ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Friday signed three contracts for financing totalling $61.8 million (approximately Rs17 billion) to advance three development projects to the implementation stage, which include the $2 billion Karachi-Rohri section of the Main Line railway (ML-1).

An official statement said the two sides signed Project Readiness Financing (PRFs) papers for the Karachi-Rohri section of ML-1, Quetta Bus Rapid Transit and Balochistan Water Resources Development Sector – Additional financing.

Under these commitments, ADB would provide $10m to prepare project documentation for the $2bn ML-1 section, $3.8m for the $125m Quetta BRT, and $48m for Balochistan Water Resources Development.

At the signing ceremony, Secretary of Economic Affairs Humair Karim welcomed ADB’s support for these critical projects, which are aimed at significantly contributing to Pakistan’s long-term and sustainable economic growth, addressing the vital urban infrastructure needs of Quetta city, and enhancing agricultural productivity in Balochistan Province. He called upon the Ministry of Railways and the Government of Balochistan to utilise the financing in a timely and effective manner to ensure successful implementation.

ADB’s country director, Ms Emma Fan, appreciated the federal government’s strong commitment to these projects and noted that the Railways Improvement Project PRF was a key step toward railways modernisation.

The Central Development Working Party had last month approved the Rs1.24bn ($3.8m) ADB financing for a feasibility study, design, and procurement standards and documentation.

Also, last month, the federal government announced that it had secured a $2bn financing package from ADB to commence the Karachi-Rohri segment of the Karachi-Peshawar mainline (ML-1) next year, aiming to complete it before December 2028 to facilitate transportation from the multi-billion-dollar Reko Diq Copper and Gold Project.

Likewise, the ADB had last month approved $48m loan for the Balochistan Water project to support the completion of critical project components, including the Churi Infiltration Gallery subproject, development of the Siri Toi Dam command area, and watershed management activities, which were previously delayed due to budgetary constraints. These components are considered vital for enhancing irrigation efficiency, promoting sustainable water use, and mitigating soil erosion caused by floods.

Because of inherent project implementation challenges, the government has started raising international financing to avoid project delays and cost overruns. The ADB’s PRFs are normally intended to support project preparation before formal offtake, by identifying various components and activities during the implementation stage.

For example, the ML-1 PRF enables the ADB and Pakistan’s relevant agencies to work closely to improve implementation readiness and the timely processing of subsequent major loans needed for project execution. PRFs are also used for reform and institutional capacity-building activities to support sustainability, including the development of business plans, compliance with international financial reporting standards, digitisation, and consulting services.

According to the ADB, PRF is a fast and flexible modality that funds activities for project preparation, such as detailed engineering design, capacity building, limited project startup support, and project design pilot testing. Such work ensures high project readiness and minimises startup delays during the initial phase of project implementation.

Published in Dawn, December 6th, 2025

ISLAMABAD: The selection committee on Friday conducted interviews of 27 candidates for the appointment of three commissioners to the Securities and Ex­change Commission of Pakistan (SECP). Nine candidates will be shortlisted for consideration by the federal cabinet.

The committee — comprising Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani, Secretary to the Prime Minister Jehanzeb Khan, Finance Secretary Imdadullah Bosal and Law Secretary Raja Naeem — interviewed the applicants and will finalise a panel of nine names, three nominees for each seat.

The three incumbent commissioners — Akif Saeed, Abdul Rehman Warraich and Mujtaba Lodhi — are set to retire next week. All three, including Mr Saeed who currently serves as SECP chairman, have applied for reappointment. Once finalised, the shortlisted names will be forwarded to the federal cabinet, which will make the final selection.

The appointment process comes amid heightened scrutiny of SECP’s governance practices, with questions raised in parliament and the media about discretionary perks, internal discord and regulatory inconsistency.

The regulator has recently drawn criticism over a significant increase in benefits awarded to senior management, including the payment of Rs7 million for a retiring commissioner’s Islamabad Club membership as a private member.

Published in Dawn, December 6th, 2025

PARIS: World food commodity prices fell for a third consecutive month in November, with all major staple foods except cereals showing a decline, the United Nations’ Food and Agriculture Organisation said on Friday.

The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 125.1 points in November, down from a revised 126.6 in October and the lowest since January.

The November average was also 2.1pc below the year-earlier level and 21.9pc down from a peak in March 2022 following Russia’s full-scale invasion of Ukraine, the FAO said.

The agency’s sugar price reference fell 5.9pc from October to its lowest since December 2020, pressured by ample global supply expectations, while the dairy price index dropped 3.1pc in a fifth consecutive monthly decline, reflecting increased milk production and export supplies.

Vegetable oil prices fell 2.6pc to a five-month low, as declines for most products including palm oil outweighed strength in soyoil.

Meat prices declined 0.8pc, with pork and poultry leading the decrease, while beef quotations stabilised as the removal of U.S. tariffs on beef imports tempered recent strength, the FAO said.

In contrast, the FAO’s cereal price benchmark rose 1.8pc month-on-month. Wheat prices increased due to potential demand from China and geopolitical tensions in the Black Sea region, while maize prices were supported by demand for Brazilian exports and reports of weather disruption to field work in South America.

In a separate cereal supply and demand report, the FAO raised its global cereal production forecast for 2025 to a record 3.003 billion tonnes, compared with 2.990bn tonnes projected last month.

Published in Dawn, December 6th, 2025