ISLAMABAD: Pakistan Finance Minister Muhammad Aurangzeb has left for Saudi Arabia to attend the AlUla Conference for Emerging Market Economies, the Pakistani finance ministry said on Saturday.
The AlUla Conference for Emerging Market Economies is an annual economic policy conference, organized by Saudi Arabia’s finance ministry and the International Monetary Fund (IMF) regional office in Riyadh.
The conference will convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, as well as public and private sector leaders, international institutions, and academia.
Aurangzeb is attending the two-day conference, starting on Sunday, on the invitation of his Saudi counterpart Mohammed Al-Jadaan, in context of policy measures that have led to the stability and positive changes in the Pakistani economy despite the uncertain regional and global environment.
“Muhammad Aurangzeb will participate in a high-level panel discussion on the topic of ‘The Path to Emergent Markets’ during the conference,” the Pakistani finance ministry said. “IMF Managing Director Kristalina Georgieva will host the panel discussion.”
Pakistan is currently navigating a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) loan program it secured in September last year. The South Asian country has undertaken several reforms and policy measures since averting an imminent default on its external debt in 2023.
The conference will have a total of 9 sessions in which 200 participants and 36 speakers will participate, according to the Pakistani finance ministry.
The forum will discuss ways to build resilience in a changing world, and appropriate economic and financial policies needed for emerging markets and developing economies to address economic challenges.
It comes at a time when the world is grappling with deep and persistent economic shocks, trade tensions between major world powers, geopolitics, and tight financial conditions.
“The conference will provide a unique platform for world leaders to discuss and analyze domestic, regional, and global economic conditions and developments, and to exchange ideas on solutions to global challenges,” the Pakistani finance ministry added.
Pakistan finance minister leaves for Saudi Arabia to attend AlUla conference on emerging economies
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Pakistan finance minister leaves for Saudi Arabia to attend AlUla conference on emerging economies
- The conference will provide a unique platform for world leaders to discuss and analyze domestic, regional and global economic developments
- Finance Minister Muhammad Aurangzeb’s participation comes in context of policy measures that have led to stability in the Pakistani economy
Pakistan transporters call off five-day strike after successful talks with Punjab government
- Transporters went on strike against heavy fines, penalties imposed by Punjab over traffic violations
- Punjab government sets up committee to resolve transporters issues, confirms provincial minister
ISLAMABAD: Pakistani goods transporters called off their five-day-long nationwide strike on Friday after successful talks with the Punjab government, officials and transporters confirmed, as the business community warned of an impending economic crisis if the dispute stayed unresolved.
Transporters went on a nationwide strike on Dec. 8 against stringent traffic rules and heavy fines imposed by the Punjab government over traffic violations. These penalties were included in the Motor Vehicle Ordinance 2025 last month.
The ordinance details hefty fines ranging from Rs2000 [$7] to Rs50,000 [$178] and mentions prison sentences going up to six months for various offenses committed by drivers, such as driving on the wrong side of the road or driving in vehicles with tinted windows.
“Yes, the strike has been called off after our meeting with Senior Minister of Punjab Marriyum Aurangzeb,” Nabeel Tariq, president of the All Pakistan Goods Transport Association (APGTA), told Arab News.
Tariq said fines ranging from Rs1000 ($3.6) to Rs1500 ($5.4) for traffic violations have been increased to around Rs20,000 ($71.3) as per the new rules.
He said the APGTA has agreed to accept a 100 percent or even 200 percent hike in fines. However, he said an increase of 2000 percent was not “logical.”
“Our urgent demands have been accepted and a committee has been formed to review the ordinance and come up with recommendations,” Tariq said.
Speaking to Arab News, Aurangzeb confirmed the strike had been called off after talks with the Punjab government and that a committee has been formed to resolve the transporters’ issues.
The committee will be headed by Aurangzeb and will include representatives of goods transporters, a statement issued by her office said.
“The government wants to protect human lives and make things better for all citizens,” the statement said. “We will resolve the issues (with transporters) amicably.”
‘UNPRECEDENTED CRISIS’
Pakistan’s business and industrial community, meanwhile, warned of an impending crisis if the disputed was not resolved.
The All Pakistan Textile Mills Association (APTMA) and the Karachi Chamber of Commerce and Industry (KCCI) have both appealed for immediate government intervention.
Imdad Hussain Naqvi, president of the Grand Transport Alliance Pakistan (GTAP), told Arab News that over 400,000 goods carriers had been stranded across Pakistan due to the strike, affecting supplies to millions of consumers.
Earlier, in a letter to Punjab Chief Minister Maryam Nawaz, APTMA Chairman Kamran Arshad said the strike has “critically impacted import and export operations which are backbone of the country’s economy.”
He said hundreds of cargo vehicles remain stranded across Punjab, creating “abnormal delays” in goods movement and triggering heavy demurrage, detention charges, missed vessels and production shutdowns due to the non-availability of raw materials.
Arshad warned the disruption poses “a serious risk of order cancelation of export orders by international buyers, which would have far-reaching consequences for Pakistan’s foreign exchange earnings.”
Meanwhile in Pakistan’s commercial hub Karachi, KCCI President Rehan Hanif issued an even stronger warning, saying the nationwide strike threatens to paralyze Pakistan’s economic lifeline.
“The complete suspension of cargo movement is pushing Pakistan toward an unprecedented trade and industrial crisis,” Hanif said in a statement.
He added that import and export consignments are now stranded at the city’s ports, highways and industrial zones.
