Pakistani finmin to attend international economic conference in China today in push for investment

Pakistan’s Finance Minister Muhammad Aurangzeb speaks during an interview at his office in Islamabad, Pakistan on July 19, 2024. (Reuters/File)
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Updated 25 March 2025
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Pakistani finmin to attend international economic conference in China today in push for investment

  • Boao Forum for Asia says it is an international organization in China which aims to promote economic integration in Asia
  • Muhammad Aurangzeb to meet Chinese officials, delegates from other countries and officials of investment banks, says state media

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb will attend the four-day Boao Forum for Asia (BFA) Annual Conference 2025 in China today, Tuesday, state-run media reported, where he is expected to participate in high-level discussions and sessions to talk about Pakistan’s economic landscape. 

Headquartered in China, the BFA is an international organization jointly initiated by 29 member states which holds its annual conference in Boao, Hainan. The founding purpose of the BFA was to promote economic integration in Asia.

The theme of this year’s conference, which will be held from Mar. 25-28, is “Asia in the Changing World: Towards a Shared Future.” The BFA says the conference is aimed at upholding multilateralism, fostering openness and development, and jointly tackling global challenges while remaining focused on Asia. 

“He [Aurangzeb] will elucidate Pakistan’s economic outlook during the high-level discussions at the forum,” state broadcaster Radio Pakistan said. “On the sidelines of the forum, the finance minister will meet delegates from participating countries, officials of commercial and investment banks and senior Chinese officials.”

It added that the Pakistani finmin is also expected to meet representatives of selected international and Chinese media representatives.

The development takes place as Pakistan desperately tries to wiggle out of a macroeconomic crisis that has drained its foreign exchange reserves, weakened its national currency and increased its existing liabilities. 

Pakistan came to the brink of a sovereign default in 2023 before it secured a last-gasp deal with the International Monetary Fund (IMF) that year. Islamabad also secured a $7 billion economic bailout package from the international lender in 2024 in exchange for committing to undertake long-term financial reforms in its priority sectors. 

Islamabad has reached out to regional allies such as China, Central Asian countries and Middle Eastern nations in recent months to attract international trade and enhance investment to escape its economic crisis. 

China is a major ally and investor in Pakistan that has pledged over $65 billion in investment in road, infrastructure and development projects under the China-Pakistan Economic Corridor (CPEC), a part of the Belt and Road Initiative that is a massive China-led infrastructure project that aims to stretch around the globe.


Pakistan imposes three-day curfew in Gilgit, Skardu cities after violent Khamenei protests

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Pakistan imposes three-day curfew in Gilgit, Skardu cities after violent Khamenei protests

  • At least 14 people were killed in the region where protesters burned UN offices, police station, school and a local charity
  • Gilgit-Baltistan government spokesman says the situation is under control, police chief urges the residents to stay indoors

ISLAMABAD: Authorities have deployed troops and imposed a three-day curfew in the northern Pakistani cities of Gilgit and Skardu, according to a notification issued Monday, after over a dozen people were killed in clashes over the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei in US-Israeli strikes.

Pakistan’s northern Gilgit-Baltistan (GB) region, where the two cities are located, saw violent clashes on Sunday as protesters set fire to and vandalized several buildings, including United Nations (UN) regional offices, army-run school, software technology park and an Aga Khan Rural Support Programme office.

Clashes with law enforcement agencies caused the deaths of at least 14 people in the region, among them a soldier, GB Caretaker Information Minister Ghulam Abbas confirmed told Arab News. He said around 50 others were injured.

“In wake of prevailing precarious law-and-order situation... it is expected that the situation may deteriorate further in Gilgit-Baltistan, particularly in District Gilgit and Skardu,” Deputy Home Secretary Ghulam Hasan said in a notification on Monday.

“It is therefore requested that Pakistan Army troops may be deployed in District Gilgit and Skardu and curfew may be imposed for an initial period of three days (2nd, 3rd and 4th March) to prevent any untoward incident and danger to human life and property.”

Separately, UN spokesman Stephane Dujarric said on Monday that protesters became violent near the UN Military Observer Group in Pakistan (UNMOGIP) Field Station, which was vandalized.

“The safety and security of UN personnel and premises throughout the region remain our top priority, and we continue to closely monitor the situation,” Dujarric said.

Shabir Mir, a Gilgit-Baltistan government spokesman, said the situation was under control and that the curfew would remain in place until Wednesday as police chief Akbar Nasir Khan urged residents to stay indoors.

Anger has been rising in Pakistan, particularly among members of the Shiite minority, following US and Israeli strikes on Iran that killed Khamenei and other senior officials. While Shiites are a minority nationwide, they form a majority in some northern districts and boast significant numbers in major urban centers.

Demonstrators in Pakistan’s southern port city of Karachi also stormed the US Consulate on Sunday, smashing windows and attempting to burn the building. Police responded with batons, tear gas, and gunfire, leaving 10 people dead and more than 50 injured.

The US embassy and its consulates in Karachi and Lahore canceled visa appointments and American Citizen Services on Monday, citing security concerns. Pakistani authorities have beefed up security at US diplomatic missions across the country, including around the US consulate building in Peshawar, to avoid any further violence.

Also Monday, the Pakistan Stock Exchange plunged, with the benchmark KSE-100 Index falling nearly 10 percent amid rising geopolitical tensions following attacks on Iran. Investors sold off shares across sectors, with analysts citing heightened uncertainty as the main driver behind the sharp decline.

Sunday’s unrest came amid ongoing cross-border fighting between Pakistan and Afghanistan, which began Thursday after Afghanistan launched attacks in retaliation for Pakistani airstrikes the previous Sunday. Pakistan has since carried out repeated operations along the border.

— With additional input from AP.