RIYADH: Riyadh Season, Saudi Arabia’s most culturally diverse season yet, has won the hearts of thousands of Pakistanis from across the country as 20,000 expats gathered to witness two of Pakistan’s biggest music stars, Atif Aslam and Rahet Fateh Ali Khan, perform live in concert in Riyadh last month.
Color Run, a 5 km marathon, as well as a plethora of activities presenting more opportunities for recreation and entertainment for expats in Riyadh, followed the first-of-its-kind concert.
Sameer Khan, 40, a Pakistani engineer, said he participated in Color Run in Riyadh alongside 12 Pakistani families from his neighborhood.
"Some of us went to see the live performances the night before and were bowled over,” he said.
“On stage, Atif Aslam said he had ‘missed the opportunity to perform here’ for many years, which resonated with the thoughts of thousands of Pakistanis. The next day, my colleagues and the families from our compound took our children to participate in the first-ever public event (Color Run). It was amazing to enjoy with our families, feeling so liberated, and hope to have more of these in the Kingdom."
Many Pakistani expats who spoke to Arab News said the huge success of Riyadh Season further established the fact that Saudi Arabia was on its way to a well-planned long-term strategy to further improve the quality of life of its people.
“This is a milestone bigger than economic growth, as it is a leap towards Saudi Arabia's commitment to growth and development, as well as mutual respect for different cultures," Pakistani expat Asim Azhar, 45, said.
"Riyadh Season has found its way to thousands of expatriates who take pride in their contribution towards Saudi Arabia's Vision 2030 and appreciate the mutual respect for different cultures," Haniya Azeem, 42, said.
As part of the Kingdom's launch of 11 entertainment seasons in Saudi Arabia, Riyadh Season 2019 has so far been the most culturally diverse and inclusive. It will take place from October to December this year and includes a wide range of artistic, sporting and cultural events, including theatre, music performances, and fashion shows.
“It naturally makes our stay in Saudi Arabia a more rich and fulfilling experience,” said Kaifi Zaheer, 33.
“We are thrilled that the Saudi government recognizes and celebrates our aspirations, dreams, and visions which align with the country where we live and where most of us were born.”
Pakistanis in Saudi Arabia ‘bowled over’ by diverse Riyadh season
Pakistanis in Saudi Arabia ‘bowled over’ by diverse Riyadh season
- Atif Aslam and Rahet Ali Khan, perform live in concert in Riyadh last month
- It was amazing to enjoy with our families, says Pakistani expat
IMF warns against policy slippage amid weak recovery as it clears $1.2 billion for Pakistan
- Pakistan rebuilt reserves, cut its deficit and slowed inflation sharply over the past one year
- Fund says climate shocks, energy debt, stalled reforms threaten stability despite recent gains
ISLAMABAD: Pakistan’s economic recovery remains fragile despite a year of painful stabilization measures that helped pull the country back from the brink of default, the International Monetary Fund (IMF) warned on Thursday, after it approved a fresh $1.2 billion disbursement under its ongoing loan program.
The approval covers the second review of Pakistan’s Extended Fund Facility (EFF) and the first review of its climate-focused Resilience and Sustainability Facility (RSF), bringing total disbursements since last year to about $3.3 billion.
Pakistan entered the IMF program in September 2024 after years of weak revenues, soaring fiscal deficits, import controls, currency depletion and repeated climate shocks left the economy close to external default. A smaller stopgap arrangement earlier that year helped avert immediate default, but the current 37-month program was designed to restore macroeconomic stability through strict monetary tightening, currency adjustments, subsidy rationalization and aggressive revenue measures.
The IMF’s new review shows that Pakistan has delivered significant gains since then. Growth recovered to 3 percent last year after shrinking the year before. Inflation fell from over 23 percent to low single digits before rising again after this year’s floods. The current account posted its first surplus in 14 years, helped by stronger remittances and a sharp reduction in imports. And the government delivered a primary budget surplus of 1.3 percent of GDP, a key program requirement. Foreign exchange reserves, which had dropped dangerously low in 2023, rose from US$9.4 billion to US$14.5 billion by June.
“Pakistan’s reform implementation under the EFF arrangement has helped preserve macroeconomic stability in the face of several recent shocks,” IMF Deputy Managing Director Nigel Clarke said in a statement after the Board meeting.
But he warned that Islamabad must “maintain prudent policies” and accelerate reforms needed for private-sector-led and sustainable growth.
The Fund noted that the 2025 monsoon floods, affecting nearly seven million people, damaging housing, livestock and key crops, and displacing more than four million, have set back the recovery. The IMF now expects GDP growth in FY26 to be slightly lower and forecasts inflation to rise to 8–10 percent in the coming months as food prices adjust.
The review warns Pakistan against relaxing monetary or fiscal discipline prematurely. It urges the State Bank to keep policy “appropriately tight,” allow exchange-rate flexibility and improve communication. Islamabad must also continue raising revenues, broadening the tax base and protecting social spending, the Fund said.
Despite the progress, Pakistan’s structural weaknesses remain severe.
Power-sector circular debt stands at about $5.7 billion, and gas-sector arrears have climbed to $11.3 billion despite tariff adjustments. Reform of state-owned enterprises has slowed, including delays in privatizing loss-making electricity distributors and Pakistan International Airlines. Key governance and anti-corruption reforms have also been pushed back.
The IMF welcomed Pakistan’s expansion of its flagship Benazir Income Support Program, which raises cash transfers for low-income families and expands coverage, saying social protection is essential as climate shocks intensify. But it warned that high public debt, about 72 percent of GDP, thin external buffers and climate exposure leave the country vulnerable if reform momentum weakens.
The Fund said Pakistan’s challenge now is to convert short-term stabilization into sustained recovery after years of economic volatility, with its ability to maintain discipline, rather than the size of external financing alone, determining the durability of its gains.
