Business
Pakistan welcomes Japan’s interest in the Reko Diq mining project – SUCH TV
Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the Japan Bank for International Cooperation’s (JBIC) interest in Pakistan’s landmark Reko Diq mining project, calling it an important step toward strengthening bilateral ties in the mining and energy sectors.
The announcement came during a meeting in Islamabad between Minister Malik and a JBIC delegation led by Taro Kato, Director General of Mining and Metals Finance, the ministry reported.
Minister Malik appreciated Japan’s confidence in Pakistan’s economic potential, saying, “The mining sector has made remarkable progress, and we are committed to making it a key pillar of our economy.”
He assured the JBIC delegation of full support from both federal and provincial governments and emphasized that the Reko Diq project would set a benchmark for responsible and sustainable mining practices in Pakistan.
Malik also highlighted the government’s broader plan to streamline the regulatory framework and attract international investment, positioning Pakistan as a prime destination for global mining and energy projects.
Taro Kato noted growing interest from Japanese investors in Pakistan and expressed JBIC’s willingness to expand cooperation beyond mining into the wider energy sector.
Kenichiro Kitamura, JBIC’s Chief Representative for the Middle East, said that high-level engagements like this would enhance Japanese investor confidence, build trust, and lay the foundation for mutually beneficial partnerships.
The meeting concluded with both sides reaffirming their commitment to close collaboration, aiming to leverage Japan’s financial and technological expertise to unlock Pakistan’s natural resource potential.
Regional bank Fifth Third on Tuesday announced a deal making fintech firm Brex the provider of its commercial cards and expense management tools for business clients.
The program will run on Brex’s embedded payments platform, which lets banks issue corporate cards and automate expense reporting using artificial intelligence tools, the companies said in a release.
The move shows how some banks are choosing to partner with fintech firms rather than building their own platforms to keep up with clients’ evolving technology expectations. Fifth Third is in the process of acquiring Comerica, a deal expected to make it the ninth largest U.S. bank with about $288 billion in assets.
“Our partnership with Brex is a commitment to redefine how companies leverage financial technology,” Fifth Third CEO Tim Spence said in a statement. “By combining the strength of a leading bank with Brex’s AI-driven innovation, we’re creating intelligent solutions that simplify complexity, drive efficiency and enable businesses to scale globally with confidence.”
Financial terms of the deal weren’t disclosed.
The Pakistan Stock Exchange (PSX) surged to a fresh all-time high on Tuesday, with market participants showing positive sentiments following the International Monetary Fund’s (IMF) approval for a $1.2 billion loan for Pakistan.
The benchmark KSE-100 Index settled at an all-time high of 169,456.38 points, up 1,153.14 points, or 0.69%, from the previous close of 168,303.24. The index climbed to an intraday high of 169,601.03, gaining 1,297.79 points.
The market rally strengthened further following the IMF’s approval of nearly $1.2 billion under the Extended Fund Facility (EFF) and an additional $220 million under the Resilience and Sustainability Facility (RSF).
The move has kept the combined $8.4 billion programme on track and significantly lifted investor confidence.
The surge was largely fuelled by strong and consistent buying from local mutual funds, which helped sustain positive momentum throughout the session. Major index contributors collectively added around 640 points to the benchmark’s gains.
Trading activity also remained robust. Total volumes crossed 1.02 billion shares, while overall turnover rose to Rs51.1 billion. K-Electric (KEL) dominated the session as the volume leader with 86.7 million shares traded.
With solid liquidity, improving macro indicators, and renewed confidence, the record close reinforces the bullish trend steering the market forward.
The IMF will release $1bn under the EFF and $200 million under the RSF, bringing total disbursements under both programmes to $3.3 bn.
“Today, the Executive Board of the IMF completed the second review of Pakistan’s economic reform program supported by the EFF and the first review of Pakistan’s program supported by the RSF,” the IMF said in a statement.
This decision, it said, allows for an immediate disbursement of around $1 billion under the EFF and around $200 million under the RSF, bringing total disbursements under the two arrangements to about $3.3 billion
The IMF has described the implementation of the ongoing loan programmes as “strong” and has assured the government of continued support for its economic reforms. The release of $1.2bn is expected to further bolster Pakistan’s foreign exchange reserves.
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