ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said Pakistan and Kuwait share strong brotherly relations, which were set to further strengthen through bilateral economic, investment and trade cooperation.

He made the remarks while addressing a ceremony in Islamabad in connection with the issuance of a digital licence to Raqami Islamic Digital Bank.

The prime minister congratulated Raqami Islamic Digital Bank on becoming the third licenced digital retail bank in Pakistan.

He expressed hope that the bank would not only be Sharia-compliant but would also offer features that would significantly support and promote the growth of banking in the country.

“This development will go a long way in further enhancing bilateral economic relations between Pakistan and Kuwait,” the prime minister said.

He also expressed gratitude to the Kuwaiti leadership for their support to Pakistan at various times.

Raqami Islamic Digital Bank Limited was awarded a restricted banking license by the State Bank of Pakistan (SBP) in May 2025, under the Licensing and Regulatory Framework for Digital Banks to commence pilot operations as a digital retail bank.

Raqami is backed by Pakistan Kuwait Investment Company (Private) Limited, a joint venture between Pakistan and Kuwait governments and Enertech Holding Company KSC, a subsidiary of the sovereign wealth fund of Kuwait, the Kuwait Investment Authority.

Source link

The State Bank of Pakistan (SBP) on Tuesday said overseas workers’ remittances were recorded at $3.5bn in January, increasing by 11.3 per cent during Jul-Jan FY26.

“Cumulatively, with an inflow of US$ 23.2 billion, workers’ remittances increased by 11.3 percent during Jul-Jan FY26 compared to US$ 20.9 billion received during the same period last year,” said SBP.

“In terms of growth, remittances increased by 15.4pc on a year-to-year basis,” the central bank said.

It elaborated that the remittances in January were “mainly sourced from Saudi Arabia ($739.6 million), United Arab Emirates ($694.2m), United Kingdom ($572.1m) and United States of America ($294.7m).

Remittances in December rose to the highest level of the current fiscal year (FY26), reaching $3.6 billion, largely driven by continued incentives for sending money through formal channels and relative stability in the exchange rate.

Currency experts believe remittance growth this year is weaker than in FY25. They cite concerns over a “managed” exchange rate, suggesting some inflows may be diverted away from official banking channels.

Pakistan is among the top countries receiving large foreign exchange inflows through remittances. While a growing number of jobseekers leaving the country is termed by some economists as brain drain, the government considers it beneficial for the external balance.

Last year’s record inflows of $38bn helped partially repay external debt, boost State Bank reserves, stabilise the exch­ange rate and post a current account surplus after more than a decade.

Source link

Deputy Prime Minister Ishaq Dar and Indonesia’s investment minister Rosan Roeslani on Tuesday reaffirmed trade and investment as key pillars of bilateral cooperation.

Roeslani, who is also the chief executive officer of Indonesia’s Sovereign Wealth Fund (Danantara), arrived in Islamabad on Monday evening, according to the Foreign Office (FO).

On Tuesday, Dar and Roeslani met at the Ministry of Foreign Affairs, where their discussions focused on strengthening Pakistan-Indonesia economic and investment ties, the FO said in a post on X.

Both leaders also reviewed “potential collaboration opportunities and mutually beneficial projects, including exchange of views on sovereign wealth fund models, and reaffirmed trade and investment as a key pillar of bilateral cooperation”.

The two sides also held delegation-level talks, wherein they reviewed potential cooperation avenues and projects, including the “exchange of best practices and cooperation in priority sectors such as health”.

Presentations were provided by the finance ministry, Special Investment Facilitation Council (SIFC) and Board of Investment (BoI), the FO noted.

The presentations outlined Pakistan’s “investment landscape, priority sectors and facilitation mechanisms, while also seeking Indonesia’s experience and expertise, including in sovereign wealth fund structures and downstream investment”.

Dar reaffirmed the “shared commitment to longstanding bilateral relations based on mutual respect and cooperation, with mutual investment being a catalyst of Pakistan-Indonesia partnership”, the statement added.

The meeting was attended by SIFC National Coordinator Lt Gen Sarfraz Ahmed, Health Minister Mustafa Kamal, Special Assistant to Prime Minister Tariq Bajwa, the BoI chairman, Finance Secretary Imdadullah Bosal, the acting foreign secretary, and other senior officials.

Upon his arrival in the capital on Monday evening, Roeslani was welcomed by the foreign ministry’s East Asia Pacific region director general and the Indonesian ambassador.

“During the visit, he will have comprehensive talks with the DPM/FM on the prospects of enhancing Pakistan-Indonesia partnership in the domain of trade and investment,” the FO had said.

Recent months have seen robust exchanges between Islamabad and Kuala Lumpur, with Indonesian President Prabowo Subianto also making a two-day official visit to Pakistan in December 2025.

He had held meetings with President Asif Ali Zardari and PM Shehbaz Sharif, wherein the two sides agreed to enhance bilateral trade and cooperation in various sectors.

Indonesian Vice Minister of Trade Dyah Roro Esty Widya Put­­ri also visited Pakistan in January.

She and Commerce Minis­ter Jam Kamal Khan had signed a memorandum of understanding (MoU) to establish an Indonesia-Pakistan Joint Trade Committee (JTC) to strengthen dialogue, facilitate cooperation and address opportunities and challenges in bilateral trade.

The same month, Indonesian Defence Minister Sjafrie Sjamsoeddin had also made a visit to Pakistan, where he met with the army chief and the air chief.

He had expressed Kuala Lumpur’s desire to further expand defence ties with Islamabad across multiple domains, the military’s media affairs wing had said.

Source link