Pakistan speaking to bilateral lenders to restructure debt –finance minister
Pakistan speaking to bilateral lenders to restructure debt –finance minister /node/2319051/pakistan
Pakistan speaking to bilateral lenders to restructure debt –finance minister
This handout photograph taken and released on June 9,2023 by the Pakistan National Assembly, shows Pakistan's Finance Minister Ishaq Dar presenting the budget 2023-2024 in the national assembly in Islamabad. (AFP/File)
Pakistan speaking to bilateral lenders to restructure debt –finance minister
Pakistan’s IMF program runs out this month with about $2.5 billion in funds yet to be released
Islamabad struggles for an agreement amid record inflation, fiscal imbalances, low forex reserves
Updated 10 June 2023
Reuters
KARACHI: Pakistan is speaking to its bilateral creditors to restructure its debt, the cash strapped country’s finance minister said on Friday.
Pakistan’s IMF program runs out this month with about $2.5 billion in funds yet to be released as it struggles to strike an agreement with the lender, as it grapples with record inflation, fiscal imbalances and critical levels of reserves that cover barely a month worth of imports.
Bilateral creditors made up $37 billion of Pakistan’s debt in the fiscal year 2021, out of which $23 billion is owed to China, according to an IMF country report released last year.
Minister Ishaq Dar said, “We are in the process of engaging bilateral lenders to restructure debt,” speaking on Geo TV hours after presenting the country’s national budget.
“No haircuts will be made... Interest will be serviced, and principal payments will be staggered,” said Dar.
In order to unlock funding under its long-delayed 9th review, Pakistan is required to secure firm and credible financing commitments to close the $6 billion gap. The government has only been able to get commitments of $4 billion, mainly from Saudi Arabia and the United Arab Emirates.
The country has also rolled over debt from China as its reserves reach critical levels.
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday urged the international community to hold India accountable for what he described as “acts of war” earlier this month, saying the region could not afford New Delhi’s “irresponsible and unlawful actions.”
Sharif made the remarks during a meeting with Tajik President Emomali Rahmon in Dushanbe, where the two leaders discussed regional security, economic ties and cooperation on climate issues.
His statement came just days after a military confrontation between nuclear-armed India and Pakistan, which saw the two countries exchange missile, drone and artillery fire between them.
Sharif arrived in Tajikistan’s capital on the final leg of a five-day regional diplomacy tour that earlier took him to Türkiye, Iran and Azerbaijan, as Islamabad seeks to reinforce strategic ties and shore up support following the South Asian standoff.
He was received in Dushanbe by Tajik Prime Minister Qohir Rasulzoda and later attended a bilateral meeting with President Rahmon at the Qasr-e-Millat.
“The Prime Minister underscored that our region could not afford India’s irresponsible and unlawful actions since 7 May 2025, which amounted to acts of war and violation the UN Charter and international law,” a statement released by his office said after the meeting. “The Prime Minister urged the international community to hold India accountable, reiterating that Pakistan desires peace, but will defend its sovereignty with full resolve if challenged.”
President Rahmon, expressing concern over the recent conflict, said he was “very worried” about the events of early May and praised Sharif’s leadership in helping restore peace and stability. He also called Pakistan a “trusted partner” and reaffirmed Tajikistan’s commitment to deepening cooperation across all sectors.
The two leaders reviewed progress under the Strategic Partnership Agreement signed in 2024 and pledged to expand collaboration in trade, defense, education, technology and counterterrorism. They also agreed to accelerate work on the CASA-1000 energy project, a regional initiative to transmit surplus hydroelectric power from Central Asia to South Asia, which they termed a “pivotal initiative” for regional integration.
Sharif underscored Pakistan’s push for deeper connectivity with Central Asia through infrastructure and transit links, citing the China-Pakistan Economic Corridor (CPEC) as a linchpin of that strategy. He also briefed the Tajik president on Pakistan’s role in regional peace efforts and acknowledged Tajikistan’s leadership in water diplomacy and glacier preservation.
The Pakistani prime minister is in Dushanbe to attend the International High-Level Conference on Glaciers’ Preservation, where he is expected to speak on the impact of climate change on Pakistan and call for stronger global cooperation on environmental issues.
Earlier this week, Sharif held talks in Türkiye, Iran and Azerbaijan, including a trilateral summit with Turkish President Recep Tayyip Erdoğan and Azerbaijani President Ilham Aliyev in Lachin, where the three leaders pledged to deepen regional cooperation and transform fraternal ties into a strategic partnership.
ISLAMABAD: The Islamabad High Court (IHC) will take up the Al-Qadir Trust case involving former Prime Minister Imran Khan and his wife on June 5, marking the first hearing since the couple was sentenced over four months ago, the opposition Pakistan Tehreek-e-Insaf (PTI) party said Thursday.
A Pakistani court sentenced Khan to 14 years and his wife, Bushra Bibi, to seven years in prison last January. The centers on allegations that they received land as a bribe from real estate tycoon Malik Riaz Hussain through their charitable foundation, the Al-Qadir Trust.
The trust, founded in 2018 while Khan was still in office, is accused by authorities of being used as a front for illegal benefits.
The PTI has long maintained the case lacks merit and repeatedly requested the high court to hear their petition to suspend the convictions. This is the first time the IHC has scheduled proceedings since the lower court verdict in January, which was delayed at least three times before being delivered.
“Al-Qadir Trust case is scheduled for hearing on June 5,” the PTI said in a statement during the day.
The hearing will be conducted by a two-member IHC bench led by acting Chief Justice Sardar Muhammad Sarfraz Dogar and Justice Muhammad Asif, according to the court’s cause list.
PTI Chairman Barrister Gohar Khan, speaking to reporters outside the Supreme Court earlier this week, said the party had met with the chief justice to press for the case to be listed.
“Release [of Khan and his wife] will take place once the case is heard,” Gohar told reporters. “We still hope the case will be heard on June 5.”
The Al-Qadir case stems from £190 million that the UK repatriated to Pakistan in 2019 after the Pakistani real estate tycoon settled a British investigation into suspected criminal assets.
Authorities allege that instead of depositing the funds in Pakistan’s national treasury, Khan’s government used the money to help Hussain pay court-imposed fines in a separate case related to land acquired illegally in Karachi at below-market rates.
Khan, who has been in jail since August 2023 and is facing a slew of legal cases, says all charges against him are politically motivated.
He accuses Prime Minister Shehbaz Sharif and the country’s powerful military of orchestrating the crackdown to sideline him, a claim both Sharif and military officials deny.
KARACHI: Pakistan’s army chief, Field Marshal Asim Munir, on Thursday called water his country’s “red line” and ruled out any deal on Kashmir during an address to university academics at the military’s inaugural Hilal Talks forum.
The forum is designed to engage Pakistan’s academic community on national and regional issues, where the army chief spoke just days after a military standoff with nuclear-armed India in which both sides resorted to missile, drone and artillery strikes.
Munir’s statement followed India’s unilateral suspension of the Indus Waters Treaty, a World Bank-brokered agreement that has governed water-sharing between the two countries since 1960. Kashmir, a Himalayan region claimed by both India and Pakistan but ruled in parts, also remains a major flashpoint between both states.
“No deal on Kashmir is possible,” the army chief was quoted as saying by the military’s media wing, Inter-Services Public Relations (ISPR), while addressing the forum. “We can never forget Kashmir.”
“Water is Pakistan’s red line,” he continued, “and we will never compromise on the basic right of 240 million Pakistanis.”
Munir said Pakistan would never accept India’s dominance, adding New Delhi had tried to suppress the Kashmir issue for decades but that was no longer possible.
The army chief spoke at the Army Auditorium in Rawalpindi where he was joined virtually by over 1,800 participants, including vice chancellors, senior faculty and students from across Pakistan.
Hilal Talks is a newly launched initiative aimed at fostering sustained dialogue between Pakistan’s military and its academic institutions, with a focus on national harmony.
Munir urged educators to serve as custodians of Pakistan’s story and builders of future generations.
“Teachers are Pakistan’s greatest asset,” he said. “Whatever I am today, it is because of my parents and my teachers.”
This combination of photos shows Pakistan’s Chief of Army Staff Field Marshal Asim Munir speaking to university academics during a “Hilal Talks” forum at the Army Auditorium in Rawalpindi on May 29, 2025. (Handout/ISPR)
“You are the ones who must pass on Pakistan’s story to the next generation,” he added. “It is your responsibility to shape [students’] character.”
The army chief reiterated India was stoking unrest in Pakistan’s southwestern province of Balochistan, saying, “The terrorist insurgents in Balochistan are a foreign-backed menace and have nothing to do with the local population.”
He said it was important for Pakistan to become a strong state where all institutions operate within their constitutional limits and without political, financial or personal interference.
“We must reject any narrative that seeks to weaken the state,” he added.
ISLAMABAD: Pakistan’s Climate Change Minister Dr. Musadik Malik on Thursday met with a high-level Asian Development Bank (ADB) delegation to explore potential collaboration on carbon markets as part of the country’s evolving climate strategy, said in an official statement.
The visiting team was led by Toru Kubo, ADB’s Senior Director for Climate Change and Sustainable Development. The discussions focused on leveraging carbon markets to reduce greenhouse gas emissions and attract new streams of climate finance for sustainable development.
Carbon markets are trading systems that allow countries, companies or organizations to buy and sell carbon credits or permits representing the right to emit a specific amount of carbon dioxide. These markets create financial incentives for reducing emissions and investing in greener alternatives.
“Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilization, climate innovation and outcomes-based project implementation,” the climate change ministry said in a statement.
The two sides also explored ways for Pakistan to strategically align its carbon finance agenda with the Sustainable Development Goals, aiming to turn climate action into a driver of economic growth, it added.
On the occasion, Malik assured the ADB of full support in the strategy formulation, emphasizing that it should remain “impact-driven, transparent and results-oriented.”
Kubo highlighted ADB’s support for developing member countries, including Pakistan, by enhancing their carbon finance capabilities through mobilizing investments in low-carbon technologies, enabling them to access and benefit from global carbon markets.
The ministry said the meeting showed that climate action is now seen as a way to boost the economy, not just an environmental measure, with more countries paying attention to carbon markets.
Pakistan unveiled the country’s first National Carbon Market Policy in November 2024, saying that the government wanted to attract investments in green initiatives and transition toward a low-carbon economy.
According to the Global Climate Risk Index, Pakistan is ranked as the fifth most vulnerable country to climate change.
In 2022, devastating floods claimed about 1,700 lives and affected more than 33 million people, causing economic losses exceeding $30 billion.
Although international donors pledged over $9 billion to support Pakistan’s flood recovery, officials report that only a small portion of the promised funds were received by the country.
ISLAMABAD: Pakistan has finalized arrangements for its Hajj pilgrims in coordination with Saudi Arabia’s Al-Rajhi company, upgrading tents and amenities at key pilgrimage sites under a new agreement aimed at improving services for those traveling under the Government Hajj Scheme, an official confirmed Thursday.
The deal with Al-Rajhi, a licensed Tawafa company responsible for assisting foreign pilgrims in Mina, Arafat and Muzdalifah, marks a significant step in elevating standards traditionally reserved for private tour groups.
The move comes as Pakistan seeks to improve the experience for nearly 89,000 pilgrims performing Hajj this year under the state-run scheme.
In total, 114,698 Pakistanis are expected to perform Hajj beginning June 4, including 25,698 under private operators. As of Thursday, 84,638 government-sponsored pilgrims had arrived in Saudi Arabia on 329 flights, while 17,959 private pilgrims had also reached the kingdom.
Pre-Hajj flight operations are scheduled to conclude on May 31.
“An agreement was signed with the Tawafa company Al-Rajhi for Mina, Arafat and Muzdalifah, and all arrangements and facilities at the sacred sites are being finalized for this year’s Hajj,” Muhammad Umer Butt, a spokesperson for the Ministry of Religious Affairs, told Arab News from Makkah over the phone.
Officials from Pakistani Hajj Mission brief Pakistan’s Religious Affairs Minister Sardar Yousaf about this year’s Hajj arrangement at the Pakistani camps in Mina, Saudi Arabia on May 29, 2025. (Handout/MORA)
He said pilgrims under the Government Hajj Scheme will now benefit from upgraded camp infrastructure.
“Air conditioners and extra fans have been added to the tents along with air coolers,” he informed, adding that modern sofa-cum-beds with partitions on both sides have been introduced to prevent the spread of infections caused by breathing or sweating.
Additional improvements include luggage racks, sliding doors in place of traditional tarpaulin sheets, gypsum board tent walls, artificial grass carpeting in corridors, protective sunshades, fans along walkways and designated shoe racks.
For the first time, Pakistani medical teams will be stationed at each camp to provide support in addition to Saudi medical services.
“A first aid team will be added to every camp, where doctors and medical staff will be available at all times,” Butt said.
He said Pakistan’s Hajj mission had also worked closely with Saudi authorities and the Maktab system to implement a transport strategy across the sacred sites, or Mashair, to ensure smooth movement of pilgrims.
“Saudi authorities have issued special instructions to protect pilgrims from the extreme weather conditions, and our mission ensures that these instructions are communicated clearly and understandably to all Pakistani pilgrims,” he added.
A dedicated complaint management cell has been set up to address pilgrims’ concerns in real time.
“A total of 2,241 complaints were received regarding lost luggage, out of which 2,209 were resolved with the luggage delivered to the concerned pilgrims,” Butt said.
“In Madinah, 636 bags were misplaced during handling, of which 630 were recovered and returned,” he continued.
He said that around two dozen pilgrims who had gone missing from their groups in Makkah and Madinah were also successfully located and reunited.
More than 39,000 Pakistani pilgrims completed their visit to Riyad al-Jannah — the sacred area in Masjid al-Nabawi believed to be a garden from Paradise — mostly using the official Nusuk app in Madinah.
For those unfamiliar with the digital system, special permits were arranged for 14,000 individuals.
Butt praised Saudi Arabia’s digital Hajj infrastructure and logistical planning, which he said had greatly eased the pilgrimage experience for visitors from around the world.
