IMF seeks explanation on Bitcoin, AI initiatives
The International Monetary Fund (IMF) has sought an explanation from the government for not taking it into confidence while setting aside 2,000 megawatts of electricity for Bitcoin mining and AI data centres.
Sources told Express News that IMF officials will take up the issue with the government during a virtual interaction. They stated that the IMF has asked as to how such allocation could be made without deciding the legal status of cryptocurrency.
The Fund has said that all decisions should be taken within the framework of the IMF programme after mutual consultation. Sources said the government team is going to face tough questions during its talks on the new fiscal budget. They said both sides have agreed to hold virtual consultation on all matters.
A report citing the Ministry of Finance said last week that Pakistan has allocated 2,000 megawatts of electricity for Bitcoin mining and AI data centers as part of the first phase of a national initiative that seeks to transform Pakistan into a global leader in digital innovation.
This initiative is led by the Pakistan Crypto Council (PCC), a government-supported organization, as part of a wider plan to utilize excess electricity, generate high-tech employment, and attract foreign investment, according to the ministry.
The allocation is the first stage of a larger, multi-phase rollout of digital infrastructure, marking a significant milestone in Pakistan's digital transformation, it added.
The Finance Ministry noted that upcoming developments are likely to feature facilities powered by renewable energy, strategic global partnerships with top blockchain and AI firms, and the creation of fintech and innovation hubs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Pakistan's CPI inflation rises 3.46% in May on annual basis
Market analysts caution that IMF-related measures in the upcoming FY2026 budget—particularly new taxes and adjustments in energy prices—may lead to a renewed spike in inflation. PHOTO: FILE Listen to article Pakistan's consumer price index (CPI) inflation rose 3.46% in May 2025 compared to the same month a year earlier, data from the Pakistan Bureau of Statistics (PBS) showed on Monday. However, on a month-to-month basis, the national CPI declined by 0.17% compared to April 2025. The CPI is based on the 2015–16 base year and combines urban and rural price indices. Urban inflation increased 0.07% in May over April, while rural inflation dropped 0.53%. The average inflation rate for July 2024 to May 2025 stood at 4.61%, compared with the corresponding period in 2023–24. The national index declined slightly due to drops in key categories including housing and perishable food items. Urban consumers saw a mild increase driven by price hikes in food staples like eggs (+24.38%) and chicken (+8.63%), while tomato (-20.80%) and onion (-12.05%) prices fell sharply. Rural areas experienced a broader decline due to a significant drop in food prices, including tomatoes (-32.99%), onions (-18.37%), and wheat flour (-10.52%). Nonetheless, rural areas reported price increases in eggs (+19.27%) and fresh fruits (+5.07%). Non-food price changes included higher costs for cotton cloth (+3.20%) and motor vehicles (+1.86%) in urban regions, while electricity charges (-7.03%) and motor fuels (-0.67%) dropped. In rural areas, dental services (+5.97%) and education (+1.59%) were among the most notable increases. On a year-over-year basis, urban inflation was up 3.51%, and rural inflation increased 3.39%. Food and non-alcoholic beverages rose 3.07% nationally, with non-perishable food prices up 5.01%, while perishable food items dropped 9.21%. Alcoholic beverages and tobacco saw a 7.86% annual increase, and clothing and footwear surged 9.66%. The most significant annual price increases were recorded in clothing, tobacco, and non-perishable food items. Meanwhile, perishable goods like vegetables and fruits experienced year-on-year price declines. The PBS compiles the CPI using data from 35 cities and 27 rural centres, tracking a total of 600 consumer items. The data provides a key indicator of cost-of-living trends that influence monetary policy and economic planning.
Express Tribune
3 hours ago
- Express Tribune
Gen Z embraces ChatGPT for affordable therapy while experts caution on mental health risks
Young people from Generation Z are increasingly turning to ChatGPT and other AI chatbots as affordable, on-demand alternatives to traditional talk therapy. Users praise the AI's availability, non-judgmental responses, and lower cost compared to licensed therapists, with some claiming the chatbot has helped them more than years of conventional treatment. However, licensed mental health professionals caution against relying solely on AI for therapy. While AI can support therapeutic tools and provide consistent empathy without fatigue, it lacks the intuition, clinical expertise, and personalized care that human therapists offer. Experts warn that overdependence on chatbots may hinder users' ability to cope independently and could lead to inaccurate diagnoses or harmful advice. Recent incidents involving AI chatbots providing dangerous recommendations have raised concerns about safety, especially for vulnerable and underage users. Mental health organizations, including the American Psychological Association, urge caution and stress that AI should complement, not replace, professional care. They highlight the need for responsible development of AI tools guided by licensed experts to fill gaps for those unable to afford traditional therapy.
Express Tribune
8 hours ago
- Express Tribune
Pakistan delegation to meet UN Security Council members today
Listen to article A high-level Pakistani delegation, led by former foreign minister and Pakistan Peoples Party Chairman Bilawal Bhutto Zardari, will meet representatives of all 15 UN Security Council member states, including the five permanent members today, Express News reported. The nine-member parliamentary delegation is currently in New York to hold meetings with UN Secretary-General António Guterres, the President of the UN General Assembly, and ambassadors of both permanent and non-permanent members of the Security Council. Read: Bilawal-led delegation in US to brief Pakistan's stance on Indian aggression The visit comes amid renewed tensions between Islamabad and New Delhi, prompting Pakistan to step up its diplomatic outreach on the international stage. Bilawal, accompanied by Senator Sherry Rehman, arrived in New York ahead of the scheduled meetings. The rest of the delegation including Hina Rabbani Khar, Dr Musadik Malik, Khurram Dastgir Khan, Bushra Anjum Butt, Tehmina Janjua, and Jalil Abbas Jilani is expected to arrive in phases. According to sources, the committee headed by Bilawal will meet members of the US administration, Congress, think tanks, and media outlets to brief them on Pakistan's stance regarding the escalating tensions with India. Read More: PM Shehbaz, Field Marshal Munir vow to crush Indian-sponsored terror in Balochistan at grand jirga The delegation aims to highlight what it calls the root causes of potential Pakistan-India conflict and raise concerns over India's disinformation campaigns and foreign-influenced operations targeting Pakistan. The committee will also meet United Nations Secretary-General António Guterres in New York, followed by meetings with senior officials of the Trump administration in Washington. A key focus will be the implications of any disruption to the Indus Waters Treaty and its potential impact on regional security. "The parliamentary team will communicate how India's provocations and disinformation threaten regional peace," a source familiar with the visit said. Also Read: Pakistan never requested ceasefire: DG ISPR The delegation is expected to remain in the US until June 9, after which it will travel to the United Kingdom and then continue on to various European countries. Prominent members of the delegation include former foreign minister Hina Rabbani Khar, former envoy Jalil Abbas Jilani, Khurram Dastgir, and Musadik Malik. After the ceasefire with India, Prime Minister Shehbaz Sharif appointed Bilawal to lead a high-level delegation tasked with presenting 'Pakistan's case for peace' on recent Indian aggression to the international community. The committee will engage with global leaders and institutions to raise awareness about India's actions and Pakistan's concerns regarding the Indus Waters Treaty. The government has also planned to send additional delegations to other countries as part of a broader diplomatic outreach.
