ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb briefed Governor of People’s Bank of China (PBoC) Pan Gongsheng on Pakistan’s plan to launch Panda Bonds during a meeting in Beijing on Friday in which they discussed a wide range of economic issues.
Panda Bonds are sold in China’s domestic market and are denominated in its currency, though they are issued by non-Chinese entities. Pakistan plans to issue these bonds to diversify its funding sources and strengthen its foreign exchange reserves by attracting Chinese investors.
According to local media reports, the initial issuance is expected to raise between $250 million and $300 million, helping Pakistan improve its financial stability amid economic challenges like high inflation and declining forex reserves.
The minister spoke about the government’s economic policy during the meeting in which reprentatives of other financial institutions were also present.
“Underlining Pakistan’s plan to launch Panda Bonds, Minister for Finance briefed PBoC and other Financial Institutions about the steps taken so far and sought cooperation of the Chinese institutional investors in the capital market to seek benefit from the pro-business policies of the new [Pakistani] Government,” said a statement issued by the finance division after the meeting.
The Pakistani official also highlighted his country’s improving macroeconomic indicators, reforms in tax collection and energy sector and privatization of loss-making state-owned enterprises.
He applauded Chinese President Xi Jinping’s Belt and Road Initiative while reviewing the progress of its flagship China-Pakistan Economic Corridor (CPEC) project.
The minister noted the next phase of CPEC would focus on strengthening business-to-business cooperation, with private sector playing the central role in the development and economic growth.
He arrived in China on Thursday to open talks on power sector structural reforms suggested by the International Monetary Fund, two government sources quoted by Reuters.
Aurangzeb is also accompanied by Pakistan’s Power Minster Awais Ahmed Khan Leghari.
According to Reuters, both officials are expected to take up several proposals with the Chinese side, including reprofiling of nearly $15 billion energy sector debt.

PESHAWAR: The provincial administration of Pakistan's northwestern Khyber Pakhtunkhwa (KP) province on Friday instructed police to take necessary steps to end ongoing clashes in Kurram district over a property dispute, with nine people killed and dozens injured.

Located along Pakistan’s border with Afghanistan, the area has witnessed deadly conflicts among tribes and religious groups in the past as well as sectarian clashes and militant attacks. A major conflict that began in Kurram in 2007 continued for years before it was ended with the help of a jirga, a traditional assembly of tribal elders.

The current clash over a land dispute broke out on Wednesday and quickly spread to several villages and nearby settlements. 

According to an official statement circulated by the KP government, Chief Minister Ali Amin Gandapur directed the district administration and police to ensure a ceasefire.

“No one will be allowed to take the law into their own hands or disturb the peace of the area,” Gandapur was quoted as saying. “The administration and police must ensure the rule of government and law in the area. The parties to the dispute are also urged to resolve the property issue through a jirga according to tribal traditions.”

Syed Mir Hassan Jan, the Medical Superintendent at the District Headquarters Hospital in Kurram, said nine bodies and 58 injured people linked to the clashes had been brought to the hospital in the last three days.

The District Police Officer in Kurram, Nisar Ahmad Khan, said sporadic attacks were still ongoing.

“The conflict intensifies at night,” he said. “Sporadic exchange of fire has been going on between the tribes during the past two days.”

Khan said a large number of police and army personnel had been deployed at various locations to prevent clashes.

“The jirga, district administration, army and police have intervened to control the situation,” he added. 

The roads leading to Kurram have also been shut down since the clashes began.

“The entrances and exits were closed so that any third-party intervention could be avoided,” the DPO said.