IMF Executive Board meeting on Pakistan scheduled for July 12

A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. (REUTERS/File)
Short Url
Updated 05 July 2023
Follow

IMF Executive Board meeting on Pakistan scheduled for July 12

  • Pakistan secured a badly needed $3 billion stand-by agreement last week
  • Staff-level agreement on SBA is subject to approval by IMF's Executive Board

KARACHI: The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12, the lender confirmed in an email on Wednesday.

Pakistan secured a badly needed $3 billion stand-by arrangement (SBA) from the International Monetary Fund on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.

The staff-level agreement on the SBA is subject to approval by the IMF Executive board.

The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending.


Pakistan invites Uzbek firms to run off-dock terminals at Karachi Port

Updated 10 sec ago
Follow

Pakistan invites Uzbek firms to run off-dock terminals at Karachi Port

  • Pakistan has offered landlocked Central Asian nations access to global sea lanes via its ports
  • Officials in Islamabad seek greater regional cargo flows by modernizing port infrastructure

KARACHI: Pakistan on Thursday invited Uzbek industry and trade stakeholders to consider operating dedicated off-dock terminals at Karachi Port, according to an official statement, as the country looks to expand the use of its maritime infrastructure for regional trade.

The offer was made during a visit by a 13-member delegation from Uzbekistan to the Karachi Port Trust (KPT), where officials briefed them on port infrastructure, terminal operations and logistics-related investment opportunities.

Rear Admiral Shahid Ahmed, the KPT chairman, highlighted ongoing development initiatives, rail and road connectivity and terminal operations.

“In this context, the Chairman invited Uzbek industry and trade stakeholders to consider operating dedicated off dock terminals at Karachi Port to facilitate their import and export operations,” the statement said.

Off-dock terminals are cargo handling and storage facilities located outside a port’s boundaries but connected to it by road or rail to ease congestion and support import and export operations.

The visiting delegation, led by Deputy Minister for Investment, Industry and Trade Gulamov Shokhrukh Khasanovich, also toured private terminals at Karachi Port and was briefed on the use of modern technologies at the facilities.

Pakistan has been offering landlocked Central Asian economies access to global sea lanes through its ports on the Arabian Sea and hopes to position itself as a transshipment hub by strengthening port infrastructure.

Officials say transshipment hubs enable the transfer of cargo from one vessel to another, facilitating regional and international trade and generating revenue.

As part of its port modernization drive, Pakistan has engaged Abu Dhabi Ports Group to upgrade its maritime infrastructure.