Pakistani PM meets Sri Lankan president, US presidential envoy at World Economic Forum summit 

The combination of photos shows Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar meeting Sri Lanka President Ranil Wickremesinghe (right) and US presidential special envoy on climate, John Kerry (left) at the sidelines of the World Economic Forum summit in Davos, on January 16, 2024. (Photo courtesy: PMO)
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Updated 16 January 2024
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Pakistani PM meets Sri Lankan president, US presidential envoy at World Economic Forum summit 

  • PM Kakar will deliver keynote address at summit, interact with business, political leaders
  • Pakistan’s PM discusses promoting bilateral trade, regional issues with Sri Lankan president

ISLAMABAD: Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar met Sri Lanka President Ranil Wickremesinghe and US climate envoy John Kerry on Tuesday at the sidelines of the World Economic Forum summit in Davos. 

Kakar arrived in Switzerland on Sunday to attend the 54th WEF summit, where he is scheduled to attend three thematic events and also deliver a keynote address. The Pakistani premier is expected to meet key business and political leaders during the summit, which is expected to last till Jan. 19. 

In a picture shared by the Prime Minister’s Office (PMO), Kakar can be seen shaking Kerry’s hand as the two interact. 

“The local and global effects of climate change, especially problems arising from it for developing countries, were discussed in the meeting,” the PMO said in a statement. 

During his meeting with Wickremesinghe, the two leaders spoke about promoting bilateral trade between Pakistan and Sri Lanka, and regional issues, the PMO added. 

According to the Associated Press of Pakistan (APP), the Pakistani premier is scheduled to attend an informal session on global conflict on Wednesday, which will be attended by renowned policymakers, investors, business leaders and experts. 

The state-run media said Kakar’s engagements would also include a meeting with Iranian Foreign Minister Hossein Amir-Abdollahian on Wednesday. 

The WEF summit takes place as the global economy faces a year of subdued growth prospects and uncertainty stemming from geopolitical strife, tight financing conditions and the disruptive impact of artificial intelligence, according to an annual survey of top economists conducted each year ahead of the WEF meeting in the Swiss resort of Davos and released on Monday.

Over 60 heads of state and government, including Israeli President Isaac Herzog and Ukrainian President Volodymyr Zelensky, are attending Davos this year to hold both public appearances and closed-door talks. They will be among more than 2,800 attendees, including academics, artists, and international organization leaders.

The gathering is a venue to connect decision-makers in an array of fields and industries but is often panned by critics as an emblem of the yawning gap between the rich and the poor: Young Swiss Socialists staged a rally Sunday to blast the forum and brand attendees as “the richest and most powerful, who are responsible for today’s wars and crises.”


Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

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Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

  • Pakistan has said it plans to issue its first-ever yuan-denominated Panda bond in January 2026
  • Pakistan minister identifies agriculture, minerals, AI as key areas to attract Chinese investment

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Tuesday that launching its first-ever Panda bond would allow Islamabad to diversify its external financing sources away from overreliance on the US dollar, the Finance Division said. 

Pakistan has said it aims to launch the Panda bond— a yuan-denominated bond issued in China’s domestic market— by January next year. This highlights Pakistan’s efforts to find alternatives to dollar-denominated borrowing as global financial conditions tighten and Islamabad looks to escape a prolonged macroeconomic crisis. 

Panda bonds are renminbi-denominated instruments sold to Chinese investors by foreign governments or companies, offering issuers access to China’s deep domestic capital markets while reducing exposure to foreign-exchange volatility.

“He said the [Panda bond] issuance would allow Pakistan to tap into the second-largest and second-deepest capital market in the world, helping diversify funding sources away from overreliance on the US dollar by complementing existing access to euro and sukuk markets,” the Finance Division said. 

Aurangzeb was speaking to the state-owned China Global Television Network (CGTN), the Finance Division said. 

The finance minister acknowledged Pakistan had “previously underutilized” the opportunity to take advantage of the Panda bond, expressing optimism about investor interest in the Chinese market.

He said Pakistan remains hopeful of launching the bond ahead of the Chinese New Year, calling it a “landmark development” in the country’s external financing strategy. 

In response to a question about Pakistan’s economic priorities, Aurangzeb identified agriculture, minerals and mining, artificial intelligence and digital economy as key areas where Islamabad could attract Chinese investment. 

“He emphasized that beyond capital flows, this phase of cooperation places strong emphasis on knowledge transfer and technical support,” the Finance Division said.