ISLAMABAD: Pakistan posted record monthly highs for imports and petroleum-related purchases in June, central bank data showed on Wednesday, as the country battled to avert a full-blown economic crisis.
The South Asian nation has dwindling foreign exchange reserves and is struggling to finance a widening current account deficit while its currency has depreciated fast. It fell 8 percent against the dollar last week and close to 25 percent in 2022.
A surge in oil imports saw the current account deficit rise to $2.3 billion in June despite higher exports and remittances, the State Bank of Pakistan (SBP) said on Twitter.
The current account deficit for the financial year ending Jun. 30 was shown at $17.4 billion — more than quintuple the $2.8 billion posted in the last financial year, 2020-21.
Imports of goods stood at $7 billion in June, of which the petroleum group, which includes fuels, was $2.9 billion.
The SBP said 3.3 million metric tons of oil was imported in June, 33 percent higher than in May: “Together with higher global prices, this more than doubled the oil import bill from $1.4bn to $2.9bn. By contrast, non-oil imports ticked down.”
Despite recently banning imports of “luxury items,” Pakistan has struggled to curb imports in the face of rising global commodity prices, including fuel, in the aftermath of the Russia-Ukraine war.
The country recently reached a staff level agreement with the International Monetary Fund (IMF) for the disbursement of $1.17 billion in critical funding under resumed payments of a bailout package.
However, despite IMF funding, financing gaps remain which Pakistan is looking to fill with help from friendly countries such as Saudi Arabia and China through rollovers of loans and deferred oil payment facilities.
The rise in petroleum imports was to overcome power cuts, CEO of Topline Securities told Reuters. Electricity demand peaked in the high summer temperatures of June.
The SBP said oil imports thus far in July are much lower and the deficit is expected to moderate.
Pakistan posts record import, fuel purchases, central bank data shows
https://arab.news/ym35v
Pakistan posts record import, fuel purchases, central bank data shows
- Imports of goods stood at $7 billion in June, of which the petroleum group, which includes fuels, was $2.9 billion
- Pakistan has struggled to curb imports in the face of rising global commodity prices including fuel
Pakistan military says 12 soldiers killed in border fighting as Kabul calls for dialogue
- Military says 274 Afghan fighters killed, over 400 injured in ongoing operation
- Afghan authorities earlier said 55 Pakistani soldiers killed in retaliatory strikes
ISLAMABAD: Pakistan’s military said on Friday 12 soldiers had been killed in cross-border fighting with Afghan forces, as it detailed the scale of an ongoing border operation and accused the Kabul government of coordinating with militant groups targeting Pakistan.
The announcement followed days of escalating hostilities triggered by Pakistani airstrikes earlier this week on what Islamabad said were Tehreek-e-Taliban Pakistan (TTP) and Daesh militant camps inside Afghanistan. Since then, both governments have reported retaliatory operations and issued conflicting casualty figures, marking the most serious deterioration in relations between the neighbors in recent months.
The 2,600-kilometer (1,600-mile) shared frontier between the two nations, a key trade and transit corridor, has remained closed to trade and movement since October 2025 amid recurring tensions.
Lt. Gen. Ahmed Sharif Chaudhry, director general of Inter-Services Public Relations (ISPR), told a news conference in Rawalpindi that Pakistani forces had repelled coordinated attacks at 53 locations along the border and responded under what he described as Operation Ghazab lil-Haq.
“While safeguarding Pakistan’s honor and territorial integrity, 12 brave soldiers have embraced martyrdom in the operation so far, while 27 have been injured and one soldier is missing in action,” he said.
Chaudhry said Pakistan had destroyed 274 Taliban posts and positions and more than 400 fighters were injured, describing those figures as conservative estimates. He added that 73 posts were completely destroyed along the border and 18 had been captured.
He said Afghan Taliban forces had launched physical raids “in collusion and in support of an internationally declared terrorist organization” and accused the Taliban administration of acting in coordination with militant groups.
“The Afghan Taliban regime is the master proxy of these terrorist proxies which are operating from Afghanistan,” he said.
Kabul has repeatedly said it does not allow militants to operate in its territory.
Chaudhry said Pakistan had targeted 22 locations across the border, including in Kabul, Kandahar, Paktia, Nangarhar, Khost and Paktika.
“All targets were selected with great care based on intelligence. They were military objectives, and utmost care was taken to avoid any civilian collateral damage,” he said.
He said the Taliban authorities faced a choice.
“Either they choose terrorists and terrorism or side with Pakistan,” he said.
KABUL CALLS FOR DIALOGUE
Separately on Friday afternoon, Afghan Taliban spokesperson Zabihullah Mujahid called for talks to resolve the crisis.
“We have always emphasized peaceful resolution, and now too we want the issue to be resolved through dialogue,” he said.
In a detailed statement earlier in the day, Afghanistan’s Ministry of National Defense said it had carried out airstrikes inside Pakistan in response to what it described as Pakistani “aerial incursions” into Kabul, Kandahar and Paktia.
Afghan officials said 55 Pakistani soldiers were killed and that several posts were captured, claims denied by Islamabad.
None of the casualty figures or battlefield claims from either side could be independently verified.
Pakistan’s Information Minister Attaullah Tarar earlier said militants had attempted to launch drones inside Pakistani territory.
“Fitna al khawarij terrorists have attempted to launch small drones in Abbotabad, Swabi and Nowshera. Anti Drone Systems have brought down all the drones. No damage to life,” Tarar said.
“The incidents have again exposed direct linkages between Afghan Taliban Regime and Terrorism in Pakistan.”
Separately, Prime Minister Shehbaz Sharif on Friday visited General Headquarters (GHQ) in Rawalpindi, where he was briefed by the military leadership on the evolving situation.
According to a statement from the Prime Minister’s Office, Sharif said there would be “zero tolerance” toward what he described as collusion between the Afghan Taliban regime and militant elements.
“Pakistan knows very well how to defend itself against any aggression,” the statement quoted him as saying, adding that the armed forces were ready to safeguard the country.
Regional concern
Cross-border violence has intensified in recent weeks, with Pakistan blaming a surge in suicide bombings and militant attacks on insurgents it says are based in Afghanistan. Kabul denies providing safe havens and says Pakistan’s security challenges are an internal matter.
The latest clashes mark the third major escalation between the neighbors in less than a year. Similar strikes last year triggered weeklong fighting before Qatar, Türkiye and other regional actors mediated a ceasefire in October.
Several countries, including China, Russia, Saudi Arabia and Iran, have expressed concern and urged restraint.
Operations on both sides were ongoing as of Friday evening.
