FM Bhutto-Zardari meets Iraqi political, business leaders to boost bilateral ties

Pakistan Foreign Minister Bilawal Bhutto-Zardari, left, meets Iraq's speaker of parliament Mohammed Al-Halbousi, right, in Baghdad, Iraq, on June 6, 2023. (Photo courtesy: @ForeignOfficePk/Twitter)
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Updated 06 June 2023
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FM Bhutto-Zardari meets Iraqi political, business leaders to boost bilateral ties

  • Discusses collaboration and mutual investment in IT, food security, energy, construction, medicine
  • MoU signed between Federation of Pakistan Chamber of Commerce and Iraqi counterpart

ISLAMABAD: Pakistani Foreign Minister Bilawal Bhutto-Zardari on Tuesday held meetings with top Iraqi government officials as well members of the Middle East country’s business community to enhance bilateral relations, the foreign office said.

Bhutto-Zardari arrived in Baghdad on Monday morning on a three-day visit which began with meetings with the President of Iraq, Abdul Latif Rashid, Iraqi Prime Minister Mohammed Shia Al Sudani, and Iraqi Foreign Minister Dr. Fuad Hussein.

Relations between Pakistan and Iraq have received a boost with a number of ministerial-level exchanges in recent years. Iraq’s foreign minister visited Islamabad in August last year. 

“FM Bilawal Bhutto Zardari met Iraq's Speaker of Parliament Mohammed al-Halbousi. They discussed measures to enhance cooperation between Pakistan and Iraq, especially the promotion of cooperative parliamentary exchanges,” the Ministry of Foreign Affairs said in a Twitter post.

 

 

 

Bhutto-Zardari also held meetings with Ammar Hakeem, the president of Iraq’s Al-Hikmet party, Human Hamoudi, the head of the country’s Islamic supreme council, and Iraqi interior minister Abdulamir Kamel Al-Shammari.

 

 

 

During the meetings, Bhutto-Zardari discussed strengthening people-to-people contacts between the two countries, enhancing historical, religious, and cultural linkages, and cooperation in counter-terrorism and anti-narcotics activities.

The foreign minister also met representatives of the Pakistan-Iraq Business Council in Baghdad and discussed collaboration and mutual investment in five prioritized fields: IT, food security, energy, construction, and medicine.

A memorandum of understanding (MoU) was signed between the Federation of Pakistan Chamber of Commerce (FPCCI) and its Iraqi counterpart.

The foreign minister said the establishment of the Pakistan-Iraq Business Council comprising chambers of commerce and key business entities from both countries would help expand economic ties.

"Through this entity, we can follow up on programs, policy suggestions, roadmap, and special initiatives for enhancing trade and investment between the two countries," he said, according to a statement by the foreign office.


Pakistan regulator amends law to facilitate capital raising by listed companies

Updated 19 January 2026
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Pakistan regulator amends law to facilitate capital raising by listed companies

  • The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
  • Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,

The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.

This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.

“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.

The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.

The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.

“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.

“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”

The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.