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Pakistani PM meets Macron in Riyadh, invites him to invest in climate adaptation, renewable energy

Pakistani PM meets Macron in Riyadh, invites him to invest in climate adaptation, renewable energy
Pakistan Prime Minister Shehbaz Sharif speaks during a bilateral meeting with French President Emmanuel Macron on the sidelines of the One Water Summit in Riyadh on December 3, 2024. (Photo courtesy: PMO)
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Updated 04 December 2024

Pakistani PM meets Macron in Riyadh, invites him to invest in climate adaptation, renewable energy

Pakistani PM meets Macron in Riyadh, invites him to invest in climate adaptation, renewable energy
  • Government is seeking to focus on more sustainable forms of external financing like direct investment and climate financing
  • South Asian nation is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday held a bilateral meeting with the president of France, Emmanuel Macron, on the sidelines of the One Water Summit in Riyadh and invited him to explore investment opportunities in Pakistan, particularly in the domains of climate adaptation and renewable energy. 
As the South Asian nation, one of the most vulnerable countries to climate change, pursues external financing avenues, its government is seeking to focus on more sustainable forms such as direct investment and climate financing.
“Prime Minister stressed upon the need to further strengthen mutually advantageous economic and trade ties between the two countries and encouraged France to take advantage of investment opportunities in Pakistan, especially in areas of climate adaptation and renewable energy,” Sharif’s office said in a statement after he met Macron. 




Pakistan Prime Minister Shehbaz Sharif speaks during a bilateral meeting with French President Emmanuel Macron on the sidelines of the One Water Summit in Riyadh on December 3, 2024. (Photo courtesy: PMO)

“Both leaders agreed to enhance Pakistan France cooperation especially through the business to business contacts in the areas of agriculture, livestock, IT, skills development and clean drinking water.”
The statement said the two leaders exchanged views on the “full spectrum of Pakistan-France relationship, including political, economic, trade and investment, as well as cooperation at multilateral forums, including the United Nations.”
Pakistan–France relations span the military, defense, cultural, educational cooperation, and economic domains. Pakistani exports to France stood at $484.79 million during 2023, according to the United Nations COMTRADE database on international trade, while Pakistan imported were at $254.85 million.
Pakistan and France also have had a long-standing military relationship, with France being a key partner in enhancing the capabilities of Pakistan’s navy and air force. France and Pakistan began their military relationship in 1967 when France sold Pakistan its first batch of Mirage fighters and submarine technology. In 1990, Pakistan bought a second batch of Mirage fighters, and in 1996, the two countries signed a contract for 40 reconnaissance aircraft. 
In February 2023, Pakistan and France signed a roadmap to deepen their defense and security cooperation, including on counter-terrorism.


World Bank warns Pakistan’s poverty has climbed to 25.3 percent after years of decline

World Bank warns Pakistan’s poverty has climbed to 25.3 percent after years of decline
Updated 9 sec ago

World Bank warns Pakistan’s poverty has climbed to 25.3 percent after years of decline

World Bank warns Pakistan’s poverty has climbed to 25.3 percent after years of decline
  • Poverty fell from 64.3 percent in 2001-02 to 21.9 percent in 2018-19 before rising again
  • World Bank cites COVID-19, floods, inflation and weak policies as drivers

ISLAMABAD: Pakistan’s gains in poverty reduction have reversed in recent years, with the national poverty rate climbing to 25.3 percent in 2023-24 after falling steadily for nearly two decades, the World Bank said on Tuesday.

The findings were released in a new assessment, Reclaiming Momentum Towards Prosperity: Pakistan’s Poverty, Equity and Resilience Assessment, the first comprehensive review of poverty and welfare trends since the early 2000s.

Drawing on two decades of household surveys and projections, the report warns that Pakistan’s earlier progress has stalled, eroded by economic shocks and weak policy.

“After a steady decline from 64.3 percent in 2001-02 to 21.9 percent in 2018-19, the national poverty rate began to increase in 2020,” said Christina Wieser, a senior economist and one of the report’s lead authors. “Since 2021, poverty has begun to rise, exacerbated by COVID-19, the 2022 floods, inflation and faltering policies and reached 25.3 percent in 2023-24.”

She stressed the need for bold, sustained and people-centered reforms to reduce poverty, strengthen resilience and protect vulnerable populations, adding: “Reforms that expand access to quality services, protect households from shocks and create better jobs, especially for the bottom 40 percent are essential to break cycles of poverty and deliver durable, inclusive growth.”

The World Bank in June raised its global poverty threshold to $4.20 a day, under which about 44.7 percent of Pakistanis fall.

Bolormaa Amgaabazar, the Bank’s country director for Pakistan, said this figure was not directly comparable to the national estimate of 25.3 percent, as the two are based on different benchmarks.

“They are not comparable,” he said. “The 45 percent is based on the upper middle-income poverty line that is the global poverty line, and the 25.3 percent is based on the national poverty line and projections based on that.”

Amgaabazar urged Pakistan to protect earlier poverty gains while accelerating reforms.

“By focusing on results — investing in people, places and access to opportunities, building resilience against shocks, prioritizing fiscal management and developing better data systems for decision-making — Pakistan can put poverty reduction back on track,” he said.

The report found that much of Pakistan’s poverty reduction over the past 20 years was driven by households moving from farm work into low-paying service jobs, but slow structural change has limited diversification, job creation and income growth.

The World Bank outlined four pathways to restore progress, including investing in human capital and local services, building household resilience through stronger safety nets, adopting progressive fiscal measures such as phasing out subsidies in favor of targeted spending and improving data systems to guide policy.

Pakistan has received over $48.3 billion in World Bank assistance since joining in 1950.

The Bank’s current portfolio in the country includes 54 projects with total commitments of $15.7 billion.


Pakistan floods batter fields, factories and fiscal plans

Pakistan floods batter fields, factories and fiscal plans
Updated 24 min 48 sec ago

Pakistan floods batter fields, factories and fiscal plans

Pakistan floods batter fields, factories and fiscal plans
  • Pakistan growth target hit as floods swamp farms, cities, Crop Monitor maps 220,000 hectares of rice fields flooded
  • Report flags risks to wheat sowing despite strong 2024 reserves, Cotton shortfall may ripple through textile sector

KARACHI/ ISLAMABAD: Massive floods in Pakistan have struck both the rural heartland and industrial centers for the first time in decades, causing billions of dollars in damage while straining food supplies, exports and a fragile economic recovery.

The government had been optimistic about 2026, penciling in 4.2 percent growth on the back of a rebound in farming and manufacturing after the economy was stabilized under a $7 billion International Monetary Fund bailout.

Instead, record monsoon rains since late June, amplified by dam releases from India, have submerged large swathes of Punjab and Sindh, the two most populous and economically vital provinces.

While waters have yet to recede in many districts, officials and analysts warn the hit could be deeper than in 2022, when a third of the country lay under water, due to dual shocks to agriculture and manufacturing.

Out on the plains, satellite images have traced the scale. A report from agricultural monitoring initiative GEOGLAM estimates at least 220,000 hectares of rice fields flooded between August 1 and September 16.

In Punjab, Pakistan’s rice, cotton and maize engine, 1.8 million acres of farmland have been inundated, according to the provincial disaster management agency.

“About 50 percent of rice, and 60 percent of cotton and maize crops have been damaged,” said Khalid Bath, chairman of the Pakistan Farmers Association.

He said losses could exceed 2.5 million acres, worth up to one trillion rupees ($3.53 billion).

“This is unlike anything we have seen in recent decades,” said Iqrar Ahmad Khan, former vice chancellor of the University of Agriculture Faisalabad.

He estimates at least a tenth of the country’s crops are destroyed, with vegetable losses topping 90 percent in some districts.

The timing is perilous: Pakistan is about to sow wheat, the crop that provides nearly half of the country’s caloric intake. National reserves remain comfortable after a strong 2024 harvest, according to Crop Monitor, but the sowing window is at risk in fields still slick with silt and mud.

“Food insecurity is coming, not just higher prices,” Khan warned.

UNDERPLAYING RISKS

Planning Minister Ahsan Iqbal acknowledged the floods would “set back” GDP growth and said a clearer damage tally would be ready in about two weeks.

Pakistan’s central bank said the deluge would cause a “temporary yet significant supply shock,” and it put growth near the lower end of its 3.25–4.25 percent range.

It argued the shock would be less severe than the $30 billion disaster in 2022, with stronger forex reserves and lower interest rates offering some resilience.

But prices for wheat, sugar, onions and tomatoes have jumped, pushing a sensitive price index to a 26‑month high.

IMF resident representative Mahir Binici said an upcoming review of the Extended Fund Facility this week will assess whether the 2026 fiscal year budget and emergency provisions can meet the nation’s needs. Iqbal called on the fund to “help us mitigate the damages.”

Some economists say policymakers are underplaying the risks.

“The floods will increase the current account deficit by $7 billion. They are worse than the previous floods,” former finance minister Hafeez Pasha said.

COUNTING LOSSES

In industrial cities such as Sialkot — a hub for the textiles, sporting goods and surgical equipment that underpin Pakistan’s exports — several workshops were marooned.

The hit to agriculture is also a blow for manufacturers. Industrialists say cotton shortfalls will ripple into the textile sector, the country’s top foreign exchange earner, while rice exporters warn Pakistan risks losing competitiveness to India as prices rise.

“We had 400 acres of cotton, but only 90 are left,” farmer Rab Nawaz said, near the historic city of Multan.

At least 1,006 people have been killed since June 26, the National Disaster Management Authority said, while over 2.5 million people have been evacuated in Punjab and Sindh.

In provincial capital Lahore, homes and small businesses were gutted.

Mohammad Arif, a 50‑year‑old rickshaw driver and father of five, said he moved his vehicle to higher ground as his home was inundated.

“We have been on the roads for three days,” he said.


Pakistan’s Punjab reports receding floodwaters after millions displaced

Pakistan’s Punjab reports receding floodwaters after millions displaced
Updated 42 min 22 sec ago

Pakistan’s Punjab reports receding floodwaters after millions displaced

Pakistan’s Punjab reports receding floodwaters after millions displaced
  • Over 4.7 million people have been affected by devastating floods in Punjab since late August, as per official figures
  • Pakistan contributes only 1% to greenhouse gas emissions but is among countries most vulnerable to climate change

ISLAMABAD: The Provincial Disaster Management Authority (PDMA) has said that water levels in flood-affected areas in Punjab are receding “significantly,” state broadcaster Radio Pakistan reported on Tuesday, with the death toll from monsoon rains and floods rising to 304 since late June.

Heavy monsoon rains and floods in Pakistan have killed at least 1,006 people nationwide and injured 1,063 since Jun. 26. While Khyber Pakhtunkhwa (KP) has reported the highest deaths, 504, Punjab reported devastation on a massive scale in late August. Heavy rains coupled with excess water released by dams in India triggered floods in the province, killing 134 and injuring 13. 

Over 4,700 villages in Punjab, also known as Pakistan’s breadbasket province, were inundated while 4.7 million people were affected in total. Authorities said they launched the largest search and rescue operation in the province, evacuating 2.6 million people and 2.1 million animals to safer locations. Water levels have recently started receding in Punjab’s Ravi, Chenab and Sutlej rivers as floods continue to flow downstream into Sindh. 

“Provincial Disaster Management Authority Punjab says the flow of water in the rivers is normal across the province,” Radio Pakistan said. “In a statement, Director General PDMA Irfan Ali Kathia said water levels in the flood-affected areas are also receding significantly.”

Kathia said medium to low flood conditions continue to persist in the river Sutlej while currently there is no water flow in the hill torrents of Punjab’s Dera Ghazi Khan Division.

The PDMA said it had set up 271 relief camps and over 300 medical camps in flood-affected areas in Punjab since late August. 

Floods in Punjab had also triggered power outages, causing further misery for the province’s residents already reeling from the deluges. 

In a separate statement, the Power Division said that out of a total of 51 grids and 588 feeders affected, 373 feeders have been fully restored while 208 have been partially restored. 

Despite contributing less than one percent of global greenhouse gas emissions, Pakistan is among the countries most vulnerable to climate change. 

Catastrophic floods in 2022 killed nearly 1,700 people, submerged a third of the country at one point, and inflicted over $30 billion in damages, according to government estimates.

The government has stressed the importance of early warning systems and disaster mitigation efforts, as experts warn future monsoon seasons could cause even more destruction across Pakistan.


Pakistan plans Port Qasim expansion to support rising cement, clinker exports

Pakistan plans Port Qasim expansion to support rising cement, clinker exports
Updated 23 September 2025

Pakistan plans Port Qasim expansion to support rising cement, clinker exports

Pakistan plans Port Qasim expansion to support rising cement, clinker exports
  • The government plans two new berths, a 30,000-ton storage facility and repairs to existing infrastructure
  • Cement and clinker exports rose 23.7 percent in FY25 as overseas demand outpaced weaker domestic consumption

KARACHI: Pakistan plans to significantly upgrade Port Qasim to expand cement and clinker exports, the maritime affairs ministry said on Tuesday, outlining projects that include new berths, additional storage and improved export operations.

According to the Pakistan Bureau of Statistics, cement and clinker exports rose 23.7 percent in value and 28.7 percent in volume year-on-year, with earnings climbing to $329.79 million in FY25 compared to $266.51 million a year earlier.

Key export destinations included Afghanistan, Bangladesh, Sri Lanka, Madagascar, the United States and Ghana.

“Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has announced a series of major initiatives aimed at boosting cement and clinker exports by enhancing port infrastructure and operational capacity, with a particular focus on Port Qasim,” the ministry said.

Chaudhry said a sub-committee of all major ports, led by the Port Qasim Authority, had finalized recommendations to accelerate export capacity.

Planned measures include construction of two additional multi-purpose berths, a new 30,000-ton storage facility expected to start by end-2025 and permanent repairs to existing storage infrastructure targeted for completion by December.

The Port Qasim Authority will also work with the All Pakistan Cement Manufacturers Association to explore use of an under-utilized berth for clinker exports.

With export growth outpacing domestic demand, which weakened in recent years, Port Qasim has come under strain from limited berthing capacity, inadequate storage and logistical bottlenecks.

The government says the expansion drive is aimed at easing those pressures and strengthening Pakistan’s competitiveness in global trade.


Pakistan gets offers in 100,000 metric ton sugar tender, traders say

Pakistan gets offers in 100,000 metric ton sugar tender, traders say
Updated 23 September 2025

Pakistan gets offers in 100,000 metric ton sugar tender, traders say

Pakistan gets offers in 100,000 metric ton sugar tender, traders say
  • Lowest price offered in tender from Pakistan to buy 100,000 metric tons of sugar $537.75, say traders
  • Pakistan has approved import of 500,000 tons of sugar to help maintain price stability amid price surge 

HAMBURG: The lowest price offered in the international tender from Pakistan to buy 100,000 metric tons of white sugar on Tuesday was believed to be $534.75 a metric ton cost and freight included, European traders said in initial assessments.

Offers in the tender from the state trading agency Trading Corporation of Pakistan are being considered and no purchase has yet been reported, they said. The TCP can negotiate for several days in tenders before deciding whether to purchase.

Pakistan’s government has approved plans to import 500,000 tons of sugar to help maintain price stability after retail sugar prices in the country rose sharply. The tender is the latest in a series held by the TCP to buy sugar in July, August and September.

The TCP’s latest tender seeks price offers for fine, small and medium-grade sugar, with shipment arranged to achieve arrival of all the sugar in Pakistan by November 7.

The lowest offer was said to have been submitted by trading house Dreyfus for 25,000 tons of small grade sugar.

Three other trading houses also tender participated, all offering all per ton c&f, traders said.

Al Khaleej Sugar offered 30,000 tons of medium grade at around $568.50 and also 60,000 tons of small grade at $558.50, traders said.

Sucden Middle East offered 25,000 tons of small grade at $544.00 and ED&F Man 50,000 tons of small grade at $559.00.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.

The TCP’s tender seeks sugar sourced from any worldwide origin excluding India and Israel or other countries under sanctions.