Pakistan seeks US tariff access, taps Mideast funds as it re-engages global markets

Muhammad Aurangzeb, Pakistan’s Minister of Finance and Revenue (third left), speaks during a meeting with Moody’s team in Islamabad on April 5, 2025. (AFP/File)
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Updated 15 July 2025
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Pakistan seeks US tariff access, taps Mideast funds as it re-engages global markets

  • Finance minister says improving macroeconomic indicators strengthening case to tap international markets
  • Pakistan has successfully arranged $1 billion in commercial financing from Middle Eastern, Aurangzeb tells Moody’s

ISLAMABAD: Pakistan is re-engaging with global financial markets, tapping funding from the Middle East and pursuing preferential tariff access with the United States as it works to stabilize its economy and attract fresh investment, Finance Minister Muhammad Aurangzeb said on Tuesday. 

Pakistan has “successfully arranged $1 billion in commercial financing from the Middle Eastern region” and plans to launch an inaugural Panda bond while exploring a Eurobond and other international debt markets as its credit ratings improve, Aurangzeb said during a briefing with the Moody’s rating agency on Tuesday.

“These changes, together with improving macroeconomic indicators and the reform momentum, would be positively acknowledged by rating agencies, further strengthening Pakistan’s case to tap international markets and deepen its external sector stability,” the finance minister said.

The virtual session, attended by the State Bank governor and senior officials, also highlighted “ongoing discussions with the United States on preferential tariff access,” which the minister described as “making encouraging headway.”

The finance team cited key progress under Pakistan’s IMF-backed economic plan. Recent reforms include “prudent fiscal measures” in the new budget, trade and tariff liberalization for export-led growth, and steps to rationalize spending.

Aurangzeb also pointed to signs of recovery, including a sharp drop in inflation, a lower policy rate, a stable exchange rate, a current account surplus and foreign reserves rising above $14 billion by the end of June.

He underlined plans to raise the tax-to-GDP ratio to 13–13.5 percent in the coming years through technology-driven tax administration, digitization and tougher enforcement. 

Under the prime minister’s direct oversight, he said, a “Rs. 2 trillion revenue delta” was achieved this year through “autonomous efforts.”

Despite repeated external and fiscal pressures, Pakistan says it hopes improved ratings and renewed investor confidence will lower borrowing costs and keep the economy on a sustainable path.

“Pakistan is ready to carry forward this journey of resilience, reform, and recovery to unlock long-term, inclusive, and export-oriented economic growth,” Aurangzeb said.


Pakistan vaccinates over 43 million children as last polio drive of 2025 enters 6th day

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Pakistan vaccinates over 43 million children as last polio drive of 2025 enters 6th day

  • Campaign running simultaneously in Pakistan and Afghanistan, last two polio-endemic countries
  • Health authorities urge parents and communities to fully cooperate with anti-polio vaccinators

ISLAMABAD: Pakistan has vaccinated more than 43.8 million children in five days of its last nationwide polio campaign of 2025, health authorities said on Saturday, as the drive entered its sixth day amid renewed efforts to curb the virus.

The campaign, running from Dec. 15 to 21, targets children under the age of five and is being conducted simultaneously in Pakistan and Afghanistan, according to Pakistan’s National Emergency Operations Center (NEOC) which oversees eradication efforts.

Pakistan and neighboring Afghanistan are the only two countries where wild poliovirus transmission has never been interrupted, keeping global eradication efforts at risk. The virus, which can cause irreversible paralysis, has no cure and can only be prevented through repeated oral vaccination.

“The last nationwide polio campaign of 2025 continues in full swing on the sixth day,” the NEOC said in a statement. “Over 43.8 million children have been vaccinated in five days so far.”

Provincial data released by the National EOC showed that around 22.7 million children had been vaccinated in Punjab province, more than 10.2 million in Sindh, approximately 6.9 million in Khyber Pakhtunkhwa and about 2.5 million in Balochistan. In Islamabad, over 450,000 children received polio drops, while more than 274,000 were vaccinated in Gilgit-Baltistan and over 714,000 in Azad Jammu and Kashmir.

“The polio campaign is being conducted simultaneously in Pakistan and Afghanistan,” the NEOC said. “More than 400,000 polio workers are going door to door across the country to administer vaccines.”

Pakistan has logged 30 polio cases so far in 2025, underscoring the fragility of progress against the virus. The country recorded 74 cases in 2024, a sharp rise from six cases in 2023, reflecting setbacks caused by vaccine hesitancy, misinformation and access challenges in high-risk areas.

Health officials say insecurity remains a major obstacle. Polio workers and their security escorts have repeatedly been targeted in militant attacks, particularly in parts of northwestern Khyber Pakhtunkhwa and southwestern Balochistan, complicating efforts to reach every child. Natural disasters, including flooding, have further disrupted vaccination campaigns in recent years.

“Parents and communities are urged to fully cooperate with polio workers,” the NEOC said, stressing that every child under the age of five must be given polio drops.

Pakistan has dramatically reduced polio prevalence since the 1990s, when annual cases exceeded 20,000. Health authorities, however, warn that without sustained access to children in underserved and conflict-affected areas, eradication will remain out of reach.