Latest news with #FinanceMinister
Arab News
a day ago
- Business
- Arab News
Pakistan formally initiates talks with US on ‘reciprocal tariffs' amid export concerns
KARACHI: Pakistan has formally begun negotiations with the United States over newly imposed 'reciprocal tariffs,' an official statement said on Friday, with Finance Minister Muhammad Aurangzeb holding a conference call with US Trade Representative Ambassador Jamieson Greer to launch the process. The talks come after US President Donald Trump imposed steep tariffs on a number of countries earlier this year, a move widely viewed as a setback for the global economy still recovering from the coronavirus pandemic. Defending the action, Trump said the tariffs were necessary to correct trade imbalances and counter what he described as unfair treatment of American goods abroad. Pakistan was among the countries affected, with a 29 percent tariff placed on its goods at a time when Islamabad is pushing for export-driven growth. Aurangzeb called the development both a challenge and an opportunity to reset trade ties in April, adding that a high-level delegation would soon travel to Washington to pursue the matter further. 'Pakistan's formal negotiations on US reciprocal tariffs kick-started between Mr. Muhammad Aurangzeb, Pakistan's Finance Minister and Ambassador Jamieson Greer, United States Trade Representative through a telephonic/conference call on 30th May, 2025,' the finance ministry said. 'The two sides exchanged their viewpoint through a constructive engagement with the understanding that technical level detailed discussions would follow in the coming few weeks,' it added. The ministry said both sides expressed confidence in advancing the negotiations toward a successful conclusion at the earliest. The US is Pakistan's largest export destination, and the newly imposed duties threaten to undermine Islamabad's fragile economic recovery. According to Pakistan's central bank, the country exported $5.44 billion worth of goods to the US in 2024. From July to February of the current fiscal year, exports to the US reached $4 billion, up 10 percent from the same period last year. Nearly 90 percent of those exports are textiles, which analysts say will be hardest hit. Experts have also warned previously the tariffs could reduce Pakistan's competitiveness, especially if regional exporters such as China, Bangladesh and Vietnam redirect more goods to Europe, intensifying competition in alternative markets.
Reuters
2 days ago
- Business
- Reuters
Ghana asks Afreximbank to discuss debt treatment
ACCRA, May 29 (Reuters) - Ghana asked Afreximbank to sit down for debt treatment talks with the gold producing nation and its advisors in a letter sent last week by the finance minister and seen on Thursday by Reuters. "The objective of these discussions is to identify debt treatment solutions that are acceptable to Afreximbank, while ensuring that Ghana complies with the debt sustainability parameters of the IMF programme and the Comparability of Treatment principle as assessed by the (Official Creditor Committee)," Finance Minister Cassiel Ato Forson wrote in the letter dated May 21.
Reuters
2 days ago
- Business
- Reuters
Saudi Arabia to 'take stock' of spending priorities after oil revenue drop, FT reports
May 29 (Reuters) - Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported on Thursday. Riyadh plans to maintain its current pace of government spending despite facing widening budget and current account deficits, as well as rising debt levels, the FT said, citing an interview with the minister. Jadaan told the newspaper that he would not be concerned about the deficit widening to 3%, 4%, or "occasionally" 5% of GDP as long as government spending supported non-oil growth — a key target under the kingdom's diversification strategy. Jadaan said Saudi Arabia aimed to avoid the "trap of booms and busts" by pursuing countercyclical policies and prioritising growth over short-term fiscal balance, the report added. Saudi Arabia has been ramping up oil refining operations to capitalise on strong margins, helping offset revenue lost to weaker crude prices and exports. While crude prices are likely to remain at current levels or even lower for most of the year given the surge in supplies and demand uncertainty, the increased refining operations offer Riyadh an effective tool to manage oil price volatility and to better withstand a protracted price war.
Bloomberg
2 days ago
- Business
- Bloomberg
South Africa's EFF Asks Court to Stop Proposed Fuel Levy Hike
South Africa's leftist Economic Freedom Fighters filed court papers in a bid to halt a proposed increase in fuel levies, the latest twist in a months-long tussle over the annual budget. The higher levies was proposed last week by Finance Minister Enoch Godongwana in his third attempt to present a taxation and spending plan that can win support from lawmakers.
Malay Mail
3 days ago
- Business
- Malay Mail
Malaysia's teamwork, dedication key to successful hosting of 46th Asean Summit, says Anwar
PUTRAJAYA, May 29 — The outstanding efficiency, unwavering dedication, and seamless teamwork demonstrated by all parties involved were the main factors in Malaysia's success as the host of the 46th Asean Summit recently, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said everything went smoothly as a result of the extraordinary commitment from the government machinery, including the people who understood Malaysia's needs in organising the summit. 'I saw at all levels, our children, civil servants, all of them were great. From the airport, the parade, the police, immigration, MAHB (Malaysia Airports Holdings Bhd), the management at the hotel, the Foreign Ministry, which coordinated, to the Prime Minister's Department, which managed the protocol. 'I am also clueless about protocol, but I respect what the officers instructed the prime minister to do. I did as told (protocol), why? Because we are a country that has rules and works as a team,' he said in his address at the Prime Minister's Department monthly assembly here today. It was attended by both Deputy Prime Ministers, Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof. The 46th Asean Summit concluded on May 27 after a series of high-level meetings aimed at strengthening regional cooperation and strategic partnerships. During the two-day summit, Asean leaders participated in several important meetings, including the 2nd Asean-GCC Summit, the first Asean-GCC-China Summit, and the 16th Indonesia-Malaysia-Thailand (IMT-GT) Growth Triangle Summit. Anwar also touched on cooperation between Asean leaders in making collective decisions without compromising the interests of their respective countries. '... then we have to decide on an understanding in dealing with President Trump's (US President Donald Trump's) tariffs. Each country has its own strategy, which will involve bilateral relations. But we also want to protect the interests of the more than 650 million population of Asean countries. '... there is not a decision by Malaysia that is detrimental to another country, or by Vietnam (for example) that is detrimental to another country. We work as a team,' he said. Malaysia, as the Asean Chairmanship 2025 with the theme 'Inclusivity and Sustainability', hosted the 46th Asean Summit, marking the fifth time the country has held the chairmanship after 1977, 1997, 2005 and 2015. — Bernama
