Muhammad Aurangzeb, Pakistan's Minister of Finance, says that the country's structural reforms could bring about an "East Asia moment" for the country in terms of economic liberalization.

Islamabad

Pakistan's Finance Minister Mohammad Aurangzeb discussed the country's recent economic progress following the approval of a $7 billion IMF bailout package and a new staff-level agreement for additional funds. He highlighted improvements in macroeconomic stability, including currency, policy rate, and inflation, which have been recognized by global rating agencies. 

Aurangzeb emphasized a shift from an import-led to an export-led growth strategy, supported by a new tariff regime aimed at making industries more competitive and reducing costs for raw materials and intermediate goods. The reforms are designed to help Pakistan avoid previous boom-and-bust cycles and align its economy more closely with successful models from East Asia.

Pakistan's Finance Minister discusses country's new growth strategy

Pakistan and the IMF meanwhile are also reaching a staff-level agreement that will allow Pakistan to access $1.2 billion in funds. Pakistan has secured a $7 billion IMF bailout package just last year. Finance Minister Mohammad Aurangzeb spoke to CNBC's Karan Soh about the progress it's made since then. While we can never be complacent that we have made good headway in terms of macroeconomic stability, so all measures, whether it's stable currency, the policy rate, inflation rate, all moving in the right direction. And I think the reason I'm saying that we have made good progress is because of the external validation that we have received from three global rating agencies. And after a long time, we have now alignment between the three rating agencies and all three have operated us during the course of this year. And on the back of that, because macroeconomic stability and structural reforms have to go hand in hand, and therefore taxation, energy, SOEs on the public finance side, we continue to move forward. And therefore, you know, the discussion that we had with the fund while the mission was there on ground in Islamabad. Now, they also spoke about the country's economic resilience amid an expanding population and huge debt repayments. Here's what he had to say on what needs to happen next. So I think what we need to do is to, you know, go about it in a very considered way. Because as you know, our country's history is slightly checkered in terms of boom and bust cycles. Because whenever we get into macroeconomic stability, we get into a gold rush and we want to go for growth. But because the country has been an import led economy, we run into a balance of payment situation. So what we have decided and what we are very determined to make it happen this time around is to go towards export led growth. And therefore, in addition to other structural reforms that we have done, we have rolled out a very ambitious and bold tariff regime, where we are bringing our custom duties, additional custom duties and regulatory duties down so that we can help. First of all, make our industrial complex more competitive and also help with the raw materials and the intermediate goods to become cheaper so that it helps with the export agenda. What you're fleshing out around tariffs is completely the opposite of what the US is trying to achieve with its border taxes. How does that sit then in a world where tariffs and higher tariffs at the border are a major, major thing in the United States? Yeah, I think there are sort of two ways of going about it. One, of course, the US is a very strong bilateral partner. We're very grateful to them. And quite frankly, what and where we are and where we have landed with 19 percent tariff end of July, we find ourselves in a relatively good place with respect to our regional competitors. So that's one part of the story. The other part of the story is that we have to look at it from our perspective. And our perspective is that we cannot continue to shield industries which have received protection for the longest time. And if we have to, because that's our imperative, right? I mean, if we have to grow, it has to have industries which are competitive and which can export. And therefore, from our perspective, you know, and I'm very grateful to the World Bank group as well, because they helped us with the whole thought process as well. And if you recall, we were just talking about Singapore and sharing our experiences, that we feel this can be an East Asia moment for Pakistan in terms of liberalizing the economy.

The U.S. military struck a fifth apparent Venezuelan boat allegedly carrying drugs, U.S. President Donald Trump announced on social media Tuesday. CBS News' Natalie Brand has more details.

Caracas

Trump says U.S. struck another alleged Venezuelan boat

News organizations including The New York Times, The Associated Press and Newsmax as well as ABC, CBS, NBC, CNN and Fox News say they will not sign new press rules as laid out in a Defense Department document. This could mean the Trump administration will evict reporters from the Pentagon.

Washington

Major U.S. news media outlets refusing to sign new Pentagon rules

Madagascar’s president ousted in a military takeover — Youth-led protests and parliament’s impeachment vote spark political turmoil.

Antananarivo

Madagascar's military seizes power, president ousted

Thousands of messages shared in a group chat of Young Republicans are revealing some racist thoughts that even they worried about being leaked. The exchanges obtained by Politico are part of a Telegram chat among Young Republican leaders in New York, Kansas, Arizona and Vermont. Jason Beeferman, New York state politics reporter for Politico, joins with more.

Politico exposes racist messages sent by Young Republican leaders

The U.S. stock market rebounded on Monday (October 13) after President Trump appeared to walk back imposing new tariffs on Chinese goods.

Markets rebound after Trump softens tone on China tariffs

U.S. President Donald Trump is heading back to the U.S. after his whirlwind trip to the Middle East, where he celebrated the first phase of a peace plan between Israel and Hamas.

Sharm El-Sheikh

Middle East Conflict

Trump, world leaders sign Gaza peace plan and discuss next steps

The government shutdown entered its third week on Monday as the Senate is set to reconvene on Tuesday. CBS News' Nikole Killion has more from Capitol Hill.

Shutdown drags into third week as Senate set to reconvene

U.S. President Donald Trump was greeted in Tel Aviv with cheers and a military ceremony as he met families of hostages held in Gaza and addressed Israel's parliament. He now travels to Sharm El Sheikh, Egypt, to join world leaders in discussions on Gaza's future.

Tel Aviv-Yafo

Trump meets with Israeli leaders and hostage families

Twenty living hostages were released by Hamas after more than two years in captivity as a ceasefire continues to hold. Families in Israel describe emotional reunions while others continue to await confirmation about missing relatives.

Families reunite as ceasefire brings hostages, prisoners home

Israeli officials have confirmed that all 20 living captives have been released in Gaza.

Israel confirms all 20 living captives in Gaza have been released

The carefully choreographed Israel-Hamas exchange is underway, with Israel set to release around 2,000 Palestinian prisoners following the release of remaining hostages held in Gaza. Noga Tarnopolsky reports from Tel Aviv’s Hostage Square.

Israel-Hamas swap begins as 2,000 Palestinian prisoners set for release

Following his visit to Israel, President Trump will stop in Egypt to co-host a major summit in Sharm el-Sheikh alongside Egyptian President Abdel-Fattah el-Sissi. The meeting will bring together leaders from more than 20 countries to discuss efforts toward peace in Gaza and the wider Middle East.

Donald Trump to co-host chair Gaza peace summit in Egypt

The French presidency announced Prime Minister Sebastien Lecornu's new cabinet line-up on Sunday (October 12), with most top jobs remaining unchanged at a time when opponents are demanding a political shift to win their support for urgent budget talks.

Paris

French presidency unveils new cabinet as budget pressure intensifies

Seven captives have been handed over to the Red Cross, who will facilitate their transfer to Israeli forces.

Israeli military says Red Cross has received 7 captives in Gaza

On his way to the Middle East, U.S. President Donald Trump told reporters he expects the ceasefire between Israel and Hamas to hold, despite concerns Hamas won’t abide by the deal.

Trump says the 'war is over', Gaza rebuild to start immediately

China on Sunday (October 12) called U.S. President Donald Trump's latest tariffs on Chinese goods hypocritical and defended its curbs on exports of rare earth elements and equipment, but stopped short of imposing new levies on U.S. products.

Beijing

Global Tariffs

Beijing blames U.S. for trade tensions, defends rare earth curbs

Afghanistan and Pakistan said they killed dozens of each other's troops during a night of heavy border clashes between the two countries. Afghanistan's Taliban forces launched attacks on Pakistani troops along their shared border in what it called "retaliation for air strikes carried out by the Pakistani army on Kabul".

Chaman

Border clashes between Afghanistan and Pakistan leave dozens dead

A ceasefire between Israel and Hamas held in Gaza for a third day ahead of the expected release of Israeli hostages and Palestinian prisoners and an address by U.S. President Donald Trump to Israel's parliament.

Ceasefire holds in Gaza ahead of hostage release, Trump visit

Zelenskyy called Trump for a second consecutive day to discuss defence and Ukraine's energy sector. It comes as Russia further intensifies its attacks on Ukraine's critical infrastructure ahead of its harsh winter.

Kyiv

Ukraine Invasion

Zelenskyy has second call with Trump amid Russian strikes

On Sunday, the minister of armed forces in Madagascar acknowledged an officer selected by a military group supporting demonstrators calling for President Andry Rajoelina to resign as the country's new army chief.

Madagascar’s president says coup underway

With a trade war between the U.S. and China intensifying ahead of a Nov. 1 tariff deadline, there’s growing concern Beijing will use Taiwan as a bargaining chip.

Taipei City

Growing fear China will use Taiwan to bargain with U.S.

In a televised address ahead of the planned release of Israeli captives and Palestinian prisoners, Israeli Prime Minister Benjamin Netanyahu called for unity despite ongoing divisions.

Netanyahu urges Israel put aside ‘differences’ with Gaza

U.S. President Donald Trump blamed Democrats for his decision to lay off thousands of workers across the U.S. government as he followed through on his threat to cut the federal workforce during the government shutdown.

Trump lays off thousands of U.S. government workers amid shutdown

Thousands gathered in Tel Aviv as 48 of the last remaining hostages are expected home after two years of the Israel-Hamas war. The crowd cheered Donald Trump as the peace deal's broker but there were jeers for Israeli Prime Minister Benjamin Netanyahu.

Tel Aviv braces for hostage release planned for Monday

Diane Keaton, the Oscar-winning star of Annie Hall and The Godfather films, died Saturday at the age of 79, according to U.S. media reports. Entertainment journalist Johanna Schneller remembers Keaton as 'feisty and funny'.

Hollywood

Oscar winner Diane Keaton dead at 79

Former President Biden is now receiving radiation and hormone therapy to treat his prostate cancer, an aide said. The cancer is considered aggressive.

Biden receiving radiation, hormone therapy to treat aggressive cancer

It is unclear how many people were inside the Tennessee plant that exploded on Friday, but at least 16 people were reported on Saturday. Sheriff Chris Davis announced that there are no survivors. Nicole Valdes reports.

Tennessee

No survivors in Tennessee plant explosion, sheriff says

Thousands of pro-Palestinian protesters in London marked two years since the War in Gaza. However, the British government has seen enough. Haley Ott reports that police have been given sweeping powers to curb repeated demonstrations.

London

British Parliament designates Palestine Action a terrorist organization

Middle East Envoy Steve Witkoff has addressed hundreds of thousands of Israelis in what's known as “Hostages Square” in Tel Aviv. Witkoff hailed President Donald Trump for securing the ceasefire. The crowd was less receptive to his praise for Benjamin Netanyahu.

U.S. envoy booed for praising Netanyahu at Tel Aviv rally

A ceasefire is in effect between Hamas and Israel after just over two years of war. An exchange of Israeli hostages and Palestinians held prisoner is set to take place in the coming days, and U.S President Donald Trump is set to visit the region on Monday.

Breakdown