KARACHI: The International Monetary Fund (IMF) said on Monday talks for a seventh review of a $6 billion loan program would continue with Pakistan once a new government was formed after the South Asian country’s prime minister announced fresh elections last week.
Pakistan and the IMF were negotiating for the completion of the seventh review under the IMF’s Extended Fund Facility program, which has so far disbursed $3 billion out of a stipulated $6 billion. The discussion had stalled over the fund’s concerns about a $1.7 billion relief package, which included the freezing of petroleum prices and a cut in electricity tariffs in response to rising inflation.
“The Fund looks forward to continue its support to Pakistan and, once a new government is formed, we will engage on policies to promote macroeconomic stability, and enquire about intentions vis-a-vis program engagement,” Esther Perez Ruiz, the IMF’s resident representative for Pakistan, said in a statement on Monday. “There is no concept of suspension within IMF programs.”
On Sunday the deputy speaker of the National Assembly of Pakistan, who belongs to PM Khan’s party, blocked a vote on a no-confidence motion from taking place, and the president subsequently dissolved the lower house of parliament on the PM’s advice, triggering political and constitutional crisis in the country.
Pakistan’s ministry of finance officials are hopeful IMF talks will continue when a new finance minister takes charge.
“We have shared our documents with fund officials and once the new finance minister will take the charge the talks with the fund will start,” Muzzamil Aslam, the spokesman for the finance ministry, told Arab News.
Pakistan expects to receive around $1 billion after the completion of the seventh review of the loan program.
Pakistan has faced significant pressure on its foreign-exchange reserves in recent months, amid elevated global commodity prices and a recovery in domestic demand. The Russia-Ukraine military conflict, which has driven up global commodity prices, has amplified pressure on its external position. The country is a net oil importer, with petroleum and related products accounting for about 20 percent of total imports.
Pakistan’s current account deficit amounted to more than $12 billion between July 2021 and February 2022, a stark contrast to a $1 billion surplus in the same period a year earlier. The South Asian country is expected to witness a widening current account deficit to 5-6 percent of GDP.
IMF says will continue talks with Pakistan on loan program once new government formed
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IMF says will continue talks with Pakistan on loan program once new government formed
- Pakistan and IMF were negotiating for the completion of seventh review under IMF’s Extended Fund Facility program
- The IMF has so far disbursed $3 billion of a stipulated $6 billion, the program was initially approved in July 2019
Pakistan to showcase BYD, Samsung, Google assembly push at ITCN Asia expo
- STZA pavilion backed by SIFC highlights shift from tech services to manufacturing
- Electric vehicles, electronics and data centers featured at Lahore exhibition
KARACHI: Pakistan will showcase electric vehicle and electronics assembly by global brands including BYD, Samsung and Google at ITCN Asia 2026, its largest tech expo, as the government seeks to signal a shift from technology consumption toward local manufacturing under its investment-led growth strategy.
The display will take place through a flagship national pavilion led by the Special Technology Zones Authority (STZA) at the three-day ITCN Asia exhibition beginning Jan. 17 at the Lahore Expo Center, with facilitation from the Special Investment Facilitation Council (SIFC), according to a statement issued on Thursday by the cabinet division.
The move comes as Pakistan pushes to deepen industrial capacity and attract long-term foreign investment amid pressure to boost exports and reduce reliance on external financing. While Pakistan has traditionally positioned itself as a provider of IT services and outsourcing, officials have increasingly emphasized localized production in sectors such as electric vehicles, electronics, cloud infrastructure and data centers.
According to the statement, the STZA pavilion will be organized around three themes: “Manufactured in Pakistan,” “Powered by Pakistan,” and “Pakistan as a Tech Destination,” highlighting the country’s effort to integrate technology with manufacturing and physical infrastructure.
“Manufactured in Pakistan [is] a clear demonstration of Pakistan’s shift from technology consumption to localized production, featuring global brands manufacturing and assembling within STZA-notified zones for domestic and international Markets,” the press release by STZA said.
“Exhibits include BYD Electric Vehicles, Google Chromebook Assembly through NRTC, and Samsung Electronics through Sapphire Group, underscoring Pakistan’s growing role in global manufacturing value chains.”
The digital infrastructure segment will showcase investments in data centers and computing capacity, with participation from firms including Multinet, a Pakistani telecom and data services provider, and Sky47, a local data center and cloud infrastructure operator, focusing on cloud services, connectivity and enterprise-grade digital platforms.
A third segment will highlight investment-ready technology zones, including Tech7 STZ and Winston STZ, privately developed Special Technology Zones that are building large-scale facilities such as offices, data centers and industrial space to support technology firms seeking to expand domestically and internationally.
STZA said it has notified 32 Special Technology Zones nationwide since its inception, hosting more than 250 technology enterprises and around 27,000 professionals across sectors including artificial intelligence, fintech, cloud computing, agritech, business process outsourcing and high-tech manufacturing such as drones, electronics and electric vehicles.
Under existing policy, technology firms operating within notified zones are eligible for income tax, customs duty and foreign exchange incentives until June 30, 2035, the statement said.
ITCN Asia is one of Pakistan’s largest annual technology exhibitions, drawing local and foreign investors, industry leaders and policymakers, and is being used this year to project Pakistan’s readiness for technology-driven manufacturing and infrastructure development.
