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Pakistan

FinMin to visit China amid Pakistan’s efforts for rescheduling $15bn loan

A joint working group will be set up between Pakistan and China to facilitate loan rescheduling

Published by Hussnain Bhutta

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Islamabad: Finance Minister Muhammad Aurangzeb would embark on a visit to China starting on Tuesday (today).

The sources close to the development said that the finance minister’s visit to China aimed at Pakistan’s efforts for rescheduling of $15bln loan from Beijing.

They said that a joint working group would be set up between Pakistan and China to facilitate the loan rescheduling.

The sources said that the discussions would address China’s energy circular debt, which currently amounts to Rs480 billion.

The Finance Minister would also engage in talks regarding the Panda Bond. Pakistan aims to secure a $250 million Panda Bond during this visit.

China earlier this year had rolled over a $2 billion loan to Pakistan.

The $2 billion loan was due in March and was extended for one year. Beijing had communicated the decision to Islamabad, it added.

Pakistan is making attempts to stabilise from a financial crisis. Pakistan also secured a $3 billion standby arrangement from the International Monetary Fund last summer.

Rating agency Fitch last week had said that Pakistan’s vulnerable external position meant that securing financing from multilateral and bilateral partners would be one of the most urgent issues facing the next government.

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Technology

Technical glitch caused disruption to WhatsApp service in Pakistan: PTA

A significant number of users across Pakistan have encountered difficulties in sending and receiving media files such as voice notes, photos, and videos through WhatsApp while using mobile networks

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Islamabad: Pakistan Telecommunication Authority on Tuesday addressed the ongoing issues affecting WhatsApp services for cellular users in the country, suggesting a potential "technical glitch" as the cause.

According to a recent 2024 report by the World Population Review, Pakistan boasted 52.3 million WhatsApp users.

The disruptions persisted, with Downdetector, a global platform monitoring website and application issues, continuing to receive reports of WhatsApp outages in Pakistan over the past 24 hours.

Starting from July 20, a significant number of users across Pakistan have encountered difficulties in sending and receiving media files such as voice notes, photos, and videos through WhatsApp while using mobile networks.

The users reported instances where media files either fail to download promptly or do not download at all. Some users have received error messages from WhatsApp stating, "Couldn’t download document. Try again. If the problem keeps happening, try connecting to Wi-Fi."

 

 

 

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Pakistan

FPCCI to take IPPs contracts to supreme court

Gohar Ijaz says Pakistanis are facing heavy financial burden under IPPs contract

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Lahore: Former caretaker minister for commerce, Dr. Gohar Ijaz, announced that the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has decided to approach the supreme court against the independent power producers (IPPs) contracts.

In a tweet on social media platform x, formerly known as Twitter, Dr. Ijaz stated that the chambers of commerce have resolved to challenge the IPP agreements in the Supreme Court. “The FPCCI, which represents Pakistan's business community, will formally file a petition urging the court to intervene in this intolerable situation affecting the right to life of every Pakistani,” said Gohar Ijaz in his message. 

“Pakistanis are facing heavy financial burden under IPPs contract. Billions have been paid to companies that do not produce electricity. The high cost of electricity has become unbearable for Pakistanis, pushing citizens into poverty and causing businesses to go bankrupt.”

Former caretaker minister pointed out that in 2020, former interim energy minister Muhammad Ali authored a detailed report revealing significant losses due to government incompetence and IPP misrepresentations. “Despite its recommendations, the report has not been fully implemented,” he said and question why the government has not ordered the forensic audit demanded in the report.

Dr. Ijaz emphasized that the government must decide whether the survival of 240 million Pakistanis is more important than guaranteed profits for 40 families. He stressed that Pakistan is rich in resources and that eliminating mismanagement is key to prosperity.

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