Latest news with #AhadCheema
Business Recorder
23-05-2025
- Business
- Business Recorder
New CPF: Pakistan, World Bank agree to develop implementation framework
ISLAMABAD: Pakistan and the World Bank agreed to swiftly develop an implementation framework for effective implementation of the new Country Partnership Framework (CPF) to achieve the expected outcomes alongside solidifying a pipeline of projects for next two years. Federal Minister for Economic Affairs, Ahad Cheema, held a meeting with Anna Bjerde, Managing Director for Operations (MDO) at the World Bank. The minister and MDO discussed measures to improve operational effectiveness of the ongoing portfolio and prospective areas of WB's support in the context of the new CPF of WB for Pakistan. Senior officers from both sides participated in the meeting. The minister appreciated continued support of WB to complement Pakistan's development agenda. He also lauded the proactive support of WB's country office, especially the leadership and facilitation provided by Najy Benhassine, the outgoing country director for Pakistan. The minister highlighted the remarkable economic turnaround achieved by Pakistan in a short span owing to Government of Pakistan's unwavering commitment to comprehensive economic reforms for achieving sustainable macroeconomic stability. The success of reforms and right direction of Pakistan's economic journey is validated by excellent progress on the ongoing Extended Fund Facility (EFF) as well as the recent upgraded credit rating by Fitch. The MDO, WB appreciated the Government of Pakistan for successful engagement with IMF and encouraging signs of economic recovery. She appreciated the leadership of the Prime Minister and the Minister for steering the preparation of the CPF and identifying its priority areas with primary focus on human capital development. She termed the CPF as a pioneering framework which would serve as a model for other members of WB. Both parties agreed to swiftly develop an implementation framework for effective implementation of the CPF to achieve the expected outcomes alongside solidifying a pipeline of projects for next two years. The minister asked WB to focus on social protection graduation programs for the provincial governments. He also highlighted the need to explore options and innovative approaches to reduce cost of energy generation to make it more competitive and affordable for the people. The MDO assured WB's support and technical assistance on both the key areas. The minister and the MDO agreed that the ongoing WB portfolio needs to lay a strong foundation for creating a more enabling environment for the private sector's enhanced contribution to the development process. The meeting concluded on a positive note, with both sides expressing their mutual commitment to a results-driven partnership that contributes meaningfully to improving the lives of the people of Pakistan. Copyright Business Recorder, 2025
Business Recorder
30-04-2025
- Business
- Business Recorder
Joint IGC ends: Important protocols, MoUs inked with Kazakhstan
ISLAMABAD: The session of Pakistan-Kazakhstan Joint Intergovernmental Commission (IGC) on trade, economic, scientific, technical and cultural cooperation concluded in Islamabad with the signing of important protocols and memoranda of understanding (MoUs). The 13th session of the Pakistan-Kazakhstan Joint IGC was co-chaired by Ahad Cheema, federal minister for Economic Affairs, and Marat Karabayev, minister of Transport of the Republic of Kazakhstan, where both sides agreed to accelerate the finalisation of the Transit Trade Agreement and begin the practical implementation of the Roadmap for Trade and Economic Cooperation. Both sides reviewed the progress made since the last meeting and agreed on a number of new initiatives to further strengthen bilateral cooperation. In this regards, protocols and MoUs were signed by both co-chairs. Cheema underscored the substantial progress made in bilateral relations between Pakistan and Kazakhstan during the 13th session of the Joint IGC. He highlighted the signing of key agreements, such as the roadmap for trade and economic cooperation and the MoU on electronic trade, which will play a critical role in facilitating smoother trade flows and fostering broader economic collaboration. Cheema emphasised the importance of initiatives such as the multimodal trade corridor and the formation of the Joint International Consortium of Logistics Companies, which will drive regional integration and enhance connectivity between the two countries. He expressed strong confidence that these efforts will contribute significantly to increasing bilateral trade and diversifying investments, setting the stage for a more interconnected and prosperous future. Cheema reaffirmed Pakistan's commitment to strengthening cooperation with Kazakhstan across a range of sectors, including transport, investment, culture, tourism, and youth engagement. He noted that the session had created a solid foundation for future collaborations, emphasising that Pakistan is ready to fully support Kazakhstan's growing interests in regional connectivity and economic integration. Cheema also highlighted the importance of people-to-people ties, particularly through the shared cultural heritage and growing cooperation in sports and tourism. He concluded by expressing deep gratitude to Kazakhstan for its valuable partnership and reiterated the strong desire to continue building on the momentum established during this session, which promises a brighter and more prosperous future for both nations. Connectivity and transport were key areas of focus. Both sides reaffirmed the importance of regional trade corridors, particularly the Kazakhstan-Turkmenistan-Afghanistan-Pakistan and Kazakhstan-Uzbekistan-Afghanistan-Pakistan routes. It was agreed to promote their use under the International Motor Transport Agreement. The successful launch of a multimodal trade corridor from Jebel Ali (UAE) to Almaty, via Pakistan, was acknowledged as a milestone in regional integration. The parties agreed to enhance cooperation between logistics companies and develop joint ventures to facilitate cross-border movement of goods through ports in Karachi, Qasim, and Gwadar. In agriculture, both countries agreed to hold the first meeting of the Joint Working Group and share investment opportunities in the sector. Cooperation in plant protection and quarantine standards will also be enhanced. In the financial sector, progress was made towards signing an MoU between the SBP and the Kazakhstan Agency for Regulation and Development of the Financial Market. Pakistan also offered capacity-building support through training programmes for central and commercial banking professionals. Tourism and cultural exchange featured prominently in the discussions. Both sides agreed to promote tourism by sharing lists of certified tour operators and launching joint promotional activities. Copyright Business Recorder, 2025
Express Tribune
17-02-2025
- Business
- Express Tribune
Govt to privatise up to 50 state-owned enterprises
Listen to article The government is set to privatise up to 50 state-owned enterprises (SOEs) over the next 3 to 4 years, Minister for Economic Affairs Ahad Cheema announced during a meeting with a World Bank (WB) delegation on Monday. Cheema met with a delegation of Executive Directors (EDs) and Alternate Executive Directors (AEDs) from the World Bank Group (WBG), which arrived in Pakistan to review the implementation of $40 billion in funding under the newly launched Country Partnership Framework (CPF). During the meeting, the minister outlined the government's priority to privatise the SOEs, acknowledging that approximately one-third of these enterprises are considered strategic assets. Cheema reiterated the government's goal to privatise the remaining SOEs in phases. The first phase will focus on the privatisation of power distribution companies (discos), while the second phase will include the privatisation of Pakistan International Airlines (PIA) and other SOEs. He also highlighted the challenges facing Pakistan's power sector, including high tariffs, significant losses in line efficiency, and ongoing efforts to achieve full cost recovery. He emphasised that addressing renewable energy resources and line losses are key priorities in Pakistan's energy strategy. The minister further noted that Pakistan's economy is on a positive trajectory, with increased public sector development program (PSDP) funding aimed at strengthening infrastructure and social development projects. The World Bank delegation expressed strong support for Pakistan's new Country Partnership Framework and reaffirmed their commitment to assisting Pakistan in achieving its development goals.
Express Tribune
17-02-2025
- Business
- Express Tribune
Govt to privatise up to 50 state-owned enterprises: Ahad Cheema
Listen to article The government is set to privatise up to 50 state-owned enterprises (SOEs) over the next 3 to 4 years, Minister for Economic Affairs Ahad Cheema announced during a meeting with a World Bank (WB) delegation on Monday. Cheema met with a delegation of Executive Directors (EDs) and Alternate Executive Directors (AEDs) from the World Bank Group (WBG), which arrived in Pakistan to review the implementation of $40 billion in funding under the newly launched Country Partnership Framework (CPF). During the meeting, the minister outlined the government's priority to privatise the SOEs, acknowledging that approximately one-third of these enterprises are considered strategic assets. Cheema reiterated the government's goal to privatise the remaining SOEs in phases. The first phase will focus on the privatisation of power distribution companies (discos), while the second phase will include the privatisation of Pakistan International Airlines (PIA) and other SOEs. He also highlighted the challenges facing Pakistan's power sector, including high tariffs, significant losses in line efficiency, and ongoing efforts to achieve full cost recovery. He emphasised that addressing renewable energy resources and line losses are key priorities in Pakistan's energy strategy. The minister further noted that Pakistan's economy is on a positive trajectory, with increased public sector development program (PSDP) funding aimed at strengthening infrastructure and social development projects. The World Bank delegation expressed strong support for Pakistan's new Country Partnership Framework and reaffirmed their commitment to assisting Pakistan in achieving its development goals.
