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Pakistan secures debt rollover commitments from China, 黑料社区 and UAE 鈥 Bloomberg

Pakistan secures debt rollover commitments from China, 黑料社区 and UAE 鈥 Bloomberg
A dealer counts US dollars at a money exchange market in Karachi, Pakistan on March 2, 2023. (AFP/File)
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Updated 06 August 2024

Pakistan secures debt rollover commitments from China, 黑料社区 and UAE 鈥 Bloomberg

Pakistan secures debt rollover commitments from China, 黑料社区 and UAE 鈥 Bloomberg
  • Finance Minister Muhammad Aurangzeb says the South Asian country has bilateral loans amounting to $12 billion
  • Pakistan needed financing commitments from bilateral donors to get a nod from IMF for a new $7 billion loan deal聽

ISLAMABAD: Pakistan has secured debt rollover commitments from China, 黑料社区 and the United Arab Emirates (UAE) for a year, Bloomberg reported on Tuesday, as the Pakistani finance minister expressed hope of getting an approval from the International Monetary Fund (IMF) executive board for a $7 billion loan dead by the end of this month.
Pakistan last month reached a staff-level agreement with the IMF for a new $7 billion loan program to keep its fragile $350 billion economy afloat.
But the South Asian nation reportedly needed financing commitments from bilateral donors to get a final nod from the IMF board for the fresh bailout.
鈥淧akistan has secured commitments from China, 黑料社区 and the United Arab Emirates to roll over debt for a year,鈥 a Bloomberg report said on Tuesday. 鈥淧akistan has $12 billion in bilateral loans that have been extended for the past few years.鈥
The South Asian nation completed a short-term $3 billion IMF program in April this year, which helped Islamabad avert a sovereign default last year.
鈥淲e are quite hopeful that the staff-level agreement will be converted into a board approval by the end of the month,鈥 Finance Minister Muhammad Aurangzeb said, while addressing an event in Islamabad on Tuesday.
Bloomberg quoted Aurangzeb as saying that the amount of rollovers would be the same as last year.
Aurangzeb expected the incumbent Pakistani government to manage a $5 billion financing gap during the IMF鈥檚 three-year program, according to Bloomberg. He believed that Pakistan was moving in the right direction with a stable currency.
Pakistan was also aiming to improve its credit rating to 鈥淏-鈥 after Fitch Ratings last month upgraded it by one notch to 鈥淐CC+,鈥 following a staff-level agreement with the IMF.
The IMF earlier said the new loan deal, which would span 37 months, was aimed at strengthening fiscal and monetary policy as well as reforms to broaden the tax base, improve management of state-owned enterprises, strengthen competition, secure investment, enhance human capital, and scale up social protection through increased generosity and coverage in major welfare programs.
The deal came after the government of Prime Minister Shehbaz Sharif presented its first budget in parliament in June, setting an ambitious tax collection target.
Analysts said at the time the new budget of about $68 billion, up from $50 billion in the last year, was likely to land a longer-term IMF bailout to help stabilize the economy.


Pakistan, US hold new round of trade talks amid tariff tensions, eye wider cooperation

Pakistan, US hold new round of trade talks amid tariff tensions, eye wider cooperation
Updated 18 July 2025

Pakistan, US hold new round of trade talks amid tariff tensions, eye wider cooperation

Pakistan, US hold new round of trade talks amid tariff tensions, eye wider cooperation
  • Pakistan鈥檚 finance chief, US officials discuss trade in traditional and non-traditional sectors
  • Finance ministry says both sides optimistic ongoing trade talks will yield positive outcomes

KARACHI: Pakistan and the United States explored ways to broaden their trade partnership beyond textiles, a statement released in Islamabad said on Friday, as their officials held high-level talks in Washington to finalize a trade deal and address recently imposed US tariffs.

The meeting between Pakistan鈥檚 Finance Minister Muhammad Aurangzeb, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer followed a virtual discussion between Aurangzeb and Lutnick last month, during which both sides agreed to push negotiations forward 鈥渁t the earliest.鈥

The talks come after the US imposed a 29 percent 鈥渞eciprocal tariff鈥 on Pakistani exports under President Donald Trump鈥檚 trade measures announced in April, a move Islamabad said could undercut its fragile, export-led recovery.

鈥淔inance Minister Aurangzeb emphasized that the US remains Pakistan鈥檚 largest trading partner and underscored Pakistan鈥檚 interest in expanding cooperation in both traditional and non-traditional sectors, including the IT & tech sector, minerals and agriculture, to foster a mutually beneficial relationship,鈥 Pakistan鈥檚 finance ministry said in a statement.

It added officials from both countries were pleased with the progress made so far in deepening trade and economic relations, which they described as a key pillar of the broader Pakistan-US partnership.

They reaffirmed their shared commitment to finding new ways to strengthen cooperation across all areas where both countries stand to benefit.

Nearly 90 percent of Pakistan鈥檚 exports to the US are textiles, a sector that is most vulnerable to the duties.

The US is Pakistan鈥檚 top export destination, with shipments totaling $5.44 billion in FY2024. From July 2024 to February 2025, exports rose 10 percent compared to the same period a year earlier.

Pakistan is also seeking to diversify its trade destinations and export base to mitigate risks related to its international trade.

鈥淏oth parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,鈥 the ministry said in its statement.


Spotify names Pakistani artist Afusic to Radar program聽

Spotify names Pakistani artist Afusic to Radar program聽
Updated 18 July 2025

Spotify names Pakistani artist Afusic to Radar program聽

Spotify names Pakistani artist Afusic to Radar program聽
  • Breakout single 鈥楶al Pal鈥 tops 64 million streams as artist鈥檚 listenership surges
  • Spotify says Afusic鈥檚 audience has grown over 1,200 percent since April 2025

ISLAMABAD: Spotify has named rising Pakistani musician Afusic as its featured artist for the third quarter of 2025 under its global Radar program, spotlighting the viral star鈥檚 rapid ascent in the country鈥檚 evolving music scene.

Afusic 鈥 the stage name of Affan Khan 鈥 gained widespread recognition this year after his single 鈥淧al Pal鈥 went viral on the platform, amassing over 64 million streams. The song鈥檚 success has placed him among a new wave of artists reshaping Pakistan鈥檚 independent music landscape.

As the Pakistani music industry undergoes a digital transformation, platforms like Spotify have played a key role in spotlighting emerging talent and connecting local voices with global audiences.

鈥淪potify鈥檚 Radar Pakistan returns this quarter, spotlighting Afusic as its latest featured artist,鈥 Pakistani agency Asiatic Public Relations said in a statement on Friday. 鈥淭his milestone marks a significant moment in his rapidly rising career with his viral track 鈥楶al Pal鈥 being featured on the Radar Pakistan playlist.鈥

According to Spotify data shared by the agency, Afusic鈥檚 audience has surged by more than 1,200 percent since April 2025, with his music landing on nearly 270,000 playlists globally.

Streams have spiked over 440,000 percent since the song debuted in the platform鈥檚 Fresh Finds Pakistan playlist in February.

鈥淚n the past 28 days alone, the demographic breakdown of his global audience reveals a strong connection with younger listeners 鈥 60 percent male and 40 percent female 鈥 led by the 18鈥24 age group, followed closely by 25鈥34-year-olds,鈥 the statement said.

Afusic called the Radar selection a 鈥渉uge moment.鈥

鈥淩adar is an incredible platform that shines a light on independent artists and helps us reach new audiences, while also giving fans a chance to connect with who we are beyond the music,鈥 he said. 鈥淚鈥檓 truly grateful for the support Spotify has shown me 鈥 watching 鈥楶al Pal鈥 grow from Fresh Finds to Hot Hits Pakistan shows just how powerful this journey can be.鈥

Afusic joins past Radar Pakistan alumni including Hasan Raheem, Taha G, Shae Gill, and Rovalio, all of whom have gained both domestic and international acclaim in recent years.


Police say no toxins detected in Pakistani actress Humaira Asghar Ali鈥檚 body

Police say no toxins detected in Pakistani actress Humaira Asghar Ali鈥檚 body
Updated 18 July 2025

Police say no toxins detected in Pakistani actress Humaira Asghar Ali鈥檚 body

Police say no toxins detected in Pakistani actress Humaira Asghar Ali鈥檚 body
  • Ali鈥檚 decomposed body was found in her apartment on July 8, nearly nine months after her death
  • Police say while it appears to be a natural death, the possibility of murder has not been ruled out

KARACHI: Pakistani police said on Friday no toxic substances were found in the body of Humaira Asghar Ali, a 42-year-old actress whose remains were discovered in Karachi last week, nine months after her death.

Ali, originally from Lahore, had been living alone in a rented apartment in Karachi鈥檚 Ittehad Commercial area for nearly seven years while pursuing an acting career.

Her decomposed body was discovered on July 8 when a court-appointed bailiff broke into her apartment to vacate the property over unpaid rent.

鈥淭he chemical report confirms that no sedative, psychotic, narcotic or poisonous substance was detected in the samples,鈥 said Mahroz Ali, Senior Superintendent of Police, citing findings by the Industrial Analytical Center at the University of Karachi鈥檚 HEJ Research Institute of Chemistry.

The forensic analysis included tests on hair, lung and liver samples, and found no evidence of foul play from toxic substances.

According to Deputy Inspector General of Police, Syed Asad Raza, police believe Ali died sometime between the evening of October 7 and 8, 2024.

Speaking in an interview with Arab News last week, Raza said the considerable delay in discovering the body has complicated the investigation.

鈥淲e are pursuing four possibilities: natural death, accidental death, suicide or homicide,鈥 Raza said. 鈥淎t present, natural or accidental death appears more likely based on the available evidence.鈥

The room where the body was found served as both a painting studio and a passage to the washroom.

Raza noted Ali may have slipped and fallen while doing laundry.

A tub filled with washed clothes was discovered in the washroom, suggesting she may have been in the process of household chores at the time of the incident, though there was no blood around her.

鈥淭here were no fractured bones, no signs of bleeding and no evidence of a physical struggle,鈥 Raza said. 鈥淭ypically, in cases of foul play, there are signs of resistance, but we didn鈥檛 find any.鈥

Despite the absence of overt signs of foul play, Raza said investigators are not ruling out any possibilities, including third-party involvement.

鈥淚t鈥檚 a remote possibility, but we are continuing to investigate that angle,鈥 he said.

Police have collected and sent digital devices found at the scene, including mobile phones and tablets, for forensic analysis, he added.


Pakistan says Kashmir tourist attack probe 鈥榠nconclusive鈥 as US blacklists militant group

Pakistan says Kashmir tourist attack probe 鈥榠nconclusive鈥 as US blacklists militant group
Updated 18 July 2025

Pakistan says Kashmir tourist attack probe 鈥榠nconclusive鈥 as US blacklists militant group

Pakistan says Kashmir tourist attack probe 鈥榠nconclusive鈥 as US blacklists militant group
  • US designated The Resistance Front a 鈥榯errorist organization鈥 for briefly claiming responsibility for Pahalgam attack
  • Islamabad says New Delhi has 鈥榓 track record of exploiting such designations to push anti-Pakistan propaganda鈥

ISLAMABAD: Pakistan said on Friday a probe into the April killing of 26 tourists in Indian-administered Kashmir remained inconclusive, hours after the United States designated a Lashkar-e-Taiba-affiliated group as a terrorist entity, and accused India of using such listings to spread an anti-Pakistan narrative internationally.

The group in question, The Resistance Front (TRF), also known as Kashmir Resistance, was blacklisted by Washington on Thursday as a 鈥渇oreign terrorist organization鈥 and 鈥渟pecially designated global terrorist鈥 in connection with the April 22 attack in Pahalgam.

In a statement, US Secretary of State Marco Rubio said the group had claimed responsibility for the assault before withdrawing its statement, and described TRF as a 鈥渇ront and proxy鈥 of Lashkar-e-Taiba, a Pakistan-based outfit banned under US law.

Responding to the development, Pakistan鈥檚 foreign office said it had 鈥渮ero tolerance鈥 for militant entities, though any link between TRF and Lashkar-e-Taiba 鈥渂elies ground realities,鈥 noting the latter was a defunct group that had been banned in Pakistan.

鈥淚nvestigations into the Pahalgam incident, that happened in the internationally recognized disputed region of IIOJK, are still inconclusive,鈥 the statement read, using Pakistan鈥檚 official abbreviation for Indian Illegally Occupied Jammu and Kashmir.

鈥淧akistan has effectively and comprehensively dismantled concerned outfits, arrested and prosecuted the leadership, and deradicalized its cadres,鈥 it continued.

The foreign office also said India had a track record of leveraging such terror listings to deflect global scrutiny from its human rights record in Kashmir and elsewhere.

鈥淚ndia has a track record of exploiting such designations to push anti-Pakistan propaganda with a view to divert international attention from its irresponsible and rogue behavior, including ongoing human rights atrocities, especially in IIOJK,鈥 the statement said.

Pakistan cited its cooperation with international partners against extremist groups and the arrest of high-profile militants, including Sharifullah, the alleged mastermind of the 2021 Abbey Gate bombing in Kabul that killed 13 US service members and about 170 Afghan civilians.

In April, after India blamed Pakistan for the Pahalgam attack, Islamabad called for a neutral and impartial investigation.

The attack triggered days of cross-border hostilities, with India targeting what it described as 鈥渢errorist infrastructure鈥 in Pakistan on May 7. The escalation 鈥 involving missiles, drones and artillery 鈥 left dozens dead before a ceasefire was announced on May 10.

The foreign office said Pakistan urged the international community to adopt 鈥渙bjective and non-discriminatory policies鈥 on counterterrorism and called for other groups, such as the Majeed Brigade of the Balochistan Liberation Army (BLA), to be designated under US law.

Pakistan has repeatedly accused the BLA and other separatist groups operating in the volatile southwestern province of Balochistan of being Indian proxies, a claim New Delhi denies.

With input from Reuters


Pakistan and Libya to expand defense industrial collaboration after top military meeting

Pakistan and Libya to expand defense industrial collaboration after top military meeting
Updated 18 July 2025

Pakistan and Libya to expand defense industrial collaboration after top military meeting

Pakistan and Libya to expand defense industrial collaboration after top military meeting
  • The understanding comes during the Libyan armed forces commander-in-chief鈥檚 visit to Pakistan
  • Defense ties between both countries remain robust with Pakistan training Libyan military officers

ISLAMABAD: Pakistan and Libya have agreed to pursue defense industrial collaboration and exchange technical expertise to tackle security challenges, according to an official statement issued on Friday after a meeting between the top army commanders of the two countries.

The meeting took place in Rawalpindi between Libyan Armed Forces Commander-in-Chief Lt Gen Saddam Khalifa Haftar and Pakistan Army Chief Field Marshal Asim Munir, according to the military media wing, Inter-Services Public Relations (ISPR).

Defense ties between the two countries date back to the Cold War era, when Libyan leader Muammar Qaddafi famously called Pakistan 鈥渢he fort of Islam鈥 at the 1974 Organization of Islamic Cooperation (OIC) summit in Lahore and later supported its arms procurement efforts.

In the post-Qaddafi period, the two nations signed a series of memoranda of understanding focused on labor, education and political consultations, laying the groundwork for broader cooperation.

鈥淢eeting encompassed discussion on matters of mutual interest, evolving regional dynamics, security challenges and matters pertaining to defense cooperation,鈥 the ISPR said in a statement after the meeting.

鈥淏oth leaders agreed to undertake defense industrial collaboration and exchange of technical expertise to address contemporary security challenges.鈥

Haftar was presented a guard of honor by a Pakistan Army contingent upon his arrival at the General Headquarters, where he laid a floral wreath at the Martyrs鈥 Corner.

The ISPR statement maintained the visit by Libya鈥檚 top military leadership marks a significant step in reinforcing the longstanding defense partnership between both countries.

Pakistan and Libya established diplomatic relations in 1951 and have maintained friendly ties rooted in shared Islamic heritage and cultural bonds.

Bilateral trade reached approximately $19 million in 2022鈥23, while defense ties remain robust, with Pakistan having trained Libyan officers in aviation, infantry and technical fields in the past.