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Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue

Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
A woman walks past the logo of the Asian Development Bank (ADB) outside the bank's headquarters in Manila on April 15, 2025. (AFP/ file)
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Updated 43 sec ago
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Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue

Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
  • The development follows upgrades in Pakistan’s sovereign ratings by major credit rating agencies
  • Islamabad plans to launch yuan-denominated Panda bonds in June to raise roughly $200 million
Updated 43 sec ago
Ismail Dilawar
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KARACHI: Pakistan has sought support of the Asian Development Bank (ADB) for the issuance of its yuan-denominated Panda bond, the Pakistani finance ministry said on Thursday.
The statement came after Pakistan Finance Minister Muhammad Aurangzeb’s meeting with ADB President Masato Kanda in Washington D.C., wherein the two sides discussed their Country Partnership Strategy 2026-2030 and budgetary support.
Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets and raise approximately $200 million from Chinese investors, following upgrades in its sovereign ratings by major credit agencies.
Islamabad is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company. However, the latest figure shared in Jan. is lower than the $300 million targeted by Pakistan last year.
“The minister requested ADB’s support for a partial credit guarantee for the issuance of Pakistan’s Panda bond,” the Pakistani finance ministry said.
The development comes more than a week after global ratings agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’, citing increased confidence in the country’s progress on narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, according to Fitch.
Pakistan’s economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout program from the IMF.
Aurangzeb and the ADB president also discussed the Bank’s Country Partnership Strategy 2026-2030 for Pakistan and agreed to fast-track the project’s execution, according to the Pakistani finance ministry.
“He also expressed hope that budgetary support from ADB would materialize this year and assured the participation of Pakistan’s delegation in the CAREC (Central Asia Regional Economic Cooperation Program) meeting scheduled for November 2025,” it added.
Pakistan is a founding member of the ADB. Since 1966, the bank has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.

Topics: Asian Development Bank (ADB)

Pakistan says inflation likely to remain between 1.5-2 percent in April

Pakistan says inflation likely to remain between 1.5-2 percent in April
Updated 50 sec ago
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Pakistan says inflation likely to remain between 1.5-2 percent in April

Pakistan says inflation likely to remain between 1.5-2 percent in April
  • Pakistan’s inflation rate fell to 1.5 percent in February after central bank’s aggressive policy rate cuts
  • Exports, remittances expected to maintain upward trend in the coming months, says Finance Division
Updated 50 sec ago
Shahjahan Khurram

ISLAMABAD: The rate of inflation in Pakistan is likely to remain between 1.5 to 2 percent in April, the government’s Finance Division said on Thursday in its monthly economic outlook, stating that the country’s macroeconomic indicators have shown “signs of overall stabilization.”

Pakistan’s economy has improved in recent months, supported by declining inflation which fell to 1.5 percent in February. The central bank has reduced its policy rate to 12 percent after a series of cuts totaling 1,000 basis points since June 2024.

In its outlook for the month of April, the Finance Division said inflation has reduced to its “lowest level,” creating space for a more supportive monetary policy in upcoming months.

“Inflation is projected to remain between 1.5-2.0 percent in April, with a possible rise to 3.0-4.0 percent by May 2025,” the report said. 

The report said that Consumer Price Index (CPI) inflation eased to 0.7 percent year-on-year in March 2025, down from 1.5 percent in February and 20.7 percent in March 2024. Month-on-month, it rose by 0.9 percent, following a 0.8 percent decline in February and a 1.7 percent increase in March 2024.

The monthly outlook report also noted that the current account registered a higher surplus, driven by remittances and export growth, while reserves improved and the exchange rate remained stable. 

“Revenue mobilization and restrained current spending have contributed to a narrower fiscal deficit and a surplus primary balance,” it said. 

The report also noted improvements in high-frequency indicators, such as rising automobile output, raw material imports and a more “accommodative monetary stance.”

“Improved weather conditions and increased water availability are likely to support higher crop yields and better farming conditions contributing to overall economic growth,” it said. 

The report also said exports and remittances are expected to maintain their upward trend in the coming months, keeping the current account within a “manageable range.”

Topics: Inflation monthly economic outlook

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PSL X: Babar’s 50 helps Peshawar Zalmi cruise to 7-wicket win over Lahore Qalandars

PSL X: Babar’s 50 helps Peshawar Zalmi cruise to 7-wicket win over Lahore Qalandars
Updated 24 April 2025
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PSL X: Babar’s 50 helps Peshawar Zalmi cruise to 7-wicket win over Lahore Qalandars

PSL X: Babar’s 50 helps Peshawar Zalmi cruise to 7-wicket win over Lahore Qalandars
  • Babar Azam scores unbeaten 56 runs from 42 balls while Hussain Talat smashes 51 runs
  • With two wins under their belt, Zalmi next face Quetta Gladiators on Sunday, April 27
Updated 24 April 2025
Arab News Pakistan

ISLAMABAD: Spurred on by a stellar half-century by skipper Babar Azam, Peshawar Zalmi beat Lahore Qalandars by seven wickets to register their second victory of the HBL Pakistan Super League (PSL) X edition in Lahore on Thursday. 
Zalmi were set a modest total of 130 runs after Azam’s side bowled out the Qalandars for a modest 129 runs in 19.2 overs. Alzarri Joseph was the pick of the Zalmi bowlers with 3/15 figures while Luke Wood and Hussain Talat returned figures of 2/25 and 2/18, respectively.
The “Yellow Storm” ran into difficult earlier on during their chase, losing opener Saim Ayub for just 2 runs while star batter Tom Kohler-Cadmore fell for a duck. Azam kept his cool, scoring 56 runs from 42 balls and building partnerships with Mohammad Haris (20 off 16) and Hussain Talat (51 off 37) to see his team to the end.
“Not an ideal start for our home leg,” the Qalandars wrote on social media platform X. “Overwhelmed with the support of our home crowd, we will come back stronger!“


Qalandars skipper Shaheen Shah Afridi found his form with the ball, clocking in speeds of over 140 kilometers per hour frequently. The left-arm pacer was able to return figures of 2/22 from his four overs while speedster Haris Rauf finished with figures of 1/39 from 3.4 overs. 
Zalmi now have two wins from five matches in the HBL PSL 10 edition so far, beating the Multan Sultans by 120 runs earlier in the tournament to register the largest win in PSL history. They are now placed at number four on the PSL points table, tied with four points with Lahore Qalandars. 
Azam’s side will next take on Quetta Gladiators in the tournament on Apr. 27.

Topics: Babar Azam Peshawar Zalmi Lahore Qalandars Pakistan Super League (PSL) PSL 2025

Sindh CM, Islamic Development Bank discuss housing, women empowerment projects

Sindh CM, Islamic Development Bank discuss housing, women empowerment projects
Updated 24 April 2025
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Sindh CM, Islamic Development Bank discuss housing, women empowerment projects

Sindh CM, Islamic Development Bank discuss housing, women empowerment projects
  • IsDB is financing $200 million for reconstruction of houses for those affected by catastrophic 2022 floods
  • Bank agrees to provide more support for water, sanitation, and hygiene projects in Sindh, says state media
Updated 24 April 2025
Arab News Pakistan

ISLAMABAD: The chief minister of Pakistan’s southern Sindh province discussed housing for flood affectees and women empowerment projects with a high-level delegation of the Islamic Development Bank (IsDB), state-run media reported on Thursday.
The IsDB is financing $200 million for the reconstruction of houses for those affected by the catastrophic 2022 floods. Torrential rains and melting glaciers triggered flash floods across the country that killed over 1,700 people and caused damages worth $33 billion, according to Pakistan’s estimates.
Sindh Chief Minister Syed Murad Ali Shah met an IsDB delegation led by its Regional Director, Dr. Walid Abdelwahab, to discuss the Sindh Flood Emergency Housing Reconstruction Project (SFEHRP) and the Sindh Integrated Health and Women Empowerment Project. Both projects involve collaboration with the World Bank, the state-run Associated Press of Pakistan (APP) said.
“The chief minister welcomed Dr. Abdelwahab and expressed gratitude for the IsDB’s support in rebuilding homes for the flood-affected population,” APP reported.
Shah said the Sindh government, in partnership with international collaborators and NGOs, is actively implementing Water, Sanitation, and Hygiene (WASH) projects in various districts to improve public health, particularly in flood-affected and underserved communities.
“In response to the chief minister’s request, the IsDB agreed to provide additional support for the WASH project,” the report said.
Shah stressed that the SFEHRP and WASH projects have been designed to enable owner-driven, multi-hazard-resilient reconstruction of core housing units following the 2022 floods.
The Sindh Integrated Health and Women Empowerment Project is a $280 million initiative that includes financing of $50 million from the IsDB, $30 million from the Sindh government, and $200 million from foreign fund assistance (FFA).
Shah explained that the project aims to enhance the utilization and quality of reproductive, maternal, newborn, child, adolescent, and nutrition (RMNCAH+N) services for poor and vulnerable populations, particularly adolescents and women, in targeted areas of the province.
“The process to hire a third-party firm to oversee the skill development of 6,000 eligible women has begun in consultation with the IsDB,” the APP said.
As part of the program, 124 government dispensaries will be rehabilitated and upgraded, with diagnostic and preliminary design reports already completed, the state-run media said.

Topics: Murad Ali Shah Islamic Development Bank (IDB)

Roadside bombing in southwestern Pakistan kills 3, injures 5

Roadside bombing in southwestern Pakistan kills 3, injures 5
Updated 24 April 2025
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Roadside bombing in southwestern Pakistan kills 3, injures 5

Roadside bombing in southwestern Pakistan kills 3, injures 5
  • Blast was caused by bomb planted in a road in Balochistan’s district Kalat, says government official
  • No group has claimed responsibility but suspicion is likely to fall on separatist Baloch Liberation Army
Updated 24 April 2025
SAADULLAH AKHTER

QUETTA: Three people were killed while five others were injured in southwestern Pakistan on Thursday after a vehicle was struck by a powerful roadside blast, a government official said.
The blast took place in Balochistan’s Kalat district in a remote mountainous area known as Union Council Kaboto, located around 46 kilometers from Kalat city. Two women were among the three killed in the attack which was triggered by an explosive device planted on the road, Kalat Deputy Commissioner Jameel Ahmed said.
“A vehicle passing the area was hit by the explosion, killing three people including two women and injuring five others,” Baloch said.
The official said the driver of the vehicle was also killed in the blast, which was carrying women passengers to Ameeri area in Kalat district. He said the injured had been shifted to Kalat Teaching Hospital for medical treatment.
 “The district administration and [paramilitary] Levies force commenced an investigation to ascertain who was the target of this latest attack,” Baloch said.
No group immediately claimed responsibility for the attack. However, ethnic Baloch separatist groups, mainly the Baloch Liberation Army (BLA), often target soldiers of Pakistan’s armed forces, passengers from the eastern Punjab province, and locals and tribal elders they consider backed by the state.
Pakistan’s largest but least developed Balochistan province shares borders with Iran and Afghanistan. It has long been the site of low-scale insurgency by Baloch separatist groups, who accuse Islamabad of exploiting the province’s natural resources and denying locals a share in its natural resources.
Pakistan’s government and military denies these allegations, claiming that the federal and provincial governments have prioritized Balochistan’s development through various health, education and infrastructure projects.

Pakistan pauses controversial canals project amid protests in Sindh

Pakistan pauses controversial canals project amid protests in Sindh
Updated 24 April 2025
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Pakistan pauses controversial canals project amid protests in Sindh

Pakistan pauses controversial canals project amid protests in Sindh
  • Nationalist parties, civil society members in fear project to build canals on River Indus will trigger water shortages
  • Shehbaz Sharif says there will be no further progress on canals until all provinces reach a consensus over the matter
Updated 24 April 2025
Muhammad Ibrahim

ISLAMABAD: Prime Minister Shehbaz Sharif announced on Thursday that the federal government will pause constructing new canals on River Indus until a consensus develops between Pakistan’s provinces on the matter, following outrage and sit-in protests in Sindh.
Pakistan’s government launched an ambitious agricultural project in February to build a network of six canals on River Indus. The government says it aims to irrigate millions of acres of barren lands and ensure food security for the 240-million strong country.
However, critics say the project would trigger water shortages in the southern parts of the country, especially Sindh. Lawyers, members of the civil society and supporters of nationalist parties in Sindh have disrupted trade and traffic on the province’s National Highway since last Friday, staging sit-in protests over the issue.
Pakistan Peoples Party (PPP), a key ally of the ruling coalition led by Sharif and the largest party in Sindh, has led protests against the project. PPP Chairman Bilawal Bhutto Zardari met Sharif on Thursday to discuss the canals issue and Pakistan’s prevailing tensions with India.
“We must resolve this issue through mutual consent and dialogue,” Sharif said with Bhutto Zardari by his side. “And today, in the meeting held between the Pakistan Peoples Party and the Pakistan Muslim League (Nawaz), we have mutually agreed that no new canals will be constructed until a decision is reached via consensus in the Council of Common Interests (CCI).”
The CCI is a constitutional body whose members are appointed by the president on the advice of the prime minister. The council resolves power-sharing and other disputes between the federation and the provinces.
Sharif said the center had decided that there will be “no further progress” on canal-related matters unless a consensus is developed among provinces. 
“Therefore, we have decided today that a meeting of the Council of Common Interests will be convened on Friday, May 2, in which the Pakistan Peoples Party and the Pakistan Muslim League-Nawaz, and the federal government’s decisions will be endorsed,” he added.
Bhutto Zardari thanked the prime minister for listening to his concerns regarding the issue, saying that the CCI meeting will endorse the decision that no new canals would be constructed without consensus on the matter. 
“Today, we are not taking a decision together but are merely agreeing that without consensus on water-related matters, no new canals are being made,” he said. 
The PPP last week threatened to withdraw its support for Sharif’s ruling coalition government if it decided to go ahead with building the new canals. Bhutto Zardari’s party, which emerged as the second-largest political party after the controversial 2024 general election in Pakistan, Sharif get elected prime minister last year.
The PPP settled for the presidency and governorships in Punjab and Khyber Pakhtunkhwa (KP) provinces, areas where it performed poorly in the national polls.

Topics: Sindh canal Pakistan Peoples Party (PPP) Indus river

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