KARACHI: Pakistan’s minister for economic affairs said on Thursday a $1.1 billion loan agreement signed between Islamabad and the International Islamic Trade Finance Corporation (ITFC) to import oil and liquefied natural gas (LNG) reflected growing confidence by international players in Pakistan’s economy.
State-owned Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG Limited will utilize the financing to import crude oil, refined petroleum products and LNG during 2021, according to a statement from the economic affairs division.
“The financing commitments reflect confidence of international financial institutions in Pakistan’s economy,” Khusro Bakhtiar, the economic affairs minister, who witnessed the agreement signing on Wednesday, told Arab News, saying the partnership would help revive the country’s industrial sector.
Bakhtiar also applauded ITFC’s role in the development of trade and financing in OIC member countries.
Last year, ITFC loaned Pakistan $386 million to import LNG and oil under a trade financing facility, which is part of a framework agreement signed in April 2018 for a total envelope of $4.5 billion, over for a period of three years (2018-2020).
ITFC Chief Hani Salem Sonbol said Pakistan was the second largest beneficiary of his organization’s financing, saying ITFC would continue to help Pakistan meet its financial requirements.
“Pakistan is the 2nd largest beneficiary of ITFC financing. ITFC will continue its support to meet financial needs of Pakistan for import of crude oil, petroleum products and LNG,” Sonbol said.
“Utilization of the facility will support Pakistan’s foreign exchange reserves,” Samiullah Tariq, director research at the Pakistan-Kuwait Investment, told Arab News on Thursday. “The country will be able to pay for a huge chunk of its imports through this facility.”
$1.1 bln from Islamic donor reflects ‘confidence’ in Pakistani economy — minister
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$1.1 bln from Islamic donor reflects ‘confidence’ in Pakistani economy — minister
- International Islamic Trade Finance Corporation on Wednesday agreed to loan $1.1 billion to Pakistan to import oil and LNG
- Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG Limited will utilize financing, ITFC says will continue to help Pakistan meet financial requirements
Pakistan to introduce new navigation system to cut flight delays at Skardu, Gilgit and Chitral
- Pakistan Airports Authority says satellite-guided RNP-AR procedures will be in place by June 2026, pending a feasibility study
- The system is expected to reduce weather-related delays and cancelations in Pakistan’s most popular mountain destinations
KARACHI: Pakistan said on Sunday it would introduce a new satellite-guided navigation system for flights to Skardu, Gilgit and Chitral by June 2026, aiming to curb chronic weather-related delays and cancelations at the three remote northern airports.
The destinations are among Pakistan’s most visited tourist sites and serve as gateways to the Himalayan and Karakoram ranges. Gilgit-Baltistan, which borders China, also holds strategic significance as part of the northern corridor linking the two neighbors.
Marking International Civil Aviation Day, the Pakistan Airports Authority (PAA) said it was accelerating aviation-sector upgrades, including the rollout of Required Navigation Performance – Authorization Required (RNP-AR) procedures.
RNP-AR is a high-precision, satellite-based approach system that enables aircraft to fly accurate, terrain-avoiding paths in low visibility, reducing weather-related disruptions at mountain airports.
“Pakistan Airports Authority is rapidly working on major projects for safe, efficient and modern aviation in the country,” the PAA said.
It added that RNP-AR flight procedures for Skardu, Gilgit and Chitral “will be implemented by June 2026,” subject to the findings of a consultant’s feasibility study.
The authority said the system would “significantly reduce weather-related flight delays and cancelations.”
The PAA also announced timelines for several other major upgrades, including terminal expansion at Lahore’s Allama Iqbal International Airport by September 2026 and runway modernization at Karachi’s Jinnah International Airport by January 2026.
Further works include the next upgrade phase at Skardu Airport and phase two of Muridke General Aviation Aerodrome, both due to begin next year.
New greenfield airports in Dera Ismail Khan, Sukkur and Faisalabad have also entered planning stages, the statement said.
Final sites have been approved for a new air-traffic control tower and rescue fire station at Karachi Airport, infrastructure the PAA said would strengthen air-traffic management and safety.
“Pakistan Airports Authority is leading the aviation sector toward a safer and more accessible future,” it said.
