ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif has termed stability and progress in Egypt “vital” for peace in the Middle East, Pakistani state media reported on Friday.
The statement came after Asif’s meeting with Egyptian Ambassador to Pakistan Dr. Ihab Abdelhamid Hassan in Islamabad, at which they discussed bilateral relations between the two countries.
Pakistan and Egypt have cordial ties and both countries have resolved in recent years to enhance bilateral trade by facilitating businessmen with visas, exchanging trade-related information and promoting private-sector contacts.
During the meeting, Asif said relations between the two countries had a “great potential to grow” in all fields, including defense production, the Radio Pakistan broadcaster reported.
“Egypt’s stability and progress is vital for peace and prosperity in the Middle Eastern region,” he was quoted as saying.
Friendly ties between Pakistan and Egypt can be traced back to 1947, when the former gained independence and its founder, Muhammad Ali Jinnah, visited Egypt on the special invitation of King Fuad II.
In August this year, Pakistan and Egypt unveiled a commemorative stamp to mark 75 years of diplomatic relations between the two countries.
In July, Pakistan’s Religious Affairs Minister Chaudhry Salik Hussain and Ambassador Hassan agreed to enhance cooperation between the two countries in religious education and other areas of mutual interest.
Pakistan minister terms Egypt’s stability, progress ‘vital’ for peace in Middle East
https://arab.news/4e659
Pakistan minister terms Egypt’s stability, progress ‘vital’ for peace in Middle East
- The statement came after Defense Minister Khawaja Asif’s meeting with Egypt’s envoy Dr. Ihab Abdelhamid Hassan
- Asif says relations between the two countries have ‘great potential to grow’ in all fields, including defense production
IMF hails Pakistan privatization drive, calls PIA sale a ‘milestone’
- Fund backs sale of national airline as key step in divesting loss-making state firms
- IMF has long urged Islamabad to reduce fiscal burden posed by state-owned entities
KARACHI: The International Monetary Fund (IMF) on Saturday welcomed Pakistan’s privatization efforts, describing the sale of the country’s national airline to a private consortium last month as a milestone that could help advance the divestment of loss-making state-owned enterprises (SOEs).
The comments follow the government’s sale of a 75 percent stake in Pakistan International Airlines (PIA) to a consortium led by the Arif Habib Group for Rs 135 billion ($486 million) after several rounds of bidding in a competitive process, marking Islamabad’s second attempt to privatize the carrier after a failed effort a year earlier.
Between the two privatization attempts, PIA resumed flight operations to several international destinations after aviation authorities in the European Union and Britain lifted restrictions nearly five years after the airline was grounded following a deadly Airbus A320 crash in Karachi in 2020 that killed 97 people.
“We welcome the authorities’ privatization efforts and the completion of the PIA privatization process, which was a commitment under the EFF,” Mahir Binici, the IMF’s resident representative in Pakistan, said in response to an Arab News query, referring to the $7 billion Extended Fund Facility.
“This privatization represents a milestone within the authorities’ reform agenda, aimed at decreasing governmental involvement in commercial sectors and attracting investments to promote economic growth in Pakistan,” he added.
The IMF has long urged Islamabad to reduce the fiscal burden posed by loss-making state firms, which have weighed public finances for years and required repeated government bailouts. Beyond PIA, the government has signaled plans to restructure or sell stakes in additional SOEs as part of broader reforms under the IMF program.
Privatization also remains politically sensitive in Pakistan, with critics warning of job losses and concerns over national assets, while supporters argue private sector management could improve efficiency and service delivery in chronically underperforming entities.
Pakistan’s Cabinet Committee on State-Owned Enterprises said on Friday that SOEs recorded a net loss of Rs 122.9 billion ($442 million) in the 2024–25 fiscal year, compared with a net loss of Rs 30.6 billion ($110 million) in the previous year.
