Pakistan recovers $1.6 billion in looted wealth, compensates over 12,000 individuals and public entities

Pakistan recovers $1.6 billion in looted wealth, compensates over 12,000 individuals and public entities
A money changer sits with a showcase, displaying Pakistan's banknotes, along a road in Karachi, Pakistan, on September 12, 2023. (REUTERS/File)
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Updated 1 min 53 sec ago

Pakistan recovers $1.6 billion in looted wealth, compensates over 12,000 individuals and public entities

Pakistan recovers $1.6 billion in looted wealth, compensates over 12,000 individuals and public entities
  • The recovery made in second quarter of this year marks a substantial quarterly increase of Rs365.29 billion
  • The South Asian nation ranks 135 out of 180 countries on Transparency International’s Corruption Perceptions Index

KARACHI: Pakistan’s National Accountability Bureau (NAB) said on Saturday it had recovered Rs456.3 billion ($1.6 billion) worth of looted national wealth and compensated government departments, institutions and more than 12,000 individuals.

NAB is Pakistan’s primary anti-corruption agency and its core function is to eliminate corruption by investigating allegations of corruption, misuse of authority and financial crimes. It also works to recover assets acquired through illegal means.

The watchdog said the Rs456.3 billion recovery in the second quarter of 2025 marked a substantial increase of Rs91.01 billion, compared to Rs365.29 billion recovered during the first quarter of this year.

“Out of said recoveries of Rs547.31 billion for the first two quarters of 2025, movable and immovable properties worth Rs532.33 billion have been disbursed/handed over to different Ministries & Departments of Federal and Provincial Governments as well as Financial Institutions,” it said.

“Whereas, 12,611 affectees of different cheating public at large cases have also been compensated.”

Pakistan ranks 135 out of 180 countries on Transparency International’s Corruption Perceptions Index for 2024, after falling two spots below its ranking in 2023.

In his quarterly report issued on Saturday, NAB said it remains committed to safeguarding state assets and interests of the general public and recovering funds belonging to the national exchequer.

“In the past two years, NAB has recovered a staggering total of Rs5,854.73 billion, which is 700 percent more that of Rs839.08 billion recovered since the Bureau’s inception [in 1999],” it said.

“Currently, NAB is actively coordinating with the revenue departments of all provinces to recover state assets and properties unlawfully held by corrupt elements. Preliminary estimates indicate that state land worth approximately Rs5 trillion is under illegal possession and will be reclaimed.”


India shot down 6 Pakistani military aircraft in May fighting, air force chief says

India shot down 6 Pakistani military aircraft in May fighting, air force chief says
Updated 51 min 22 sec ago

India shot down 6 Pakistani military aircraft in May fighting, air force chief says

India shot down 6 Pakistani military aircraft in May fighting, air force chief says
  • Indian Air Marshal A.P. Singh did not mention the type of fighter jets that were downed
  • Islamabad previously denied India downed any Pakistani aircraft during the May conflict

NEW DELHI: India shot down five Pakistani fighter jets and one other military aircraft during clashes in May, India’s air force chief said on Saturday, the first such statement by the country months after its worst military conflict in decades with its neighbor.

Most of the Pakistani aircraft were downed by India’s Russian-made S-400 surface-to-air missile system, Indian Air Chief Marshal A.P. Singh said at an event in the southern city of Bengaluru. He cited electronic tracking data as confirmation of the strikes.

“We have at least five fighters confirmed killed, and one large aircraft,” he said, adding that the large aircraft, which could be a surveillance plane, was shot down at a distance of 300 km (186 miles).

“This is actually the largest ever recorded surface-to-air kill,” he said, prompting applause from the crowd that included serving air force officers, veterans, and government and industry officials.

Pakistan’s military did not immediately respond to a request for comment. Singh did not mention the type of fighter jets that were downed.

Islamabad, whose air force primarily operates Chinese-made jets and US F-16s, has previously denied that India downed any Pakistani aircraft during the May 7-10 fighting between the nuclear-armed neighbors.

Pakistan has claimed that it shot down six Indian aircraft during the clashes, including a French-made Rafale fighter. India has acknowledged some losses but denied losing six aircraft.

France’s air chief, General Jerome Bellanger, has previously said that he has seen evidence of the loss of three Indian fighters, including a Rafale. Indian Air Force has not commented on the claims.


Designated Pakistani banks open today to receive Hajj applications

Designated Pakistani banks open today to receive Hajj applications
Updated 09 August 2025

Designated Pakistani banks open today to receive Hajj applications

Designated Pakistani banks open today to receive Hajj applications
  • Pakistan has Hajj quota of 179,210 pilgrims, with 129,210 seats allocated for government scheme
  • The country has already received over 58,000 applications from intending pilgrims for Hajj 2026

ISLAMABAD: Designated banks across Pakistan are open today for the receipt of Hajj applications from registered pilgrims, Pakistani state media reported.

Pakistan has a Hajj quota of 179,210 pilgrims. Of this, 129,210 seats have been allocated for the government scheme and the rest for private tour operators, according to the Pakistani religious affairs ministry.

Under the government scheme, pilgrims can choose between a long Hajj package (38–42 days) and a short package (20–25 days). The estimated cost of the government Hajj package ranges between Rs1,150,000 and Rs1,250,000 (approximately $4,050 to $4,236).

“Hajj applicants can submit their applications online or through banks as per their convenience,” the Radio Pakistan broadcaster reported, citing a ministry spokesman.

“The State Bank has issued instructions to 14 banks in this regard.”

Pakistan has received over 58,000 applications from intending pilgrims for Hajj 2026, the religious affairs ministry said on Friday.

Individuals, registered on a first-come, first-served basis, can deposit the first installment of their Hajj dues by Saturday, Aug. 9, according to the ministry.

The second installment of Hajj dues will be collected starting in November this year, it said.

had approved a quota of 179,210 pilgrims for Pakistan this year as well, but a large portion of the private Hajj quota for 2025 remained unutilized due to delays by tour operators in meeting payment and registration deadlines, while the government fulfilled its full allocation of over 88,000 pilgrims.

Private operators attributed the shortfall to technical issues, including payment processing problems and communication breakdowns.


Pakistan stocks rise 3 percent on weekly basis outshining other asset classes

Pakistan stocks rise 3 percent on weekly basis outshining other asset classes
Updated 09 August 2025

Pakistan stocks rise 3 percent on weekly basis outshining other asset classes

Pakistan stocks rise 3 percent on weekly basis outshining other asset classes
  • The market this week crossed the 140,000-point mark
  • The average daily traded volume was 653 million shares

KARACHI: The Pakistan Stock Exchange (PSX) has seen an increase of 3.08 percent on a week-on-week basis, a Karachi-based market research firm said on Friday.

The market this week crossed the 140,000-point barrier and closed the weekend session at 145,382.79 points on Friday, according to the PSX website.

The average daily traded volume and value during the week stood at 653 million shares and Rs47 billion ($165 million), respectively.

“This gain can be largely be attributed to buying by mutual funds on inflow of funds as equities performance continue to outshine other asset classes,” Karachi-based Topline Securities said in its weekly review.

Pakistan trade deficit for July clocked in at $2.8 billion, up by 44 percent year on year, according to the report. The country recorded remittance inflows of $3.2 billion last month, down 6 percent month on month and up 7 percent year on year.

Foreign exchange reserves held by the central bank decreased by $72 million on a weekly basis to reach $14.2 billion as of August 1, the central bank reported on Thursday.


Pakistan, Qatar agree to broaden partnerships in environmental sustainability, green investments

Pakistan, Qatar agree to broaden partnerships in environmental sustainability, green investments
Updated 09 August 2025

Pakistan, Qatar agree to broaden partnerships in environmental sustainability, green investments

Pakistan, Qatar agree to broaden partnerships in environmental sustainability, green investments
  • Pakistan and Qatar have longstanding economic, defense and cultural relations
  • In 2022, Qatar Investment Authority committed $3 billion for projects in Pakistan

ISLAMABAD: Pakistan and Qatar have agreed to broaden their partnership in diverse areas, including environmental sustainability and green investments, Pakistan’s climate change minister said on Friday.

The understanding was reached during a meeting between Pakistan’s Climate Change Minister Dr. Musadik Malik and Qatar’s Ambassador to Pakistan, Ali Mubarak Ali Essa Al-Khater, in Islamabad.

Malik said the meeting covered Global Plastics Treaty negotiations in Geneva next week, Pakistan’s upcoming Green Startups Initiative to empower youth and attract international investors.

“Both sides reaffirmed commitment to expanding cooperation in climate action, trade and people-to-people ties,” the minister said, emphasizing the need for fair, accessible, and people-centered global environmental agreements that address the socio-economic realities of developing countries.

Pakistan and Qatar have longstanding economic, defense and cultural relations. In 2022, the Qatar Investment Authority committed $3 billion for projects in Pakistan, spanning airport management, renewable energy and hospitality.

Pakistan, currently bolstered by a $7 billion International Monetary Fund (IMF) program, ranks among countries most affected by climate change and has been planning several initiatives to boost green economy, aiming to reduce environmental risks and ecological scarcities while ensuring sustainable development.

“The Ambassador of Qatar expressed strong interest in expanding cooperation in climate action besides trade and investment,” the Radio Pakistan broadcaster reported.


Pakistan eyes new avenues for trade, connectivity as Azerbaijan, Armenia sign peace deal

Pakistan eyes new avenues for trade, connectivity as Azerbaijan, Armenia sign peace deal
Updated 09 August 2025

Pakistan eyes new avenues for trade, connectivity as Azerbaijan, Armenia sign peace deal

Pakistan eyes new avenues for trade, connectivity as Azerbaijan, Armenia sign peace deal
  • US President Donald Trump announced Armenia, Azerbaijan had committed to lasting peace after decades of conflict as he hosted the two leaders
  • Pakistan Prime Minister Shehbaz Sharif hopes that this spirit of dialogue will serve as an example for other regions facing protracted conflicts

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Saturday welcomed a peace agreement between Azerbaijan and Armenia, hoping that it would open new avenues for trade and regional connectivity.

US President Donald Trump announced that Armenia and Azerbaijan had committed to a lasting peace after decades of conflict as he hosted the leaders of the South Caucasus rivals at a White House signing event.

The development comes as Pakistan, slowly recovering from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) loan, looks to capitalize on its geostrategic location to boost transit trade and foreign investment for a sustainable recovery.

“We congratulate President Ilham Aliyev and the people of Azerbaijan on this historic agreement, that reflects wisdom, foresight and sagacity in charting a course for a peaceful future for their region,” Sharif said on X.

“We also appreciate the facilitation role of the United States, under President Donald Trump, in bringing the two sides together and securing an agreement that opens new avenues for trade, connectivity, and regional integration.”

Christian-majority Armenia and Muslim-majority Azerbaijan have feuded for decades over their border and the status of ethnic enclaves within each other’s territories.

The nations went to war twice over the disputed Karabakh region, which Azerbaijan recaptured from Armenian forces in a lightning 2023 offensive, sparking the exodus of more than 100,000 ethnic Armenians.

The two former Soviet republics “are committing to stop all fighting forever, open up commerce, travel and diplomatic relations and respect each other’s sovereignty and territorial integrity,” Trump said at the event.

Sharif said Pakistan stood by the brotherly nation of Azerbaijan at this proud moment of their history.

“This landmark development marks the dawn of a new era of peace, stability, and cooperation in the South Caucasus, a region that has endured decades of conflict and human suffering,” he said.

“It is our hope that this spirit of dialogue will serve as an example for other regions facing protracted conflicts.”

Pakistan and Azerbaijan maintain close ties. In July, Sharif met with Azerbaijan President Ilham Aliyev in Khankendi on the sidelines of the 17th Economic Cooperation Organization (ECO) summit, where the two leaders agreed to boost bilateral trade and investment.

This was Sharif’s third visit to Azerbaijan in 2025. He last traveled to Baku in May as part of a broader push at economic diplomacy with the Central Asian republics, to whom Pakistan has offered access to its southern ports in Karachi and Gwadar.

In July 2024, Azerbaijan announced a $2 billion investment in Pakistan during a visit by President Ilham Aliyev to Islamabad. In September last year, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, marking the deepening of defense cooperation.