LAHORE: A reception was held at the Pakistan State Guest House in honour of ministers and business community representatives from African countries.

The event was jointly organized by Africa House Pakistan and the Ministry of Foreign Affairs. Punjab Minister for Industries and Commerce, Chaudhary Shafay Hussain, participated as the chief guest.

The reception was attended by Chairman Africa House Muhammad Rehan Younus, Ambassador Hamid Asghar Khan, Uganda’s Minister of Agriculture Frederick, and business communities from African countries and Pakistan. A cake was also cut to mark the Pakistan-Africa Friendship.

Pakistan eyes East African market with new sea trade corridors

While addressing the event, Chaudhary Shafay Hussain said that the existing investment and trade gap between Pakistan and African countries must be bridged, and the time has come to enhance the trade volume. He stated that foreign investors are given special incentives in Punjab’s Special Economic Zones, and the Punjab welcomes investment from African countries.

He added that under the direction of the Chief Minister Punjab, a Garment City is being established to boost the textile sector. Besides local investors, Chinese and other foreign investors are setting up textile industries there. Pakistan and African nations can collaborate in the textile sector.

He also shared that a Pharmaceutical Valley is being developed on 130 acres in Quaid-e-Azam Business Park; Sheikhupura. There is great potential for investment in textiles, pharmaceuticals, surgical goods, sports goods, and other sector of Punjab.

Pakistan and Punjab are rich in mineral resources, and African countries possess expertise in the mining sector. Pakistan can benefit from this expertise, he noted.

Chaudhary Shafay Hussain said that Punjab’s conducive environment is attracting foreign investment. A Chinese mobile company has begun establishing a mobile phone manufacturing plant in Faisalabad’s Industrial Estate, which will begin production within two years. Foreign companies producing solar panels and lithium batteries also plan to set up factories in Punjab.

Uganda’s Minister of Agriculture, Frederick, shared insights on investment opportunities in Uganda.

Chairman of Africa House, Rehan Younus, remarked that Africa House serves as a gateway for Pakistani industry to the African market.

Ambassador Hamid Asghar Khan said that efforts are underway to increase trade volume between Pakistan and African countries.

Secretary TDAP Shehryar Khan, President of Chamber of Commerce and industries Abuzar Shad, and others also addressed the gathering.

Copyright Business Recorder, 2025

Bangladesh secured the eighth and final berth at the ICC Women’s Cricket World Cup 2025 after narrowly edging out West Indies on net run rate, despite both sides finishing with identical win-loss records at the conclusion of the Qualifier round in Lahore on Saturday.

It was heartbreak for the West Indies, who produced a blistering six-wicket win over Thailand at Gaddafi Stadium, chasing down a target of 167 in just 10.5 overs.

The Caribbean side needed to achieve the target in 10.1 overs or fewer to leapfrog Bangladesh on net run rate but ultimately fell just short, finishing with +0.626 to Bangladesh’s +0.639.

Both teams ended the six-team Qualifier event with three wins and two losses each, collecting six points apiece.

Women’s cricket team eyeing ‘Cricket World Cup’

Pakistan continue unbeaten run

Earlier in the day, Bangladesh were comprehensively beaten by Pakistan at LCCA Ground.

Pakistan chased down the 179-run target in 39.4 overs to register a seven-wicket win and remain unbeaten in the tournament. However, the margin wasn’t enough to deny Bangladesh qualification.

In their final fixture, West Indies opted to bowl first and dismissed Thailand for 166 in 46.1 overs, thanks largely to a superb 4-20 spell from leg-spinner Afy Fletcher.

In response, captain Hayley Matthews led a ferocious assault, smashing 70 off just 29 balls with 11 fours and two sixes.

Matthews and Qiana Joseph (26 off 12) added 81 runs in just 5.3 overs for the opening stand.

Chinelle Henry kept the momentum going with a rapid 48 off 17 balls, including five sixes and three fours, but West Indies fell agonisingly short of the timing required to qualify.

Matthews was named player of the match for her explosive knock.

With Pakistan and Bangladesh joining the six automatic qualifiers — Australia, England, India, South Africa, New Zealand, and hosts Sri Lanka — the lineup for the ICC Women’s Cricket World Cup 2025 is now complete.

ISLAMABAD: In a significant development, Pakistan and Afghanistan have assured each other that their respective territories will not be allowed to be used for terrorism or in any other wrongful activity.

This was expressed during Deputy Prime Minister and Foreign Minister Ishaq Dar’s back to back meetings with Afghan leadership in a day-long marathon visit of Kabul on Saturday.

About the major decisions taken during Afghanistan trip, Ishaq Dar said it has been decided that a track and trace system will be operationalised from 30th June this year to accelerate cross border trade between the two countries.

Afghan FM tells Pakistan’s top diplomat deportations are ‘disappointment’

They agreed to enhance bilateral trade, transit and economic cooperation, to the mutual benefit of the people of both countries.

Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar engaged in extensive discussions with Acting Prime Minister Mullah Hassan Akhund, Afghan DPM Mullah Abdul Salam Hanafi and Foreign Minister Amir Khan Muttaqi.

FO said in a statement that the discussions encompassed a comprehensive range of topics pertaining to bilateral relations, underscoring the need to devise strategies for enhancing cooperation across diverse areas of mutual interest, including security, trade, transit, connectivity, and people to people contacts.

The Deputy Prime Minister emphasised the paramount importance of addressing all pertinent issues, particularly those related to security and border management, in order to fully realise the potential for regional trade and connectivity.

Both parties reaffirmed their commitment to fostering mutually beneficial relations and agreed on the importance of maintaining high-level engagement.

The DPM discussed all issues of mutual interest, including peace and security, and people-to-people contacts with Afghan leadership.

They agreed to remain engaged to achieve the full potential of regional economic development, including through realisation of trans-regional connectivity projects.

Ishaq Dar said it has also been agreed to hold regular trade exhibitions and exchange of trade delegations to continue the momentum of trade facilitation for the mutual benefit of two countries.

He said cross stuffing facility for will be provided to 500 containers per month initially from June 30th this year as pilot project to help lower the cost of transit trade.

The minister said the ITTMS (Integrated Transit Trade Management System) system in Torkham will also be operationalised by 30th June this year.

About the repatriation of Afghan refugees from Pakistan, Ishaq Dar said the government is ensuring that the process takes place with full dignity and honour without disrespect to any individual.

Pakistan and Afghanistan have assured each other that they would not allow nefarious elements the use of their soil to conduct attacks or illicit activities against the other, adding that both countries would be responsible to take appropriate action in such a case.

The two leaders discussed all issues of mutual interest, including peace and security, and people-to-people contacts. They agreed to enhance bilateral trade, transit and economic cooperation, to the mutual benefit of the people of both countries.

They agreed to remain engaged to achieve the full potential of regional economic development, including through realization of trans-regional connectivity projects.

According to Afghanistan Ministry of Foreign Affairs, Afghan Interim Foreign Minister Amir Khan Muttaqi in meeting with the visiting Deputy Prime Minister Ishaq Dar in Kabul on Saturday expressed his deep concern and regret over the situation of Afghan refugees in Pakistan and their forced deportation.

The Afghan Foreign Ministry strongly urged Pakistani authorities to prevent the erosion of the rights of Afghans living there and those coming there, according to a statement.

Muttaqi added that the Islamic Emirate of Afghanistan is eager to expand trade, transit, and joint projects with neighboring Pakistan. Muttaqi also reminded the Pakistani delegation that concrete steps should be taken to resolve problems and create facilities in these areas.

Pakistan’s Foreign Minister and Deputy Prime Minister, Ishaq Dar, invited the Afghan Foreign Minister to pay an official visit to Pakistan to continue the high-level visit.

Ishaq Dar said that in order to increase bilateral trade, tariffs on a large number of trade goods have been reduced and effective steps will be taken in the areas of transportation of commercial goods. He also expressed his government’s determination to further expand bilateral trade and transit with Afghanistan and promised to provide necessary facilities in these areas.

DPM/FM said that Afghan refugees will not be mistreated and that they will take serious steps in this regard, adding that the properties and capital of Afghan refugees are their property and no one can seize their goods. Pakistani security agencies will prevent any arbitrary action in this regard, he remarked.

The meeting discussed issues such as enhancing diplomatic relations, coordination, joint cooperation, increasing and facilitating visas, rapid transportation of agricultural products, promoting trade and transit, and the importance, ongoing process, and special attention to a number of major projects such as Afghan Trans rail line, CASA-1000, TAPI, and TAP.

It was also agreed to establish joint committees to follow up on the aforementioned issues and to find effective ways to resolve issues between the two countries.

Both countries have also held delegations level talks at Afghan MoFA.

DPM/FM Senator Mohammad Ishaq Dar departed for Kabul Saturday morning for his first official visit to Afghanistan. The DPM/FM led a high-level delegation, comprising of the Special Representative for Afghanistan, Ambassador Sadiq Khan, SAPM Tariq Bajwa, Federal Secretaries for Commerce, Railways and Interior, as well as other senior officials.

Copyright Business Recorder, 2025

EDITORIAL: In the first quarter of 2025 alone, a staggering 172,000 Pakistanis left the country seeking employment overseas. The major destinations – Saudi Arabia, Qatar, and the UAE – continue to draw our workforce, both skilled and unskilled.

More alarming still is the scale of brain drain represented in these departures: 849 doctors, 1,479 engineers, 390 nurses, and 436 teachers. Each one of these professionals represents not only an individual loss but a broader erosion of Pakistan’s potential to build a sustainable and prosperous future.

While policymakers may celebrate the rising remittances, and rightly so, the underlying factors driving such a massive exodus must not be ignored. The primary reason behind this continued migration is widespread disenchantment with domestic opportunities.

Economic instability, political uncertainty, joblessness, inflation, and deteriorating security conditions are compelling many talented Pakistanis to seek opportunities in foreign lands.

The promise of stable incomes, safety, and professional growth abroad stands in stark contrast to an increasingly difficult environment at home.

This outflow of skilled human capital has serious implications. Short-term economic gains through remittances may temporarily mask long-term damage to our nation’s growth prospects.

Essential sectors such as healthcare, education, and engineering are losing their best and brightest at alarming rates. This not only affects institutional performance but significantly hinders innovation, entrepreneurship, and sustainable economic development.

The government’s efforts to cater to the diaspora, such as establishing special courts for overseas Pakistanis and reserved quotas in universities, are commendable but insufficient. These steps address only surface-level concerns, failing to stem the deeper root causes driving migration.

Structural reforms that ensure economic stability, merit-based employment opportunities, and improvements in governance and security are urgently required.

Additionally, investment in key sectors like education, technology, and health must become priorities, ensuring that local talent sees tangible benefits and opportunities within their homeland. Pakistan cannot afford to be complacent in merely celebrating high remittances without addressing the systemic flaws pushing its citizens abroad.

Furthermore, awareness campaigns highlighting successful local careers and providing incentives for entrepreneurship and innovation could help shift public perception, making domestic careers more appealing. Increased public-private partnerships could foster job creation, infrastructure development, and improved services, further incentivising skilled professionals to remain in Pakistan.

Ironically, the record remittances should also serve as a wake-up call, not just an economic milestone.

The loss of skilled and educated citizens carries costs far greater than any financial benefit their remittances might bring. Pakistan needs the bulk of its talent at home – engaged, employed, and empowered – not overseas, disillusioned and disconnected. Policymakers must recognise that while remittances bolster the economy, true prosperity can only be achieved by creating conditions conducive to retaining our best and brightest minds.

Copyright Business Recorder, 2025

ISLAMABAD: Deputy Prime Minister and Foreign Minister Senator Ishaq Dar received the Secretary General of the Shanghai Cooperation Organization (SCO), Nurlan Yermekbayev, who is on an official visit to Pakistan.

The Deputy Prime Minister and Foreign Minister congratulated Yermekbayev on commencement of his responsibilities as the new Secretary General of SCO.

He assured him of Pakistan’s full support for the SCO Secretariat.

SCO’s SG due today

The Deputy Prime Minister and Foreign Minister underlined Pakistan’s close historical ties with SCO member states and reaffirmed Pakistan’s commitment to uphold the Shanghai spirit.

He appreciated the potential of SCO as forum for promoting regional peace and security as well as a tool to achieve enhanced economic development within the region. In this context, he reiterated Pakistan’s constructive involvement for mutually beneficial cooperation within the SCO mechanisms especially in the areas of bilateral trade, transport and connectivity.

The Secretary General, Yermekbayev, thanked Pakistan for the hospitality and appreciated Pakistan’s active engagement in SCO activities. He lauded Pakistan’s successfully hosting of the meeting of the Council of Heads of Government of the SCO member States (SCO CHG) in Islamabad in October 2024.

Both dignitaries had a useful exchange of views on SCO priorities. They deliberated on ways and means for advancing cooperation under SCO in the areas of transportation and logistics, energy security, food security, health, e-commerce and green economy.

The SCO is a 10-member intergovernmental trans-regional organisation established since 15 June 2001. Pakistan became SCO Observer in 2005 and acquired full membership in June 2017. Pakistan advocates regional peace, stability and socioeconomic development at the SCO platform.

Copyright Business Recorder, 2025

ISLAMABAD: The government of Japan has decided to provide $3 million to UNHCR to support Afghan refugees and host communities in Pakistan.

In light of humanitarian challenges in host communities, the Japanese financial contribution, which comes from Japan’s supplementary budget, will enhance UNHCR’s efforts to provide critical assistance to both refugees and their host communities, addressing urgent needs in protection and documentation, gender-based violence, health, and livelihoods, across Pakistan.

Afghanistan: Pakistan for addressing humanitarian challenges

According to a UNHCR spokesperson, the initiative will also deliver primary healthcare to individuals, including women, and offer certified skills development training to refugees and members of the host communities to support them in building their livelihoods and resilience.

Copyright Business Recorder, 2025

ISLAMABAD: Pakistan has expelled over 80,000 Afghan nationals since the end of March, a senior official said on Friday, as part of a repatriation drive ahead of the April 30 deadline.

Afghan nationals who have no legal documents to stay or those holding Afghan Citizen Cards had been warned by Islamabad to return home or face deportation by March 31, a deadline which was then extended to April 30.

The April 30 deadline is final, Talal Chaudhry, an interior ministry adviser told a press conference in Islamabad, underlining that only those Afghans who hold valid visas to be in Pakistan would be allowed to stay.

The repatriation drive is part of a campaign called the Illegal Foreigners Repatriation Plan launched in late 2023.

Pakistan has in the past blamed militant attacks and crimes on Afghan citizens, who form the largest migrant group in the country. Afghanistan has rejected the accusations, and has termed the repatriation as forced deportation.

Pakistan expels thousands of Afghan nationals in fresh drive, says UNHCR

Chaudhry was speaking just a day before Pakistan’s Foreign Minister Ishaq Dar is scheduled to lead a high-powered delegation for talks in Kabul.

“The talks will cover the entire gamut of the Pakistan-Afghan relationship, focusing on ways and means to deepen cooperation in all areas of mutual interests, including security, trade, connectivity, and people-to-people ties,” a foreign office statement said.

Pakistani authorities say they have set up temporary centres in various cities to house the Afghan nationals before transporting them to the Torkham border crossing in northwest Pakistan.

ISLAMABAD: At the 8th Leaders in Islamabad Business Summit 2025, themed Navigating the Unknown, came to a powerful close with globally recognized leaders, policy makers, experts, and thousand plus delegates, deliberating on unified approach, consistency of reform, technology and investment landscape, for Pakistan.

LIIBS 2025 is jointly hosted by Nutshell Conferences Group and Unity Foods Limited, with strategic partnership from the Government of Pakistan and the Overseas Investors Chamber of Commerce & Industry (OICCI).

Former Prime Minister Shahid Khaqan Abbasi, reinforced the need for stability and continuity of policies, with a focus on the need for privatization. “Weak regulation has massively contributed to increasing circular debt, and loss of investments. Stability and rule of law are a must to take any step in the future.”

Asad Umar, former Minister for Finance, Planning & Development, stressed on the construct of true democracies and insisted that Pakistan needs to strengthen its institutions, “The entire nation seems to be in conflict. Pakistan needs to abide by systems. As a multi-ethnic country, Pakistan must prioritize local governance.”

Chief of Air Staff Sohail Aman (retd) & Chief Executive Strategic Engagements, Nutshell Group, provided the lasting message that summed up the two days of conference and created a perfect hook for the next, “Pakistan belongs to us all, and the Constitution is sovereign. Our collective objective is to see Pakistan great, and we will continue navigating the unknown for newer opportunities.”

Earlier in the day, global and local leaders converged in a series of high-impact sessions on digital futures, resilient ecosystems, hidden markets, and economic transformation.

Three following addresses encapsulated the best practices of leading digital economies; Michael Foley, Advisor, Watu Global, highlighted African Experience in Bridging the Digital Divide. Building on inclusivity in digitalization and talking of data for women and informal workers in Pakistan, he said, “Affordability is still a challenge, and private sector-led initiatives are critical to build Pakistan as a digital economy.”

Prof. Michael Sung, Chairman, CarbonBlue Innovations & Horizen Digital and Founding Director, Institute of Digital Finance Innovation, Zhejiang International Business School Topic, continued in the same stream with a focus on the transformational potential of digital finance, “We are entering the age of programmable economies - The focus must be on the interoperability of these currencies as they sit on silo ecosystems.”

Maz Hussain, Partner, Digital Lighthouse Leader, KPMG Saudi Arabia, shared, “Pakistan has immense potential for IT hubs - creating blueprints to harness the power of AI and drive digital transformation. Enable innovation, embed intelligence, and evolve endlessly.”

Relevant to the theme of the conference were the immediate steps too, and in the following panel discussion titled, What Matters Now, Saquib Ahmad, Country Managing Director, SAP Pakistan, Iraq, Afghanistan & Bahrain, being the moderator put forward some very profound questions regarding the future of Asian countries in the digital age.

Burak Ozer, Group Chief Financial Officer, VEON, a global digital operator with a presence in six frontier markets, stated that their subsidiary Jazz has invested over USD 10.9 billion in Pakistan to strengthen the country’s digital ecosystem. Emphasizing the VEON Group’s investment portfolio for Pakistan, he highlighted the asset-light strategy to grow as a services-oriented company to transform Pakistan’s digital landscape.

He stated, “Jazz’s direct digital revenue, which now exceeds 25%, reflects the success of the Group’s Digital Operator 1440 strategy. By addressing previously unmet customer needs in critical areas such as healthcare, financial services, education, and entertainment, we will continue to deliver essential digital solutions tailored to evolving demands. This approach is not only beneficial for our customers and the economy as a whole but also supports sustainable business growth.”

Brenden McKittrick, CEO, Internet of Aviation & Chairman, AeroBloc, added, “The technology opportunities for a country like Pakistan, are immense; the youth, the eagerness and the enthusiasm to grow, most favorable.”

Abdul Haseeb, Managing Director, TMC Private Limited, said, “The skillset required for AI will change drastically, and will require more problem solvers and critical thinkers then coders.”

Usman Asif, Founder & CEO, Devsinc, stated, “With AI we have to realize that we need to enable our engineers to think ahead of the curve, and the curve is AI.” Saqib Ahmad Khan, Country General Manager, GBM, noted, “We need to give confidence to the user and train them to use these tools. Organizations must be ready, and the teams should be prepared for global competition.”

Asif Ahmad, Group Chief Business Solutions Officer, PTCL Group, concluded, “We need to give confidence to the user and train them to use these tools and organizations must be prepared for global competition.”

The following session mystifyingly titled The Symphony of Ecosystems, moderated by Mujeeb Zahur, Managing Director, S&P Global Pakistan, began with a synopsis of conversations held so far, and how they stand to impact global trade, and specific industries geopolitical and macroeconomic context.

Jahangir Piracha, Managing Director & CEO, Fauji Fertilizer Company Limited, stated, “As agri input manufacturers committed to feeding 40 million people across 55 million acres of land, we see technology as a powerful disruptor - reshaping the future of food security in Pakistan.”

Jahanzeb Khan, President & CEO, easypaisa digital bank, emphasized financial inclusion, stating, “We are talking about leveraging AI for hyper-personalization, to prevent fraud and digital scams, and enhance operational efficiencies.”

Asif Peer, CEO & Managing Director, Systems Limited, said, “Leaders need to be prepared for disruption, there will be changes but organizations in Pakistan need to be prepared for opportunities.”

Fatima Asad-Said, Chief Executive Officer, Abacus, added, “Orchestrating talent is not about competition but collaboration. We should be creating a symphony where tech innovators, business leaders, and government work together through sustainable policies, relationships, and public-private partnerships to achieve holistic success.”

Haaris M. Chaudhary, President & CEO, Mobilink Microfinance Bank Limited, reflected, “We are building an ecosystem for digital financial inclusion, as we process 120 thousand microloans every day, which enables small businesses and individuals.”

Taking the point further, Abrar Mir, Chief Information & Transformation Officer, HBL, said, “With AI, real-time data is available for real-time loans, real-time investments, real-time insurance capabilities, and the potential is immense if all of this is happening across the entire value chain.”

The session, Forgotten Markets, moderated by Usman Yousuf, Director, Nutshell Communications and Chairman, ProPakistani, Regional Entrepreneur & Investor, featured emerging voices on untapped potential.

Abu Bakar, CEO, Pakistan Software Export Board (PSEB), stated, “Pakistan’s IT sector demands our focus on market development, talent nurturing, and investor facilitation. By establishing single-window operations, strengthening collaboration with policymakers, and rebuilding our national brand, we can transform perception challenges into opportunities and unlock our country’s massive potential.”

Speaking of novel approaches towards emerging markets, Ching-Ping Lin, COO, Partner at Orbit Startups, said, “We invest in founders who excel in tough markets, understand their industry, and build strong customer relationships.”

Konstantin Makarov, Senior Executive Officer, StratLink, Middle East & Africa and Strategic Advisor - Global Markets - Van Tuyl Companies and Perry Ellis International, supported by adding that “Pakistan has a unique geopolitical and geographical position; utilized optimally, it stands to change the game. Pakistan must focus more on geoeconomics, which will open the path to more investors from the global community.”

Mohamed Ehab Hafez, Chief Executive Officer, Entlaq Holding Egypt, emphasized equitable approach within urban and rural sectors, with his take on the Egyptian strategy, “In Egypt, investment follows talent - and thrives with strong government support.” Emmanuel Quezada, Founder, U-Topia, concluded with a strong ask, “You need to accelerate, you need to move fast – you cannot wait any longer.”

The dialogue on Pakistan’s Economy & Business Climate, addressed the question if Pakistan is Ready for a Turnaround? Moderated by Sajjeed Aslam, Partner, Spectreco LLC, USA, it featured Muhammad Azfar Ahsan, Pakistan’s former Minister for Investment, Dr Amjad Waheed, Chief Executive Officer, NBP Funds, and Ali Khizar, Director Research, Business Recorder.

Azfar’s call to the nation was aptly phrased as “Pakistan’s total FDI in the last three plus decades, averages on less than $2 billion, and pales in comparison to India’s last year’s alone. We have to think as Pakistanis first, facilitate the present investor and ensure long term planning.”

Dr Amjad focused on the policy making especially in the realm of education; “We have not invested in human capital for decades. The literacy rate in schools is only 45%, which means that 45 million children are deprived of education. 75% of children are either out of school or receiving substandard education.” Ali kept the conversation focused on the dynamics of economic impact, “We must uplift our people using technology. The painful process of fiscal consolidation is having an impact on the macro indicators. High taxes with low enforcement is a recipe for an informal economy to grow, we need to change this.”

The Summit was successfully moderated by Teymoor Nabili, a globally recognized journalist and anchor with experience at Al Jazeera English, CNBC, CNN, and BBC. With a strong background in geopolitics, finance, and global affairs, Teymoor’s presence ensured the conversations were not only relevant but resonant.

Copyright Business Recorder, 2025

ISLAMABAD: Burak Ozer, CFO of VEON Group—a global digital operator with a presence in six frontier markets—stated that their subsidiary Jazz has invested over $10.9 billion in Pakistan to strengthen the country’s digital ecosystem.

This, he stated while addressing at Leaders In Islamabad Business Summit (LIIBS) 2025, themed Navigating the Unknown.

He emphasised that VEON Group will continue investing in Pakistan, leveraging an asset-light strategy to grow as a services-oriented company that transforms Pakistan’s digital landscape.

“Jazz’s direct digital revenue, which now exceeds 25 per cent, reflects the success of the Group’s Digital Operator 1440 strategy. By addressing previously unmet customer needs in critical areas such as healthcare, financial services, education, and entertainment, we will continue to deliver essential digital solutions tailored to evolving demands. This approach is not only beneficial for our customers and the economy as a whole but also supports sustainable business growth, he added.

Copyright Business Recorder, 2025

US President Donald Trump recently enhanced tariffs unilaterally on all countries – with a base uniform tariff of 10 percent applied on all countries, along with half of the ratio of trade balance divided by imports taken as a percentage.

In the aftermath, China has shown significant retaliation, where rounds of retaliation from each side have settled for now, whereby US has overall placed 145 percent tariff on China, while China has imposed overall 125 percent tariff on the US.

Apart from some retaliation shown by a major trading partner European Union (EU), where it had recently imposed a 25 percent retaliatory tariff on the US, has now taken back that decision in the light of reversal in US policy, whereby countries that have basically non-retaliatory stance against US with regard to tariffs – which does not include China for instance, and for obvious reason with regard to its significant retaliatory policy – against those countries the US has paused application of tariffs for 90 days, over and above the uniform tariff of 10 percent it has imposed on all countries, which will remain.

Hence, around 75 countries according to US authorities have been in discussions for negotiating a more suitable outcome for both sides. Hopefully, this could ultimately mean lesser tariffs, and non-tariff barriers for all countries.

Having said that, even in a desirable regime of lower tariffs, and non-tariff barriers, the very existence of fast-unfolding nature of existential threats like climate change crisis, and related ‘Pandemicene’ phenomenon, it is important that a certain necessary level of core industrial base is indigenized in each country, so that the world is better prepared for, firstly, genuine supply-chain crises as were witnessed during the Covid pandemic.

Secondly, possible politically-, ultra-nationalist influenced agenda of disrupting supply lines to over-care for demos locally, as was done during the pandemic, and as being witnessed overall in an increasing level of rhetoric during election campaigns over the last few years. Hence, in the same vein, it was seen during the pandemic in the shape of practice of vaccine nationalism, and hoarding of a lot more agricultural produce in-country than was required.

Thirdly, it is indeed important for all countries to develop a minimum necessary level of domestic production to better prepare against the neoliberal oriented trading rules like unwarranted existence of intellectual property rights (IPRs)/patent walls for commodities like vaccines, which should be global public goods, and which otherwise have lot of taxpayers’ money in its production related investments in the first place, not to mention the need to share knowledge for reaching better vaccines.

Here, it also needs to be highlighted that what is being called international trade is actually the disaggregation of production process for efficiency, and profit gains, while countries continue to remain at the lower end of value gains in the name of practice of comparative advantage, not to mention the lack of standards met for appropriate labour working conditions, and incomes.

In this regard, world renowned linguistic, and political philosopher and activist Noam Chomsky highlighted this concern as ’…just take what they call trade. Now there are so-called conservatives, very excited that trade is increasing. So for example NAFTA [North American Free Trade Agreement] is supposed to be a great triumph of conservatism; it increased trade between Mexico and the United States.

Well it’s true that cross-border interactions between Mexico and the United States increased, but would Adam Smith, or any classical liberal, or traditional conservative have called that trade. I mean suppose ‘General Motors’ assembles parts in Indiana, and sends them to Illinois for assembly, and then to New York to sell. Is that trade?

Well, suppose happens cross the Mexican border, but it’s still internal to a huge command economy. Is that trade? Well it turns out that if you look at the rough figures, which are all that we have, before NAFTA, the part of cross-border interactions between Mexico and the US that was internal to a corporation was about 50 percent, and now it’s about two-thirds. That’s no more trade if the Kremlin produce things in Leningrad, and send them to Ukraine for assembly, and to Poland to sell. That’s just operations internal to command economies.

We have to simply just in the talk about trade, or free trade, or entrepreneurial values, or consumer choice, or democratic functioning and so on, it’s putting us in a world of illusion and fantasy. That’s why these terms are all demeaned, not just conservative.

Hence, in that sense the steps taken by US President Donald Trump in essence makes sense that he wishes to care for appropriate level of depth of local industry, and for labour rights in terms of availability of appropriate amount of work, given after all the share of US manufacturing in global output has declined a lot over the years.

Internationally renowned economist, Mohamed El-Erian in his recent interview to Bloomberg pointed out in this regard: ’So think of what has happened in last two months.

The last two months we have gone from US economic exceptionalism, to stagflation… Consensus is, we’re in an uncertain period. Where I think is a really important point is where is this leading to.

And as we say this there are two possibilities. One I call it the Thatcher-Reagan where we through disturbances, where we rewire the economies, and we come out with a streamline government, better debt dynamics, and an able private sector, with major innovations coming up that can change productivity, and a fairer trading system. That’s option ‘A’. Option ‘B’ is Jimmy Carter on steroids, meaning a stagflation that gets embedded in the system, that paralyzes policymakers, and it takes a major slowdown in order for the policy stand to respond. I think, it’s 50:50. The market sees it as 80:20.’

Yet, the media in general, and the ‘Chicago boys’-styled policymakers continue to see the increase in tariffs as basically a gloom and doom situation, while this could provide an opportunity, especially for developing countries like Pakistan, to understand the need for greater protectionism to develop industrial policy accordingly in general, and particularly at a time of existential threats, and polycrisis where global supply disruptions require meaningfully deep and diversified industrial base.

More so, this moment offers the global South to push for more fairer trade deals, and struggle with much greater vigour against the neoliberal multilateral order, especially in terms of IMF policy, and WTO’s (World Trade Organization’s) trading rules. In addition, short-term stagflation if it ends up that way is still a much better cost to pay for both US, and countries overall, if the instrument of tariff leads to a fairer trading system, and a rollback of the neoliberal order more broadly, in turn, to bring much-needed sustainability, and greater resilience.

At the same time, the short-term disturbance in the stock markets should be ignored to the maximum, because the ‘virtual parliament’ of ‘hot money’, or foreign portfolio investment (FPI), should not have unwarranted bearing on policy decisions that have roots in broad-based popular opinion, or the will of the people in general for a more equitable, and well-prepared world against shocks.

Having said that, US President Donald Trump’s attempt to address more domestic production, and better working conditions, and income levels for workers at home requires in addition to ridding the global trading regime of the neoliberal order, which is likely going to happen if tariffs and non-tariff barriers are placed in a way so that a more broad-based application of a good balance of protectionism, and fee trade could be reached globally, it is important that he checks the overall deep-rooted neoliberal order in both domestic economy, and also in multilateral institutions like IMF, World Bank, and WTO. This will, in turn, allow reducing otherwise highly significant income-, and wealth inequality levels, and reaching overall fairer trading rules, especially for the global South.

Copyright Business Recorder, 2025

ISLAMABAD: Pakistan remains steadfast in its commitment to the United Nations Sustainable Development Goals (SDGs), viewing them as a vital blueprint for climate resilience, environmental sustainability, and societal well-being, said Federal Minister for Climate Change and Environmental Coordination, Senator Musadik Masood Malik.

The minister made these remarks while chairing a high-level meeting with a five-member delegation from UNDP Pakistan, led by Country Representative Samuel Rizk. The meeting, held in Islamabad on Thursday, focused on strengthening collaboration and aligning Pakistan’s climate and development policies with the global SDG framework.

Senator Malik stressed that the SDGs are not merely aspirational but practical tools that can guide Pakistan towards a future marked by economic resilience, environmental protection, and inclusive development. “These goals are the foundation of our climate policy and our broader national development vision,” he noted.

He emphasised that achieving meaningful progress requires a collective effort beyond government institutions. “Civil society, the private sector, academia, and global development partners must work together to meet these targets. Our approach is inclusive and transparent—no one should be left behind,” he said.

During the session, UNDP’s Samuel Rizk presented an overview of Pakistan’s progress on several key SDGs, particularly those related to climate change, education, health, gender equality, and environmental sustainability. Rizk reaffirmed UNDP’s ongoing support for Pakistan’s development agenda and expressed appreciation for the ministry’s proactive engagement.

The minister highlighted Pakistan’s vulnerability to climate change, pointing out that the country is at a critical crossroads. “We must invest in clean energy, climate-resilient agriculture, sustainable urban development, and ecosystem restoration to ensure long-term sustainability,” Senator Malik stated.

The Secretary of the Ministry of Climate Change and Environmental Coordination, Aisha Humera Moriani, briefed the delegation on ongoing initiatives being undertaken with the support of national and international partners. These include projects focusing on water conservation, environmental protection, public health, and renewable energy solutions.

“The ministry is committed to aligning climate strategies with SDGs to ensure that our development efforts are both environmentally sound and socially inclusive,” she said.

Future collaborations were also discussed, with both sides agreeing to boost joint initiatives in key areas such as green industry, waste-to-energy, sustainable transportation, and smart agriculture, in pursuit of a climate-resilient and sustainable Pakistan.

Copyright Business Recorder, 2025

ISLAMABAD: Prime Minister Shehbaz Sharif expressed optimism on Thursday regarding Pakistan’s economic recovery, asserting that the country’s economy, now stabilised, is poised for further growth and prosperity. He also said that Balochistan’s share in the NFC Award has been doubled.

Speaking at the foundation-laying ceremony for the Jinnah Square Murree Road underpass, he lauded the collective efforts of the government and the “armed forces” in achieving economic stability.

“Pakistan’s recovery is the result of teamwork and united efforts,” he said, adding that the nation is now prepared for its next phase of development.

KP demands enhanced share in NFC award

He also underscored the importance of resilience in facing challenges, stating, “Just as Team Pakistan endured difficult times with resolve, we will continue to pursue progress with the same determination.”

Sharif highlighted several positive developments, including the improvement in Pakistan’s credit rating. International agency Fitch recently upgraded the country’s outlook to stable, a step he regarded as significant for Pakistan’s economic trajectory.

He further praised Balochistan’s growing role in the nation’s development, noting key infrastructure projects such as the transformation of the Karachi-Kalat-Khuzdar-Quetta highway.

The highway, once notorious for claiming numerous lives, is being upgraded to enhance connectivity across the region. “The ‘killer track,’ which has claimed over 2,000 lives, is being transformed into a modern highway,” he explained.

One of the cornerstone projects in Balochistan is the dualisation of the N-25 highway, connecting Chaman, Quetta, Kalat, Khuzdar, and Karachi.

Sharif described the project as “a gift to the people of Balochistan” that will ensure safety, improve transportation, and boost the region’s economic prospects.

Originally estimated at Rs214 billion, the cost of the N-25 project has risen to over Rs300 billion due to increasing expenses. Despite the cost escalation, Sharif confirmed that the highway would be completed within two years.

“This road will be a pathway for development, linking Balochistan’s underserved areas to Karachi’s economic hub,” he added, calling the initiative a reflection of the government’s commitment to equitable development across all provinces.

He also highlighted that Balochistan’s share in National Finance Commission (NFC) Award had been doubled, dismissing opposition to the province’s development as short sighted.

Sharif concluded by reaffirming his government’s commitment to ensuring that Pakistan continues its development journey with unity and determination.

Earlier, Interior Minister Mohsin Naqvi, speaking at the ceremony, pledged to complete the underpass project in just 35 days, well ahead of the originally planned 60-day schedule.

He also outlined ongoing projects in Islamabad, including improvements to key intersections and the revival of the non-functional parking plaza in the Blue Area.

“We are making Islamabad a model for Pakistan and the entire region,” he claimed, adding that plans to introduce parking fees at selected points and establish a dedicated traffic force within the Islamabad Police would further enhance the capital’s infrastructure.

Copyright Business Recorder, 2025

RAWALPINDI: An investiture ceremony was held at the General Headquarters (GHQ) in Rawalpindi, where Chief of Army Staff (COAS) General Syed Asim Munir conferred military honours on Pakistan Army officers and soldiers in recognition of their exceptional bravery in operations and distinguished service to the nation.

The ceremony was attended by a large number of senior military officials as well as the families of the award recipients.

Among the honours conferred were the Sitara-i-Imtiaz (Military) and Tamgha-i-Basalat. Medals awarded posthumously were received with pride and solemnity by the families of the Shuhada.

Speaking on the occasion, the COAS paid glowing tribute to the martyrs and veterans, stating, “Shuhada and Ghazis are our enduring pride. Their honour and reverence are a sacred trust upon every Pakistani. The peace and liberty we cherish today are the result of the ultimate sacrifices rendered by these valiant sons of the soil.”

General Munir also expressed deep appreciation for the resilience and unwavering spirit of the families of the martyrs, acknowledging their unmatched sacrifices for the homeland.

The COAS further commended the steadfast commitment of the Pakistan Army and law enforcement agencies (LEAs) in the ongoing fight against terrorism.

He lauded their successful operations in neutralising high-value terrorist threats and maintaining internal security.

Copyright Business Recorder, 2025

Pakistan government will seek expressions of interest (EOI) next week for the sale of Pakistan International Airlines (PIA), the privatisation ministry said on Thursday, days after it reported its first annual profit in over two decades.

The government has been seeking to sell a 51-100% stake in the debt-ridden carrier, to raise funds and reform cash-draining, state-owned enterprises (SOEs) as envisaged under a $7 billion International Monetary Fund programme (IMF).

Its failed attempt to privatise the PIA last year after receiving a single offer, well below the asking price of more than $300 million.

Pakistan International Airlines returns to profit after 21 years

The privatisation commission board has approved seeking new bids, the ministry said in a statement.

“The board approved the pre-qualification criteria for selection of prospective bidders,” it said. It added new expressions of interest in buying between 51 and 100% of the airline would be sought next week.

Pakistan has shifted almost all of the national carrier’s legacy debt to government books after issues raised by bidders led to the failure of the last privatisation attempt.

PIA’s direct flight from Lahore to Baku from 20th

Muhammad Ali, government adviser on privatisation, said last week all the issues raised at the time of last year’s failed attempt had been dealt with.

The national carrier returned to profit after 21 years, as the national flag carrier posted a net profit of Rs26.2 billion for the year 2024.

It recorded an operational profit of Rs9.3 billion for 2024, according to a PIA press release.

The last time the airline posted a profit was in 2003 and later remained in loss for the next two decades.

ISLAMABAD: Pakistan’s foreign minister Ishaq Dar said on Thursday that he will visit Kabul in the coming days, as Islamabad’s campaign to expel Afghans has forced nearly 60,000 into Afghanistan.

Islamabad has previously said it will deport more than 800,000 Afghans because they are linked to “terrorist” and narcotics activities, but analysts say the move is politically motivated.

“Preparatory meetings have been ongoing and hopefully, within days, I will be visiting Kabul for a day to break this logjam which is there for the last few years,” said Dar who also serves as deputy prime minister.

Pakistan was one of just three countries that recognised the Taliban’s first government in the 1990s and was accused of covertly supporting their insurgency against NATO forces.

But their relationship has soured as violence in Pakistan’s border regions has soared since the Taliban regained power in Kabul in 2021.

PM Shehbaz urges Afghan government to curb cross-border terrorism

Last year was the deadliest year in Pakistan for a decade, with Islamabad accusing Kabul of allowing militants to take shelter in Afghanistan from where they plan attacks.

The Taliban government denies the charge.

On Tuesday, the International Organization for Migration said Pakistan has expelled nearly 60,000 Afghans since the start of April.

The UN says nearly three million Afghans live in Pakistan, many who have been there for decades or were born there, after fleeing successive conflicts.

The Pakistan government has cancelled the residence permits of more than 800,000 Afghans and warned those who are in Pakistan awaiting relocation to other countries that they must leave by the end of April.

More than 1.3 million who hold Proof of Registration cards issued by the UN refugee agency have been told to leave the capital and the neighbouring city of Rawalpindi.

Mohammad Sadiq, Pakistan’s special envoy for Afghanistan, this month said the TTP was the top issue straining ties.

“TTP is a big challenge that can’t be tolerated. Afghanistan has to work with us on this. If they are not working on this, then all deals are off,” said Sadiq, who is currently visiting Afghanistan.

The TTP is a separate but closely linked group to the Afghan Taliban that carries out frequent attacks on Pakistani security officials.

Pakistan and Hungary signed on Thursday an agreement to lift the visa requirement for Pakistani diplomatic passports.

This was announced by Foreign Minister Péter Szijjártó while addressing a joint press conference in Islamabad with Foreign Minister Ishaq Dar.

He said a delegation comprising 17 business leaders and companies are also accompanying him during the visit.

“We discussed promoting our bilateral relations through expanding cooperation in education, agriculture, food security, medical science, water management and energy sectors,” said Szijjártó.

He further expressed satisfaction over the doubling of trade between the two countries, adding that Hungry considers Pakistan as a reliable partner.

He also said that the Hungarian companies have successfully completed food security and water management projects in Pakistan.

In his address, FM Dar that he apprised the Hungarian FM on regional matters including Pakistan’s principled position on Jammu and Kashmir dispute, advocating for its resolution in line with UN Security Council resolutions.

Moreover, Dar reaffirmed the commitment to further strengthen relationship, and commended Hungary’s contributions to Pakistan’s development.

He expressed the confidence that this partnership will continue to ascend guided by mutual commitment to peace, progress and multilateral cooperation.

Szijjártó arrived in Islamabad earlier today, where he was received by Additional Secretary Europe Muhammad Ayyub, the Hungarian ambassador and other senior officials, as per the Foreign Office (FO).

Szijjártó is accompanied by a high-level business delegation to explore business opportunities in Pakistan.

As per the FO, this is FM Szijjártó’s second visit to Pakistan, “aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership”.

Pakistan attaches high importance to bilateral relations with Hungary, which have gained strength due to regular high-level exchanges and commonality of views on regional and international issues, said the FO.

“This year marks 60th year of establishment of diplomatic relations between the two countries.

An important hallmark of strong bilateral relations has been Hungarian oil and gas company MOL’s successful investment in Pakistan since 1999.“

ISLAMABAD: Day 1 of the 8th Edition of Pakistan’s biggest corporate event, Leaders. In Islamabad Business Summit (LIIBS), commenced at a local hotel. Under the theme Navigating the Unknown, the Summit convened a bespoke gathering of leaders from both the public and the private sector, who confronted the critical challenges of rapidly evolving ecosystems and forged pathways toward powerful solutions.

Muhammad Azfar Ahsan, Founder & Chairman, Nutshell Group & Pakistan’s former Minister for Investment, opened the day with a compelling welcome address highlighting the dual challenge of unprecedented economic and environmental uncertainty and way forward for the desired transformation.

He stated, “National prosperity hinges on pioneering sustainable solutions. All ecosystems, whether natural or that of workspaces, need reframing of ecological and financial understanding of indigenous resourcing including that of overseas Pakistanis, as cornerstones of Pakistan’s future economic competitiveness.”

Amir Shehzad, Chairman, Unity Foods Limited, and co-host of the Summit opened his welcoming keynote with a spotlight on evolving trade routes and ticking climate clock for Pakistan to revolutionize its approach. “At today’s global crossroads, Pakistan’s defining journey requires political stability with clear, consistent policies for investors, to chart the course forward. Climate change remains the greatest challenge, demanding unified public-private action rather than mere reaction. Our future depends on transforming vulnerability into opportunity through deliberate, panoramic thinking.”

The inaugural session comprised motivating addresses and significant takeaways; Shaza Fatima Khawaja, Federal Minister for IT & Telecom, said, “The digital transformation of Pakistan rests on three foundational pillars: connectivity that reaches every village and household, enablement that equips our citizens with necessary tools and infrastructure, and literacy that empowers them to harness technology’s full potential.”

Aisha Humera Chaudhary, Secretary, Ministry of Climate Change & Environmental Coordina-tion, stated, “Climate challenge requires transition into real commitments on the ground, inspiring local action. Our ministry is committed to action-driven climate policy - cross-sector collaboration is our mandate.”

Faisal Karim Kundi, Governor, Khyber Pakhtunkhwa, concluded, “Local action matters most – KPK is historically and potentially one of the richest lands. An empowered KPK is working to ensure that its unmatched potential becomes a resource for best regional connectivity for Pakistan. A gateway for the past will now be the bridge to the future.”

Senator Dr. Musadik Malik, Federal Minister for Climate Change & Environmental Coordina-tion, in his Keynote Address, stated, “We must reclaim and restore nature; move from ambition to execution - climate goals demand urgent fulfillment.”

In the session titled Forging the Future, three powerful conversations took place. Muhammad Ali, Federal Minister & Advisor to the Prime Minister on Privatization, was joined by Saquib Ahmad, Managing Director, SAP Pakistan, Iraq, Afghanistan & Bahrain. Ali emphasized, “Pakistan’s potential remains untapped due to the disconnect between opportunity and investment. With government footprint exceeding private sector involvement, we lack the accountability that comes from having skin in the game. The solution is clear: we must meaningfully engage the private sector to bridge this systemic gap.” Saquib added, “Data-driven governance is key to sustainability - SAP is ready to partner with Pakistan on this transformation.”

Dr. Ishrat Husain, N.I., H.I., Author, Economist, former Federal Minister & Governor, State Bank of Pakistan, shared, “Tariff escalation and trade war, accompanied by the paralysis of the World Trade Organization, and the dissolution of the USAID, have created an atmosphere where developing countries are striving to find their feet on the ground.”

In a conversation moderated by Mosharraf Zaidi, Founder, Tabadlab, while speaking on Forging the Future, Gen Zubair Mahmood Hayat, N. I., Chairman Joint Chiefs of Staff Committee (2016-2019), emphasized on the importance of AI and data centers. “Pakistan must build quality AI labs and educate their youth with the right knowledge. Individuals fade away but systems and institutions last longer.”

Justice Ayesha Malik, Judge, Supreme Court of Pakistan, emphasizing on inclusion, said, “When it comes to law-making, what we are missing is a narrative. We must include the voices and stories of women to give them justice.”

Amongst prominent keynotes, Yousaf Hussain, President, Overseas Investors Chamber of Commerce & Industry (OICCI), shared, “Transforming uncertainty into advantage is imperative for Pakistan. True navigation requires genuine collaboration across sectors. Our goal must shift from mere survival to performance excellence.”

Copyright Business Recorder, 2025

ISLAMABAD: For the first time in history, Pakistan hosted the Pak-Gulf Cooperation Council Anti-Narcotics International Conference, said a press release.

The conference held in Islamabad, witnessed special participation from the heads of anti-narcotics departments of Gulf Cooperation Council (GCC) countries—Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait. Director Generals of Anti-Narcotics Forces from GCC countries also attended the conference. The participants unanimously agreed on the need for a joint strategy and collective measures to combat narcotics.

Federal Minister for Interior and Narcotics Control Mohsin Naqvi warmly welcomed the high-level delegations. Director General of ANF Pakistan, Major General Abdul Muyeed, extended his greetings to the DGs of Narcotics Control from the GCC nations.

Minister Mohsin Naqvi, in his address at the Pak-GCC Anti-Narcotics Conference, termed it a historic initiative aimed at strengthening global cooperation against drug trafficking, fostering bilateral relations, and formulating joint cross-border strategies. He thanked the heads of delegations from the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, and GCC-CICCD.

He stated that the aim of the conference is to enhance international collaboration to tackle the global threat of drugs. He emphasized that this conference marks significant progress toward a drug-free world and a safer future. Pakistan’s Anti-Narcotics Force is playing a pivotal role in eradicating drugs alongside international partners.

Addressing the conference, Mohsin Naqvi said, “It is an honour and privilege for me to welcome you all to this important conference. Today, we are not just representatives of our states, but front-line soldiers on a global front, united in the fight against narcotics.”

Mosin Naqvi added that the presence of delegations from the Gulf countries is a testament to our shared commitment. He stressed the need to further strengthen the cooperation, exchange intelligence, and develop effective strategies to prevent drug trafficking and abuse. “We will ensure a safe future for our youth and societies,” he said.

Minister for Interior and Narcotics Control made it clear that the Government of Pakistan is fully prepared to expand cooperation with Gulf states in every area of anti-narcotics efforts. “We aim to promote collaboration in intelligence sharing, joint training, real-time communication, and forensic and technical cooperation. The support and partnership of Gulf countries will be key to our success,” he said.

Copyright Business Recorder, 2025

ISLAMABAD: Deputy Prime Minister/Foreign Minister Senator Ishaq Dar, Wednesday, received the UN - Under Secretary General Jean-Pierre Lacroix (DPO) and Atul Khare (DOS) on the sidelines of the UN Peacekeeping Preparatory Meeting, being co-hosted by Pakistan and Republic of Korea in Islamabad.

The DPM/FM reiterated Pakistan’s longstanding commitment to UN peacekeeping and recalled Pakistan’s proud legacy in the peacekeeping arena.

He expressed the hope that the Peacekeeping Preparatory Meeting in Islamabad would prove to be an important stepping-stone towards adapting the UN peace operations to contemporary challenges.

Copyright Business Recorder, 2025

“Of all manifestations of power, restraint impresses men most”. Thucydides

The Liberation Day, April 02, “Reciprocal Tariffs” and the follow-through have been anything but.

Singaporean PM, Lawrence Wong, noted with resignation that the recent “Liberation Day” announcement by the US leaves no room for doubt….. The era of rules-based globalization and free trade is over. We are entering a new phase – one that is more arbitrary, protectionist, and dangerous“. Former RBI Governor, Raghuram Rajan, has called it a “jhatka” and a self-goal, at least for the short run.

The men and few women, “manning” the barricades at Pak Secretariat, will be risking the nation’s future if they focus only on the Reciprocal Tariffs to the exclusion of the bigger picture. Do not miss the forest for the trees. The MFN centered WTO framework is dead, at least for now.

The US wants to reindustrialize and throw sand into the wheels of the Chinese juggernaut, 145% tariff etc., and in a side hustle, collect billions from average Americans to pay for tax cuts. Friend shoring, China +1, have been tossed to the sea. Is it the latter-day Iron Curtain? Hum kahan kay dana thay, kis hunar mein yakta thay/Bay-sabab hua Ghalib dushman aasmaan, apna!

Now, there are three kinds of US import taxes. The extant taxes on imports, the Reciprocal ad valorem Taxes, which in itself are two taxes, 10% base tax on all goods, effective since April 05, no reprieve here, levied on practically all on God’s earth including the US’ FTA partners and the Reciprocal Tax, 29% for Pakistan, only the latter has been suspended for 90 days. The 10% is the “entry fee” to earn the privilege of access to the US market! These taxes will destroy demand in the US and elsewhere and may cause price wars among exporters. So, what must Pakistan do, then?

One, Pakistan must work with its US buyers to make a case for tariff reduction, carve-outs, from the in-abeyance 29% levy.

Two, Pakistan could explore the US tax provision which could allow the value of American content in our exports for a tariff offset. The “Reciprocal Rates only apply to non-US content value of goods where at least 20 percent of the value is US originating. US content is defined as the value of an article attributable to the components produced entirely, or substantially transformed in, the US. 90-day reprieve is the moment to explore it and has to be led exclusively by some sharp exporters and funded by the EDF. Fellow travellers, bureaucrats and journeymen cannot deliver.

Three, Pakistan may import more. Boeings, F-16s, HIMARS, Ford F-Series, etc. We can import more energy. More cotton, yes. China’s erstwhile purchases of US cotton have now been tariffed out. Surplus US cotton is up for grabs and Bangladeshis and Pakistanis, etc., will have a food fight over this lot of silver fiber.

Four, Pakistan can zero rate US imports. Even if Pakistan does that, it still might not work, a la Vietnam below. Nobody knows what the US wants. Any way, Pak tariffs are designed by Q Block to meet this month’s tax target and reek of anti-export bias.

Reportedly, 75 or more impacted countries, no penguins yet, have made the beeline for Washington to kiss the ring. Peter Navarro, Senior Counsellor to the US President, in an interview, however, out rightly rejected Vietnam’s offer to eliminate import taxes, saying that was not enough and that the Administration was more concerned with Non-Tariff Barriers. This Alice-in-Wonderland economics seems to aim at zero trade balance/surplus with all partners, simultaneously!

Five, even if sense prevails, there is no going back to China exporting, especially textiles, at scale to the US and importing cotton. This is a curt notice to China to expedite its exit from low value trades. Let us see whether Pak Secretariat and tariffed textile tycoons can see an opportunity here. Bangladesh and China have been extremely busy at that.

Hoping against hope, if Pak Secretariat finds the vision and the guts, it can morph this US “pressure into motivation” and extirpate the entire anti-export bias, ACDs, RDs, etc. Interestingly, if Pakistan reduces tariffs for the US, then under the MFN principle all trading partners will generally have to be extended the same relief. That is the silver lining.

Concomitant with this American engagement, Pakistan must immediately and seriously engage with China to explore/set up infrastructure, parks and more for attracting its share of this mass Chinese migration. It can launch Pakistan into MMF universe while retaining local/ US cotton base. This migration can prime Pakistan for a quantum leap into USD 40 to 50 billion export league.

Where do the Chinese textile volumes especially, MMF volumes, migrate to after China disengages from these low value trades? Are we brave enough to seize the moment?

Pakistan; where manufacturers/exporters, are tarred as “thieves” by the Pak Secretariat, has since long been barely able to keep the wolf from the door. These tariff hikes are nothing less than a black warrant, not because, ceteris paribus, 10-20% or more of our US exports are at risk, but because nobody seems to be seized of the second order effects and the new paradigm. The contagion is likely to spread leading to demand destruction elsewhere as well, which in turn may lead to stress in the local credit markets.

Pakistan’s largest customer, the US, wants to do business in a different way. Let us try and find common ground while preparing for the new world, which, I have a feeling, if done right, is not as dark as it seems.

Last but not least, in a perverted sense, these tariffs are, it seems, the much-needed fillip to wean consumers from overconsumption, a positive for ESG goals. An average US vehicle is 12.6 years old, average passenger cars are even older. It seems blue jeans and wheels are going to stick with their owners for longer periods.

Copyright Business Recorder, 2025

The world is at a pivotal juncture in global economic history. The international trade landscape is undergoing a significant upheaval, marked by the United States’ recent imposition of sweeping tariffs. These measures have escalated trade tensions, prompted retaliatory actions, and raised concerns about a potential global recession.

The ripple effects are being felt worldwide. In Europe, fears of market flooding with redirected Chinese goods have intensified, sparking discussions on protective measures.

Financial markets have turned volatile, and global supply chains are experiencing unprecedented disruptions. Many fear this marks the end of multilateralism, with bilateral economic and political relations set to drive trade and integration in the future.

These developments present both challenges and opportunities for Pakistan. As traditional trade routes and partnerships are re-evaluated, we must urgently reassess our economic strategies. Our geographic location and emerging market status could position us as a strategic alternative in evolving global supply chains.

Pakistan remains mired in a perpetual economic crisis, having missed the globalization wave that helped other emerging economies ascend. As others made strides to integrate into global value chains, the race became harder for Pakistan. Now, as the world undergoes a reset, lagging nations like ours have an opportunity to unleash their potential.

To capitalize on this, we must commit to comprehensive reforms, enhance trade facilitation, and foster an investment-friendly environment. Only then can Pakistan navigate current uncertainties and emerge as a resilient, dynamic player in the global economy.

There are tentative signs of macroeconomic stabilization. Inflation has plummeted, external vulnerabilities have eased, and fiscal primary surpluses are beginning to tame the debt burden. Yet, Pakistan remains dependent on IMF programmes, unable to operate with full autonomy. The real challenge is finding a sustainable growth trajectory.

Looking ahead, Pakistan must prepare for a future where reliance on multilateral lenders such as the IMF and World Bank is no longer viable. This should serve as a wake-up call toward greater self-reliance. Encouragingly, there are silver linings to build upon.

Home remittances — Pakistan’s key source of external inflows — crossed the $4 billion monthly mark for the first time and are likely to surpass the combined value of goods and services exports this year. In a post-tariff world where global exports are facing headwinds, especially with the US turning inward, Pakistan’s remittance resilience offers a competitive edge in the short to medium term.

This is the time for strategic thinking. We must aim to revive the glory of Pakistan’s economy, reminiscent of the 1960s to 1980s — an era when PIA was among the top global airlines and Karachi was a vibrant commercial hub. Pakistan’s economic planning in the 1960s was a model for others. We must now reclaim that legacy in a changing world order.

To do so, the country needs investment — foreign and domestic, public and private. But let’s be clear: investment will not come without clarity, confidence, and competitive returns. FDI cannot be treated as an afterthought — it must be at the heart of our growth strategy, with sectoral plans backed by credible incentives and infrastructure.

The Special Investment Facilitation Council (SIFC) is a step in the right direction, but it must deliver results. Investors are seeking execution, not just engagement. For years, we’ve acknowledged the fiscal burden of loss-making SOEs. Now, the needle is finally moving.

The privatization of PIA is more than a transaction — it is a symbol. It shows that Pakistan is finally willing to confront inefficiency and move toward rational governance. But this must only be the beginning. Pakistan Railways, DISCOs, and other SOEs need a similar reform mindset. Whether through privatization or public-private partnerships, the focus must be on transparency, service delivery, and fiscal prudence.

Pakistan cannot grow on consumption and borrowing alone. Exports must lead. As countries like Bangladesh and Vietnam — heavily reliant on US markets — struggle, industries may begin relocating from China. Pakistan can seize this moment — but only with preparation.

That preparation begins with confronting the elephant in the room: a persistently high fiscal deficit. Our tax model is broken. With a tax-to-GDP ratio hovering around 9.5%, the formal sector is taxed at near-Scandinavian levels.

Banks now face an effective tax rate exceeding 55%. Leading companies pay nearly 50%, and top-tier salaried individuals are taxed at 38.5%. Meanwhile, agriculture, real estate, and informal retail — sectors contributing over 45% to GDP — remain grossly undertaxed. Broadening the base must be the core objective of Budget FY26. That means ending exemptions, digitizing enforcement, and protecting compliant taxpayers.

In recent years, Pakistan has witnessed a mass exodus of talent. Over 800,000 people — many highly educated professionals — left the country in 2023 alone. The message is clear: when opportunity doesn’t knock at home, our youth look elsewhere. Brain drain is not just the loss of people — it’s the loss of innovation, productivity, and national confidence. To reverse this trend, we must rationalize the tax burden on salaried professionals, improve public services, and create credible career paths within the country.

It’s time to regroup and bring our talent back — to make Pakistan great again.

Copyright Business Recorder, 2025

KARACHI: Pakistan is likely to buy more cotton and soybean from the United States (US) in an attempt to halve its bilateral trade surplus and escape tariffs imposed by US President Donald Trump, according to a Bloomberg report on Wednesday.

Trump ignited a potentially ruinous trade war earlier this month, as he slapped sweeping 10% tariffs on imports from around the world and harsh additional levies on key trading partners.

Pakistan faces a 29% tariff due to a trade surplus, although that is subject to the 90-day pause Trump announced last week.

Diplomatic overtures: Pakistan pursues win-win trade deal with US

Islamabad is yet to reveal its official policy to deal with the reciprocal tariff, but has announced to send a high-level delegation to the US to promote trade relations and hold talks on the tariff.

Bloomberg on Wednesday reported that Pakistan was mulling on an option to reduce the bilateral trade surplus to below $2 billion from about $4 billion in the financial year ended June.

Pakistan is already the second-largest buyer of US cotton by value after China and mainly sells garments and textiles to America, which is its largest export market, according to the report.

“Deliberations are ongoing and any offer presented during formal negotiations with the US could change,” people with knowledge of the matter told Bloomberg.

“They added that purchases of Texas crude oil had also been considered as an option but there isn’t a consensus in the government due to high freight costs,” the report said.

The office of Pakistan’s Prime Minister Shehbaz Sharif didn’t immediately respond to a request for a comment, it added.

A strategy report was presented to Sharif on April 9, the Prime Minister’s House (PMO) had previously said in a statement. “We will try to bring high tariff lines down through negotiations because US is a big market for Pakistan,” Commerce Minister Jam Kamal Khan told Bloomberg last week. “We are optimistic.”

Copyright Business Recorder, 2025

Prime Minister Shehbaz Sharif expressed his gratitude on Wednesday to China for its support for the recent programme with International Monetary Fund (IMF).

On March 26, the IMF staff reached a deal with Pakistan for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme.

Addressing a ceremony in Islamabad today regarding Capacity Building of 1,000 agricultural graduates in China, the PM called China “a close friend that has always stood with Islamabad in difficult times”.

He said the neighboring country stood ready to cooperate with Pakistan in promoting bilateral relations especially in the agricultural sector.

Meanwhile, the premier said transforming Pakistan’s agricultural sector was essential for achieving sustainable economic growth.

He emphasised on the urgent need to revive and modernise the country’s agricultural research institutions.

While talking about the agricultural programme, the premier said the first batch of 300 agri graduates was selected on merit.

He said graduates from all the four provinces, Azad Kashmir and Gilgit-Baltistan were made part of the training programme. He assured that the remaining seven hundred graduates would also be selected on merit.

“In the second phase, 400 graduates will undergo a six-month training programme, followed by the remaining 300 graduates who will participate in a three-month training programme in the final phase,” the premier said.

The first batch containing 300 agricultural graduates under a govt-funded international training programme will depart for China today, according to a recent statement from the Ministry of National Food Security and Research.

The government earlier this year announced to send a total of 1,000 agricultural graduates to China for a fully funded international training programme aimed at upgrading the Pakistan’s agricultural sector.

The programme named ‘Prime Minister’s Initiative for Capacity Building of 1,000 Agricultural Graduates in China’ is expected to equip the country’s future agricultural leaders with modern skills and exposure.

ISLAMABAD: Amid an increase in terrorist activity in Balochistan, Chief of Army Staff (COAS) Gen Syed Asim Munir on Tuesday issued a defiant message to militants, warning that even ten generations of terrorists cannot harm Pakistan.

Speaking at the concluding session of the first-ever Overseas Pakistanis Convention, he made it clear that Balochistan, which he described as “vital to the country’s future” and a “symbol of national pride,” could not be undermined by terrorism.

“Even ten generations of terrorists cannot damage Balochistan or Pakistan,” he declared. He continued that a small group of militants who believe they can dictate the nation’s future is mistaken, adding “Balochistan is our destiny and the crown jewel of our nation.”

COAS reaffirms resolve to counter all threats

Gen Munir emphasised that as long as the people of Pakistan stand united with the armed forces, the country would be able to face any challenge.

“Pakistan has been blessed with immense resources, and we must always be thankful for that. Together, we will remove any obstacle to Pakistan’s progress,” he added. The top general also addressed Pakistanis living abroad, urging them to remember their heritage and the values that define the nation. “No matter where you are, your roots are in a noble society, ideology, and civilization,” he said.

“We do not fear enmity,” Gen Munir added. “As Muslims and Pakistanis, we have never bowed before difficulties and we never will.”

He stated that the nation honours its martyrs, and their sacrifices would never be forgotten.

The COAS also touched upon Pakistan’s broader ambitions, declaring that the country is determined to reach the place envisioned by its founder Quaid-e-Azam Muhammad Ali Jinnah.

Copyright Business Recorder, 2025

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday commended overseas Pakistanis for their critical role in supporting the country’s economy amid ongoing foreign exchange challenges, calling their contributions crucial and pledging a range of incentives to further engage the diaspora.

Speaking at Pakistan’s first-ever Overseas Pakistanis convention, he said that “any incentive for overseas Pakistanis is too little as they deserve far more” given their continued support, and vowed to address bureaucratic hurdles to encourage foreign investment.

“Bring your investment and come to my office directly,” Sharif said. “There will be no red tape, rather there will be a red carpet. I’ll personally oversee any investment facilitation efforts to make sure the diaspora gets the red carpet treatment they truly deserve,” he declared.

Pakistan’s remittances surge 37% YoY in March, cross $4bn mark for first time

In a wide-ranging address, Sharif piled on praise for Chief of Army Staff Gen Syed Asim Munir, calling him a “true patriot” and a “no-nonsense professional” who’s made the country’s defence “indispensable,” and added, under Gen Munir’s command, terrorists stand no chance. Reaffirming the government’s commitment to counterterrorism, he said that the country would eliminate the threat with the support of the armed forces and paramilitary troops.

He noted that a previous resurgence of terrorism in 2018 was defeated with masses’ support, adding that some 80,000 lives were lost as people stood by the armed forces in the fight against militancy.

Sharif blamed policy decisions taken after 2018 by the then prime minister Imran Khan – including the resettlement of hundreds of Tehrik-e-Taliban Pakistan (TTP) militants – for the resurgence in extremist activity.

In a veiled reference to Pakistan Tehreek-e-Insaf (PTI), he also denounced social media campaigns targeting martyrs, describing them as part of a broader effort to undermine state institutions.

He raised eyebrows when he called out the “promoters and financiers of terror” – claiming the state knows exactly who’s behind it.

Sharif condemned what he described as malicious online campaigns targeting fallen soldiers, drawing a distinction between a “hard state” and a “soft state.” “When a soldier dies protecting us, leaving behind orphaned children, and is then targeted on social media – can that ever be acceptable,” he questioned. “That’s the difference between a hard state and a soft one. A hard state stands firm.” His remarks echoed a recent statement by COAS Munir, who called for strengthening state institutions and making the country a “hard state.”

Sharif announced a series of new measures to facilitate expatriates, including the establishment of special courts in Islamabad for speedy disposal of their cases.

“Special courts have been established in Islamabad for speedy disposal of cases related to overseas Pakistanis. Video-link facilities will be introduced at Pakistani embassies to expedite proceedings, with a 90-day target for case disposal,” he added.

He said that Federal Board of Revenue (FBR) will treat overseas Pakistanis as filers in business transactions and banking matters, saying the move will provide significant tax relief for expatriates.

He said that five per cent of the 10,000 seats in chartered universities in the federal capital will be reserved for children of expatriates, along with 15 per cent of seats in medical colleges across the country.

The National Vocational and Technical Training Commission (NAVTEC) will train 5,000 children of overseas Pakistanis, he added.

Sharif said that women applying for government jobs from abroad will now receive an extended age relaxation of up to seven years compared to the five year in the past.

He also highlighted progress in digitising land records in Punjab and announced the launch of an online sale deed pilot project from the Pakistan High Commission in London in this regard.

He also said that a feasibility study for a new international airport in Mirpur has been initiated as it was the long-standing demand of Kashmiris living in England.

He said that remittances reached record $4.1 billion in March, and are projected to hit $38 billion by the end of the current fiscal year, adding this shows thought the expatriates live in a foreign country, yet their hearts always beat for their mother land – Pakistan.

“Bring investment to the country and “I’ll be your chief executive officer [CEO]…bring your investments directly to me,” he declared, promising no red tape, just red carpets.

To recognise the contributions of overseas Pakistanis, he added, the government will award 15 expatriates with civil honours each year on August 14, based on embassy and Ministry for Overseas Pakistanis Foundation’s recommendations.

He added that a new green channel for overseas Pakistanis had been made operational at 10 airports, and a dedicated desk would soon be established at the Federal Ombudsman’s office to facilitate the expatriates.

Sharif called upon the Pakistani diplomats to do “whatever” they to support expatriates and promised to personally oversee investment facilitation. Sharif reaffirmed Pakistan’s support for the people of Kashmir and condemned the ongoing violence in Gaza, where over 50,000 people have reportedly been killed.

Copyright Business Recorder, 2025

KABUL: Nearly 60,000 Afghans have been forced to leave Pakistan since the start of April, the International Organization for Migration said Tuesday, after Islamabad ramped up a campaign to deport migrants to Afghanistan.

Pakistan last month set an early April deadline for some 800,000 Afghans carrying Afghan Citizen Cards (ACC) issued by the Pakistani authorities to leave the country, in the second phase of efforts to remove Afghans.

“Between 1 and 13 April 2025, IOM recorded a sharp rise in forced returns, with nearly 60,000 individuals crossing back into Afghanistan through the Torkham and Spin Boldak border points,” the UN agency said in a statement.

Families with their belongings in tow have crowded the crossings at Torkham in the north and Spin Boldak in the south, recalling scenes in 2023 when tens of thousands of Afghans fled deportation threats in Pakistan.

“With a new wave of large-scale returns now underway from Pakistan, needs on the ground are rising rapidly – both at the border and in areas of return that are struggling to absorb large numbers of returnees,” said Mihyung Park, head of the IOM’s Afghanistan mission.

The UN says nearly three million Afghans live in Pakistan, many having been there for decades, after fleeing successive conflicts in their country and following the Taliban’s return to power in Kabul in 2021.

Deportation of illegal Afghan migrants under way

More than 1.3 million Afghans who hold Proof of Registration cards from the UN refugee agency, UNHCR, have also been told to move outside the capital Islamabad and the neighbouring city of Rawalpindi.

The Taliban authorities have repeatedly called for Afghans to be allowed a “dignified” return to Afghanistan.

As Afghans again began streaming over the border in large numbers, the Taliban Ministry of Refugees and Repatriation said: “The mistreatment of them (Afghans) by neighbouring countries is unacceptable and intolerable.”

‘Halt the forced returns’

Ties between the two countries have frayed since the Taliban takeover in Afghanistan.

Islamabad has accused Kabul’s rulers of failing to root out militants sheltering on its soil, a charge the Taliban government denies, as Pakistan has seen a sharp rise in violence in border regions with Afghanistan.

Talal Chaudhry, Pakistan’s deputy interior minister said last week that Islamabad was “taking these steps because Afghans are linked to terrorist and narcotics activities”.

He added that Afghans waiting in Pakistan for visas to a third country “would be catered to case by case”.

But, he added, “there will be no extension for anyone after April 30”.

Human rights activists have for months been reporting harassment and extortion by Pakistani security forces against Afghans, as international rights organisations have condemned the forced return campaign.

The IOM urged “all countries to immediately halt the forced returns of Afghans until conditions are in place to ensure safe, dignified, and voluntary returns, regardless of a person’s legal status”.

The agency said that between September 2023 and April this year, more than 2.43 million undocumented Afghan migrants have returned from Pakistan and Iran, over half of them forcibly returned.

KARACHI: Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher US tariffs, according to a government source directly involved with the proposal and a refinery executive.

Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas, as President Donald Trump’s sweeping import duties rattle economies and markets.

“It is one of the products being reviewed ahead of a delegation leaving for the US to talk about tariffs,” said a government source directly involved with the proposal to the prime minister to buy more US crude.

“It is under active consideration. We are exploring opportunities and the structure to do it, but the PM has to approve it,” he said. Trump has imposed a 10% baseline tariff on all imports to the US and higher duties on dozens of other countries.

Gwadar Port: Call for building oil refuelling depot for ships

Pakistan faces a 29% tariff due to a trade surplus with the US of about $3 billion, although that is subject to the 90-day pause Trump announced last week.

The refinery executive told Reuters that the idea is to buy US crude equivalent to Pakistan’s current imports of oil and refined products, or about $1 billion of oil.

The sources declined to be named as the proposal is in its preliminary stage.

Pakistan’s petroleum ministry did not immediately respond to a request for comment.

Pakistan imported 137,000 barrels per day of crude in 2024, mostly light grades from the Middle East, with Saudi Arabia and the United Arab Emirates among its top suppliers, data from analytics firm Kpler showed.

Oil imports amounted to $5.1 billion in 2024, data from Pakistan’s central bank showed.

In February, Saudi Arabia, through the Saudi Fund for Development (SFD), extended a $1.2 billion financing facility to Pakistan for the import of oil products for a year.

The SFD has provided approximately $6.7 billion to Islamabad for oil products since 2019.

Before Trump’s partial tariff pause last week, Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs.

Oil edges up on potential US tariff exemptions on cars, pick-up in China crude imports

Several big energy importers are looking to buy more from the US to ease trade surpluses.

Last Friday, Indian state gas firm GAIL India Ltd issued a tender to buy a 26% stake in a US liquefied natural gas (LNG) project and import LNG, while Japan, South Korea and Taiwan have discussed participating in an LNG project in the US state of Alaska.

ISLAMABAD: The World Health Organization (WHO) has decided to extend travel restrictions on Pakistan for another three months due to ongoing concerns about the spread of poliovirus.

This decision was made during the 41st meeting of the WHO Emergency Committee, held on March 6, where representatives from polio-affected countries, including Pakistan, participated via video link.

The Emergency Committee reviewed the data on wild poliovirus (WPV1) and circulating vaccine derived polioviruses (cVDPV) in the context of the global target of interruption and certification of WPV1 eradication by 2027 and interruption and certification of cVDPV2 elimination by 2029.

Technical updates were received about the situation in the following countries: Afghanistan, Algeria, Chad, Democratic Republic of the Congo (DR Congo), Djibouti, Ethiopia, Germany, Pakistan, Poland and the United Kingdom of Great Britain and Northern Ireland.

The committee assessed the global polio situation, with a particular focus on Pakistan’s current status and efforts to curb the virus. Despite acknowledging progress in the country’s anti-polio campaigns, the WHO noted that Pakistan and Afghanistan remain key obstacles in the path to global polio eradication and continue to be held responsible for the ongoing international transmission of the poliovirus.

While the WHO expressed confidence in Pakistan’s polio initiatives, it stressed the need for enhanced implementation at the provincial and district levels. A major concern was the sharp rise in polio-positive environmental samples in Pakistan — a 12-fold increase reported between 2023 and 2024.

So far in 2024, 628 environmental samples have tested positive for poliovirus across the country, with the virus spreading to new districts. The active circulation of the YB3A4A B-cluster strain remains a significant issue, particularly in Khyber Pakhtunkhwa (KP), Sindh, and Balochistan.

The cities of Karachi, Peshawar, and Quetta have emerged as hotspots for the wild poliovirus type 1 (WPV1), which continues to circulate in central Pakistan and southern KP. WHO expressed deep concern over this trend especially since WPV1 is now largely confined to Pakistan and Afghanistan globally.

The organisation also raised concerns about immunisation coverage, particularly given the virus’s spread during the low transmission season and the expected increase in cases during the upcoming high transmission period.

The WHO has urged the Pakistani government to ensure more effective polio campaigns in high-risk areas and highlighted the importance of addressing cross-border virus transmission, especially from southern KP and the Quetta block into Afghanistan.

The committee stressed that the movement of displaced persons and refugees is contributing to the virus’s spread. It called for enhanced vaccination efforts at Pakistan-Afghanistan border crossings and emphasized the need for strengthened bilateral coordination. Simultaneous anti-polio campaigns on both sides of the border were recommended as essential to breaking the chain of transmission.

Since the last Emergency Committee meeting, 36 new WPV1 cases were reported, three from Afghanistan and 33 from Pakistan bringing the total to 99 WPV1 cases in 2024 and three in 2025. This represents more than four-fold increase in Afghanistan and more than 12-fold increase in Pakistan in the number of WPV1 cases from 2023 to 2024. A total of 741 WPV1 positive environmental samples were reported in 2024, 113 from Afghanistan and 628 from Pakistan.

In 2025, 80 WPV1-positive environmental samples have been reported, nine from Afghanistan and 71 from Pakistan.

The upward trend in WPV1 cases and environmental detections has persisted in both endemic countries throughout 2024. In Pakistan, this increase has been evident since mid-2023, initially in environmental samples and later in paralytic polio cases, primarily in KP, Sindh, and Balochistan.

In Afghanistan, the rise in WPV1 detections, both in environmental samples and cases during 2024 has been predominantly in the South Region.

The Committee noted the geographic spread of WPV1 to new provinces and districts in both endemic countries in 2024 and observed that WPV1 transmission has re-established in historical reservoirs, including Kandahar (Afghanistan), Peshawar, Karachi, and Quetta Block (Pakistan).

Currently, the most intense WPV1 transmission is occurring in the southern cross-border epidemiological corridor, encompassing Quetta Block (Pakistan) and the South Region (Afghanistan).

The Committee also noted the ongoing WPV1 transmission in the epidemiologically critical South KP and Central Pakistan blocks of Pakistan.

Review of the molecular epidemiology indicates that there has been progressive elimination of the genetic cluster ‘YB3C’ in 2022 and 2023, with its last detection in November 2023 in Bannu district of KP province of Pakistan. However, there has been persistent transmission of YB3A genetic cluster since May 2022, resulting in its split into two: YB3A4A and YB3A4B.

During the first half of 2024, the cluster YB3A4A was mainly circulating in the northern and southern cross-border corridors. During the second half of 2024 there was distinct expansion of both these genetic clusters seen in Pakistan, more pronounced for YB3A4A, in Afghanistan, the predominantly circulating genetic cluster in YB3A4A.

Both Afghanistan and Pakistan continue to implement an intensive and mostly synchronized campaign schedule focusing on improved vaccination coverage in the endemic zones and effective and timely response to WPV1 detections elsewhere in each country. Afghanistan implemented five sub-national vaccination rounds during the second half of 2024, targeting infected and high-risk provinces, while Pakistan implemented two nationwide and a large scale sub-national vaccination round from September through December 2024.

After encouraging progress towards implementing house-to-house campaigns in all of Afghanistan during the first half of 2024, Afghanistan programme has not been able to implement house-to-house campaigns during most of the second half of 2024. All vaccination campaigns in Afghanistan since October 2024 have been implemented using alternate modalities (mostly site-to-site).

The committee was concerned that site-to-site campaigns are usually not able to reach all the children, especially those of younger age and girls, which may lead to a further upsurge of WPV1 with geographical spread in Afghanistan and beyond. Afghanistan programme is taking measures to maximize the reach of site-to-site campaigns through adequate operational and social mobilization measures.

The Committee noted overall high reported coverage of the vaccination campaigns in Pakistan; however, variations were observed about the quality at the sub-provincial and sub-district levels, relating to operational implementation challenges and increasing insecurity, particularly in the Khyber Pakhtunkhwa and Balochistan provinces. Nearly 200 000 and 50 000 missed children were reported from the South KP and Quetta Block (Balochistan) in Pakistan at the end of October and December 2024 campaigns.

In addition to seasonal movement patterns within and between the two endemic countries, the continued return of undocumented migrants from Pakistan to Afghanistan compounds the challenges faced.

The scale of the displacement increases the risk of cross-border poliovirus spread as well as spread within both the countries. This risk is being managed and mitigated in both countries through vaccination at border crossing points and the updating of micro-plans in the districts of origin and return.

The programme continues to closely coordinate with IOM and UNHCR. The Committee noted ongoing coordination between the programmes of Afghanistan and Pakistan at the national and sub-national levels.

In summary, the available data indicates that globally transmission of WPV1 is geographically limited to the two WPV1 endemic countries; however, there has been geographical spread and intensifying transmission within the two endemic countries in 2024.

Copyright Business Recorder, 2025

ISLAMABAD: Pakistan, in partnership with the Republic of Korea, will co-host the Third United Nations Peacekeeping Ministerial Preparatory Meeting at the Centre for International Peace and Stability (CIPS), National University of Sciences and Technology (NUST) in Islamabad from 15–16 April 2025, announced Foreign Office on Monday.

Pakistan’s hosting of the preparatory meeting will signify its continued commitment to UN peacekeeping and its tangible contribution to the collective promotion of peace and security envisaged in the UN Charter.

Bringing together global stakeholders under the theme, “Towards a Safer and More Effective Peacekeeping: Use of Technology and Integrated Approach,” the meeting will set the stage for the upcoming UN Peacekeeping Ministerial in Berlin, Germany (13–14 May 2025) — the UN’s flagship biennial gathering of foreign and defence ministers focused on strengthening peacekeeping operations.

Senior dignitaries from the Government of Pakistan, along with top UN officials including Jean-Pierre Lacroix, Under-Secretary-General for Peace Operations, and AtulKhare, Under-Secretary-General for Operational Support, will attend the Islamabad meeting.

The two-day preparatory meeting in Islamabad will feature a series of panel discussions focusing on the future of peacekeeping, including discussions on various sub-themes to deliberate upon evolving challenges to peacekeeping operations; the role of technology for making the future of peacekeeping safer and more effective; countering threats to the safety and security of peacekeepers using technology; the role of regional and cross-regional organisations in supporting United Nations peace operations; the effective performance of peacekeepers; and an integrated approach for sustainable and durable peace.

This meeting will provide an opportunity to highlight Pakistan’s commitment to the United Nations peacekeeping as a leading troop-contributing country.

Over the years, Pakistan has deployed 235,000 peacekeepers in 48 UN missions. 181 Pakistani peacekeepers paid the ultimate sacrifice in the service of international peace and security.

Copyright Business Recorder, 2025

KARACHI: The Washington Post has validated Pakistan’s concerns regarding the fallout of the failed US war in Afghanistan, stating that the consequences are still being felt today.

According to the paper, billions of dollars’ worth of military equipment left behind in Afghanistan is now being used by terrorists against Pakistan.

In a recent investigative report, the Post revealed that American-made weapons were used in the deadly attack on the Jaffer Express train. One of the rifles recovered from the slain terrorists bore the Colt logo and had the serial number “W1004340,” confirming it was of American origin.

The report further states that such US-made weapons have made their way into markets in Pakistan’s border regions. Groups like Tehrik-i-Taliban Pakistan (TTP) and other militant organizations are actively using these arms — including assault rifles, machine guns, and advanced military gear such as night vision goggles.

The use of night vision technology has enabled terrorists to carry out coordinated attacks even during the night, significantly increasing their operational capabilities.

The Washington Post emphasized that a large volume of US weapons has entered Pakistan’s border regions and even found its way into local arms markets, eventually ending up in the hands of extremists and violent actors.

Highlighting the serious implications of these developments, the report shed light on the illegal use of American weapons and their involvement in terror activities inside Pakistan. In response, Pakistan has called on the international community to investigate the matter and take action against those responsible.

The report underscores the long-term dangers posed by unregulated military equipment left behind after the US withdrawal from Afghanistan, echoing Pakistan’s repeated warnings to global stakeholders.

Copyright Business Recorder, 2025

ISLAMABAD: The government has reportedly established contact with Washington through diplomatic channels to seek a win-win trade deal, while also engaging local industry stakeholders on the implications of the recent reciprocal tariff announcement by the US President, well-informed sources told Business Recorder.

“We are in contact with the Trump Administration through the Pakistan Embassy in Washington regarding the issue of increased tariffs,” the sources said. “Efforts are underway to initiate formal talks at the government level. An official delegation, led by the Commerce Secretary, will depart for Washington once meetings are scheduled.”

Like many other capitals, Islamabad welcomed US President Donald Trump’s decision to pause the implementation of increased tariffs for three months—a window aimed at encouraging renegotiation of trade deals.

Trump tariffs: Pakistan to send high-level delegation to US

In a policy note issued Sunday titled “Impact of Unilateral Tariff Increase by United States on Pakistani Exports,” the Pakistan Institute of Development Economics (PIDE) stated that the proposed 29% reciprocal tariff could be added to the existing 8.6% Most Favoured Nation (MFN) tariff, potentially raising the total duty to 37.6%. Such an increase could result in a 20–25% decline in exports to the United States, translating into an annual loss of $1.1–$1.4 billion. The textile sector—already burdened with high tariffs—would be particularly affected.

However, the Ministry of Commerce disputes the inclusion of the 8.6% MFN tariff in the reciprocal tariff calculation, arguing that MFN tariffs are regulated under the World Trade Organization (WTO) framework, of which the U.S. is also a member.

The United States remains Pakistan’s largest single-country trading partner. Bilateral trade between the two countries stood at $5.540 billion during the first nine months (July–March) of FY 2024–25, up 15% from $4.283 billion during the same period in FY 2023–24.

Pakistan’s exports to the US grew by 12% to $4.345 billion during the period, compared to $3.889 billion in the corresponding months of the previous fiscal year. Imports from the U.S. also saw significant growth—rising 28% to $1.195 billion from $933.6 million.

The Pakistan-U.S. trade surplus increased 7%, reaching $3.150 billion during the first nine months of the current fiscal year, up from $2.956 billion in the same period of FY 2023–24.

Sources added that the issue of reciprocal tariffs was also raised with a visiting U.S. Congressional delegation. The Ministry of Foreign Affairs is maintaining diplomatic engagement with Washington on the matter.

According to sources, the Ministry of Commerce has submitted proposals to Prime Minister Shehbaz Sharif, who has returned them with suggestions for further refinement. Finance Minister Muhammad Aurangzeb is also holding consultations on the issue.

“We have formulated our strategy with regard to the US, but we cannot disclose it at this stage,” said Commerce Secretary Jawad Paul, speaking to Business Recorder. He noted, however, that he had not yet reviewed the policy note released by PIDE.

The Commerce Ministry is also holding consultations with industry sectors likely to be affected by the proposed U.S. tariff regime. According to internal analysis, Pakistan is expected to face less adverse impact than other countries. For instance, Turkey has a 10% tariff rate but primarily exports denim to the U.S., while Pakistan’s denim exports are relatively limited.

Copyright Business Recorder, 2025

WAH CANTT: A three-member delegation of US congressmen visited the archaeological museum Taxila and the remains of Sirkap also known as the first metropolitan city of the Taxila civilization on Sunday.

The delegation comprises Representative Jack Bergman, Representative Tom Suozzi, and Representative Jonathan Jackson, who are on their four-day official visit to Pakistan. The delegation was accompanied by officials from the Ministry of Foreign Affairs and the U.S. Embassy.

Upon arrival, the US congressmen were received by Deputy Director of the Directorate General of Archaeology Muhammad Iqbal, who also briefed them about various artifacts put on display at the Taxila Museum.

Iqbal informed the US delegates that there were 4,000 objects, including stone, stucco, terracotta, silver, gold, iron, and semiprecious stones, displayed in the museum.

On this occasion, they lauded the efforts of the Pakistani government and authorities of the Taxila Museum for preserving the history of Gandhara civilization.

Is Pakistan’s relentless quest for nuclear capability, the unifying thread, binding its four provinces and three territories? Perhaps.

Yet, as history and human experience whisper through the corridors of time, the truest and most enduring bond lies not in power, but in water. When shared with justice and wisdom, water emerges as a timeless force, weaving together the fabric of a nation with unmatched grace.

Nature has generously bestowed upon Pakistan a symphony of interconnected rivers, a gift that transcends the divides of geography. The two main rivers of Balochistan, the Zhob and Kundar, carve their origins from its rugged heart, journeying onward to embrace the Gomal River in Khyber Pakhtunkhwa (KPK).

Together, they flow toward the mighty Indus, a lifeline threading through Punjab and finally Sindh, where it breathes life into fields and communities. In the intricate choreography of rivers and canals, there lies a profound truth: nature, when nurtured and shared with equity, holds the power to bind the hearts of a nation. In these flowing waters, the spirit of unity finds its most enduring roots.

The bond between provinces was further fortified in 1969 with the completion of the Pat Feeder Canal for Balochistan, a triumph that drew life from the Indus at the Guddu Barrage. As the largest irrigation project in Balochistan, the canal transformed the arid lands of Nasirabad and Jafarabad districts.

Pakistan’s irrigation history shines with this success story, which sparked agricultural prosperity and bridged Baluchistan’s socio-economic gap with the rest of the country, fostering shared growth

Buoyed by this success, the vision of the Kachhi Canal Project was born in 2002 — a bold endeavor stretching over 500 kilometers, drawing water from the Taunsa Barrage on the Indus and channeling it deep into Balochistan.

Designed to irrigate 720,000 acres of land, nearly triple the reach of the Pat Feeder Canal, this project held the promise of transforming the lives of those in Dera Bugti, Naseerabad, Sibi, and Jhal Magsi. These districts, among the most impoverished and troubled in Balochistan, were poised for a renaissance, their fates intertwined with the life-giving waters of the canal.

It is a sorrowful chronicle of profound negligence, a saga stretching over 23 long years since the Kachhi Canal Project was first envisioned in 2002. Born with the promise of prosperity, it has languished, incomplete, and marred by missteps, its initial cost of PKR 32 billion swelling to a staggering Rs 80.4 billion.

The culprits are many, but foremost among them are the project’s consultants and the Planning Commission — names already tarnished by the disastrous Neelum Jhelum hydropower project, a Rs 600 billion blunder almost abandoned due to a fatal design flaw.

The tale of the Kachhi Canal bears a grim resemblance. In the floods of 2022, its 363-km main channel suffered devastating damage as the consultants failed to account for the ferocious hill torrent flash floods cascading from the Koh-e-Sulaiman mountain range. This was no mere oversight but an emblem of systemic neglect.

In Balochistan, poverty casts its longest shadow in rural areas, where livelihoods hinge on agriculture — a lifeline strained by water scarcity. Only 7.2% of the province’s land is cultivable, with water as the primary constraint.

Despite this, Balochistan has been denied its rightful share of the Indus River under the Water Apportionment Accord of 1991. Allocated a mere 3.66% — the smallest share among provinces — Balochistan has seen even this pittance squandered by the canal’s non-completion.

In 2020, WAPDA’s then-chairman proclaimed that the canal, once operational, would irrigate 102,000 acres, with 75,000 acres dedicated to Balochistan. Had it been realized, this land could have created 450,000 jobs since 2007, the project’s original completion date — jobs that would have transformed lives, lifted families from poverty and breathed hope into the embattled districts of Dera Bugti, Naseerabad, Sibi, and Jhal Magsi.

The delays are a tragic symphony of bureaucratic failures: shifting project scopes, endless variation orders, and a cascade of overruns in cost and time. Feasibility studies were delayed, designs flawed, contracts awarded without fairness, and construction supervision plagued by incompetence.

The dream of cultivating Baluchistan’s barren lands remains deferred, with Phase II and III of the project still unrealized.

As a former Planning Commission director, I developed a real-time monitoring mechanism in 2008 for projects in the remotest areas for the Planning Commission — an initiative designed to ensure transparency, control costs, and maintain quality. Had this been implemented, the Kachhi Canal might today stand as a symbol of achievement rather than a monument to neglect.

This is more than a tale of corruption, incompetence, and missed opportunities. It is a betrayal of the people of Balochistan, who endure deepening deprivation while other provinces see swift infrastructural progress.

Lahore and Islamabad boast underpasses built in record time, while Baluchistan’s lifeline remains unfinished after nearly a quarter-century. The delay is not just an administrative failure but a crime against the nation, widening the chasm between the state and its people.

The unfulfilled promise of the Kachhi Canal is more than a lost economic opportunity; it is a squandered chance to fortify the bonds between Balochistan and the rest of Pakistan. In a region plagued by insurgency and despair, this canal could have been a beacon of hope, creating livelihoods and easing the sense of abandonment. Instead, its absence fuels the fires of alienation.

The spilt blood of soldiers, the poison of corruption, and the spectre of mis-governance cannot coexist in Balochistan or Pakistan at large. It is time to shelve the dysfunctional Planning Commission and commit to a real-time system, ensuring public funds are used with integrity.

If the Kachhi Canal is completed with urgency, it could provide employment, alleviate poverty, and empower Baluchistan’s youth to reclaim their destiny — eliminating insurgents not with force, but through prosperity and inclusion.

As the sun sets over the arid landscape of Balochistan, a sense of despair settles over the land. The promise of water, a lifeline for the parched earth and its people, remains unfulfilled.

The Kachhi Canal Project, envisioned over two decades ago, still languishes in limbo, a testament to the systemic neglect and bureaucratic failures that have plagued its implementation. The people of Balochistan wait with bated breath, their lives and livelihoods hanging in the balance.

The fate of the Kachhi Canal Project, and with it, the future of the province, hangs precariously in the balance. Will the Prime Minister seize this moment to translate his words into action, or will the status quo prevail, condemning Balochistan to a future of drought, despair, and desperation?

Copyright Business Recorder, 2025

A 5.5 magnitude earthquake jolted parts of Rawalpindi on Saturday, the National Seismic Monitoring Centre (NSMC) said in a statement today.

The NSMC said the earthquake’s epicentre was located in the Northwest of Rawalpindi and its depth was 12 kilometres.

The quake had a longitude of 72.66 East and a latitude of 33.90 North.

There have been no reports of loss of life or damage to property.

For decades, the white segment of Pakistan’s flag — symbolic of its religious minorities — has borne the weight of systemic economic deprivation, social marginalization, and policy neglect.

Yet, despite their indispensable contributions to education, healthcare, defence, and the economy, these communities have long been relegated to the fringes of opportunity.

Under the visionary leadership of Chief Minister Maryam Nawaz Sharif, Punjab is now charting a new course — one that seeks to transform the plight of religious minorities into a narrative of empowerment and dignity.

In a landmark initiative, the Punjab government has introduced the Minority Card, a financial assistance programme designed to provide Rs 10,500 quarterly to financially struggling minority families.

This direct aid aims to support at least 75,000 households, alleviating immediate economic hardships and promoting financial inclusion. But the programme’s impact extends far beyond mere monetary relief; it is a symbolic reclamation of rights that have been too long ignored.

The government’s commitment is further underscored by an unprecedented 60% increase in the annual development budget for minorities. This substantial boost is not only a response to urgent needs but also a clear message that economic justice will no longer be a distant dream for these communities.

Festival grants, too, have been enhanced from Rs 10,000 to Rs 15,000, ensuring that cultural and religious celebrations can be observed with pride and dignity. These measures, taken together, signal a transformative shift — a pivot from neglect to proactive inclusion.

Education, often the most potent tool for societal change, has received renewed attention under this initiative. Current statistics paint a grim picture: only 3% of non-Muslim students progress to university-level education.

Recognizing this stark reality, the Punjab government has significantly expanded scholarships for minority students. By bridging the educational gap, the state is not merely investing in individual futures but is cultivating a generation that will be well-equipped to drive socioeconomic advancement and contribute meaningfully to national progress.

The transformation is not limited to financial and educational reforms. To tackle employment disparities, the government is enforcing the 5% job quota for minorities in government positions — a target that has historically languished below 2%. By mandating this quota, the current administration is making a bold statement: that diversity and representation are not optional but are integral to the fabric of governance.

Additionally, specialized vocational training programmes are being rolled out to enhance employability among minority youth, ensuring they are not just participants but key contributors in the nation’s economic landscape.

But policy shifts alone cannot redress centuries of marginalization. Social change, too, is imperative. In a country where forced conversions and false blasphemy accusations have too often left minorities vulnerable, the government has initiated legal reforms to expedite justice and prevent such abuses.

The focus on streamlining Minority Card distribution and enhancing biometric verification systems is a testament to the commitment to transparency and efficiency — a commitment that extends to every facet of minority empowerment.

International recognition further validates these bold measures. The British House of Lords recently acknowledged Punjab’s progressive steps, with Lord Alton of Liverpool hailing Chief Minister Maryam Nawaz Sharif’s leadership as “a symbol of hope for marginalized communities.” Such accolades not only elevate Punjab’s standing on the global stage but also set a precedent for other provinces and, indeed, for the nation as a whole. If Punjab can transform its approach to minority rights, then the potential for a more inclusive Pakistan becomes not just a possibility, but an imperative.

The paradigm is shifting. For the first time, minority leaders are being appointed to key positions within the government. Provincial Minister for Minorities Ramesh Singh Arora, a prominent Sikh figure, now heads the Human Rights and Minorities Affairs Department. His presence in the corridors of power is a powerful symbol — a reminder that policy decisions must reflect the diverse tapestry of our society.

This inclusive approach, once a distant ideal, is rapidly taking shape, challenging the status quo and setting the stage for a truly progressive and harmonious Pakistan.

Yet, despite these monumental strides, challenges remain. Critics argue that while financial aid and quotas are welcome, they must be part of a broader, sustained effort to address the deep-rooted inequities that have long plagued our society.

The vision must extend to comprehensive legislative measures—ensuring protection against forced conversions, enhancing economic participation, and increasing minority representation in policymaking at the national level. As former Prime Minister Nawaz Sharif once declared, Pakistan must become a “minorities-friendly country” — a pledge that now resonates with renewed urgency.

The Minority Card initiative is more than a policy reform — it is an embodiment of dignity, opportunity, and justice. It is a significant step toward realizing Quaid-e-Azam Muhammad Ali Jinnah’s vision of Pakistan as a pluralistic and inclusive nation. Under Chief Minister Maryam Nawaz Sharif’s steadfast leadership, Punjab is setting a new standard, one that challenges deep-seated prejudices and lays the foundation for a future where every citizen, regardless of faith, can thrive.

As the winds of change sweep across Punjab, there is a palpable sense of hope — a belief that the future can be reshaped through bold actions and steadfast commitment. If other provinces can follow Punjab’s example, then perhaps, one day soon, Pakistan will truly become a land where every minority not only survives but flourishes. The journey is long, but the vision is clear: a Pakistan that upholds the rights of all its citizens is not merely an aspiration, but a mandate for our time.

Copyright Business Recorder, 2025

KARACHI: Prime Minister Shehbaz Sharif arrived in London on Friday night from Belarus for a brief two-day visit and the PML-N leader and former prime minister Nawaz Sharif will be reaching London on Saturday for two-week tour.

The premier landed at Luton Airport late in the evening and is expected to stay in the city over the weekend. He will then fly back to Pakistan on Sunday night to attend the Overseas Pakistanis Convention in Islamabad. He was received at the airport by PML-N UK leaders Ahsan Dar, Rashid Hashmi and Khurram Butt.

PML-N sources said that the prime minister will go for medical checkups on Saturday and has two meetings planned on Sunday. He has been undergoing health evaluations in London for many years.

The PM will meet his elder brother Nawaz at the Avenfield flats before leaving for Pakistan.

Copyright Business Recorder, 2025

Pakistan is the proverbial canary in the coal mine as the world descends into global climate crisis. It has recently ranked as the most climate-vulnerable country on the Climate Risk Index 2025, and it still reeling from the devastating 2022 floods, which caused over $30 billion in damages.

The country faces worsening heatwaves, glacial melting, floods (including Karachi’s annual urban flooding), droughts, and rising coastal threats. Unpredictable monsoons, desertification, and groundwater depletion further deepen food and water insecurity.

Health crises, including vector-borne diseases (such as dengue and malaria), heat strokes, and malnutrition, are escalating. With a fragile economy and repeated IMF bailouts, Pakistan’s climate crisis carries catastrophic financial burdens.

As extreme weather intensifies, urgent climate investment in adaptation, mitigation and resilience are critical to combat future disasters. Facing billions in climate and resiliency costs, Pakistan’s negligible fiscal capacity, acute environmental and socio-economic vulnerability, and minimal contribution to global emissions, demand a resolute push to position itself as a prime destination for climate finance.

$1bn climate finance talks next week

Climate finance will enable Pakistan to attract green investment into multi-sectoral climate-friendly projects through investors or sponsors such as multilateral development banks (MDBs) funds, governments or corporations.

Carbon finance, a subset of climate finance, when functioning properly will allow Pakistan to develop emission-reduction projects and generate carbon credits that can be sold to companies, governments and funds looking to buy either in the compliance or voluntary carbon market.

For instance, Sindh, a frontline province in the fight against climate change, has planted over two billion mangroves in various areas for coastal protection and mangrove restoration. This initiative under the Delta Blue Carbon Project will help to protect coastal communities from storm surges and floods, enhance biodiversity, and sequester significant amounts of CO2.

According to Chief Minister Murad Ali Shah, it has generated about $50 million in carbon credits. While it may not be a friction-free and seamless undertaking, it showcases the potential of such solutions.

Hence, climate finance is broad enough to encompass adaptation, mitigation and other resiliency building projects through market-driven and investment-based approaches, while also offering a crucial avenue to attract private capital.

It can fund reforestation and afforestation, biodiversity protection, flood defenses, coastal protection, water management and conservation, climate smart agriculture, and resilient infrastructure, among several others. For a country whose economic budget is predominantly consumed by debt repayment, climate finance is a green lifeline within our reach.

The Paris Climate Agreement is a key driver of climate finance growth. The Agreement aims to limit global warming to 1.5°C above pre-industrial levels, which requires about a 45 percent reduction in GHG emissions by 2030, and net-zero by 2050. Resultantly, annual climate finance has more than doubled between 2018 and 2023 (from $674 billion to surpassing $1.5 trillion).

However, countries lag behind their Nationally Determined Contributions (NDCs). Climate finance, currently at about 1 percent of global GDP, requires at least a five-fold increase annually to prevent severe climate impacts.

Multilateral climate action faced a recent setback with the Trump administration’s rollback of US climate commitments, including initiating the withdrawal from the Paris Agreement. This change in posture has raised concerns over reduced climate financing, emissions cuts (with the US being among the top emitters), and research and technology development support.

Climate adaptation, mitigation: Country needs $348bn by 2030: Aurangzeb

The US contributed up to 8 percent to international climate finance in 2024 with the Biden administration significantly scaling up commitments. The renewed uncertainty under an emboldened Trump administration in a world facing mounting conflicts and economic constraints, might cause a slowdown in climate action and potentially push investments back into fossil fuels. This shift casts a long shadow over global climate ambitions at a critical time.

Nevertheless, the heat is on. Relentlessly.

With or without the political chest-thumping reverberating across the globe, we are careening towards a future that is hotter and harsher – one that spares no nationality, ethnicity, religion, creed or culture. The cost of inaction grows exponentially larger.

The 2024 Global Landscape for Climate Finance forecasts that by 2100, the avoidable economic losses could be five times greater than the climate finance needed by 2050 to limit warming to 1.5°C.

With exponentially rising costs of inaction, the U.S. stepping back may simply create a vacuum that others will fill. Countries are advancing policies to leverage climate finance and carbon markets, with stricter emissions regulations, growing institutional and private commitments, and rising adaptation, mitigation and resiliency needs.

At COP29, at least 200 nations set a goal to triple climate finance for developing countries, targeting $1.3 trillion annually by 2035. Funding from private capital, multilateral banks, donor nations, and domestic “country platforms” is increasing but still remains insufficient for emerging markets and developing economies.

On the international carbon markets front, China’s carbon market is expanding to industries like steel and cement, strengthening enforcement as it becomes the world’s largest Emissions Trading System (ETS). The EU is tightening its Emissions Trading System, raising carbon prices and expanding to new sectors.

Additionally, the EU’s Carbon Border Adjustment Mechanism will soon tax carbon-intensive imports to curb “carbon leakage.” Indonesia’s ETS is currently set to enter its second phase of expansion as well, while countries such as Brazil and India are among those exploring, or in the process of, establishing ETSs.

For Pakistan to position itself as a climate finance hub, a systemic reorientation is needed to foster a vibrant green investment channel. This requires a multi-pronged approach, including a supportive regulatory framework, restoration of investor confidence, and a robust pipeline of viable and investable projects.

Lack of a sustainable and feasible project pipeline is a key reason why several funding pledges by friendly countries or MDBs do not translate to disbursed funds. This underscores a major capacity constraint, particularly in the public sector.

An effective means of addressing this is leveraging public-private partnerships (PPPs) to harness the innovativeness, technical expertise, and efficiency of the private sector, both domestic and international. PPPs play a pivotal role in mobilizing alternative finance for climate-resilient infrastructure and services, ensuring balanced risk allocation.

Moreover, climate finance must become a cornerstone of Pakistan’s foreign policy, with a strategic focus on building partnerships and expanding its multi-stakeholder ecosystem to attract sustainable investment and drive long-term resilience.

While there are some recent milestones of note, including the development of the National Climate Finance Strategy 2024 and the Policy Guidelines for Trading in Carbon Markets, key challenges continue to revolve around policy fragmentation, lack of investor confidence, severe capacity limitations (particularly project development), limited public-private partnerships, and implementation failures.

Climate finance is not just a necessity but a lifeline for Pakistan as it grapples with the growing threats of climate change.

Investing in sustainable solutions today will not only protect vulnerable communities but also pave the way for a resilient and sustainable economic development.

The article does not necessarily reflect the opinion of Business Recorder or its owners

LAHORE: Pakistan continues to suffer massive tax losses due to the unchecked rise of the illicit cigarette trade, with the country losing around Rs415 billion annually as enforcement measures fail to keep pace with illegal market expansion.

The enforcement gap is enabling illicit operators to grow freely, undermining the formal sector and depriving the national exchequer of much-needed revenue.

“The government needs to take concrete measures to curb the continuous growth in the illicit sector, which is not only hurting the national economy but is thriving due to weak enforcement,” said Fawad Khan, spokesperson for Mustehkam Pakistan.

Despite contributing 98% of the tobacco industry’s total tax revenue, the legal cigarette sector now holds just 46% of the market share and contributes around Rs270 billion in taxes, sources said.

“With illicit cigarette sales on the rise, law enforcement agencies and policymakers must take urgent action to combat smuggling and unregistered production,” said Khan, adding: “Until enforcement measures are effectively implemented, the national treasury will continue to bleed while non-compliant players operate with impunity. Pakistan has done a great job in restricting INGO’s like CTFK and Vital Strategies who with their partners in Pakistan were actively fiddling with policy making and were operating against the laws.”

It may be noted that the Track and Trace System, expected to be fully deployed across the tobacco industry by December 2023, still remains partially implemented. Delays in enforcement, lack of routine inspections, and weak penalties have allowed non-compliant entities to bypass the system altogether.

Stakeholders now urge immediate action through consistent enforcement drives, enhanced tracking mechanisms, and market-level crackdowns to stop the bleeding.

“The enforcement gap is not just a technical issue; it’s the core reason the illicit trade continues to grow unchecked,” Fawad said, adding: “Without decisive and sustained enforcement efforts, these losses will keep mounting, making recovery even harder for the formal economy.”

Copyright Business Recorder, 2025

The European Union’s (EU’s) Carbon Border Adjustment Mechanism (CBAM) is as divisive as it is novel. Where you stand, depends on where you sit. But whatever one’s position it is important to understand the implications and the potential response options of countries with affected industries.

In Pakistan, the discussion around a potential carbon levy, following the securing of IMF funding, has drawn significant attention.

However, many platforms have adopted a narrow, tax-centric perspective, focusing solely on its imposition rather than its broader implications. Instead, a holistic review is essential—one that considers its economic, environmental, and trade-related impacts.

This approach could provide valuable insights for the Ministry of Commerce, the Ministry of Climate Change & Environmental Coordination, and other relevant departments, helping them craft a balanced and strategic response.

For European policymakers, CBAM reflects the EU honouring its Paris Agreement commitments, ‘leading by example’ to lower carbon emissions where others lag behind, at no small cost to its own economy. European industries see it as applying the same rules to others that they are already subject to within the EU market.

For affected non-Europeans, the CBAM reflects a unilaterally imposed EU measure, with minimum consultation with ‘partner’ countries, arguably outside the World Trade Organization (WTO) rules. They portray the EU as overreaching to protect its own industries while imposing the costs of lowering global carbon emissions on other less well-off countries, undermining their industrialisation ambitions in a context of already low manufacturing employment and rapidly expanding populations.

CBAM is seen as blind to the resources available to developing countries to decarbonise, and going against the more country-driven process of Nationally Determined Contributions.

Characterized by some as a ‘green squeeze’ on countries dependent on energy-intensive exports to the EU for export earnings and employment, the EU’s response that CBAM is not a trade measure but a climate measure rings hollow. If it looks, acts and sounds like a tax, they say, its name matters little.

At WTO Platform, during the Committee on Market Access – Formal’s meeting of 25-26 March 2024, the Russian Federation representative mentioned that the CBAM is incompatible with Articles I, II, III, and XI of the GATT 1994.

The representative of China indicated that the Carbon Border Adjustment Mechanism (CBAM) launched by the EU is essentially a unilateral measure. It is suspected of violating the basic principles of Common but Differentiated Responsibilities (CBDR) and Respective Capabilities and Nationally Determined Contribution Arrangements of the UNFCCC and the Paris Agreement. It is also inconsistent with certain WTO fundamental principles, such as non-discrimination.

The Indian representative mentioned that the CBAM forces an emissions reduction path on the EU’s trading partners. It disregards the Nationally Determined Contributions made by the EU’s trading partners and effectively impinges on sovereign decisions.

The worst effects of the EU’s CBAM will be felt by Micro, Small and Medium-Sized Enterprises (MSMEs), who will not be able to meet the complexities of emissions tracking, measuring, and reporting.

Over time, MSMEs may be replaced by big firms in the EU’s trading profile, thus having a negative impact on the sustainable development objective of the WTO enshrined in the Marrakesh Agreement.

Türkiye’s representative mentioned that verification and accreditation under CBAM will use already existing verifiers and accreditors appointed under Regulation (EU) 2018/2067 in the EU.

This would create administrative and financial burden for companies in third countries, as opposed to their counterparts within the EU, and constitute a technical barrier to trade for our operators, which would have to go through double verification processes.

The representative of Argentina mentioned that the CBAM is presented as a means to combat what the EU calls “carbon leakage”, which would occur if enterprises relocated to countries that did not impose carbon limits. This clearly proves that the measure in question is not an environmental measure, but rather an economic, industrial policy and employment measure.

Environmental agreements do not require any country or regional union to adopt specific emission reduction measures; rather, reductions are based on nationally determined measures. Imposing such penalties on products from another country is an arbitrary measure aimed only at stopping the exodus of companies and jobs.

The representative of Thailand mentioned that the CBAM disregards the principle of “Common but Differentiated Responsibilities and Respective Capabilities” enshrined in the Paris Agreement and the UNFCCC.

In short, the CBAM ignores historical carbon emissions, neglects to take into account differing economic, social, and developmental aspects of Members, and most worrisome of all, it discounts Members’ sovereign decisions with the imposition of unilaterally determined emission reduction policies and approaches upon the EU’s trading partners.

Two, it risks inconsistency with the MFN principle as it appears to discriminate like products of different Members based on different non-product-related processes, production methods, or emission reduction schemes.

Three, it risks inconsistency with the National Treatment principle as it appears to put products of Members’ countries with different emission reduction schemes from the EU’s emission trading scheme in a disadvantageous position compared to like products made in the EU.

Moreover, when reliable data for the exporting country cannot be applied for a type of goods, the default values for the charges imposed on imports will be based on the average emission intensity of the 10% worse performing EU installations for that type of goods, putting imports at an even greater disadvantage vis-à-vis EU products.

The South African representative mentioned raised the following concerns: (i) possible inconsistency with MFN and national treatment principles; (ii) reduced competitiveness, complex administrative procedures, and related costs; (iii) that the proposed measures do not take into account differences in levels of development, and do not consider NDCs; (iv) the impact on downstream industries in developing countries, particularly SMMEs; (v) lack of clarity regarding equivalence and mutual recognition of standards with measures adopted by trading partners or third countries; (vi) the handling of proprietary information of exporters into the EU; (vii) the effectiveness of CBAM remains questionable, especially in terms of the environmental impact on reduced greenhouse gas emissions. The Japanese and Republic of Korea representatives also raised their concerns to bring all stakeholders in the loop.

The foregoing in view, countries like Pakistan can use more than one strategy at a time, and can seek to strengthen their position by combining and or sequencing strategies over time. Pakistan, for example, focus on challenging, and avoiding in the short term, while also preparing to emulate - developing carbon pricing - in the medium term, and building a long-term pathway for decarbonisation and green industrialisation.

A fifth potential strategy we do not discuss is to ‘do nothing’. Governments can choose to accept the outcome of CBAM, and allow their carbon-intensive exports to become less competitive on the European market, either directly, or in the event of more indirect emissions being included in the future. They may seek to absorb some of the costs by compensating affected businesses.

All this has strategic implications for developing countries like Pakistan and how they respond to the rollout of CBAM, both in the short and long-term. In the short term, they must prepare their industries to meet CBAM requirements, ensuring compliance with new trade conditions while avoiding (if possible) internalising the penalties.

Simultaneously, they should engage diplomatically to advocate for adjustments that reflect their unique economic realities, such as longer transition periods or differentiated policies.

Over the long term, however, the real challenge lies in reshaping their industrial and trade strategies to align with a decarbonizing global - not just EU - economy, investing in green technologies, and positioning themselves for a more sustainable future.

The Arbitration Bill 2024 marks a significant step toward modernizing Pakistan’s arbitration framework, but several critical issues remain unresolved.

While the Bill is designed to replace the outdated Arbitration Act of 1940, aligning Pakistan’s laws with international best practices, it still faces several ambiguities that could undermine its effectiveness.

The Bill broadens its applicability to both domestic and international arbitration. It mandates that courts refer matters to arbitration even when the parties have agreed on a foreign venue. These steps align with the UNCITRAL Model Law and the New York Convention, promoting consistency in arbitration procedures and reducing unnecessary judicial intervention.

Notably, the Bill also supports party autonomy, allowing stakeholders to determine the seat, governing laws, language, and procedural rules. Institutional arbitration is encouraged to ensure greater reliability, and emergency arbitration is recognized, further improving the arbitration process.

However, the Bill still contains significant flaws that could hamper the transition to a more efficient arbitration system.

•One of the most pressing concerns is the tension between judicial and executive powers. The Bill grants the judiciary extensive control over arbitration, raising questions about who should ultimately oversee the system. This power imbalance could lead to inefficiencies in the long run.

• The Bill lacks clear guidance on its applicability to ongoing arbitrations under the Arbitration Act of 1940, unless agreed otherwise by the parties, hindering a smooth transition. This oversight perpetuates the inefficiencies of the old system, preventing a full shift toward the new arbitration framework.

•Another critical issue is the Bill’s failure to address the overlap with other federal laws governing arbitration, such as the Alternative Dispute Resolution Act (ADR) 2017 and its accompanying rules. For example, the eligibility criteria for arbitrators in the ADR Act differ from those outlined in the Bill, leading to potential confusion and inconsistencies in arbitrator selection. This overlap needs to be resolved to ensure legal clarity and consistency.

•In cases where parties cannot agree on procedural rules, the Bill defaults to the Civil Procedure Code (CPC) of 1908 and the Qanun-e-Shahadat Order of 1984. This imports litigation-style formalities into arbitration, undermining the key benefits of efficiency and flexibility that arbitration offers. The Bill also fails to establish clear timelines for emergency arbitration and the mandatory disclosure of conflicts of interest, potentially leading to delays.

•One of the significant concerns with the Arbitration Bill 2024 is its potential interaction with the Limitation Act of 1908, which could delay arbitration proceedings. Under the current framework, the Limitation Act applies to arbitration matters unless otherwise specified. This means that procedural timelines could be extended by up to three years, as permitted under the Limitation Act, for all procedural steps for which no timeframe is defined, causing unnecessary delays at each stage of the arbitration process. Given that one of the core advantages of arbitration is its ability to resolve disputes efficiently and within a set timeframe, the application of the Limitation Act could undermine this fundamental benefit. To address this issue, the Bill should include explicit provisions that limit the impact of the Limitation Act on arbitration, ensuring that arbitration procedures remain swift and free from the delays typically associated with litigation. This could involve establishing shorter, more defined timelines for arbitration proceedings to maintain efficiency and prevent prolonged delays.

• While the Bill excludes matters that contravene public policy, it does not provide a clear definition of what constitutes “public policy.” This lack of clarity could lead to inconsistent judicial decisions. Furthermore, the Bill fails to explicitly identify non-arbitrable matters, leaving room for ambiguity.

•Despite efforts to reduce judicial interference, some provisions in the Bill still increase court involvement, potentially undermining the autonomy of the arbitration process. There is also no provision for incorporating settlement agreements into arbitral awards, which is a common practice in international arbitration. Additionally, the Bill lacks a clear procedure for determining arbitrators’ fees, anonymizing sensitive information, and enforcing interim awards, further complicating the process.

• The Bill does not address the growing role of technology in arbitration, such as online dispute resolution (ODR) platforms or artificial intelligence (AI). Incorporating these technologies would enhance the efficiency, accessibility, and appeal of arbitration, making it more attractive to both domestic and international parties.

• Annex A of the Bill proposes the creation of an Arbitration Court, which would centralize the arbitration system within the judiciary. Given the already strained capacity of Pakistan’s courts, this proposal could exacerbate the judicial backlog and stifle the growth of institutional arbitration.

To address these issues, the following improvements are recommended:

The Bill should apply retrospectively as a procedural law to resolve inefficiencies in ongoing arbitrations under the 1940 Act. This would allow for a smoother transition and eliminate disparities between old and new arbitration processes.

The Bill should explicitly exclude arbitration from the scope of the ADR Act or assert its supremacy in arbitration-related matters to eliminate legal overlap.

Institutional arbitration should be mandated as the default mechanism when parties fail to agree on procedural and evidentiary rules. This would ensure consistency, reduce judicial involvement, and enhance the credibility of the arbitration process.

The Bill should include provisions for expedited arbitration, specifying reduced timelines, streamlined procedures, and safeguards to ensure fairness. The framework for emergency arbitrators should also be introduced, including their powers and the enforceability of interim orders.

To limit court intervention, the Bill should specify clear grounds for non-enforcement of arbitration agreements, as prescribed by the New York Convention. Additionally, it should include thresholds for court intervention in granting interim measures and clarify the procedures for multi-party arbitration appointments.

The Bill should address the integration of technology into arbitration proceedings, including provisions for ODR platforms and the ethical use of AI to improve efficiency and accessibility.

The Bill should foster a diverse pool of arbitration professionals, moving beyond the current trend of appointing retired judges as arbitrators. This would encourage innovation, specialization, and increased efficiency in the arbitration process.

While the Arbitration Bill 2024 represents a significant step forward for Pakistan’s arbitration framework, it requires careful revision to address the existing ambiguities and procedural flaws. By making the recommended changes, Pakistan can establish a more efficient, transparent, and globally competitive arbitration system.

Copyright Business Recorder, 2025

ISLAMABAD: The Pakistani government will seek fresh expressions of interest for the sale of Pakistan International Airlines (PIA) later this month, a government adviser said on Thursday, two days after the PIA reported its first annual profit in over two decades.

Pakistan has been looking to offload a 51-100% stake in debt-ridden PIA, part of an effort to raise funds and reform cash-bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.

However, Islamabad’s attempt to privatise PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million.

Pakistan has offloaded almost all of the national carrier’s legacy debt and shifted it to government books after bidders raised issues that had led to the failed attempt, according to the privatisation ministry.

Pakistan International Airlines returns to profit after 21 years

“In our last attempt to privatise PIA, pre-qualified bidders had some issues with taxation and the balance sheet. Those are taken care of now,” Muhammad Ali, government adviser on privatisation, told Reuters. “We plan to publish the new Expression of Interest (EoI) by the last week of April 2025,” he said.

The government plans to complete the airline’s privatisation before the end of this year.

“We are also revising the pre-qualification criteria,” he said, adding that the reference price could also be revised keeping in view the latest accounts and changes in the balance sheet.

Prime Minister Shehbaz Sharif last year announced plans to sell all SOEs.

PIA privatisation: Transaction structure recommended to CCOP

The adviser said that the process to privatise power distribution companies had also started, terming it a “high priority transaction”.

He said some companies previously due to be sold in the second phase were being pushed into the first phase.

The adviser said the government had appointed Jones Lang LaSalle to advise on exploring different sales options for the PIA-owned Roosevelt hotel building in Manhattan, New York. They include selling the building as it is or opting for a joint venture with a top tier developer, which has the potential to generate proceeds five times higher, Ali said.

LONDON: International bonds issued by smaller, riskier emerging markets rallied on Thursday, after U.S. President Donald Trump’s stunning decision to pause the hefty duties he had just imposed on dozens of countries.

Sri Lanka’s dollar-denominated bonds - which had been at the forefront of recent declines - rallied more than 6 cents, while Nigeria saw its debt rally 5 cents, Tradeweb data showed. Angola and Pakistan gained around 3 cents.

Small emerging market dollar bonds resume selloff, Pakistan drops more than 6 cents

Debt issued by so-called frontier markets had suffered some big falls and sharp swings since Trump announced sweeping tariffs last Wednesday. The latest gains see many of the bonds claw back around half of the losses they had suffered since April 2 “Liberation Day”.

ISLAMABAD: Pakistan plans to allocate part of its surplus electricity to Bitcoin mining and AI data centres, the head of Pakistan’s Crypto Council and adviser to the finance minister said on Wednesday, adding it had held talks with several mining firms.

Pakistan’s energy sector is grappling with challenges, including high electricity tariffs and surplus generation capacity.

The rapid expansion of solar energy has further complicated the landscape, as more consumers turn to alternative energy sources to mitigate high costs.

Bilal Bin Saqib, chief executive officer of the council, told Reuters the location of the mining centre will be finalized based on the availability of excess power in specific regions.

Documents seen by Reuters outline the role of Changpeng Zhao, founder of Binance, who will serve as a strategic adviser to the Pakistan Crypto Council.

Zhao was in May last year sentenced to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world’s largest cryptocurrency exchange.

Pakistan to legalize cryptocurrency to attract foreign investment, Bilal tells Bloomberg

His role on the Pakistan council will include supporting blockchain infrastructure, advising on regulatory frameworks, and assisting with national initiatives, such as digital currency, mining, and youth education in blockchain technologies.

Saqib said the country has 15-20 million crypto users and is the third-largest global freelancer economy, with a growing fintech space.

“Pakistan is in the top 10 global crypto adopters despite it not being regularised,” he said.

Saqib said he wants regulatory sandboxes, or safe environments for testing, to foster innovation and growth in the fintech and freelancer economy.

He also said upskilling Pakistan’s youth in blockchain and AI can drive job creation and the economy, boosting exports through digital services, and positioning the country as a hub for emerging tech talent on the global stage.

JOHANNESBURG/NAIROBI: International bonds issued by smaller, riskier, emerging economies suffered another sharp selloff on Wednesday after President Donald Trump’s eye-watering 104% tariffs on China took effect, re-igniting turmoil across global markets.

Pakistan’s longer-dated dollar-denominated bonds tumbled more than 6 cents to be bid below the 70-cent threshold where debt is seen as distressed, Tradeweb data showed.

Longer-dated bonds, issued by Sri Lanka, Nigeria and Egypt, were all down between 3.5-4.5 cents, although trading was thin, according to market participants.

Debt in smaller emerging markets, known as frontier markets, has suffered sharp selloffs since Trump announced a raft of sweeping tariffs last Wednesday, with many bonds in the asset class losing 10 cents or more over the past week.

The latest rout is boosting the cost of borrowing for those economies sharply, with many of the bonds seeing their yields in the double digits, a threshold that makes it unpalatable for them to tap international capital markets.

Pakistan bonds decline over 13 cents as frontier market suffers heavy sell-off

“There are some concerns in the market that Frontiers will find it more difficult in the future to raise external funding due to the external market developments and possibly persistent loss in risk appetite,” said Gergely Urmossy, senior frontier markets strategist at Societe Generale.

This could lead to more currency weakness in those economies over the medium term and curtail the space for central banks to lower interest rates to shore up their economies, he added.

Many frontier market governments, especially African sovereigns, had only recently returned to Eurobond markets.

They had lost access for some two years when the fallout from COVID-19 and Russia’s full-scale invasion of Ukraine sent inflation sharply higher and fuelled a global interest rate-hiking cycle that priced those governments out, and helped push Ghana and Zambia into default.

Razia Khan, head of research, Africa and the Middle East at Standard Chartered said the latest set of tariffs had fuelled more concerns over global growth.

“Frontier markets, especially at the lower end of the ratings spectrum, are seen as more vulnerable when risk-off sentiment grips markets,” she said.

EDITORIAL: US tariffs wiped out stock markets across the globe, even in Pakistan - an economy not that is integrated with the world economy. Recent reports from within and outside the US suggest mounting resistance to the tariffs.

In the US, four Republican Senators broke ranks and voted with the Democrats to block Trump’s tariffs against Canada though this is largely a symbolic move as the resolution is unlikely to pass through the Republican held House of Representatives.

China, which imposed retaliatory tariffs against largely the US farmers, a core Trump support group, is likely to mount resistance from the electorate though it is highly unlikely that Trump maybe swayed by a fall in popularity as he cannot stand for another term as president as per the constitution.

In addition, in a rare move, reportedly, the foreign ministers of China and two US allies in the region – Japan and South Korea – met in Tokyo a couple of weeks ago and agreed on the need to seek common ground on East Asian security and economic issues.

This week China’s stock market rebounded after an initial steep sell-off due to the US tariffs imposed a week ago, as state supported funds picked up assets and the central bank pledged loans to stabilize the market.

This accounted for the Heng Seng China Enterprises Index rise by 3.5 percent. In other words, it is expected that countries have not only begun to react to Trump tariffs by upping their own tariffs against US imports but also in adjusting to a new as yet evolving international trade order.

And in this change what is significant is that the World Trade Organisation, hitherto the arbiter of all trade disputes, has been rendered all but redundant by the US President.

Pakistan’s stock market too has reacted negatively which, according to some analysts, must be appreciated as it may be recalled that Trump’s statement soon after he was elected led to a fall in all major currencies of the world with the Pakistani rupee, inexplicably, remaining firm. Hence with our total exports to the US at about 3.07 billion dollars in the first six months of the current year against the country’s total exports of 16.639 billion dollars or 18.4 percent, a significant percentage, the stock market decline presents an accurate picture.

Analysts suggest that the best way out would be for the government to talk with each major export group to the US and come up with firm proposals that can be discussed with the US. To date the Deputy Prime Minister and Foreign Minister Ishaq Dar called his counterpart Secretary of State Marco Rubio to discuss tariffs on Pakistani goods, a move that must be supported as it indicates seeking a rapprochement rather than retaliation which in our case is unlikely to make any impact on the US.

However, there are no reports that Dar took the relevant vulnerable stakeholders on board, who would be much more aware of which specific strategies may work in their favour. This lapse needs to be rectified immediately.

What is also ironical is that while the US dollar has weakened as a consequence of tariffs against all major currencies it still remains firm against the rupee which, critics argue, may imply that the government is more focused on meeting its economic vulnerabilities especially as they pertain to the ongoing International Monetary Fund (IMF) programme.

There is, therefore, a need to not only acknowledge the country’s deepening economic needs as a consequence of external factors, notably the tariffs imposed by Trump, but also susceptibilities as they impact on our deal with the lender agencies.

Copyright Business Recorder, 2025

ISLAMABAD: Pakistan has expelled more than 8,000 Afghan nationals in the past week in a fresh repatriation drive after the expiry of a March 31 deadline, the UNHCR said on Tuesday.

All Afghan nationals who have no legal documents to stay or those holding Afghan Citizen Cards had been warned by Islamabad to return home or face deportation.

Authorities say they have set up temporary centers in various cities to house the Afghan nationals before transporting them to Torkham border crossing in northwest Pakistan.

At least 8,906 Afghan nationals have been deported since April 1, the UNHCR said in a WhatsApp message.

Deportation of illegal Afghan migrants under way

Islamabad says the drive is part of a campaign called the Illegal Foreigners Repatriation Plan launched in late 2023.

Pakistan has in the past blamed militant attacks and crimes on Afghan citizens, who form the largest portion of migrants in the country. Afghanistan has rejected the accusations.

Kabul has termed the repatriation as forced deportation.

“There is no doubt that the forced deportation of Afghan migrants and this unilateral action is against all international, Islamic, and neighbourly principles,” Abdul Motalib Haqqani, a spokesman for the Afghan ministry of migration and repatriation, said in a statement on Tuesday.

“Since this matter concerns two countries, it is essential to work on a mutually agreed mechanism to ensure the dignified return of Afghans to their homeland,” he said.

KPK, Balochistan: Afghan refugees’ repatriation begins

Pakistan says it plans to accelerate the drive to repatriate the roughly four million Afghans who crossed the border during 40 years of armed conflict in their home country and after the Taliban seized power in 2021.

Human rights groups have raised concerns.

“Pakistan is abandoning its international commitment to not send people back to where their rights are at risk,” said Fereshta Abbasi of Afghanistan Human Rights Watch.

“All countries hosting Afghan refugees should maintain the position that Afghanistan is unsafe for returns.”

In a significant step towards boosting regional integration and economic ties, Finance Minister Muhammad Aurangzeb held a key meeting with the Secretary General of the Economic Cooperation Organisation (ECO), Dr Asad Majeed at the Finance Division on Tuesday.

“The meeting focused on enhancing regional economic cooperation and discussed initiatives to strengthen the role of the ECO in promoting trade, commerce, and tourism among its 10 member countries,” read a statement released by the Finance Division

During the meeting, Majeed briefed the finance minister on the profile and strategic role of the ECO in fostering regional economic cooperation.

He emphasized the importance of regional trade and connectivity, particularly in the context of emerging trade corridors and markets in the region.

Both leaders agreed on the need for further strengthening regional trade and connectivity, which are critical in advancing the economic development of the member countries.

“The SG also highlighted the strides taken by the ECO since his appointment to enhance trade and tourism through intensified engagement with member countries.

Majeed, who is on an official visit to Pakistan from April 8-10, presented ways to make the organization more robust and dynamic, ensuring that it continues to drive regional trade and cooperation effectively.

He stressed the significance of mutual collaboration in advancing the shared goals of trade, commerce, and tourism in the region.

In response, Aurangzeb assured the Secretary General of the ministry’s full support for various ECO initiatives aimed at advancing regional cooperation.

Aurangzeb also reaffirmed the ministry’s commitment to greater engagement with the organization, ensuring that there will be regular representation from the Ministry of Finance in future discussions and initiatives related to regional trade and connectivity.

Both parties reaffirmed their commitment to further strengthening the ties between the ECO member countries and fostering a collaborative environment for shared growth and development.

ISLAMABAD: In a surprise move, Kingdom of Saudi Arabia (KSA) has revised its visa policies for travellers from 14 countries including Pakistan and India, restricting multiple-entry visas for business, tourism, and family visits due to the annual Hajj season.

Saudi Arabia’s travel ban will come into effect from April 13, 2025, diplomatic sources and officials revealed.

The KSA has announced new travel restrictions targeting nationals from 14 countries including Egypt, India, Pakistan, Morocco, Tunisia, Yemen, Algeria, Nigeria, Jordan, Sudan, Iraq, Indonesia, Ethiopia, and Bangladesh.

Vaccination papers: KSA-bound passengers facing problems at airports

When contacted, Pakistan’s Ministry of Foreign Affairs (MOFA) Spokesperson Shafqat Ali Khan could not be reached for official comments. The move bars citizens from the aforementioned nations from entering Saudi Arabia under short-term visa categories, including business visit visas (single and multiple entries), tourist e-visas, and family visit visas. The restrictions will be enforced starting April 13, 2025.

KSA has also clarified that individuals from the listed countries who currently hold valid short-term visas for Saudi Arabia may continue to travel to or remain in the Kingdom only until April 13, 2025. After this date, all such visa holders must exit the country. Entry will not be permitted beyond the deadline, regardless of the visa’s validity period, said the sources.

Additionally, failure to comply with the exit deadline may result in a five-year ban from entering the Kingdom, orders remarked.

This restriction will also apply to holders of valid multi-entry business visas, who will no longer be allowed to use those visas for travel into Saudi Arabia after April 13, irrespective of their official expiry date. The announcement is expected to impact a large number of travellers, expatriates, and business professionals from South Asia, North Africa, and parts of Sub-Saharan Africa.

Reason and logic behind Saudi Arabia’s such a stunning decision could not be ascertained.

Travellers and residents from the affected countries are being urged to avoid travel to Saudi Arabia after April 13, even if they possess valid visas.

Copyright Business Recorder, 2025

KARACHI: Haball, a Pakistan fintech firm, raised $52 million to expand its shariah-compliant supply chain financing and payments services, the company said on Tuesday.

The funding, led by Zayn VC and Meezan Bank, includes $5 million in equity and $47 million in strategic financing, and will support Haball’s growth plans for Pakistan, the company said in a statement.

The money will also help Haball’s expansion into the Middle East, starting with Saudi Arabia this year, it added.

“Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country’s SMEs – less than 5% can access financing from commercial banks,” the company statement said.

Islamic banking and finance has been growing rapidly in Pakistan, the world’s second most populous Muslim country, with assets reaching 9,689 billion Pakistani rupees ($34.54 billion) at the end of June 2024, according to the Quarterly Islamic Banking Bulletin released by the State Bank of Pakistan.

Dubai named among top 5 fintech destinations globally

The market share of assets and deposits of the Islamic banking sector in the overall banking industry stood at 18.8% and 22.7% respectively.

The central bank has a target of 30% of overall banking assets and deposits to be Islamic by this year, according to its strategic plans for 2023-2028.

Haball says it provides shariah-compliant financing to nearly 8,000 small and medium-sized enterprises (SMEs) as well as multinationals, in addition to digital invoicing, payment collection, and tax compliance services.

Haball, TMB and Meezan Bank join hands for digitalised payments

“Haball has processed over $3 billion in payments and disbursed over $110 million in financing – optimizing supply chains across the country,” said the firm’s founder and CEO Omer bin Ahsan.

Islamic finance bans interest payments and pure monetary speculation and can only be used to invest in Sharia-compliant assets or portfolios.

LAHORE: Doctors of Sharif Medical Complex declared the health of former PM and PML-N President Mian Nawaz Sharif as satisfactory.

A medical team comprising doctors of Sharif Medical Hospital conducted a routine medical check-up of Nawaz Sharif in Lahore and after the medical check-up declared his health satisfactory.

Soon after completing the necessary procedure, Nawaz Sharif left the hospital for Jati Umrah residence.

Meanwhile, the schedule of Nawaz Sharif’s departure for London was changed. Prior to his visit to London, Nawaz Sharif will also visit Belarus, sources said. The sources claimed that Nawaz Sharif will arrive in Belarus along with Prime Minister Shehbaz Sharif on April 9.

It may be noted that the President of Belarus had extended a special invitation to Nawaz Sharif to visit Belarus. Nawaz Sharif accepted the invitation and now will depart with the prime minister on an official visit to Belarus.

After the conclusion of his visit to Belarus, Nawaz Sharif will leave for London on April 10.

Copyright Business Recorder, 2025

KARACHI: A complete shutter-down strike was observed across Karachi’s major commercial districts on Monday as small traders and prominent business associations united in a show of solidarity with the people of Gaza amid escalating Israeli military actions.

The strike, widely supported by trader alliances, saw the closure of key wholesale and retail markets across the megacity. Commercial hubs including Sarafa Bazaar, Jodia Bazaar — Pakistan’s largest wholesale market — Mithadar, Saddar, Tariq Road, Hyderi, Liaquatabad, Shershah Scrap Market, as well as, major electronics and medicine market, suspended all business activities for the day.

The Karachi Electronic Dealers Association, Karachi Tajir Ittehad, and other trade groups led the strike, terming it a symbolic protest against the humanitarian crisis unfolding in Gaza. Protest camps were established in different parts of the city to raise awareness and express dissent.

Rizwan Irfan, President of the Karachi Electronic Dealers Association, urged the traders to join the peaceful demonstration, calling it a moral obligation.

Jamil Paracha of Karachi Tajir Ittehad emphasised that the business community stood firmly with the people of Gaza, condemning the Israeli strikes.

Trader representative Shakir Fancy confirmed widespread shop closures across the Old City area and wholesale sectors.

Abdul Rauf Ibrahim announced the complete shutdown of Jodia Bazaar, while Aslam Polani, General Secretary of its Medicine Market confirmed all pharmaceutical trading had ceased for the day. Malik Zahid, representing the Shershah Scrap Market, and the Tariq Road Traders Alliance also declared full participation in the strike.

The action came amid global demonstrations highlighting the suffering in Gaza, including student-led protests in neighbouring countries. In Pakistan, the Karachi business community’s response marked a significant gesture, distinct from prior strikes driven by local economic concerns.

The strike drew considerable media attention, with coverage focusing on the unified stance of Karachi’s traders. Leaders framed the move not only as a protest against aggression but as a humanitarian message aligning with international voices calling for justice and peace.

Copyright Business Recorder, 2025

The imposition of 29% additional tariffs on our exports to the USA will be highly disruptive to our exports to the USA even if they are removed or reduced after a couple of months.

Consider the type of tariffs and the structure of our trade. The bargaining strength of the two sides is not matched and we have few options for our sales.

The fact is that the USA is the biggest buyer for most of our textile items. In most categories they take as much as 30/40% of the world wide exports.

The other big importer is the European Union (EU) and they combined import as much as the USA. For any industry to suddenly find one third of its customer base put on hold is catastrophic.

The other factor is the nature of the trading companies. Most of the firms from our side are medium sized or small by world standards. Many of them specialize in selling their products to the USA. Very often their products are designed to the tastes and preferences of the US consumer.

None of our exporters who sell to the USA can boast of the USA being a peripheral market. For a vast majority of them the US market will be of vital importance. Hence, to start with, the bargaining position of our exporting firms is weak.

The importers on the other side are large firms who have worldwide stakes and connections. Many of them, like Walmart, are among the top companies of the world in their field. They carry a vast number of items which they sell to their customers. Their size and complexity gives them much stronger bargaining powers than us.

Take for example, towels exports to USA. Pakistan is only one of the suppliers; there are others like Portugal, Turkey, and Brazil who are not facing 29% tariffs. They cannot replace us completely but there must be spare capacity in their factories who would happily take over some of our trade.

The large stores especially the US ones carry huge inventories as a precaution for any transport or trade disruptions. This is especially for imports from countries as far away as Pakistan or India. They often require their importers or their own import sections a 60-day quarantine before putting any item on the shelves.

The reason is that they pride themselves for supplying all their displayed items continuously and without disruptions.

In towels, for example, if they are carrying a range of 16 or more shades in four sizes they claim that if a consumer will pick up one shade, say yellow, to match the colour coordinated bathroom, then that very same yellow will be available five months later to match those in your bathroom already. So they carry large stocks of all items at all times. In short, the stores on the American side are sitting on hefty stocks.

The consumers in the USA are so spoilt by “everyday low prices,” “best value in town,” that they will be allergic to price increases. The customer is being so aggressively fought over by numerous suppliers and retailers. Consequently, the stores will be very, very, reluctant to announce price increases in textile, clothing’s and other every day use items that we export.

As such their buying departments will be extremely loathe to buy their goods with a 29% cost increase. Hence the normal trade will get disrupted with each side demanding that the other trading partner absorb the extra tariff. Our exporting industry is operating at very low margins, seldom over 5 percent. They do not have 29 percent to give away.

There is no doubt that the situation will sort itself out soon. I am sure our government will succumb quickly to the demands of the US Government. Be that be trade, security or diplomatic concessions.

However, to make any reasonable agreement will take a month or two of negotiations. For the US side we are a very small player and nothing we make is of any strategic advantage.

Meanwhile, it will be tempting for our exporters to offer price concessions, not only to US importers but also to others outside the USA. They will try to deflect the thwarted US goods to other markets. At the best of times we the exporters of textiles are our own worst enemies. I fear much the same will happen now.

In today’s world there is plenty of capacity to manufacture everything that is in demand. Whether be it textiles, clothes, automobiles air-conditioners, electronics, there are plenty available at all times. It’s our poverty that restrains us from having a better standard of living, not a lack of supply.

The US consumer already has plenty of everything. His house is full of almost everything. From joggers, to clothes, to towels and bed sheets – he already has plenty in the cupboards at home. So, if he or she doesn’t buy any more clothes this season it will really not matter.

I have no doubt that in the long or medium term textiles will be manufactured in our countries. Very few people will be willing to work in the uncomfortable conditions that prevail in textile factories and the low wages they are paid. They would much rather work in an air-conditioned telephone assembly line or a pharmaceutical works. We are, unfortunately, stuck at the base of the manufacturing process. However, that is another subject.

Meanwhile, we have to devise how best to handle the situation. The best way would be to first identify the vulnerable sectors. Talk to them and discuss possible strategies to meet the emergency that has been created so callously by the US president. Let us remind ourselves of the huge trade deficit we run with the other superpower, China. To their credit with the USA we have a huge trade surplus.

Maybe this is the time to examine our trade again.

Copyright Business Recorder, 2025

ISLAMABAD: Secretary-General of the Economic Cooperation Organization (ECO) Dr Asad Majeed Khan will pay an official visit to Pakistan from April 8-10, 2025.

During the visit, the secretary-general will call on the president, prime minister, deputy prime minister/foreign minister, and other federal ministers.

ECO SG meets PM

In the meetings, the SG will present ECO’s initiatives and his reform agenda aimed at revitalising the organization and strengthening ECO’s relations with member states as well as Pakistan to expand regional cooperation and development.

Copyright Business Recorder, 2025

It was just another morning as I set to depart for a day at the office, after finding that regular routes were closed and public transport practically unavailable due to the auspicious Youm-e- Ali.

Therefore, grabbing a Bykea ride from a nearby motorcyclist stand remained the only viable option. As we begun the whole bargaining charade, one well-dressed middle-aged man offered me the best deal and we set off together for my daily journey towards the office.

As we traversed through the narrow city lanes, we resorted to small talk to pass the time. To my surprise, I found that the biker, Muhammad Amjad, had been working as a salesman at a shopping center in Dubai, United Arab Emirates (UAE), until last year.

However, in early January, Amjad came back to Pakistan, albeit not on a happy note, as he had been deported from the Gulf country on the suspicion of being involved in begging and its associated mafia.

Amjad, a father of three and the primary breadwinner for an extended family, has since been struggling to make ends meet, and is compelled to do random jobs including working as a painter as well as a Bykea rider.

“Life was hard in the Emirates but the package was good, I was earning enough for my family to manage the household expenses. Since returning back to Pakistan, it’s been a struggle to pay my childrens’ school fees and meeting basic amenities,” Amjad said as he struggled to control his emotions and began cursing beggars standing at a nearby traffic signal.

“These beggars are nothing but a mafia, causing humiliation to our country and taking away jobs from the needy”, he exclaimed as he dropped me off to work.

The interaction although brief stuck with me throughout the day as stories of beggars from Pakistan creating such ruckus abroad filled my mind.

Just last month, a report published in Business Recorder revealed that hundreds of thousands of Pakistanis were unable to perform Umrah during the last Ashrah of Ramazan, due to severe restrictions imposed by the Saudi authorities on the issuance of Umrah visas during the holy month.

Travel ban will come into effect from 13th: KSA revises visa policies for travellers from Pakistan, India, 12 other states

The severe visa restrictions imposed by the kingdom, were reportedly in response to concerns over begging activities by Pakistani nationals. This triggered widespread cancellations of pre-booked flights and hotel accommodations put local tour operators into severe financial strain.

The humiliation just didn’t end there. In a similar incident but this time in the UAE, it was reported that 10 Pakistani nationals were arrested, including five women, for begging.

These are not just isolated incidents, as one should remember that this begging phenomenon is not new. Back in 2023, a government committee was informed that a staggering 90% of beggars arrested in foreign countries were of Pakistani origin.

These beggars were found exploiting pilgrim visas to travel to Saudi Arabia, Iran, and Iraq.

Such regular incidents are alarming for the South Asian country, which is critically dependent on remittances sent by Pakistanis working and living in these countries.

More so, they do no good in enhancing Pakistan’s reputation internationally. We are regularly mocked by our rivals especially India, who is more than happy to use such incidents in propagating how bad things are in Pakistan.

Although no one is discounting the fact that the economic situation in our country is not good, as it remains under an IMF programme and is very much dependent on the assistance of foreign lenders.

It is important to note that the rise of this international ‘beggar mafia’ has less to do with poor economic conditions in the country, and more to do with being a business opportunity – and a very lucrative one, at that. One that is only concerned with making profits with no regard for repercussions, which has been embraced by the criminal elements of the country.

A travel agent, on condition of anonymity, said that there are dozens of travel agencies in Karachi alone that work in collusion with these ‘begging mafias’, and are responsible for sending them to Gulf countries especially during holy months.

“The return on investment in such activities is just exponential,” informed the travel agent. “One can earn millions of rupees in a matter of weeks, and all you need is to have your return tickets.

“Despite all the risks, there are many willing to take the job. Thus the earnings keep the business running.”

So, what can be done? Although authorities have ramped up efforts to manage this issue, in February, the Senate passed three bills aimed at strengthening the crackdown on human traffickers, individuals who travel abroad to engage in begging and the prevention of illegal immigration.

The bills include the Prevention of Trafficking in Persons (Amendment) Bill, 2025, the Prevention of Smuggling of Migrants (Amendment) Bill, 2025 and the Emigration (Amendment) Bill, 2025.

However, much needs to be done as a multi-pronged strategy is needed to deal with this complex issue.

Alongside stringent law enforcement against trafficking, and organized begging, the Pakistani government needs to partner with international agencies and work on enhancing border control and immigration checks to tackle the exploitation of the begging populace.

This could be achieved by strengthening the legal framework, improving the available social services, creating public education programs, and collaborating with international agencies. Additionally, poverty alleviation alongside provision of adequate long-term employment would enable these individuals to become less susceptible to such activities.

Only by addressing both the immediate exploitation of vulnerable individuals and the broader socio-economic factors that lead to such problems can Pakistan start to address this issue and save its citizens from further international embarrassment.

The article does not necessarily reflect the opinion of Business Recorder or its owners

ISLAMABAD: In a surprise move, Kingdom of Saudi Arabia (KSA) has revised its visa policies for travellers from 14 countries including Pakistan and India, restricting multiple-entry visas for business, tourism, and family visits due to the annual Hajj season.

Saudi Arabia’s travel ban will come into effect from April 13, 2025, diplomatic sources and officials revealed.

The KSA has announced new travel restrictions targeting nationals from 14 countries including Egypt, India, Pakistan, Morocco, Tunisia, Yemen, Algeria, Nigeria, Jordan, Sudan, Iraq, Indonesia, Ethiopia, and Bangladesh.

Vaccination papers: KSA-bound passengers facing problems at airports

When contacted, Pakistan’s Ministry of Foreign Affairs (MOFA) Spokesperson Shafqat Ali Khan could not be reached for official comments. The move bars citizens from the aforementioned nations from entering Saudi Arabia under short-term visa categories, including business visit visas (single and multiple entries), tourist e-visas, and family visit visas. The restrictions will be enforced starting April 13, 2025.

KSA has also clarified that individuals from the listed countries who currently hold valid short-term visas for Saudi Arabia may continue to travel to or remain in the Kingdom only until April 13, 2025. After this date, all such visa holders must exit the country. Entry will not be permitted beyond the deadline, regardless of the visa’s validity period, said the sources.

Additionally, failure to comply with the exit deadline may result in a five-year ban from entering the Kingdom, orders remarked.

This restriction will also apply to holders of valid multi-entry business visas, who will no longer be allowed to use those visas for travel into Saudi Arabia after April 13, irrespective of their official expiry date. The announcement is expected to impact a large number of travellers, expatriates, and business professionals from South Asia, North Africa, and parts of Sub-Saharan Africa.

Reason and logic behind Saudi Arabia’s such a stunning decision could not be ascertained.

Travellers and residents from the affected countries are being urged to avoid travel to Saudi Arabia after April 13, even if they possess valid visas.

Copyright Business Recorder, 2025

ISLAMABAD: Parliamentary Secretary for Information and Broadcasting, Barrister Danyal Chaudhry, on Saturday highlighted the country’s progress under the current government saying Pakistan has achieved both political and economic stability.

Speaking at a press conference here, Chaudhry emphasized that despite initial predictions of bankruptcy within 24 to 48 hours by the previous government the country has seen an improvement in foreign reserves.

Four million families received digital cash assistance during Ramadan, while three million people in Punjab received Rs 10,000 ration package. 12 million people benefited from relief through Ramadan bazars.

Chaudhry credited the Pakistan Muslim League Nawaz (PML-N) government for resolving the energy crisis that plagued Pakistan in 2013, with load shedding reaching 22 to 23 hours. The government provided thousands of megawatts to the grid, significantly improving the situation.

The China-Pakistan Economic Corridor (CPEC) was revived after a brief halt due to the discontinuity of our government in 2018, he said. Due to Prime Minister’s struggles, Rs 7.41 per unit cut in power rates was a major relief to the consumers, he said.

Chaudhry highlighted the government’s efforts to bring transparency to the country, citing international institutions’ positive analysis. He also criticized the opposition for alleged corruption, 33 fake degrees at Swabi University, bogus candidates at Badashah University and illegal hiring in Agriculture University.

He said previous government also took two billion rupees on the name of mosques which they put on their social media and insaaf team. Eithsab commission couldn’t work in Khyber Pakhtunkhwa. We will also expose their corruption in the coming days, he said.

The previous government claimed that they have planted 1.8 billion trees but not even 20 per cent of it exists in reality and their corruption goes on. They were weakening our institutions and country through that corruption money, he said. He said that we are not good in making propaganda or doing abusing politics but when it comes to deliverance, making bridges, roads, infrastructure and economy we have and will deliver to the people.

The government has launched various public welfare projects, including Kisan Program supporting farmers through the Kisan card and tractor program, improved healthcare services and registering over 1.5 million people for housing initiatives through the Apni Chat Apna Ghar program.

He reported positive economic indicators, including GDP Growth, a stock market which was recognized as Asia’s top-performing market.

The IT Sector revenue will see growth to cross Rs 4 billion in the coming years and the business sector has seen increased investment due to decreased interest rates.

ISLAMABAD: Following the federal government’s large-scale operation launched on April 3 against illegal Afghan immigrants, the repatriation of Afghan Citizen Card (ACC) holders and other undocumented Afghan nationals residing in Pakistan is underway through the Torkham border.

According to the Home and Tribal Affairs Department of Khyber Pakhtunkhwa (KPK), a total of 350 Afghan families were repatriated on Friday.

The repatriated group included 155 families from Gujrat and 195 from Sargodha, who had arrived directly from Punjab and were sent back to Afghanistan after fulfillment of requisite formalities.

Undocumented Afghan DPs: deportation deadline extended

Officials said, on Saturday, over 173 unregistered 142 Afghan families from Faisalabad and 31 from Hafizabad were sent back home via Torkham.

Immigration officials at Torkham disclosed on the condition of anonymity that all the deported families had travelled directly from Punjab and were allowed to cross the border after completing the necessary procedures.

The government had set March 31st deadline for the repatriation of unregistered and undocumented ACC holders while the formal process started from April 3 due to Eidul Fitr holidays. Many of the Afghan nationals expressed dissatisfaction with the sudden implementation of the deportation orders.

The Afghan authorities had repeatedly requested Pakistan to review the decision and extend the deadline for repatriation but Pakistan declined to entertain it.

The repatriated families said the abrupt move had disrupted their livelihoods and the education of their children. Several deportees urged the government to extend the deadline to allow them to manage their movable and immovable assets before returning to Afghanistan.

Meanwhile, a NADRA official stated a ‘holding centre’ established in Landi Kotal to facilitate the repatriation process is expected to become operational next week to accommodate maximum numbers of Afghan families. After the deadline given by the government for the repatriation of Afghan refugees residing in Pakistan expired, Islamabad police have begun a crackdown on illegal Afghan migrants.

On Friday, Islamabad police launched a crackdown on Afghan residents living in slums of Sector F-12 in Islamabad. During the operation, dozens of Afghans were taken into custody and transferred to the Haji Camp temporary holding centre.

Copyright Business Recorder, 2025

ISLAMABAD: Pakistan’s security forces neutralised two terrorists in an intelligence-based operation (IBO) in the Buleda area of Kech District, Balochistan, the Inter-Services Public Relations (ISPR) stated.

According to the ISPR, the operation was carried out following credible intelligence about the presence of terrorists in the area. During the operation, security forces effectively engaged the hideout, leading to an intense exchange of fire that resulted in the elimination of two militants.

The statement added that the slain terrorists were involved in multiple attacks against law enforcement agencies and civilians.

Following the operation, a sanitisation process was launched to clear the area of any remaining threats. Security forces reaffirmed their commitment to ensuring peace and stability in Balochistan, vowing to thwart any attempts aimed at disrupting progress in the province.

Copyright Business Recorder, 2025

KARACHI: The Hatton National Bank (HNB) of Sri Lanka has decided not to acquire the Bank Alfalah’s operations in Bangladesh.

According to information shared by Bank Alfalah Limited (BAFL) with the Pakistan Stock Exchange, the HNB had initially expressed a non-binding offer last year to acquire BAFL’s Bangladesh operations.

This led to in-principle approval from the central banks of Pakistan and Bangladesh, allowing HNB to conduct due diligence on Bank Alfalah’s Bangladesh operations. On November 15, 2023, both central banks formally granted approval for BAFL to facilitate HNB’s due diligence process. However, HNB has now opted out of the acquisition.

“The CEO of HNB has informed that their Board of Directors, in a meeting held on April 2, decided not to proceed with the acquisition of Bank Alfalah’s operations in Bangladesh,” stated an official letter sent by Bank Alfalah to PSX.

Bank Alfalah currently operates a network of over 1,024 branches across more than 200 cities in Pakistan, with an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE. Similarly, the HNB is a leading private-sector commercial bank in Sri Lanka, operating 251 branches across the country.

Copyright Business Recorder, 2025

LAHORE: In accordance with the decision of the Asian Cricket Council (ACC), Pakistan has officially taken over the presidency from Sri Lanka Cricket (SLC).

Effective immediately, Pakistan will lead the ACC in its mission to promote and expand cricket across the Asian continent.

With Pakistan at the helm, the ACC is poised to further strengthen and expand cricket’s presence across Asia, fostering growth and unity within the sport.

Copyright Business Recorder, 2025