The former Lebanese PM Rafik Hariri was praised by many for transforming post-civil war Lebanon. AFP
The former Lebanese PM Rafik Hariri was praised by many for transforming post-civil war Lebanon. AFP

2005 - The assassination of Hariri

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Updated 19 April 2025
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2005 - The assassination of Hariri

2005 - The assassination of Hariri
  • The car bomb that killed the former prime minister wiped out all hope of a prosperous and peaceful country

DUBAI: The Middle East of the early 2000s was in a state of flux. Saddam Hussein was toppled in Iraq. Al-Qaeda and its various hydra-headed affiliates were running amok, popping up everywhere. Terrorists were on a killing spree. There was chaos and confusion.

It was during this particularly unstable time that I entered journalism, at Lebanon’s Future Television. There were plenty of stories to cover in the region, mostly of death and destruction, conspiracy and collusion, revenge and vendetta. There seemed to be an unending and singularly vicious cycle of violence.

In Lebanon, on the other hand, Rafik Hariri was scripting a rare success story. By following his vision, and thanks to the Saudi-brokered Taif Agreement in 1989 that brought to an end the civil war, the country had finally found its feet as the “Switzerland of the East.”

Hariri was at the helm as prime minister from 1992 to 1998, and again from 2000 to 2004. He turned Lebanon around, infusing new life into a country that had been ripped asunder by a long, bloody civil war.

It was a dream time for the nation. Lebanon became the talk of the town in shisha cafes across the region. Here was a Middle Eastern country proving that it could rise from the ashes and earn the admiration of its people, as well as that of the wider world. Proving that it could set an example for others to follow. The one man responsible for this unprecedented, historic turnaround was Hariri.

Unfortunately, as the saying goes, all good things come to an end — or, in the case of the Middle East, are brought to a violent end with bloody carnage.

And so it was that the purveyors of death and destruction, the satanic forces that had been lying in wait for a long time, struck. The location was the center of Beirut, and the strike hit with the destructive force of about 1,000 kilograms of explosives. Hariri was assassinated at the age of only 60.

How we wrote it




Arab News dedicated its front page to Rafik Hariri’s tragic assassina­tion, capturing global outrage and local fears.

I was nearly 4,000 kilometers away at the time, in London, working for Asharq Al-Awsat. I remember that day with pain and pathos. It was Monday, Feb. 14, 2005. Those were pre-Twitter days, and suddenly I found myself deluged with text messages. I rushed to my office.

I watched the whole world freeze as I saw the images of the exploding car. This was not just another news story to me, because I had worked at Future Television, which Hariri founded, and I had known him personally. I also knew, and had worked with, a number of other people who were at the scene of the explosion in Beirut, including the cameraman who was seen weeping in images at the time.

My pain and anger were all the greater because I had witnessed what was commonly referred to as “the second golden era of Lebanon,” between 1992 and 2005, when Hariri was in his prime. Many memories flashed through my mind.

I remembered distinctly the feelings of euphoria when French President Jacques Chirac had visited and walked hand-in-hand with Hariri in downtown Beirut. That happened on a beautiful summer night in the early 2000s, when the center of the city was buzzing with citizens, expatriates and tourists. They were out to enjoy the experience of fine dining, shopping, clubbing or puffing on shisha in the newly renovated heart of the Lebanese capital.

The atmosphere felt so busy and alive, and I recall sitting with several friends. We had chosen to go to a well-known downtown cafe opposite the headquarters of the now-defunct pan-Arab daily newspaper Al-Hayat. We struggled to attract the attention of the waiters, who were doing their best to handle the flood of orders being thrown at them, mostly by much better-tipping Gulf tourists who, for obvious reasons, did not have as many problems as we students did in getting their attention.

Then, all of a sudden, a musician playing the saxophone beside our table stopped his music. Everybody stood and people all around us began clapping and cheering as Hariri appeared on the street, holding hands with Chirac.

Key Dates

  • 1

    Prime Minister Rafik Hariri supports UN Security Council Resolution 1559 calling for Syrian and other foreign forces to leave Lebanon.

  • 2

    Hariri resigns as prime minister in protest against Syria’s role in Lebanon.

    Timeline Image Oct. 20, 2004

  • 3

    While campaigning for parliamentary elections, Hariri urges the opposition to back Resolution 1559.

  • 4

    Hariri is assassinated in Beirut.

    Timeline Image Feb. 14, 2005

  • 5

    Under pressure from world opinion and the mass protests of the Cedar Revolution, Syrian troops finally withdraw from Lebanon.

    Timeline Image April 27, 2005

  • 6

    Appointed by the UN to investigate Hariri’s assassination, the international Special Tribunal for Lebanon opens in The Hague. Four suspected members of Hezbollah eventually charged with his murder. One later dies, the others remain fugitives.

    Timeline Image March 1, 2009

  • 7

    Hassan Nasrallah, longtime leader of Hezbollah, killed by Israeli airstrike on an underground facility in Dahieh, the group’s stronghold in Beirut. He is succeeded by his deputy, Naim Qassem.

  • 8

    After more than 2 years of political deadlock, Lebanon’s parliament elects armed forces commander Joseph Aoun as the country’s 14th president.

The French president was on an official visit to Lebanon, and Hariri decided to show him firsthand the progress made by the Lebanese people, both socially and physically. What better way to do this than take Chirac out for a walk to experience the kind of vibrant life Hariri had worked so hard to provide for his nation?

There were no bodyguards in sight, no weapons and no formalities whatsoever. On the contrary, both leaders casually greeted people and shook hands with them. The musician began, with no prompting, to play the French national anthem on his saxophone.

It was phenomenal, and incredible, how Hariri managed to turn Lebanon around in less than a decade. There was a new airport, a new downtown area, and tourism flourished. Everything was going right for the country. It was indeed Lebanon in its prime, a legendary second golden period.

Watching from my office in London, I realized immediately how the assassination of Hariri was going to affect Lebanon. I anticipated, and then painfully witnessed, the steady deterioration and institutions failing, one after the other.

Two decades later, Lebanon has defaulted on its debt, people are protesting about the lack of jobs, opportunities and even basic necessities of modern life such as electricity 24 hours a day.

More concerning is the reality that, regardless of the government that is elected, or the heavy blow Hezbollah suffered during its most recent conflict with Israel, which brought destruction and despair to the heart of Beirut, members of the Iran-backed groups of the country.

The assassination of Hariri wiped out all hope of a prosperous and peaceful Lebanon. This only added to the depressing scenario that existed then, and continues to exist, in the wider Middle East.




Firemen try to extinguish flames engulfing one of the cars of Rafik Hariri’s convoy in Beirut after his assassination. AFP

Twenty years have passed since Hariri was assassinated, and in that time I have written umpteen articles on the state of affairs in Lebanon. Whenever I write on the topic, I recall wistfully and nostalgically the stellar vision and leadership that Hariri provided for his country. Sadly, however, those days are gone — and they are not coming back.

Hariri had a vision and that vision died with him. His critics say he was a Saudi puppet, and that he brought on the financial debt Lebanon now faces. Of course the country had to borrow money under Hariri, but it was on its way to recovery and the numbers at the time showed it.

As for the accusation that Lebanon was the Kingdom’s puppet, well, as Saudi Defense Minister Prince Khaled bin Salman rightly put it during an interview with media group Vice, Saudi Arabia sent tourists to Lebanon and Iran sent terrorists (including Hezbollah, which is accused of killing Hariri).

If there is any doubt over which vision was and is better for Lebanon, one only has to compare the central Beirut that existed under Hariri when Chirac visited, with what it is today under the armed rule of Hezbollah: much like the rest of the country, it is torn apart by political divisions and unable to function, with businesses forced to close and tourists nowhere to be found.

On Feb. 14, 2025, 20 years to the day after Hariri was assassinated, his supporters took to the streets once again, able for the first time to commemorate the memory of the late statesman without any real fear of threats from Hezbollah. The militia’s leader, Hassan Nasrallah, and most of his deputies were killed by Israel during the dramatic events of 2024.

In January this year, after a power vacuum that persisted for more than two years amid political deadlock, Lebanon’s parliament finally freely elected a new president, former army chief Joseph Aoun. The headline on the Arab News story that reported this development was “The rebirth of a republic” — the republic that Rafik Hariri dreamed of and in pursuit of which he gave his life.

  • Faisal J. Abbas, Arab News editor-in-chief, began his journalism career in Lebanon.


Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
Updated 6 min 37 sec ago
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Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
  • Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems
  • During Saudi Arabia’s Environment Week, the dugong featured prominently in events

RIYADH: The dugong, or Dugong dugon, a marine mammal classified as vulnerable, remains a key indicator of marine biodiversity in Saudi Arabia. 

Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems, the Saudi Press Agency reported. 

During Saudi Arabia’s Environment Week, the dugong featured prominently in events, drawing attention to ongoing conservation efforts and the responsibilities shared by researchers, environmental advocates, and policymakers.

The National Center for Wildlife is leading initiatives to protect the dugong from further population decline. These efforts by the center include satellite tracking and scientific research to monitor its distribution in Saudi Arabia’s territorial waters. 

Additionally, national plans are in place to manage and rehabilitate the species’ natural habitats, supporting long-term sustainability and the conditions necessary for dugong reproduction and survival. 

On the international front, Saudi Arabia continues to strengthen global cooperation in marine conservation. 

In 2013, the Kingdom signed an agreement to protect dugongs and their habitats and has taken part in initiatives such as the Pacific Year of the Dugong, launched in 2011.

Throughout Environment Week, the center presented recent studies and carried out public outreach activities. 

Educational programs were provided to students, visitors, and marine life enthusiasts, emphasizing the dugong’s ecological role and the importance of preserving its habitat.

The center also showcased modern tracking technologies used to study the species and its movements, the SPA reported.


Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
Updated 13 min 46 sec ago
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Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
  • PM’s focal person for polio eradication, Ayesha Raza Farooq, meets IsDB delegation in Islamabad
  • IsDB is one of largest financiers of Pakistan’s anti-polio program, announced $587 million loan in 2023

ISLAMABAD: Pakistani prime minister’s aide on polio eradication, Ayesha Raza Farooq, on Tuesday acknowledged the Islamic Development Bank’s (IsDB) financial and strategic contributions to sustain its anti-polio program in the country. 

The IsDB has contributed over $587 million to eradicate poliovirus from Pakistan since 2013, making it one of the largest financiers of the country’s anti-polio program. It announced a loan of $100 million in December 2023 to support Pakistan’s polio eradication efforts. 

Farooq met a high-level delegation of the IsDB’s Regional Hub in Turkiye at the National Emergency Operations Center (NEOC) in Islamabad on Tuesday, the Pakistan Polio Eradication Programme said. 

“The Islamic Development Bank has been a pillar of strength for the Pakistan Polio Eradication Programme, especially during its most challenging phases,” Farooq was quoted as saying by Pakistan’s anti-polio program. 

“Your financial and strategic contributions have been instrumental in sustaining the program and ensuring that vaccination campaigns reach the most vulnerable children across the country.”

Pakistan is only one of two countries worldwide where polio remains endemic. The Pakistani government launched a seven-day nationwide campaign on Monday to vaccinate over 45 million children against the disease. 

Dr. Walid Mohamad Abdelwahab, director of the IsDB’s regional hub in Turkiye, reaffirmed the institution’s support for Pakistan in achieving a polio-free future, the statement said. He commended Pakistan for its efforts and collaboration in the fight against polio, it added. 

The delegation briefly visited the NEOC control room following the meeting, where they were informed about the national reach of the campaign. The IsDB delegation was told the campaign would cover over 45.4 million children through the efforts of more than 400,000 frontline health workers via door-to-door vaccinations.

“IsDB commended the Government of Pakistan’s relentless efforts and reaffirmed its support in reaching the last mile of polio eradication,” Pakistan’s anti-polio program said.

In 2024, Pakistan reported an alarming 74 polio cases. The country’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners, who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage. 

Militant groups have also repeatedly targeted and killed polio vaccination workers during nationwide drives.


Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 
Updated 16 min 26 sec ago
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Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

RIYADH: Saudi Arabia has overtaken Singapore as the premier destination for venture capital funds across emerging markets after it secured $391 million in the first quarter of 2025.

The 53 percent year-on-year rise helped propel the Kingdom to becoming the highest-performing country across the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia in terms of total funding during the three-month period, as revealed in the latest analysis by venture data platform MAGNiTT. 

While the standout $160 million series E round by fintech unicorn Tabby contributed significantly to the overall figure, the broader investment ecosystem showed resilience with non-MEGA deal funding, which are transactions below $100 million, rising 9 percent quarter-on-quarter. 

“This consistency signals a strengthening pipeline backed by sovereign LPs (limited partners) like SVC (Saudi Venture Capital), a growing cohort of accelerators, and successful exits like Rasan’s IPO (initial public offering),” according to MAGNiTT’s report. 

Saudi Arabia leads MENA funding and deal activity 

Saudi Arabia led the EVMs and continued its dominance in the Middle East and North Africa region. 

The Kingdom captured 58 percent of all MENA venture funding and accounted for 41 percent of transactions, far outpacing regional peers. 

According to MAGNiTT, the Kingdom achieved an 87 percent year-on-year increase in non-mega deal funding and a 437 percent rise in series A and B rounds, supported by sizable transactions such as those by Ula.me and Merit Incentives, each raising $28 million. 

The rise in Saudi venture capital investment comes amid a broader rebound in the MENA region. 

Total funding across MENA reached $678 million in the first quarter of 2025, a 58 percent increase year on year, despite a 21 percent decline in deal count to 133 transactions. 

The surge was supported by improved investor sentiment following late 2024 interest rate cuts across the Gulf, along with sustained sovereign fund activity and flagship ecosystem initiatives such as LEAP 2025. 

In terms of historical share, Saudi Arabia’s ascent has been significant. It expanded its share of MENA venture funding to 58 percent in the first quarter of the year, up from 39 percent in 2024 and 51 percent in 2023. 

This upward trajectory has positioned the Kingdom as the central engine of regional VC activity, reversing a period during which the UAE held the lead. 

The ecosystem shift also reflects a structural change in capital allocation. The first quarter saw non-mega deals rise for the fourth consecutive quarter, and early-stage investments in series A and B rounds increased by 50 percent quarter-on-quarter. 

In contrast, Southeast Asia reported its weakest early-stage quarter in seven years, with Singapore’s funding falling by 61 percent year on year to $377 million. 

The gap signals a shift in global investor preference as capital increasingly flows toward markets like Saudi Arabia, where macroeconomic stability, proactive policy, and institutional backing provide a conducive environment for venture growth. 

With 54 deals completed, the Kingdom reported the smallest year-on-year decline in deal count among the region’s top three markets, supported by a robust early-stage pipeline. 

Fintech dominates sector activity 

Fintech remained the most active and well-funded sector across MENA, particularly in Saudi Arabia, contributing 30 percent of all deals and capturing 57 percent of total regional funding. 

The sector saw a 362 percent year-on-year increase in funding, totaling $384 million, driven by Tabby’s $160 million MEGA round and strong underlying demand for digital finance solutions. 

Notably, 35 percent of all fintech deals in the first quarter of 2025 were in the $5 million to $20 million range, up 24 percentage points from the same period last year, demonstrating increasing maturity and scalability across the sector. 

Enterprise Software was the second most transacted and funded vertical, propelled by activity in Saudi Arabia and the UAE, accounting for 75 percent of all sector deals. 

Within this segment, the productivity apps sub-sector achieved record performance with six deals, including Merit Incentives’ $28 million and Qeen.ai’s $10 million rounds. The enterprise category posted a 112 percent annual growth in funding to reach $61 million. 

Saudi Arabia drives top-tier transactions and investor participation 

While deal volume across MENA dropped 21 percent year on year to just 133 transactions — one of the lowest quarterly figures in five years — Saudi Arabia defied the trend, maintaining strong early-stage momentum.

MAGNiTT noted that deal activity in the up to $1 million bracket declined 8 percentage points year on year to just 31 percent, while deals in the $5 million to $20 million and over $20 million brackets saw increases of 4 percentage points and 3 percentage points, respectively. 

This reallocation of capital reflects investors’ growing appetite for scale-ready startups in more advanced funding stages. 

Pre-seed to pre-series A activity in the Kingdom saw a 14 percent increase, highlighting the nation’s strengthening foundation for long-term growth. 

The shift in capital allocation patterns also reinforced Saudi Arabia’s strategic focus. 

The share of deals in the $1 million to $5 million range rose to 46 percent, the highest proportion in five years, mirroring a broader pivot across MENA toward larger, more scalable investment opportunities. 

Simultaneously, the lowest-value ticket size, $0 to $1 million, fell to 31 percent of deals, down 8 percentage points from the previous year. 

Five of the region’s 10 largest deals originated from the Kingdom, including Tabby’s round, the sole mega deal of the quarter, alongside significant rounds by Zension, with $30 million and Merit Incentives. 

According to MAGNiTT, this concentration of large-ticket transactions underscores the depth of investor confidence in the Saudi startup ecosystem.

Investor engagement in the Kingdom was also evident in the breakdown of top deals. The nation hosted more top-10 deals than any other MENA country, with fintech leading as the most represented industry. 

Blue Pool Capital and Hassana Investment Co. emerged as the most prominent backers, jointly deploying an estimated $53.3 million across key transactions, with fintech accounting for four of the top 10 deals. 

Exit environment strengthens on record M&A activity 

Saudi Arabia’s momentum was further underscored by a robust exit environment, with the MENA region recording 21 exits, up 163 percent year on year, marking the strongest quarter for mergers and acquisitions since MAGNiTT began tracking. 

The Kingdom’s IPO pipeline also improved, adding another layer of attractiveness to its startup ecosystem. 

While the regional rebound was attributed to easing inflation, improved liquidity, and pre-US tariff optimism, MAGNiTT emphasized that: “Saudi Arabia’s IPO and M&A momentum are now integral to the region’s exit environment.” 

Despite this surge, the median time to exit via M&A lengthened to six years, up from five in 2024, reflecting continued challenges for early-stage startup liquidity. 

Geopolitical risks introduce uncertainty to venture outlook 

Despite strong regional performance, MAGNiTT highlighted emerging risks that could disrupt momentum. 

“While Q1 2025 was a positive start to the year … that momentum is now under threat,” said Philip Bahoshy, CEO of MAGNiTT. 

He added that the new US tariff policies have created uncertainty in both the public and private markets over the last couple of weeks, which can create a challenge for decision-makers who are likely to be in a risk-off mindset.

“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VCs’ willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Bahoshy.

He noted that while global volatility persists, long-term fundamentals in EVMs remain strong. 

“Despite global headwinds, emerging venture markets continue to present compelling long-term opportunities. MENA, in particular, is uniquely positioned for sustained growth thanks to deep pools of local capital, pro-entrepreneurship policy, and active sovereign support,” Bahoshy added. 

“As global investors diversify beyond traditional markets, regions like MENA and Southeast Asia are poised to attract fresh capital — particularly in tech-led sectors that are strategically positioned and less exposed to tariff volatility,” the CEO said.


Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
Updated 29 min 20 sec ago
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Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
  • US-Bangla Airlines offers 5 weekly flights on Dhaka–Riyadh route
  • First private Bangladeshi carrier to operate flights to the Kingdom

DHAKA: US-Bangla Airlines, the largest airline in Bangladesh by fleet size, has launched direct flights from Dhaka to Riyadh amid increasing demand for travel to Saudi Arabia.

The inaugural flight from Hazrat Shahjalal International Airport to King Khalid International Airport took off on Monday, with 423 passengers on board.

The flights will run five times a week on an Airbus 330 aircraft, with plans to gradually expand to daily service.

“Today, also, we are flying with full occupancy. There is always demand for destinations in the Middle East,” Kamrul Islam, the carrier’s general manager for public relations, told Arab News on Tuesday.

“We are receiving very good responses from the passengers ... The route will soon be served by daily flights.”

The airline is tapping into the growing market for Middle East travel. Flights to Saudi Arabia have been too few to accommodate the needs of some 3 million Bangladeshi workers in the Kingdom and hundreds of thousands of people traveling for the annual Hajj and Umrah pilgrimages.

In August last year, it launched daily flights to Jeddah, becoming the first — and so far the only — private Bangladeshi airline to fly to the Kingdom.

“Our aim is to start flight operations gradually in all the destinations where Bangladeshi migrants live,” Islam said.

“In the near future, we are planning to begin flight operations to Dammam and Madinah. Our plan is to begin these flights by the next year. It takes six to seven months of preparations to launch a new station.”

Founded in 2010, US-Bangla Airlines started as a domestic carrier and has lately expanded its routes to go international. The Riyadh route marks the airline’s 14th international destination and sixth in the Middle East.

“Every destination in the Middle East is a base for Bangladeshi migrants,” Islam said.

“We are currently operating also to other places in the region, like Dubai, Sharjah, Abu Dhabi, Muscat, and Doha.”

With its latest acquisition of new Airbus A330 and Boeing 737 aircraft last year, the carrier has become the largest airline in Bangladesh by fleet size.

With the additions, the US-Bangla fleet now consists of 24 aircraft, while the national flag carrier Biman has 21.


Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
Updated 33 min 29 sec ago
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Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
  • Pakistan’s government mulling options which range from importing crude oil from the US to abolishing tariffs on American imports
  • Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by President Donald Trump last month

ISLAMABAD: Finance Minister Muhammad Aurangzeb told Bloomberg this week Pakistan is looking to buy more goods from the US and remove non-tariffs barriers to escape President Donald Trump’s high tariffs.

Pakistan’s government is mulling options, which range from importing crude oil from the US to abolishing tariffs on American imports, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington. 

“It’s a bigger canvas that we are looking at in terms of engaging the US,” Aurangzeb said in an interview with Bloomberg News on Monday ahead of the IMF-World Bank spring meetings in Washington. “We will constructively engage, and we will have a formal delegation coming in.”

Pakistan is looking to buy more cotton and soybean from the US, the finance chief said, adding that it is also in talks to tear down non-trade barriers to open its markets to more US products.

“We can also look at if there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products, we can obviously view that.”

Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by Trump. While those levies are on hold until July, Pakistan has said it will send a trade delegation to Washington in the coming months to bridge the trade gap. 

The US is Pakistan’s largest export market with over $5 billion in annual exports as of 2024, while Pakistan’s imports from the US are about $2.1 billion.

The finance minister said the country is also open to foreign direct investments from US firms in its recently opened minerals and mining sectors.

Aurangzeb, a close aide of Prime Minister Shehbaz Sharif, is in the US for a nearly week-long trip to participate in the Spring Meetings of the International Monetary Fund and the World Bank. The former JPMorgan Chase & Co. banker said that the crisis-ridden nation will tap the international capital markets to secure more funds for a sustainable growth.

“What we are looking for is how we get away from a boom-and-bust cycle which Pakistan has gone through and get on to a sustainable growth path,” he told Bloomberg. 

Pakistan is preparing to debut its first-ever Panda bond in the range of $200 million to $250 million that will likely take place in the fourth quarter of this year, the minister added.

Authorities are trying to rebuild Pakistan’s tattered economy after it came close to a default in 2023. Last month, the South Asian nation won an initial nod for a $2.3 billion IMF loan that will give it funding visibility until 2027. 

Last week, Fitch upgraded Pakistan’s credit rating, citing confidence that the South Asian country will be able to sustain reforms under the IMF loan program.