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  • Pakistan, Saudi Fund sign debt service suspension pacts

    Pakistan, Saudi Fund sign debt service suspension pacts

    ISLAMABAD: Pakistan and Saudi Fund for Development (SFD) have signed debt service suspension agreements amounting $846 million, a statement said on Thursday.

    The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.

    Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia to Pakistan witnessed the signing ceremony held in Islamabad.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    Dr. Saud Ayid R. Alshammari, Director General for Asia represented the SFD in the signing ceremony.

    This amount which was due to be paid during the testing period from May 2020 to December 2021 will now be repaid over a period of six years starting from 2022 in semi-annual installments.

    READ MORE: Saudi oil facility for Pakistan to start soon

    Due to the support extended by the Saudi Fund for Development – one of the major bilateral development partners of Pakistan – along with other bilateral creditor countries, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and socioeconomic needs of the Islamic Republic of Pakistan.

    The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, is $ 3,688 million.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    Pakistan has already concluded and signed 80 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to rescheduling of $ 2,088 million.

    The signing of agreements with the Saudi Fund for Development brings the total rescheduled amount to $ 2,934 million while negotiations for the remaining $ 754 million are underway.

    The agreements for this amount are expected to be signed with respective bilateral development partners within the current fiscal year.

    READ MORE: PM Imran thanks Saudi assistance; dollar retreats

  • MoU signed to launch Pakistan focused equity fund

    MoU signed to launch Pakistan focused equity fund

    KARACHI: The Kuwait Investment Authority’s joint venture with the Pakistan Government, Pakistan Kuwait Investment Company (Private) Limited (PKIC) and R.J. Fleming & Co. Ltd. (RJF or RJF Dubai) have entered into a Memorandum of Understanding to jointly set up and manage (under the requisite and appropriate licenses) a Private Equity Fund in Pakistan (the Fund).

    With PKIC’s strong local footprint and experience, and R.J. Fleming’s international expertise and networks this is will be a landmark partnership in the Pakistan private equity market.

    The Fund will help proven Pakistani business entrepreneurs access growth capital to scale in the local and regional markets, provide best practice governance and upgrade business management skills enabling local or international options for listing or sale.

    With recent international institutional participation in the early-stage market in Pakistan and very large conglomerates already served well, there is a gap and opportunity to work with medium to large scale companies and with proven reputable business leaders to help achieve their true growth potential.

    Successful investments through this initiative will showcase opportunities in Pakistan and bode well for the overall private equity eco-system of the country.

    Initial seed capital for the fund shall be provided by PKIC and for subsequent rounds, funding will be raised from local as well as from international investors leveraging R.J. Fleming’s global network.

    Pakistan Kuwait Investment Company (Private) Limited (PKIC) is the largest AAA rated Development Financial Institutions engaged in investment and development banking activities in Pakistan. Established in 1979 as a joint venture between the Government of Kuwait, through Kuwait Investment Authority and the Government of Pakistan through the State Bank of Pakistan, PKIC has played a pivotal role in promoting industrial activity, by way of equity and debt investments.

    Since inception it has participated in innovative, economically viable and technically feasible projects with an aim to promote economic activity and support infrastructure development.

    PKIC has been accredited with many successful investments including the establishment of Meezan Bank in which it presently holds thirty percent shareholding.

    In line with its vision, PKIC has also recently acquired equity stake in one of its kind tech company in Pakistan, Planet N, which is a technology platform that has investments in over 40 diversified tech startups.

    R.J. Fleming & Co. (DIFC) is the advisory firm owned and associated with R.J. Fleming & Co. Ltd in London, which was founded by Roderick J. Fleming, Chairman of Robert Fleming & Co, one of Britain’s oldest Merchant Banks.

    Robert Fleming & Co. was sold in 2000 to Chase Manhattan (now JP Morgan), and was the pioneer of investment trusts in Scotland in the 1800s and through joint ventures with T Rowe Price in America (“T Rowe Price Fleming”); Jardine Matheson in Asia (“Jardine Fleming”); and Berenberg Group in Europe (“Fleming Berenberg Gossler”), became one of the largest and most recognizable international asset managers at the time. R. J. Fleming & Co (DIFC) Ltd today operates as an independent, discrete and trusted advisor to institutions and family office principals on regional, international and cross border transactions, debt and equity investments.

  • Pak-Afghan commerce ministers to meet on February 28

    Pak-Afghan commerce ministers to meet on February 28

    ISLAMABAD: The commerce ministers of Pakistan and Afghanistan will meet on Sunday February 28, 2022 to witness cross border movement of pedestrians and vehicles, according to a statement issued on Friday.

    A high powered delegation led by Adviser to the Prime Minister on Commerce, Textile, Industry and Production, and Investment, Abdul Razak Dawood, accompanied by Pakistan’s Special Representative for Afghanistan Mohammad Sadiq, is scheduled to meet Afghan Minister of Commerce and his team at Torkham border on February 28.

    READ MORE: List of goods export to Afghanistan in PKR, no E-form

    This was informed during the meeting of Afghanistan Inter-Ministerial Coordination Cell (AICC). The two delegations will visit the Torkham border to witness cross border movement of pedestrians and vehicles.

    The scheduled meeting will discuss various important matters related to smooth movement of people and patients across the border, issuance of temporary admission documents, increase in timings of border crossing points, establishment of joint border infrastructure, training of Afghan nominees for trade related capacity building courses and smooth crossing of humanitarian assistance to Afghanistan.

    READ MORE: Pakistan establishes Afghanistan relief fund

    Time frame for reinitiating the stalled Torkham-Jalalabad road project and start of luxury bus service between Peshawar-Jalalabad and Quetta-Kandhar will also be part of discussion.

    Prime Minister Imran Khan has announced Rs. 5 billion package to assist Afghanistan in addressing the impending humanitarian and economic crisis.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    Under the package several initiatives have been taken by AICC including supply of lifesaving medicines and technical assistance for restoration and functioning of hospitals.

    In addition to PM’s Relief Package, Pakistan is also sending relief goods and food supplies to Afghanistan on daily basis.

    Recently, a delegation of Afghan Chambers also visited Pakistan and held discussions with the business community to explore trade opportunities between the two countries.

    READ MORE: FBR rebuts currency smuggling to Afghanistan

  • PM Imran, President Putin discuss regional development

    PM Imran, President Putin discuss regional development

    MOSCOW: Prime Minister Imran Khan and Russian President Vladimir Putin on Thursday held a one on one meeting in Moscow with a wide-ranging agenda in focus relating to bilateral matters and regional developments.

    The two leaders reviewed the entire array of bilateral relations including economic and energy cooperation, particularly the Pakistan Stream gas pipeline.

    The regional situation including the developing scenario of Ukraine also came under discussion.

    PM Imran Khan, earlier on his arrival at Kremlin – the executive headquarters of the Russian Federation, was warmly received by President Putin.

    This is the first bilateral visit by a Pakistani prime minister to Russia after a gap of 23 years and is being termed as a historic step to renew relations between the two countries.

    On the invitation of President Putin, Prime Minister Imran Khan arrived in the Russian capital Wednesday on a two-day visit where he was given a guard of honour at the airport.

    The prime minister was accompanied by a high-level delegation, including federal ministers Shah Mahmood Qureshi, Chaudhry Fawad Hussain, Asad Umar and Hammad Azhar, Commerce Advisor Abdur Razzak Dawood, National Security Advisor Moeed Yusuf and Member of the National Assembly Amir Mahmood Kiyani. 

    Pakistan premier arrives Russia after two decades
  • Pakistan premier arrives Russia after two decades

    Pakistan premier arrives Russia after two decades

    MOSCOW: Prime Minister Imran Khan on Wednesday arrived Russia, which is the first visit of any Pakistani premier in last two decades.

    The prime minister was accorded a accorded a red carpet welcome upon his arrival to Russia on a two-day official visit.

    Upon arrival at the airport, the prime minister and his delegation was warmly received by Deputy Russian Foreign Minister Igor Morgulov and the high officials of Pakistan Embassy. The prime minister was also given a guard of honour.

    READ MORE: PM Imran visits Russia on February 23-24

    The prime minister is undertaking the visit at the invitation of President of the Russian Federation Vladimir Putin.

    The prime minister is accompanied by a high-level delegation including federal ministers Shah Mahmood Qureshi, Chaudhry Fawad Hussain, Asad Umar, Hammad Azhar, Commerce Advisor Abdur Razzak Dawood, National Security Advisor Moeed Yusuf and Member of the National Assembly Amir Mahmood Kiani.

    After a span of two decades, this is the first visit by a Pakistani prime minister to Russia.

    READ MORE: PM Imran announces setting up technology startup fund

    The bilateral summit will be the highlight of the visit. During the summit meeting, the two leaders will review the entire spectrum of bilateral relations including energy cooperation, according to Foreign Office.

    They will also have a wide-ranging exchange of views on major regional and international issues, including Islamophobia and the situation in Afghanistan.

    READ MORE: Tax reduced on POL products to ease inflation: PM Imran

    The prime minister’s visit will contribute to the further deepening of the multifaceted Pakistan-Russia bilateral relationship and enhancement of mutual cooperation in diverse fields.

    Pakistan-Russia relations have made impressive progress over the past two decades. There has been regular interaction between the two sides at the highest level as well as the working level.

    Prime Minister Imran Khan has spoken thrice to President Putin on August 25, 2021, September 14, 2021 and January 17, 2022. The prime minister has also extended an invitation to President Putin to visit Pakistan.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

  • PM Imran visits Russia on February 23-24

    PM Imran visits Russia on February 23-24

    ISLAMABAD: Prime Minister Imran Khan will pay an official visit to Russia on February 23-24, 2022.

    The Pakistan premier is paying the official visit on the invitation of President of the Russian Federation Vladimir Putin.

    The Prime Minister will be accompanied by a high-level delegation including members of the Cabinet.

    The bilateral summit will be the highlight of the visit. Pakistan and Russia enjoy friendly relations marked by mutual respect, trust and convergence of views on a range of international and regional issues.

    During the Summit meeting, the two leaders will review the entire array of bilateral relations including energy cooperation.

    They will also have wide-ranging exchange of views on major regional and international issues, including Islamophobia and situation in Afghanistan.

    The visit of the Prime Minister will contribute to further deepening of the multifaceted Pakistan-Russia bilateral relationship and enhancement of mutual cooperation in diverse fields.

  • PM Imran, Chinese President reaffirm resolve to build community for shared future

    PM Imran, Chinese President reaffirm resolve to build community for shared future

    ISLAMABAD: Pakistan Prime Minister Imran Khan met Chinese President Xi Jinping at the Great Hall of People in Beijing on Sunday. The two leaders reaffirmed their resolve to building of the Pakistan-China Community for Shared Future in the New Era.

    The Prime Minister renewed his invitation to President Xi Jinping to undertake a visit to Pakistan at his early convenience.

    This was the first meeting of the two leaders since the Prime Minister’s visit to China in October 2019.

    READ MORE: Pakistan, China discuss bilateral economic, trade ties

    The two leaders reviewed the entire gamut of Pakistan-China bilateral cooperation and exchanged views on regional and global issues of mutual interest, in a warm and cordial atmosphere.

    Prime Minister Imran Khan congratulated the leadership and people of China on successful hosting of the 24th Olympic Winter Games in Beijing and extended his best wishes on the Chinese Lunar New Year.

    The Prime Minister underscored that China was Pakistan’s steadfast partner, staunch supporter and Iron Brother. The All-Weather Strategic Cooperative Partnership between Pakistan and China had withstood the tests of times and the two nations firmly stood side by side in realizing their visions and shared aspirations of peace, stability, development and prosperity.

    READ MORE: PM Imran invites Chinese companies to invest in Pakistan

    The Prime Minister briefed President Xi on people-centered geo-economics vision and his Government’s policies for Pakistan’s sustained growth, industrial development, agricultural modernization, and regional connectivity.

    He lauded China’s continued support and assistance to Pakistan’s socio-economic development which had greatly benefitted from the high quality development of CPEC.

    The Prime Minister welcomed increased Chinese investments in CPEC’s Phase-II which centered on industrialization and improving people’s livelihoods. The Prime Minister shared his views with President Xi on growing polarization in the world which threatened unraveling of global developmental gains, and posed serious risks to the developing countries.

    He highlighted that insurmountable challenges like climate change, health pandemics and growing inequalities could only be tackled though unqualified cooperation of all nations in accordance with the purposes and principles of the UN Charter.

    In this regard, he lauded President Xi’s visionary Belt and Road and Global Development Initiatives which called for collective action for sustainable development and win-win outcomes.

    The Prime Minister highlighted that atrocities being perpetrated in the Indian Illegally Occupied Jammu and Kashmir, and the persecution of minorities in India in advancing the Hindutva mindset of RSS-BJP, was a threat to regional peace and stability.

    He added that rapid militarization of India was undermining regional stability.

    Prime Minister Imran Khan highlighted that partnership between Pakistan and China was an anchor for peace and stability in the region and thanked China for its unwavering support to Pakistan’s sovereignty, territorial integrity, independence and national development.

    The Prime Minister also reaffirmed Pakistan’s full support to China on all issues of its core interest. Both leaders acknowledged that a peaceful and stable Afghanistan would promote economic development and connectivity in the region and called on the international community to promptly assist the Afghan people in averting a humanitarian catastrophe.

    Both leaders appreciated the signing of a number of agreements covering industrial cooperation, space cooperation, and vaccine cooperation.

  • Pakistan, China discuss bilateral economic, trade ties

    Pakistan, China discuss bilateral economic, trade ties

    BEIJING: Pakistan Prime Minister Imran Khan held wide-ranging talks with Li Keqiang, Premier of the State Council of the People’s Republic of China on Saturday.

    (more…)
  • Saudi oil facility for Pakistan to start soon

    Saudi oil facility for Pakistan to start soon

    ISLAMABAD: Saudi Arabia to operationalize soon the oil facility to Pakistan, it was agreed at a meeting on Thursday.

    Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan in his office on Thursday.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    During the meeting, it was agreed to operationalize the Saudi Oil Facility at the earliest.

    The Financing Agreement worth $ 1.2 billion for import for petroleum products was signed on November 29, 2021 between the Saudi Fund for Development (SFD) and Economic Affairs Division (EAD), Pakistan.

    As per Financing Agreement, the SFD will extend financing facility up to $100 million per month for one-year for purchase of petroleum products on deferred payment basis.

    Both the sides discussed ongoing development projects and new initiatives.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    The Minister for Economic Affairs appreciated the Saudi support in the priority development areas, said a press release received here today.

    They also discussed the remaining work of development projects in the earthquake affected areas of Azad Jammu & Kashmir (AJK) and Khyber Pakhtunkhwa (KP).

    Saudi Fund for Development (SFD) is providing financial assistance for various development projects in the areas of Energy, Health, Education and Infrastructure.

    Most recently, the SFD has committed to provide financing for Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project, Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad Road Project.

    The Saudi Ambassador assured of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.

    The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.

  • Pakistan establishes Afghanistan relief fund

    Pakistan establishes Afghanistan relief fund

    ISLAMABAD: Pakistan on Wednesday established a fund namely ‘Afghanistan Relief Fund’ to provide humanitarian assistance to Afghanistan.

    According to a notification issued by the Finance Division, all proceeds on account of ‘Afghanistan Relief Fund’ and payment into the aforesaid fund will be received at all branches of State Bank of Pakistan, all treasuries and branches of National Bank of Pakistan and all other scheduled banks.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    The finance division said that the fund may receive donations from both domestic, international donors and contributions from aboard which will be received at all the branches of above referred banks where such branches are existing. “In other foreign countries contributions will be received at Pakistan missions and remitted to the State Bank of Pakistan, which would prescribe necessary procedure for their accounting.”

    All proceeds received in the name of the fund will be credited to the public account of the federal government under following head of account:

    Major object: G12: Special deposit fund

    Minor Object: G121: relief fund

    Detailed Object (New): G12163: Afghanistan Relief Fund

    The finance division said that accounts of the fund would be maintained by Accountant General of Pakistan Revenue, Islamabad and Fund will be administered by the ministry of economic affairs in consultation with the finance division.

    READ MORE: FBR rebuts currency smuggling to Afghanistan