Pakistan PM reaches US to attend UNGA session to highlight Palestine crisis, global issues 

Pakistan's Permanent Representative to the United Nations, Munir Akram (right), receives Prime Minister Shehbaz Sharif in New York, US, on September 24, 2024. (PID)
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Updated 24 September 2024
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Pakistan PM reaches US to attend UNGA session to highlight Palestine crisis, global issues 

  • Shehbaz Sharif to address United Nations General Assembly session on Friday
  • PM to attend reception hosted by UN secretary-general today with other world leaders

ISLAMABAD: Prime Minister Shehbaz Sharif arrived in New York on Tuesday to attend the 79th session of the United Nations General Assembly (UNGA), where he will engage with world leaders on key global issues and present Pakistan’s stance on Israel’s war in Gaza, the Kashmir dispute and “terrorism,” Information Minister Ataullah Tarar said. 

World leaders, policymakers, and international stakeholders are arriving in the city to attend this year’s UNGA. Policymakers and global leaders will hold high-level discussions and summits aimed at addressing the world’s most pressing issues.

Sharif will address the UNGA session on Friday, participate in Sustainable Development Goals Moment 2024, attend a high-level open debate of the United Nations Security Council (UNSC), titled ‘Leadership for Peace,’ and participate in a session on the looming threat of rising sea-level, the Prime Minister’s Office (PMO) said previously. 

“The prime minister will focus on Palestine and Kashmir issues as well as climate change and terrorism,” Tarar told reporters in New York.

The minister said that the war in Gaza was extremely important for Pakistan, adding that the South Asian country wanted an immediate ceasefire in the Middle East and Israel to be held accountable for its actions. 

“Peace is not possible in the world without peace in Palestine,” he said.

Israel launched its war on Gaza on Oct. 7 after Hamas fighters stormed into southern Israel, killing 1,200 and taking more than 250 hostages, according to Israeli figures. Israeli military campaign has since demolished swathes of the besieged territory killed more than 41,000 people, displaced nearly all of its 2.3 million people multiple times, and given rise to deadly hunger and disease in the area.

Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Tarar said the Pakistani prime minister would also focus on the effects of climate change during his visit. 

“Climate change is a major issue for Pakistan as the country contributes only 2 percent of the world’s carbon emissions but when it comes to bearing the brunt of climate-related disasters, Pakistan suffers disproportionately,” he explained. 

Meanwhile, the PMO said Sharif will spend a busy day in New York today.

“The prime minister will attend the reception given by the United Nations Secretary-General Antonio Guterres for the heads of member states, where he will have an informal meeting with the heads of various countries,” Sharif’s office said. 

“Shehbaz Sharif will also hold meetings with UN Secretary-General Antonio Guterres, President of the General Assembly Philemon Yang, President of European Commission Ursula von der Leyen, Founder of Gates Foundation Bill Gates, World Bank President Ajay Banga and Managing Director of the International Monetary Fund Ms. Kristalina Georgieva,” it said. 

The Pakistani premier will hold bilateral meetings with other heads of states and attend a dinner hosted by Muhammad Yunus, the chief adviser of Bangladesh’s interim government, on the completion of 50 years of his country’s membership of the United Nations.

Sharif will also meet the US-Pakistan Business Council and Pakistani bankers during his visit and inform them about his government’s business and investment-friendly policies.

Defense Minister Khawaja Muhammad Asif, Information Minister Attaullah Tarar, Education Minister Khalid Maqbool Siddiqui and Special Assistant Tariq Fatemi will also be accompanying the prime minister during the visit.


Pakistan non-bank financial sector assets rose 21% in second half of 2025 — SECP

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Pakistan non-bank financial sector assets rose 21% in second half of 2025 — SECP

  • Mutual fund assets reached $16.1 billion, accounting for 66% of total industry assets
  • NBFC lending assets jumped 65% as Shariah-compliant assets grew to 36% of the sector

ISLAMABAD: Pakistan’s non-bank financial sector expanded in the second half of 2025, with total assets rising 21% to Rs6.84 trillion ($24.4 billion) by Dec. 31, the Securities and Exchange Commission of Pakistan (SECP) said on Wednesday.

The growth, up from Rs5.635 trillion ($20.1 billion) in June 2025, was driven by strong performance in fund management and lending segments, according to the regulator’s latest report, reflecting increased investor participation and expansion of Shariah-compliant assets.

“The fund management sector recorded solid growth of 17% during the period,” the SECP said in the statement.

“Mutual funds remained the largest sub-sector, managing assets of Rs. 4.5 trillion [$16.1 billion], which account for 66.3% of total industry assets.”

“The number of funds and plans increased from 369 to 409,” it continued. “Mutual fund investments remained well diversified, with 44% allocated to money market funds, 23% to income funds, and 14% to equity funds.”

The statement said investor participation also witnessed an increase, with mutual fund investor accounts reaching 845,000 by the end of December, an 8 percent rise since June 2025 and double the level recorded in December 2022.

Participation in voluntary pension schemes rose to 143,154 accounts, marking a 30% increase over six months and a 170% rise compared with December 2022.

The lending segment of non-bank financial companies (NBFCs) posted particularly strong growth, with assets climbing 65% over the six-month period to Rs824 billion ($2.9 billion).

Shariah-compliant assets totaled Rs2.47 trillion ($8.8 billion), accounting for 36% of overall industry assets, the report said.

The number of registered NBFCs and Modaraba entities rose to 185 from 174 in June 2025, underscoring continued sector expansion.

Pakistan’s non-bank financial sector plays a growing role in capital formation and savings mobilization, complementing the banking system in a country where financial inclusion remains a policy priority.