Pakistan | Pakistan

Pakistan has recorded one of the “sharpest drops” in sovereign default risk globally and now ranks as the second-best performer in the world, according to Credit Default Swap (CDS)-implied data reported by Bloomberg, adviser to the finance minister Khurram Schehzad said on Sunday. A Credit Default Swap-implied probability estimates the likelihood that a borrower — such as a company or a country — will fail to repay its debt. This probability is derived from the market price of its CDS, which is a type of financial insurance investors buy to protect themselves against the risk of default, according to the International Monetary Fund (IMF). If the cost of a CDS drops, it means investors see the borrower as less risky. So, when Pakistan’s CDS-implied probability falls sharply, it indicates that global investors believe the country’s chances of defaulting on its debt have significantly decreased. “As per the latest data posted by Bloomberg, Pakistan stands out globally as the 2nd most improved economy in terms of...

Pakistan is considering options for the Roosevelt Hotel in New York City, including demolishing the building, as part of its efforts to meet commitments to the International Monetary Fund (IMF), US outlet Bloomberg reported on Saturday. Named after former US president Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000-room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part of its $7 billion IMF loan agreement, the government approved a “transaction structure for the Roosevelt Hotel” in July, saying it would not conduct an outright sale but decided to adopt a joint venture model to maximise long-term value. Muhammad Ali, the adviser to the prime minister on privatisation, told Bloomberg that one of the options is to raze the storied landmark and build a skyscraper in its place. “The government is keen on a joint venture where Pakistan w...

Pakistan’s Space and Upper Atmosphere Research Commission (SUPARCO) has announced that the first supermoon of the season will be visible across the country on the night of October 7.

The Spokesperson for the Ministry of Foreign Affairs, on Sunday, said that Pakistan was actively engaged with its international partners to ensure the safety and prompt repatriation of its citizens who were illegally detained by the Israeli occupying forces.

The United States has announced a contribution of $1 million to support the United Nations Children’s Fund (UNICEF) in delivering emergency assistance to families affected by the recent floods across Pakistan.

• Flood challenges, missed revenue targets dominate policy-level talks with IMF • FBR, Punjab and Sindh govts under critical scrutiny for missing target, failing to meet cash surplus commitments • Power sector shows improved recovery, lower circular debt ISLAMABAD: Pakistan appears well-placed to secure over $1 billion as the third tranche of the Enhanced Fund Facility (EFF) despite some slippages, as the authorities enter policy-level talks with a visiting review mission of the International Monetary Fund (IMF) on Monday. Informed sources said technical-level discussions had been concluded, indicating that the two sides would need to agree on a couple of waivers during policy-level engagements before wrapping up the review with Finance Minister Muhammad Aurangzeb by the weekend (Oct 9-10). While the power sector has shown unusual performance in terms of improved recovery and a reduction in circular debt — through diversion of fiscal space allocated to subsidies and fresh replacement loans — federal revenues ...

Minister of State for National Health Services, Regulations, and Coordination, Dr Malik Mukhtar Ahmad, along with the technical team, represented Pakistan at the high-level summit in Doha, Qatar.

Minister of State for Interior and Narcotics Control Talal Chaudhry said on Friday that Pakistan’s diplomacy is achieving new milestones under the current leadership.

Chairman of the Prime Minister’s Youth Programme (PMYP), Rana Mashhood Ahmad Khan, on Friday claimed that Pakistan downed seven Indian aircraft and disabled India’s S-400 defense system during the recent “Maarka-e-Haq.

Pakistan and the United Arab Emirates (UAE) on Friday agreed to strengthen partnership on rail modernisation and regional connectivity, Press Information Department (PID) said. Pakistan and the UAE share close diplomatic, economic, and cultural ties. The UAE is one of Pakistan’s largest trading partners in the Middle East and a major source of remittances, with a large Pakistani expatriate population living and working there. According to the PID, Minister of State for Finance and Railways Bilal Azhar Kayani met the UAE’s Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei in Abu Dhabi, discussing “opportunities to strengthen cooperation in upgrading Pakistan’s rail network to boost trade, enhancing connectivity and supporting sustainable economic growth.” The ministers reaffirmed the “strong brotherly ties between both countries and expressed their shared commitment to advancing mutual prosperity and promoting environmentally responsible transport solutions in the region,” the statement added. T...

Prime Minister Shehbaz Sharif returned to Pakistan on Friday after representing the country at the 80th session of the United Nations General Assembly (UNGA) in New York.

American multinational corporation Procter & Gamble said on Thursday that it would wind down its manufacturing and commercial activities in Pakistan and rely on third-party distributors to continue to serve customers as part of a restructuring programme. The news comes as various multinational corporations (MNCs) have pulled their operations from Pakistan over the past three years, including Eli Lilly, Shell, Microsoft, Uber and Yamaha. Does this point to a greater trend suggesting that the economic climate in Pakistan is inhospitable for multinationals, or are there other reasons? Here’s what analysts have to say: ‘Companies have own reasons for exiting’ Business and economy journalist Khurram Hussain said that companies have “their own reasons” for exiting. “It is not really about Pakistan, but restructuring at their end,” he said. “Take Shell as an example. They have exited the retail fuel business in Mexico and Indonesia as well as Pakistan, and retail energy more broadly in many other markets,” he said. ...

American multinational corporation Procter & Gamble said on Thursday that the company would wind down its manufacturing and commercial activities in Pakistan and rely on third-party distributors to continue to serve customers in the country as part of the consumer product group’s global restructuring programme. “We will continue to operate the business in the ordinary course until the process is complete, which may take several months,” said a statement by P&G. “Supporting this company decision, P&G Pakistan and the supporting regional teams will begin transition planning immediately, with a focus first on P&G people,” it added. According to the statement, employees whose roles are impacted by this decision will be “considered for opportunities in other P&G operations outside Pakistan or will be offered separation packages” in accordance with local laws, company policies, and P&G’s values and principles. In Pakistan, a number of brands are under the P&G umbrella, including Pampers, Ariel, Always, Safeguard, H...

Bangladesh kicked off their 2025 Women’s Cricket World Cup campaign in style, cantering past Pakistan’s modest 129 with seven wickets and 18.5 overs to spare in Colombo on Thursday. Debuting opener Rubya Haider announced herself with an unbeaten half-century, steering the chase with the composure of a seasoned pro as Bangladesh barely broke sweat in pursuit of the below-par target. But it was their bowlers who set the tone. Lone seamer Marufa Akter struck with a double blow in her very first over — two wickets in successive balls — before a spin web tightened the screws on a hesitant Pakistan line-up. “We are thrilled to get a win under our belt in our first outing,” said Marufa. “There was a lot of support from my teammates. Special credit to our team analyst who fed me with some valuable input leading into the game. “We showed lot of energy on the field and we take lot of positives from this game.” With a rich spin arsenal at their disposal, Bangladesh never let Pakistan off the hook. Left-arm spinner Nahid...

Pakistan and several other countries on Thursday condemned Israel’s “dastardly attack” on the Global Sumud Flotilla (GSF) after its forces intercepted the flotilla heading to break Israel’s siege of Gaza and deliver aid. Hours after Tel Aviv’s move drew global condemnation, the Israeli foreign ministry posted on X that all on board the flotilla were safe would be “deported to Europe”. The statement said: “The Hamas-Sumud provocation is over. None of the Hamas-Sumud provocation yachts has succeeded in its attempt to enter an active combat zone or breach the lawful naval blockade. “All the passengers are safe and in good health. They are making their way safely to Israel, from where they will be deported to Europe.” It added that one last vessel of “this provocation remains at a distance. If it approaches, its attempt to enter an active combat zone and breach the blockade will also be prevented”. Earlier, the flotilla said that Israeli forces began intercepting the flotilla’s latest bid to reach Gaza late last ...

Pakistan on Thursday demanded the immediate release of all humanitarian workers and activists onboard the Gaza-bound Global Sumud Flotilla, after Israeli forces intercepted the civilian aid mission.

Federal Minister Khalid Magsi has said that pollution remains the biggest challenge to Pakistan’s health, environment, and economy, stressing the urgent need for collective efforts to tackle climate change and restore the natural balance.

Pakistan has strongly condemned the deadly assault by Israeli forces on the Global Sumud Flotilla, a humanitarian mission comprising more than 40 civilian vessels carrying over 450 aid workers from 44 countries.

The Competition Commission of Pakistan (CCP) has approved Pakistan Telecommunications Limited’s (PTCL) acquisition of mobile carrier Telenor Pakistan and Orion Towers shareholdings, according to a press release issued on Wednesday. According to the telecommunication company’s website, one of its subsidiaries is mobile carrier Ufone. As part of the deal, Telenor and Ufone will merge. According to the press release, the merger was announced today at a press conference at the CCP’s head office. CCP Chairman Dr Kabir Ahmed Sidhu, CCP Registrar and Head of Legal Ambreen Abbasi and members Salman Amin and Shahzad Hussain shared the key highlights of the agreement. “They explained that [the] CCP conducted a comprehensive review of the merger transaction,” the press release read. “The review examined market structure, concentration levels, efficiencies, and potential competition risks.” Dr Sidhu emphasised that the commission’s decision “ensures a level playing field for all telecom operators and safeguards consumer ...

The Commonwealth Observer Group (COG) has issued its long-delayed final report on Pakistan’s 2024 general elections, voicing strong concerns over transparency, fairness, and curbs on political freedoms.