Republican presidential nominee Donald Trump waves at an election night watch party in West Palm Beach, Florida. AFP
Republican presidential nominee Donald Trump waves at an election night watch party in West Palm Beach, Florida. AFP

2025 - The return of Donald Trump

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Updated 19 April 2025
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2025 - The return of Donald Trump

2025 - The return of Donald Trump
  • The master of ‘shock and awe’ has once again made the Middle East a priority

WASHINGTON D.C.: For a newspaper covering the Middle East, there is no shortage of moments vying for selection as the most significant news event of 2025.

Scarcely a day passes without a fresh development in the ongoing conflict triggered by the Hamas terror attack on Israel in October 2023, which inaugurated a cascade of tragedies throughout the region.

Hamas continues to hold Israelis hostage, keeping them and their families suffering unspeakably. Hamas’s refusal to turn the hostages over and surrender has trapped civilians in war’s crossfire, effectively holding Gazans hostage too, rather than allowing Gaza to rebuild free from the grip and tyranny of terrorists. Tens of thousands of civilians have lost their lives.

Yet what has transpired in America may soon be seen by historians and geopolitical analysts alike as the most significant event to have taken place in 2025 — with seismic repercussions for the Middle East and, indeed, the entire world.

It does not minimize the importance of the latest in a series of generational tragedies ensnaring Palestinians and Israelis, to suggest that a political event that took place more than 9,500 kilometers away is itself a generational story.

From a purely American perspective, the inauguration and return to the White House of Donald J. Trump on Jan. 20 this year was, without doubt, the single most remarkable political comeback in US history.

Elected president for the first time in November 2016, Trump’s political career appeared finished — at least to his detractors — when Democratic candidate Joe Biden was sworn in on Jan. 20, 2021.

How we wrote it




With the flashy headline “He’s Back,” Arab News featured Donald Trump’s win, leading with Arab leaders’ congratulations.

Trump, however, then did what only one other American president has done before. Returning to the fray, in November 2024 he handily defeated Kamala Harris, the Democratic nominee and, in so doing, became only the second president, after Grover Cleveland in the late 19th century, to win two non-consecutive terms of office.

In January this year, buoyed by his large Electoral College victory and popular vote mandate — and with the Republican party, now largely shaped in his image, controlling both houses of Congress — President Trump hit the ground running. His four years out of power allowed him to further hone and develop the ideas and policies that would build on the successes of his first term.

His first two months back in the Oval Office have been a blur of activity that has left observers at home and abroad stunned, some frustrated and many impressed. World leaders are scrambling to understand and adapt to a dynamic new US administration determined to put America, and Americans, first in all things. Perhaps these observers and leaders forgot that this was what Trump said he would do, and that it is his job.

On March 10, the White House issued a statement titled “50 wins in 50 days,” highlighting Trump’s achievements to date. Many of these were, of course, domestic in nature, addressing concerns close to the heart of his support base: controlling immigration; cutting bureaucratic red tape, waste and fraud; appointing Elon Musk to run a new Department of Government Efficiency; ending federal diversity, equity and inclusion initiatives; and much more.

But ever since his first term, when he ushered in the Abraham Accords, Trump has harbored a determination to bring peace to the Middle East — or at least those parts of the Middle East in which that is realistically achievable — and in 2025 he has wasted no time returning to that ambition.

Key Dates

  • 1

    Trump produces and stars in reality TV series ‘The Apprentice,’ in which contestants compete to earn his approval and land a job with a 6-figure salary in his organization.

    Timeline Image Jan. 8, 2004

  • 2

    Trump declared US president after defeating Democrat rival Hilary Trump declared US president after defeating Democrat rival Hilary Clinton with 57.2 percent of Electoral College vote.

    Timeline Image Nov. 8, 2016

  • 3

    Trump visits Saudi Arabia at start of his first international trip as president. He meets King Salman, as well as Arab and GCC leaders.

    Timeline Image May 20, 2017

  • 4

    Trump recognizes Jerusalem as capital of Israel, moves the US Embassy there from Tel Aviv.

    Timeline Image Dec. 6, 2017

  • 5

    US withdraws from the Iran nuclear deal, which aimed to restrict the country’s nuclear-research program in exchange for sanctions relief.

  • 6

    Iranian Quds Force commander Qassem Soleimani killed by US drone strike in Baghdad, a mission ordered by Trump.

    Timeline Image Jan 3, 2020

  • 7

    Trump poses with Bahrain Foreign Minister Khalid bin Ahmed Al-Khalifa, UAE Foreign Minister Abdullah bin Zayed Al-Nahyan, and Israeli Prime Minister Benjamin Netanyahu as the three countries normalize relations in historic Abraham Accords. Morocco follows suit in December, and Sudan in January 2021.

    Timeline Image Sept. 15, 2020

  • 8

    Trump wins second term in historic comeback that defies impeachments and felony convictions.

    Timeline Image Nov. 4, 2024

During those first 50 days, President Trump restored pressure on Iran; redesignated the Houthis in Yemen as terrorists, unleashing a series of airstrikes to end their attacks on Red Sea shipping; and proposed a bold plan for peace and prosperity in Gaza.

Since the president’s return to office, one of the major questions surrounding his administration has been how it will handle foreign affairs. There are, of course, many factors at play, including the extraordinary complexity of regions experiencing conflict.

But having served as his envoy to Middle East during his first term, and having worked closely with him for 20 years prior to that, I have observed how the fundamental approach that defines President Trump’s diplomatic philosophy remains consistent: speak truth even when others are mired in diplomatic platitudes, envision deals that provide all parties with realistic achievements, and focus on what they truly need rather than what they publicly demand or what their leaders promise.

President Trump approaches problems from a realistic perspective and seeks to fix them, not to adhere to conventions. He deals with the here and now, not the state of the world years ago, nor as we wish it to be. He treats conventional wisdom as a reflection of possibly outdated truths.

I witnessed firsthand how conventional wisdom can become an obstacle to progress, particularly when it calcifies into dogma that resists adjustment.

I still recall the skepticism that preceded our efforts on the Abraham Accords. John Kerry, the former US secretary of state, exemplified the entrenched thinking dominating Middle East diplomacy with his dismissive “no, no, no” regarding the question of whether Arab-Israeli peace was possible without first resolving the Palestinian issue. He had mistaken an unscientific consensus for an immutable truth.

By ignoring failed consensuses and focusing instead on shared interests and possibilities, President Trump proved Kerry wrong, wrong, wrong.

This success was not accidental but resulted from President Trump’s deliberate strategy of challenging assumptions, speaking honestly about realities on the ground, and letting new thinking flourish.




Trump is rushed offstage during his presidential campaign’s Pennsylvania rally after an assassination attempt. Getty Images

For today’s challenges, particularly the devastating Russia-Ukraine war, this approach offers great promise.

Bringing in new US partners as conflict mediators is a valuable element of Trump’s global strategy. Saudi Arabia’s emerging role as a diplomatic broker presents an opportunity that aligns with President Trump’s preference for unconventional pathways to peace.

Nations without the historical baggage of failed negotiations can secure trust and buy-in from opposing sides precisely because they represent a clean slate. The Saudis, and the leaders of other Gulf states, such as the UAE and Qatar, are also generally immune to the Western condition of calcified dogma, allowing them to think more pragmatically on many issues.

Within the Middle East, the core American interests remain clear: foster peace between nations, combat terrorism, and contain disorder. I expect President Trump to seek opportunities for the reduction and elimination of regional conflicts with pragmatic optimism, and I am optimistic about the potential for breakthroughs precisely because his plain truths force potential partners to snap out of diplomatic complacency.

There are areas of the Middle East, such as Lebanon and Syria, where Trump’s methods might finally help them turn the corner and build a better future. It has been decades since that was even a possibility.

Sometimes, meaningful progress requires disrupting expectations. In diplomacy, the most profound achievements often come not from refining existing processes but from fundamentally reimagining what is possible.

My money is on Trump knowing how to put the pieces together. He simply gets things done.

Will Donald Trump’s return to the White House still appear to have been the most significant event of 2025 when this year draws to a close? I think so. I think it will be the most significant event for many years to come, both domestically and abroad.

As the White House statement on March 10 noted, “President Trump is just getting started.”

  • Jason Greenblatt was the White House Middle East envoy in the first Trump administration. He is the author of the widely acclaimed book ‘In the Path of Abraham,’ and director of Arab-Israel diplomacy for the Jerusalem Center for Public Affairs.


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.