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IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official

IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official
This handout photograph released by the Pakistan Press Information Department (PID) on November 12, 2024, shows Pakistan’s Finance Minister Muhammad Aurangzeb (5L) meeting with a International Monetary Fund (IMF) review mission led by IMF mission official Nathan Porter (3R) at the Finance Ministry in Islamabad on November 11, 2024. (PID)
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Updated 13 November 2024

IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official

IMF expresses ‘satisfaction’ over Pakistan’s domestic debt volume— official
  • IMF delegation is in Pakistan till Friday to discuss Pakistan’s performance of $7 billion loan program approved in September
  • Pakistan assures IMF Islamabad reducing domestic debt and increasing debt servicing period, says finance ministry official
Updated 13 November 2024
Aamir Saeed

ISLAMABAD: A visiting International Monetary Fund (IMF) delegation on Wednesday expressed satisfaction over the volume of Pakistan’s domestic debt, a finance ministry official confirmed, as the international lender’s representatives holds discussions with Islamabad on key benchmarks of a $7 billion loan program approved in September. 
The IMF delegation led by Pakistan mission chief Nathan Porter arrived in Islamabad on Monday on an unplanned visit. The team is expected to hold meetings until Friday with top officials from ministries such as finance and energy and the Federal Board of Revenue, the main tax collection agency, to discuss the performance of a $7 billion loan program approved in September. The IMF has said Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
According to Pakistan’s central bank, the country’s domestic debt rose by Rs7.838 trillion [$28.2 billion] over the past year to reach a total of Rs47.536 trillion [$171.1 billion] in September 2024, up from Rs39.698 trillion [$142.9 billion] in September 2023.
“The IMF delegation and finance ministry officials have discussed the domestic debt portfolio as part of discussions regarding the loan performance,” a finance ministry official told Arab News while seeking anonymity. “The IMF delegation has expressed satisfaction over the [volume] of the country’s domestic debt.”
He said the finance ministry informed the IMF delegation that Islamabad was gradually reducing the volume of its domestic debt and increasing the period of its debt servicing.
“The IMF wants Pakistan to increase the average period of debt servicing as this will help stabilize the economy,” the official said.
He added that the Federal Board of Revenue (FBR) officials also briefed the IMF about the government’s measures to digitize tax collection.
“The briefing is also given on the improvement in the revenue collection after the use of artificial intelligence by the tax collection agency,” the official said. He said the FBR has included over 0.4 million small traders in the tax net during the current fiscal year. These small traders and retailers have deposited Rs12 billion [$43.2 million] in taxes in the first quarter of this fiscal year, he said. 
“Some changes in the Tajir Dost Scheme will also be discussed with the IMF to improve the tax collection,” the official said, referring to an FBR scheme that the government has introduced to bring retailers in the tax net via incentives. 
The IMF reached a staff-level agreement with Pakistan in July for a 37-month $7 billion bailout package, which the Fund’s Executive Board approved in September. This was the 25th loan program that Pakistan has obtained since 1958.
Islamabad secured the bailout loan, critical to keeping its $350 billion fragile economy afloat, after taking painful measures such as hiking fuel and food prices and implementing reforms to broaden the country’s tax base and privatize state-owned entities.
“INTERIM CHECKS”
Pakistan’s macroeconomic conditions and investor sentiment have improved in recent months, which analysts say has led to a bullish trend in the country’s stock market.

Syed Atif Zafar, the chief economist at Topline Securities, said the IMF delegation’s meetings with Pakistani officials were part of “interim checks” to ensure a successful review of the loan facility next year.

“The government failed to achieve the tax revenue target in the first quarter that has perhaps necessitated this IMF visit, but still the authorities have multiple options and time to overcome this gap,” he told Arab News.

“The good thing at this point is that all structural and quantitative benchmarks of the loan program are on track.”

Tahir Abbas, a senior economist and head of research at Arif Habib Limited, said Pakistan last month requested the IMF for a $1 billion climate financing facility to mitigate climate risk, which would be discussed during the ongoing IMF visit.

“Pakistan’s revenue shortfall of around Rs200 billion ($720 million) in the first quarter has mainly necessitated this IMF visit,” he told Arab News.

“The finance ministry will now inform the IMF delegation about the possible revenue measures to overcome the shortfall and cut the expenditures.”

Topics: Pakistan IMF Talks IMF Pakistan IMF bailout measures

Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment

Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment
Updated 8 sec ago

Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment

Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment
  • US trade deal sets 19 percent tariff and includes support for developing Pakistan’s oil reserves
  • PM Shehbaz Sharif says stock surge shows Pakistan’s economy is on the right track for growth
Updated 8 sec ago
Hasaan Ali Khan

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high on Friday, surpassing the 141,000-point mark, with analysts attributing the surge to the US trade tariff deal that helped boost investor confidence.

The KSE-100 index rose by 1,644.56 points or 1.18 percent to close at an all-time high of 141,034.98, up from the previous close of 139,390.42.

Pakistan and the US finalized a trade deal this week, under which the US will charge a 19 percent tariff on imports and also support the development of Pakistan’s oil reserves.

“US trade tariff deal at 19 percent is giving an edge over regional peers, and cut in fuel prices to ease inflation played a catalyst role in bullish activity at PSX,” Ahsan Mehanti, CEO of Arif Habib Commodities, said.

He noted that stocks also closed at an all-time high as investors reacted to the Consumer Price Index, which stood at 4.1 percent year-on-year for July.

Sana Tawfiq, Head of Research at Arif Habib Limited, also agreed the bullish momentum witnessed in the market was mainly driven by the trade deal finalized between Pakistan and the US.

“But I think more than the tariff, the key aspect of the deal was the talk of investment,” she said. “If we look at it in a broader context, there is potential for significant investments.”

In its market review on Friday, Topline Securities, a leading brokerage facility, said the KSE-100 Index increased by 1.3 percent week-on-week.

“During the start of the week, the market remained largely range-bound as investors closely watched June quarter result announcements,” it said. “However, during the latter part of the week, the market returned to its positive course, where news of the trade deal with the US garnered investor interest back into the market.”

Reacting to the market sentiment, Prime Minister Shehbaz Sharif described the bullish trend as a reflection of “investor confidence in government policies” in a statement.

“Facilitating business and investment remains among this administration’s top priorities,” he said, adding that the country’s economy was on the right trajectory and moving toward growth.

Topics: Pakistan Stock Exchange (PSX) Pakistan Stock Market Pakistan US trade deal

Pakistan accuses Indian leaders of distorting facts after fresh claims in parliament over Kashmir attack

Pakistan accuses Indian leaders of distorting facts after fresh claims in parliament over Kashmir attack
Updated 21 min 33 sec ago

Pakistan accuses Indian leaders of distorting facts after fresh claims in parliament over Kashmir attack

Pakistan accuses Indian leaders of distorting facts after fresh claims in parliament over Kashmir attack
  • Indian home minister claimed the April attack bore ‘signs of Pakistani involvement’ during a parliament session
  • The assault that killed 26 tourists in Kashmir triggered a brief war between the two countries earlier this year
Updated 21 min 33 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan on Friday rejected India’s accusation it was behind a militant attack in Kashmir that triggered a war between the two countries this year, calling it a “distortion of facts” and questioning the timing of New Delhi’s claim India had killed the perpetrators ahead of a heated parliamentary session.

In a speech to the Indian parliament this week, Home Minister Amit Shah accused Pakistan of fomenting cross-border militancy and attempting to destabilize peace in Indian-administered Kashmir. He told Indian lawmakers the attack bore “clear signs of Pakistani involvement” and warned of “decisive consequences” if such incidents persisted.

Pakistan and India went to war in May that lasted for four days after an April gun attack on tourists in Indian-administered Kashmir left 26 people dead. Without presenting any evidence, New Delhi accused Islamabad of orchestrating the assault, prompting Islamabad to deny the charge and call for an impartial international probe.

Shah also claimed Indian security forces had killed militants involved in the April attack in “an encounter.”

“Pakistan categorically rejects the baseless assertions and provocative claims made by the Indian leaders during the Lok Sabha [parliamentary] debate on the so-called Operation Sindoor,” Foreign Office Spokesperson Shafqat Ali Khan told a weekly press briefing, referring to the title New Delhi gave to its war with Pakistan.

“These statements reflect a dangerous tendency to distort facts, justify aggression, and glorify conflict for domestic consumption,” he added. “The account given by the Indian home minister is replete with fabrications, leading to serious questions about its credibility.”

“Is it a mere coincidence that the alleged perpetrators of the Pahalgam attack were killed at the start of the Lok Sabha debate?” Khan questioned.

He said India had failed to achieve any strategic objectives, highlighting Pakistan’s success in neutralizing Indian fighter jets and military targets.

Khan urged Indian leaders not to mislead their people, but to acknowledge the losses suffered by their armed forces and recognize the role of third parties in facilitating the ceasefire.

“The Indian narrative of an alleged nuclear blackmail by Pakistan is a misleading and self-serving construct and an attempt to veil its own escalatory impulses while shifting blame onto Pakistan,” he said. “India’s continued reliance on disinformation, jingoism and chest-thumping risks destabilizing South Asia.”India and Pakistan have fought four major wars since their independence in 1947, largely driven by their competing claims over the disputed Himalayan territory of Kashmir, which they both rule in part but claim in full.

Topics: Pakistan foreign office Foreign Office of Pakistan

German biathlete’s body left on Pakistani peak due to risk and respect, say fellow climbers

German biathlete’s body left on Pakistani peak due to risk and respect, say fellow climbers
Updated 01 August 2025
Reuters

German biathlete’s body left on Pakistani peak due to risk and respect, say fellow climbers

German biathlete’s body left on Pakistani peak due to risk and respect, say fellow climbers
  • Laura Dahlmeier, double Olympic biathlon champion, died in a rockfall on Laila Peak in Pakistan
  • Other mountaineers say recovering her body was too risky and not what she would have wanted
Updated 01 August 2025
Reuters

SKARDU, Pakistan: German Olympic champion Laura Dahlmeier’s climbing partners said on Thursday the decision to leave her body on a remote peak in Pakistan was based on dangerous conditions and her own written wishes that no one should risk their life in a recovery attempt.

Dahlmeier, a double gold medalist in biathlon, was struck by a falling rock on July 28 while descending Laila Peak in the Karakoram range. She lost consciousness immediately and showed no signs of life, according to her climbing partner

Marina Eva Krauss, who said she was unable to reach her without endangering herself amid an ongoing rockfall.

“It was clear to me that the only way to help her was to call the helicopter,” Krauss told Reuters in Skardu. “I called her and there was no response and she had just stopped moving … I saw that she had been hit on the head and that she only had a chance if help arrived immediately.”

Marina Eva (second right) mountaineering partner of German Olympic biathlon champion Laura Dahlmeier, looks on during a press conference along with the rescue team members in Skardu in Pakistan’s mountainous Gilgit-Baltistan region on July 31, 2025. (AFP)

Laila Peak, a dramatic 6,069-meter spire in Gilgit-Baltistan’s Hushe Valley, is known for its steep and technical routes. Dahlmeier was descending at roughly 5,700 meters when the rockfall occurred. Poor weather conditions prevented helicopter access, and two expert teams from Germany and the United States later confirmed her death on July 30.

Speaking alongside Krauss, German climber and rescue team member Thomas Huber said the rockfall had continued after Dahlmeier was struck.

“So, she was in a kind of safe spot and every attempt to go to Laura would cause her life [to be in danger],” he said.

Huber added that Dahlmeier, 31, was deeply aware of the risks of mountaineering and had made her wishes known in case of such an outcome.

“We discussed this matter to recover the body, of course, but we [knew] Laura — how her mentality [was] — and we [knew] exactly if the body recovery were a risk, she wouldn’t want this, because she [was] a mountain girl.”

Dahlmeier’s management had earlier confirmed her position, saying that she had left written instructions requesting that no one risk their life to retrieve her body, and that she wished to remain on the mountain in such a case — a sentiment her fellow climbers repeated.

“Now she is on a beautiful mountain, and we should respect this,” Huber said.

Winner Laura Dahlmeier of Germany competes during the Women’s 15 km individual race during the 2017 IBU Biathlon World Championships in Hochfilzen, on February 15, 2017. (AFP/File)

The rescue mission was officially called off on July 30, according to Kamal Khan, commissioner of Baltistan Division.

“They tried their best… but Miss Laura was stuck in a place which is inaccessible and the rocks were still falling at that place,” he told reporters.

Krauss, who was unharmed, descended safely to base camp and is in good health, officials said.

Dahlmeier was one of Germany’s most decorated biathletes, winning two golds and one bronze at the 2018 PyeongChang Winter Olympics. She retired in 2019 at the age of 25 and had since taken up mountaineering.

Women’s 7.5km biathlon sprint gold medalist Laura Dahlmeier, of Germany, celebrates during the medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea, on February 11, 2018. (AP)

Tributes have poured in from across the sporting world.

“She was ambitious and successful, yet always remained humble and close to her homeland,” said Markus Soeder, premier of her home state of Bavaria.

The International Biathlon Union also expressed its condolences.

Topics: German Biathlete Laura Dahlmeier Laura Dahlmeier Olympic champion Laura Dahlmeier Gilgit Baltistan

Pakistan, Afghanistan, UAE to play T20I tri-series

Pakistan, Afghanistan, UAE to play T20I tri-series
Updated 01 August 2025
AFP

Pakistan, Afghanistan, UAE to play T20I tri-series

Pakistan, Afghanistan, UAE to play T20I tri-series
  • Pakistan, Afghanistan will play opening match of tri-series tournament on August 29
  • The tournament will help teams prepare for the Asian Cricket Council’s T20 Asia Cup
Updated 01 August 2025
AFP

KARACHI: Pakistan, Afghanistan and the United Arab Emirates will participate in a tri-series of Twenty20 international matches to tune up for next month’s Asia Cup followed by the World Cup next year.

“The tri-series will feature teams from Pakistan, Afghanistan and the UAE from 29 August to 7 September at the Sharjah Cricket Stadium,” the Pakistan Cricket Board (PCB) said on Friday.

The T20I tournament will serve as a launching pad for the teams to prepare for the Asian Cricket Council’s T20 Asia Cup, scheduled to take place in the UAE from September 9 to 28, it added.

India and Sri Lanka will co-host the Twenty20 World Cup in February-March next year.

The opening match of the tri-series tournament will be played between Afghanistan and Pakistan on August 29.

Each team will play the others twice, giving all sides at least four matches before the top two teams qualify for the final, scheduled on September 7.

Tournament schedule (all matches at Sharjah Cricket Stadium):

29 August — Afghanistan v Pakistan

30 August — UAE v Pakistan

1 September — UAE v Afghanistan

2 September — Pakistan v Afghanistan

4 September — Pakistan v UAE

5 September — Afghanistan v UAE

7 September — Final

Topics: Pakistan Afghanistan cricket Pakistan cricket team Pakistan vs UAE UAE cricket

Pakistan issues fresh call for Afghans to leave

Pakistan issues fresh call for Afghans to leave
Updated 01 August 2025
AFP

Pakistan issues fresh call for Afghans to leave

Pakistan issues fresh call for Afghans to leave
  • The head of Refugee Registration in Afghanistan’s Kandahar province says they are aware of an increase in returning Afghans
  • In total, more than one million Afghans have left Pakistan since 2023, including more than 200,000 since renewed push in April
Updated 01 August 2025
AFP

QUETTA: Pakistan issued a new call on Friday for Afghans living in the southwest to leave the country, triggering thousands to rush to the border, officials said.

Millions of Afghans have poured into Pakistan over the past several decades, fleeing successive wars, as well as hundreds of thousands who arrived after the return of the Taliban government in 2021.

A deportation drive first launched in 2023 was renewed in April when Pakistan’s government rescinded hundreds of thousands of residence permits for Afghans, threatening to arrest anyone who did not leave.

“We have received directives from the home department to launch a fresh drive to repatriate all Afghans... in a respectful and orderly manner,” Mehar Ullah, a senior government official in Quetta, the capital of Balochistan province, told AFP.

The province borders Afghanistan and there are significant ties between the regions.

On Friday, there were “around 4,000 to 5,000 people at the Chaman border” waiting to return, said Habib Bingalzai, a senior government official in Chaman.

Abdul Latif Hakimi, the head of Refugee Registration in Afghanistan’s Kandahar province across the border, said they were aware of an increase in returning Afghans on Friday.

Islamabad has labelled Afghans “terrorists and criminals,” but analysts say the expulsions are designed to pressure neighboring Afghanistan’s Taliban authorities to control militancy in the border regions.

In total, more than one million Afghans have left Pakistan since 2023, including more than 200,000 since April.

The campaign launched in April targeted the more than 800,000 Afghans with temporary residence permits, some of whom were born in the country or have lived there for decades.

Some Pakistanis have grown weary of hosting a large Afghan population as security and economic woes deepen, and the deportation drive has widespread support.

Pakistan’s security forces are under enormous pressure along the border with Afghanistan, battling a growing insurgency by ethnic nationalists in Balochistan in the southwest, and the Pakistani Taliban and its affiliates in the northwest.

Last year, Pakistan recorded the highest number of deaths from attacks in a decade and the government frequently accuses Afghan nationals of taking part in attacks.

Iran has also launched a large-scale deportation campaign of Afghans, which has seen more than 1.5 million sent back across the border.

Topics: Afghan Nationals expulsion of Illegal Immigrants

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