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ISLAMABAD: Pakistan and Uzbekistan on Monday agreed to accelerate efforts to raise bilateral trade to $2 billion as the 10th Session of the Pakistan–Uzbekistan Intergovernmental Commission (IGC) on Trade, Economic and Scientific-Technical Cooperation concluded in Islamabad. According to a statement issued by the Ministry of Economic Affairs, the session was co-chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister (SAPM) for Industries and Production, and Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan. Both sides expressed satisfaction over steady progress in bilateral engagement and reaffirmed their…

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ISLAMABAD: The federal government has decided to introduce a comprehensive five-year plan aimed at promoting the export and regularisation of Pakistan’s precious gemstone sector, which officials estimate to be worth billions of dollars. Under the plan, 610 exporters will be facilitated to participate in exhibitions in international markets over the next five years to expand market access and promote legal trade. The plan also proposes the establishment of a central authority responsible for business registration, provincial coordination and facilitation across the gemstone value chain. According to sources, the authority will…

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ISLAMABAD: Ajay Banga, President of the World Bank Group, called on Prime Minister Muhammad Shehbaz Sharif in Islamabad on Monday, with both sides emphasising the need to fast-track implementation of reform-linked development projects and strengthen oversight to ensure timely results. The prime minister welcomed Banga on his first official visit to Pakistan as president of the World Bank Group. According to an official statement, the premier appreciated the World Bank Group’s long-standing partnership with Pakistan and its continued support for the country’s development priorities, particularly through the 10-year World Bank…

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ISLAMABAD: Mounting tensions between the United States and Iran have impeded the launch of ferry service between Pakistan and Iran. Pakistan has already issued its first-ever international ferry service licence, paving the way for licensed passenger ferry operations between Pakistan and member countries of the Gulf Cooperation Council (GCC), including Oman, the United Arab Emirates and Bahrain, as well as Iran. This licensing framework is expected to provide regulatory clarity, encourage private-sector participation and boost maritime trade and connectivity in the region. The first ferry licence, approved by the Ministry…

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Commodities markets slumped on Monday, led by deep losses in gold, silver, oil and industrial metals as the choice of Kevin Warsh as the next Fed chair set off a wave of selling in risk assets that sent precious metals tumbling for a second session. Gold slid 9 per cent to its lowest in more than two weeks, while silver fell more than 13 per cent after both metals hit records last week. Oil dropped nearly 5.5 per cent, easing from multi-month highs, and London Metal Exchange copper fell almost…

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BRUSSELS: Pakistan is halfway into the ongoing $7 billion 36-month long Extended Fund Facility (EFF) approved in October 2024 by the International Monetary Fund (IMF) board. This austerity programme like all previous IMF programmes is causing jitters across Pakistan’s political and media landscape. Former and current ministers including economic commentators are openly blaming the IMF-mandated policies for being anti-growth and worsening the country’s financial health and increasing social distress. Recently, even the SIFC national coordinator said that the “country’s growth plan was missing” and that “we have made a mess…

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