Skip to content
Search

Latest Stories

Pakistan minister says 90 per cent pledges by international community at Geneva conference in form of 'loans'

The devastating floods in Pakistan last year killed 1,739 people.

Pakistan minister says 90 per cent pledges by international community at Geneva conference in form of 'loans'

Pakistan's finance minister Ishaq Dar said on Wednesday (11) that almost 90 per cent of pledges made by the international community for the flood-hit country were project loans that will be rolled out over the next three years.

His remarks came two days after the international community at a donors’ conference in Geneva pledged more than $10 billion to help the cash-strapped country rebuild in a climate-resilient manner after last year's ravaging floods.


Officials from some 40 countries as well as private donors and international financial institutions had gathered for the daylong meeting, co-hosted by Pakistan and the UN in Geneva on Monday (9).

There was confusion about the nature of monetary support and Dar had to clarify that $8.7bn of the pledges were loans. He did not reveal what the terms of these loans were.

Addressing a press conference, prime minister Shehbaz Sharif said the cash-strapped country "expects the terms to be lenient”, adding that the promised amount will be rolled out over the next three years.

The finance minister said that project loan financing had already crossed $8bn, including pledges by the Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank.

"I am not incorporating the pledge made by the Saudi Development Bank on purpose here because it is not clear whether their announcement of $1bn pertains to programme lending or project loan,” Dar said.

Earlier, the prime minister at the start of the briefing, declaring the Geneva conference as a success, promised that money provided by the international community would be spent for the welfare of the flood-hit people.

The devastating floods in Pakistan last year killed 1,739 people and affected 33 million people.

Sharif said the Islamic Development Bank (ISDB) held a major share of $4.2bn of the total financial commitments, adding further that Saudi Arabia committed $1bn followed by China $100 million, Qatar $25m, Canada $18.6m, Denmark $3.8m, European Union $94m, France $409m, Germany $90m, Italy $25m, and Azerbaijan $2m.

"Every penny will be spent in a very transparent manner and a third-party audit will be conducted to ensure transparency,” he said.

He also praised Foreign Minister Bilawal Bhutto Zardari for his efforts in meeting foreign dignitaries and raising “the case of Pakistan effectively”.

In his address, Bilawal said the government achieved “two targets with a single shot” by getting help for the flood-affected people and dispelling a myth that Pakistan was isolated.

He added that the mission was not over as the condition of flood-hit people was dismal as scores of them were living under the open sky without basic necessities.

"We are striving harder to restore their lives to pre-flood time at the earliest,” he said.

Meanwhile, Dar also said that his team had a detailed meeting with the International Monetary Fund (IMF) team on the sidelines of the Geneva conference.

Though, the finance minister did not provide details of the parley but said the government would not burden the masses.

Pakistan is trying to convince the IMF to hold the 9th review of the $6bnn loans agreed upon in 2019 but the agency has delayed it as the cash-strapped country is not willing to fulfill certain conditions that would increase taxes.

The Geneva conference has increased confidence in Pakistan’s economy but its woes are not over as the reserves of the central bank have fallen to $4.5bn or equivalent to less than four weeks of imports.

Similarly, the key issue of controlling the prices of commodities is still unresolved.

(PTI)

More For You

Nepal’s new leader pledges to act on Gen Z calls to end corruption

Officials greet newly-elected Prime Minister of Nepal's interim government Sushila Karki (R) as she arrives at the prime minister's office in Kathmandu on September 14, 2025. (Photo by PRABIN RANABHAT/AFP via Getty Images)

Nepal’s new leader pledges to act on Gen Z calls to end corruption

NEPAL’s new interim prime minister Sushila Karki on Sunday (14) pledged to act on protesters’ calls to end corruption and restore trust in government, as the country struggles with the aftermath of its worst political unrest in decades.

“We have to work according to the thinking of the Gen Z generation,” Karki said in her first address to the nation since taking office on Friday (12). “What this group is demanding is the end of corruption, good governance and economic equality. We will not stay here more than six months in any situation. We will complete our responsibilities and hand over to the next parliament and ministers.”

Keep ReadingShow less
UK secures £1.25bn US investment ahead of Trump’s visit

US president Donald Trump and UK prime minister Sir Keir Starmer arrive at Trump International Golf Links on July 28, 2025 in Balmedie, Scotland. (Photo by Jane Barlow-WPA Pool/Getty Images)

UK secures £1.25bn US investment ahead of Trump’s visit

THE British government has announced over £1.25 billion ($1.69bn) in fresh investment from major US financial firms, including PayPal, Bank of America, Citigroup and S&P Global, ahead of a state visit by president Donald Trump.

The investment is expected to create 1,800 jobs across London, Edinburgh, Belfast and Manchester, and deepen transatlantic financial ties, the Department for Business and Trade said.

Keep ReadingShow less
Nearly 150,000 join anti-migrant protest in London as clashes erupt

Protesters wave Union Jack and St George's England flags during the "Unite The Kingdom" rally on Westminster Bridge by the Houses of Parliament on September 13, 2025 in London, England. (Photo by Christopher Furlong/Getty Images)

Nearly 150,000 join anti-migrant protest in London as clashes erupt

MORE THAN 100,000 protesters marched through central London on Saturday (13), carrying flags of England and Britain and scuffling with police in one of the UK's biggest right-wing demonstrations of modern times.

London's Metropolitan Police said the "Unite the Kingdom" march, organised by anti-immigrant activist Tommy Robinson, was attended by nearly 150,000 people, who were kept apart from a "Stand Up to Racism" counter-protest attended by around 5,000.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
West Midlands Police

West Midlands Police said they were called just before 08:30 BST on Tuesday, September 9, after the woman reported being attacked by two men near Tame Road. (Representational image: iStock)

Woman raped in racially aggravated attack in Oldbury

A WOMAN in her 20s was raped in Oldbury in what police are treating as a racially aggravated attack.

West Midlands Police said they were called just before 08:30 BST on Tuesday, September 9, after the woman reported being attacked by two men near Tame Road. Officers said the men made a racist remark during the incident.

Keep ReadingShow less