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Critical minerals, hydrocarbons: US to explore cooperation with Pakistan: Rubio

Critical minerals, hydrocarbons: US to explore cooperation with Pakistan: Rubio

WASHINGTON: Secretary of State Marco Rubio said Washington looked forward to exploring cooperation with Pakistan on critical minerals and hydrocarbons, with his comments coming in a statement issued by the State Department on Pakistan's Independence Day.—Reuters
NNI adds: In a statement released by the State Department to mark Pakistan's Independence Day, Rubio said he was looking forward to exploring new economic areas, including hydrocarbons and minerals of critical importance, as well as fostering dynamic business relationships.
Marco Rubio extended greetings to Pakistan on the occasion of its Independence Day, saying that the United States 'deeply appreciates Pakistan's engagement on counterterrorism and trade.' 'On behalf of the United States, I extend our warm congratulations to the people of Pakistan as they celebrate their Independence Day on August 14,' Rubio said in the statement.
He said Washington valued Islamabad's cooperation in key areas. 'The United States deeply appreciates Pakistan's engagement on counterterrorism and trade. We look forward to exploring new areas of economic cooperation, including critical minerals and hydrocarbons, and fostering dynamic business partnerships which will promote a prosperous future for Americans and Pakistanis,' he added.
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US targets more ICC judges including over Israel
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US targets more ICC judges including over Israel

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time19 hours ago

  • Business Recorder

Maryam vows to bring Punjab at par with Japan's infrastructure level

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She revealed, 'I am trying to learn new things every day to improve the condition of the people of Punjab. 20,000 kilometres of new roads in Punjab have been completed within a span of one year. Now no road will be found in a dilapidated condition in Punjab. If I see a pile of garbage anywhere, I direct the relevant department to fix the issue. The best electric tram in Asia is being run in Lahore.' She disclosed, '1100 new buses are being brought to every city in Punjab by December and only Rs. 20 will be charged as a fare. The Punjab government has introduced one of the largest Honhaar scholarship programs in the history of Pakistan for the students in Punjab. The Punjab government will bear the education expenses of those whose parents cannot afford it.' She highlighted, 'We will also teach our talented students Artificial Intelligence (AI) and robotics. About 100,000 laptops are being given to the talented students. 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Stability without sustainable growth
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Business Recorder

time19 hours ago

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Stability without sustainable growth

The State Bank of Pakistan marked Independence Day with familiar reassurances. The governor spoke of price stability, record remittances, a current account surplus, and foreign exchange reserves nearly tripling over two years. These numbers, impressive at first glance, form the core of the central bank's narrative that the economy has turned a corner. Yet, even as these achievements are highlighted, the governor himself acknowledges the need for structural reforms; an admission that stability, as defined by official indicators, is not translating into wider economic revival. It is important to recognise the fact that all central banks in today's integrated financial system effectively carry a dual mandate: price stability and growth. Pakistan's central bank has devoted its energies to the first, and inflation has undeniably come down from a peak of 38 percent in May 2023 to 3.2 percent by June 2025. But the second mandate, fostering growth, has been left unfulfilled. The cost of achieving stability has been depressed activity, stalled investment, and little relief for households and businesses. This is the paradox facing the economy. Inflation is reported in single digits, yet the ordinary citizen feels little difference compared to the years of record inflation. Food, fuel and basic services remain unaffordable for many, employment opportunities remain scarce, and small enterprises continue to struggle under weak demand. Statistical stability has not become tangible stability. If monetary policy has tamed headline inflation, it has not restored purchasing power or improved livelihoods. Nor is the external position as robust as it appears. The governor points to reserves rising to $14.5 billion and a current account surplus for the first time in 14 years. These outcomes owe much to remittances, which reached $38.3 billion, and to compressed imports. But exports have not expanded to match the rhetoric of resilience. The share of remittances and borrowed flows in reserves means Pakistan remains vulnerable to shifts in global labour markets, capital sentiment, or geopolitical alignments. Without competitive export growth, the foundation of the external account is narrow and uncertain. The recognition by rating agencies and the optics of stronger reserves are welcome, but they cannot substitute for investment, productivity and jobs at home. To rely on remittances and one-off external inflows as markers of resilience is to overlook the structural deficit in value-added exports, industrial modernisation and energy reform. These are the areas where reforms are overdue and where the governor himself stresses more needs to be done. The lesson is clear. Monetary tightening can achieve containment of inflation, and administrative measures can lift reserves for a time, but only comprehensive reforms can put the economy on a sustainable path. Fiscal consolidation, better governance of public enterprises, energy sector restructuring and export competitiveness remain compelling tasks. Until progress is visible on these fronts, any talk of resilience will remain incomplete. The State Bank deserves credit for restoring a measure of stability in an economy that had veered dangerously off course. But stability without growth is not enough. Unless the structural weaknesses that keep citizens from feeling the benefit of lower inflation and higher reserves are addressed, the promise of resilience will ring hollow. The focus must now shift from celebrating temporary relief to delivering the reforms that can secure durable growth. Copyright Business Recorder, 2025

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