ISLAMABAD: Prime Minister Shehbaz Sharif on Friday praised Saudi Arabia, the United Arab Emirates and China for playing a crucial role in helping Pakistan with the $7 billion International Monetary Fund (IMF) loan, which is expected to be finalized when the global lending agency’s executive board meets on September 25.
Pakistan reached a staff-level agreement with the IMF for a fresh loan program in July to keep its fragile economy afloat, with Finance Minister Muhammad Aurangzeb expressing hopes of sealing the deal by the end of August.
However, the delay was caused by an external financing gap, prompting Pakistan to seek commitments from key allies and request debt reprofiling.
The prime minister, speaking to a group of young parliamentarians from the ruling Pakistan Muslim League-Nawaz (PML-N) party in Islamabad, shared background details of the efforts to secure the loan.
“Once again, Saudi Arabia, which is our very dear brotherly country, China, which is Pakistan’s trusted partner, and the UAE, which is also a brotherly state [assisted Pakistan],” he said. “If these three countries had not contributed and played their role in this IMF program, it would not have been possible to secure it.”
Sharif also highlighted improvements in the country’s macroeconomic indicators, noting that inflation had decreased and remittances from overseas Pakistanis were on the rise.
He acknowledged the need to expand the tax net, recognizing the financial burden on the salaried classes, but expressed optimism that the situation would stabilize as Pakistan made economic progress.
The prime minister further emphasized that Pakistan needed to break its reliance on borrowing, expressing hope that this would be the last IMF program the country would ever need.
Pakistan PM praises Saudi Arabia, UAE and China for helping with $7 billion IMF loan
https://arab.news/9533z
Pakistan PM praises Saudi Arabia, UAE and China for helping with $7 billion IMF loan
- Pakistan’s key allies helped with external financing gap, debt reprofiling after the staff-level agreement
- The prime minister says he wants the new IMF loan program to be the last one the country ever needs
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
