Pakistan’s foreign minister meets US envoy, stresses stronger bilateral relations in 2024

Pakistan's Interim Foreign Minister Jalil Abbas Jilani speaks at the Asia Society in New York, USA, on the sidelines of the 78th session of the United Nations General Assembly on September 20, 2023. (Photo courtesy: Asia Society/ YouTube)
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Updated 02 January 2024
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Pakistan’s foreign minister meets US envoy, stresses stronger bilateral relations in 2024

  • Jalil Abbas Jilani hopes the two countries will build on the momentum generated by high-level visits between them
  • Pakistan’s army chief visited the US last month, making State Department describe Islamabad as a major partner

ISLAMABAD: Caretaker Foreign Minister of Pakistan Jalil Abbas Jilani emphasized the significance of strengthening bilateral ties with the United States on Tuesday, hoping the two countries would capitalize on the momentum generated by recent high-level official visits between them in the new year.
Pakistan’s army chief, General Asim Munir, visited the US last month where he held meetings with several high-profile officials, including State Secretary Antony Blinken and Secretary of Defense Lloyd Austin, to discuss a broad spectrum of issues.
The US State Department also described Pakistan as a major non-NATO ally, saying it would continue to work with it in the region.
The Pakistani foreign minister expressed optimism for a positive trajectory of bilateral relations between the two countries during a meeting with the US envoy in Islamabad, Donald Blome.
“The US Ambassador to Pakistan, Donald [Blome], called on Foreign Minister [Jalil Abbas Jilani] today,” the foreign office said in a social media post on platform X. “Discussions focused on some major aspects of bilateral relations including the recent visit of the Chief of Army Staff to the United States.”
“The Foreign Minister underlined that in 2024, the two sides should continue to build on the recent exchanges and the momentum gained in bilateral ties,” it added.

Pakistan witnessed several back-to-back visits by senior US officials last month, which the foreign office described as part of the bilateral consultations over a range of issues.
These officials included Assistant Secretary of State for the Bureau of Population, Refugees and Migration Julieta Valls Noyes, Special US Representative on Afghanistan Tom West and Principal Deputy Assistant Secretary Elizabeth Horst.


Pakistan stocks edge higher as export financing, industrial power tariffs are cut

Updated 8 sec ago
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Pakistan stocks edge higher as export financing, industrial power tariffs are cut

  • KSE-100 index gained 1,607.26 points, or 0.88%, to close at 183,945.38
  • Rebound follows steep sell-off a day earlier amid regional geopolitical tensions

ISLAMABAD: Pakistan’s stock market rebounded on Friday, with the benchmark index gaining more than 1,600 points, as analysts pointed to cuts in export refinancing rates and lower electricity tariffs for industrial consumers as key drivers of the recovery.

The KSE-100 index rose 1,607.26 points, or 0.88%, to close at 183,945.38, up from 182,338.12 a day earlier, according to Pakistan Stock Exchange (PSX) data.

The uptick followed Prime Minister Shehbaz Sharif’s announcement of a Rs4.4 per unit cut in electricity tariffs for industrial consumers, alongside a reduction in the export refinance rate from 7.5% to 4.5%.

“Stocks staged an early recovery at the PSX on institutional buying in oversold scrips after the prime minister’s assurance to renegotiate the IMF deal, along with cuts in the export refinance rate to 4.5% and industrial power tariffs by Rs4.4 per unit,” Arif Habib Commodities Chief Executive Officer Ahsan Mehanti told Arab News.

He added that higher global crude oil prices and earnings-season speculation also acted as catalysts for bullish activity.

According to local media reports last week, Pakistan is seeking flexibility in IMF lending conditions for the 2026–27 budget and aims to renegotiate its agreement to complete the remaining $7 billion under the Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF) by September 2027.

The rebound came a day after Pakistani stocks plunged 6,042.26 points on Thursday, a drop analysts attributed to heavy selling and heightened geopolitical tensions between Iran and the United States.

Those concerns intensified after US President Donald Trump warned Iran this week that “time is running out” to reach a deal on its nuclear program, amid a steady buildup of US military forces in the Gulf.