disciplines, including biological and medical sciences, aerospace, applied physics, fluid mechanics, space radiation, ecology, material sciences, microgravity studies and astronomy.
“China is ready to work with Pakistan to elevate our space cooperation to a new level and give a stronger boost to the socioeconomic development of the two countries through space technologies,” Lin Jian said, according to a social media post by the Chinese embassy.
Lin told reporters on Monday exploring the universe had always been humanity’s shared aspiration.
“We are glad to see the signing of a space cooperation agreement between China and Pakistan,” he said. “We hope the Pakistani astronaut’s entry into the Chinese space station will be a full success.”
He added that since the launch of China’s manned space engineering program, Beijing had followed principles of peaceful use, equality, mutual benefit and common development.
“We focus on sharing with all humanity the results of China’s development and offer opportunities of cooperation in China’s space station,” he said, noting Beijing was open to further collaboration with other countries.
Pakistan and China have deepened their space partnership in recent years, marked by joint satellite development and a planned lunar mission. In January, the two countries signed a memorandum of understanding for Pakistan’s first lunar rover to be included in China’s Chang’e 8 mission in 2028.
The rover, developed by SUPARCO, will land at the lunar south pole, carrying scientific instruments designed by Pakistani, Chinese and European scientists. Pakistani scientists will operate the rover from Earth, conducting surface mapping, soil analysis and radiation studies.
Pakistan previously participated in lunar exploration in 2024, when its first lunar satellite, ICUBE-Q, developed by students at the Institute of Space Technology (IST) in collaboration with Shanghai Jiao Tong University, was deployed aboard China’s Chang’e 6 mission to capture lunar images and collect magnetic field data.
