Christian Maronite east Beirut residents stage rally in front of French embassy to support General Michel Aoun’s refusal to accept Taif agreement. AFP
Christian Maronite east Beirut residents stage rally in front of French embassy to support General Michel Aoun’s refusal to accept Taif agreement. AFP

1989 - The Taif peace pact for Lebanon

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Updated 19 April 2025
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1989 - The Taif peace pact for Lebanon

1989 - The Taif peace pact for Lebanon
  • Saudi Arabia’s determination helped end the Lebanese Civil War

PARIS: The Taif Agreement was the outcome of a concerted attempt by Saudi Arabia to bring an end to the Lebanese Civil War that began in 1975. 

Other parties involved in the process included Syria’s President Hafez Assad, the US administration, and the various Lebanese factions fighting in the war. Saudi authorities wanted to find a solution that involved all of those involved, to halt the war and improve upon the 1943 Lebanese National Pact. 

That pact was an unwritten agreement between Lebanese President Bechara El-Khoury and Prime Minister Riad Al-Solh that established an independent Lebanon as a multi-confessional state. It represented a power-sharing arrangement between Christians and Muslims, whereby the president was always required to be a Maronite Christian, the prime minister a Sunni Muslim, and the speaker of the parliament a Shiite. 

The powers handed down in this way were of particular benefit to Lebanon’s Christians. The civil war required an adjustment to this equilibrium. It also required an adjustment in Lebanon’s relations with the Arab world, during a period in which Assad was growing more powerful with the aim of becoming more influential and hegemonic in Lebanon. 

How we wrote it




Arab News covered the day Lebanese MPs agreed on the national reconciliation charter in Taif, Saudi Arabia to end the civil war.

Beginning in the late 1970s, Saudi Arabia had been a part of all Arab and international efforts to end the war in Lebanon. The Taif Agreement was fathered by Hussein El-Husseini, the speaker of the Lebanese parliament. He visited Saudi Arabia, where he was hosted in Taif under the guidance of the Foreign Minister, Prince Saud bin Faisal, and a Lebanese friend of the Kingdom, a businessman named Rafik Hariri who would later serve as Lebanon’s prime minister from 1992 to 1998 and 2000 to 2004. 

The deal ultimately reached included political reforms that gave full power to the Council of Ministers and greater power to the Muslim prime minister, compared with the previous arrangement whereby power was concentrated in the office of the Christian president. It also established special relations between Lebanon and Syria, and a framework to begin the withdrawal of Syrian forces from the country. 

However, Syrian Foreign Minister Farouk Al-Sharaa later denied any commitment had been made to Prince Saud for Syria to withdraw from Lebanon. It was only after the assassination of Hariri in 2005 that Syrian forces finally pulled out. 

The Taif Agreement was approved by the Lebanese Parliament on Nov. 5, 1989, the same day Rene Moawad became the country’s president. He held the office for only 18 days before he was killed by a car bomb that claimed his life and 23 others. 

Prior to the Taif Agreement, Saudi Arabia had pushed for peace conferences in Geneva and Lausanne, in 1983 and 1984 respectively, that failed to end the war. However, Saudi authorities continued to mediate, with the involvement of the Arab League Tripartite Committee to Lebanon, under the chairmanship of Prince Saud. 

Key Dates

  • 1

    Fighting between Maronites and Muslims in Lebanon begins when suspected PLO gunmen attack a Christian church in East Beirut, killing 4 people. Phalangists retaliate, killing 30 Palestinians on a bus, triggering widespread fighting.

    Timeline Image April 13, 1975

  • 2

    Arab League summit in Riyadh calls for end to the civil war and creates the peacekeeping Arab Deterrent Force.

  • 3

    Start of the Hundred Days War in Beirut between Christian militias and the mainly Syrian troops of the Arab Deterrent Force.

    Timeline Image Feb. 7, 1978

  • 4

    Israel invades southern Lebanon to halt cross-border attacks by the PLO.

  • 5

    Christian Phalangist Bachir Gemayel, former leader of Lebanese Forces Maronite militia, is elected president.

    Timeline Image Aug. 23, 1982

  • 6

    Gemayel and 26 other high-ranking Phalangists are killed by a bomb planted by a Maronite Christian.

    Timeline Image Sept. 14, 1982

  • 7

    Departing president Amine Gemayal defies precedent and appoints a fellow Maronite Christian, Gen. Michel Aoun, as prime minister, a role traditionally reserved for a Muslim.

    Timeline Image Sept. 22, 1988

  • 8

    Aoun declares war of liberation against Syrian occupation.

    Timeline Image March 14, 1989

  • 9

    Taif Agreement is reached but opposed by Aoun.

  • 10

    Taif Agreement ratified and parliament elects Maronite Christian Rene Moawad as Lebanon’s 13th president.

    Timeline Image Nov. 5, 1989

  • 11

    Moawad assassinated by unknown assailants.

    Timeline Image Nov. 22, 1989

  • 12

    Aoun driven into exile in France by Syrian forces.

  • 13

    Aoun returns to Lebanon after Syrian troops finally withdraw.

  • 14

    Aoun elected president of Lebanon, remains in office until his term ends in 2022.

    Timeline Image Oct. 31, 2016

The representatives on the committee from the other members of the tripartite, Morocco and Algeria, were their foreign ministers, Abdellatif Filali and Sid Ahmed Ghozali respectively. They were joined by the Arab League’s special envoy to Lebanon, Lakhdar Brahimi. Syria’s President Assad, excluded from the committee, was enraged. 

During the last meeting of the committee, in Rabat in 1988, before the Taif process began, the three ministers summoned Al-Sharaa, the Syrian foreign minister, and told him they had proof Syria had been arming both Prime Minister Michel Aoun’s army and the Lebanese Forces, led by Samir Geagea.  

Aoun had been appointed interim prime minister that year by departing president Amine Gemayel, who did not accept Assad’s diktats. 

Assad’s forces responded by pounding the Christian stronghold of Achrafieh. Aoun, protected by French Ambassador Rene Ala, then left for France to begin his long exile.  

Brahimi, the Arab League envoy, enlisted Paris-based Dr. Ghassan Salame, a Lebanese professor of international relations, as an advisor to help establish a ceasefire agreement and prepare for a meeting with Lebanese deputies.  

Concurrently, Brahimi, Salame, and other deputies worked on drafting a text for the deputies to approve and adopt. 

The first report from the committee, issued in mid-July 1989, was perceived by the Syrians as hostile. Assad met Algeria’s President Chadli Bendjedid in Algiers and accused Brahimi of anti-Syrian bias. Prince Saud independently continued his attempts to persuade Syria to agree to a ceasefire. 




Saudi Arabian Foreign Minister Prince Saul al-Faysal (C), Lebanese Parliament speaker Hussain al-Hussaini (R) and Algerian Foreign Minister Ahmad Ghassali (L) in Taif as discussions on national reconciliation charter began. AFP

As the various efforts to end the war continued, Saudi authorities worked through two negotiators: Hariri and Prince Bandar bin Sultan, who between 1983 and 2005 was the Kingdom’s ambassador to the United States. This marked the start of Hariri’s involvement in Lebanese politics. 

King Fahd entrusted Prince Bandar to direct the efforts to find a solution for the situation in Lebanon, and Hariri shuttled between various capital cities to organize a conference in the Kingdom to discuss reforms and the election of a president. 

International pressure, and the continuing efforts of Prince Saud, eventually compelled Syria to accept a ceasefire agreement, paving the way for the drafting of the text for the Taif Agreement by several deputies.  

Hariri managed to persuade the Lebanese deputies to come to the gathering in Taif. They agreed to correct the balance of power in Lebanon, giving more influence to the Council of Ministers and the Muslim prime minister. 

However, Assad disliked Hariri and resisted his appointment as Lebanon’s prime minister for years. Eventually, Assad met Hariri on several occasions, though when Hariri did eventually become prime minister, Assad insisted on having a say in the appointment of certain government ministers. 

Saudi Arabia took the initiative and helped to get the Lebanese Parliament operational, since previous negotiations with militias had failed to achieve peace. Eventually, the Taif Agreement was concluded and implemented but Aoun never accepted its terms. Following the assassination of President Moawad after just 18 days in office, as he returned from Lebanese Independence Day celebrations, Deputy Elias Hrawi, who was favored by the Syrians, was appointed his successor. 

One unforgettable sentence uttered by a brilliant French diplomat, having served in Lebanon, still rings true in view of the disastrous situation that has prevailed there for the past several years: “The political class who made the civil war in Lebanon is still in power, but it cannot succeed in ruling the country.” 

  • Randa Takieddine is a Paris-based Lebanese journalist. She covered the last committee meeting in Rabat before Taif in 1988 for Al-Hayat and headed the newspaper’s bureau in France for 30 years. 


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.