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Pakistan’s top corporate regulator has teamed up with Mobilink Microfinance Bank Ltd. to digitize and speed up the process of opening corporate bank accounts, a move aimed at boosting transparency, improving oversight, and easing business operations in the country. The Securities and Exchange Commission of Pakistan (SECP) signed a memorandum of understanding with Mobilink Bank…
K-Electric Ltd. raised Rs4.4 billion ($15.8 million) from Pakistan’s first retail-listed short-term Sukuk, more than doubling its Rs2 billion target in an initial public offering that drew strong demand from both institutional and individual investors. The share-sale, which closed Sept. 3, attracted more than 600 applicants, underscoring growing confidence in the Karachi-based utility’s growth plans…
Pakistan’s Water and Power Development Authority (WAPDA) has asked regulators to nearly double its hydropower tariff, seeking approval for a staggering Rs364.8 billion revenue requirement for fiscal year 2025-26 — almost double the Rs190.9 billion allowed for FY2022-23 — as rising project costs and asset transfers strain its balance sheet. The state-run WAPDA, which operates…
The government has unveiled a sweeping $55 billion blueprint to overhaul its power sector over the next decade, betting on hydropower, nuclear and renewables to meet soaring electricity demand while phasing out its dirtiest fuels and reducing reliance on costly imports. The Indicative Generation Capacity Expansion Plan (IGCEP) 2025-35, released by the Independent System &…
Pakistan has agreed to transfer operations of Islamabad International Airport to the United Arab Emirates, marking the first government-to-government outsourcing of a major state asset as part of a broader privatization and investment drive. Deputy Prime Minister and Foreign Minister Ishaq Dar chaired a Cabinet Committee on Inter-Governmental Commercial Transactions meeting Thursday that approved negotiations…
Pakistan is set to launch joint insulin production with Russia in a bid to curb reliance on costly imports and expand access to essential medicines, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said after chairing a high-level meeting with the Drug Regulatory Authority of Pakistan (DRAP) and Russian officials…
Pakistan’s energy regulator blasted power distributors after 11 people were electrocuted during July’s monsoon rains, even as it weighed a proposal to cut nationwide electricity tariffs by Rs1.69 per unit for one month. The National Electric Power Regulatory Authority (NEPRA) on Thursday wrapped up its public hearing on July’s fuel charges adjustment, a petition filed…
Pakistan’s agricultural backbone is at risk as recurrent flooding collides with outdated, energy-intensive farming practices, driving up costs for farmers and threatening national food security, experts warned. The country’s heavy reliance on diesel-powered irrigation, inefficient tube wells, and obsolete machinery is leaving both livelihoods and food supplies vulnerable to climate shocks. The National Energy Efficiency…
Markets tumble as New Delhi vows to stick with Russian oil despite U.S. pressure U.S. President Donald Trump has doubled down on trade pressure against India, imposing an additional 25% tariff on Indian-origin goods, raising overall duties to 50% — one of the steepest trade penalties ever leveled by Washington. The decision puts at risk…
Prime Minister Shehbaz Sharif on Tuesday rolled out Pakistan’s New Energy Vehicle (NEV) Policy 2025-30, touting it as a landmark step to curb emissions, cut fuel imports and put the country on the road to a cleaner, youth-driven economy. Unveiling the plan at a ceremony in Islamabad, Shehbaz said the policy reflects Pakistan’s national commitment…
Punjab has quietly turned into Pakistan’s fiscal outlier, racking up Rs405 billion ($1.4 billion) in central bank borrowing within just 38 days of the new fiscal year—an amount dwarfing the combined borrowings of all other provinces and running counter to the austerity drive enforced by the International Monetary Fund. From July 1 to August 8,…
Citi Pharma has become Pakistan’s largest antibiotics maker after a China-backed expansion that lifted output tenfold to 100,000 vials a day.
Pakistan’s parliamentarians pressed the power regulator to tighten oversight of electricity distributors after rampant outages, arbitrary billing and poor service left consumers bearing the brunt of a sector already mired in circular debt of more than Rs1.6 trillion. The Standing Committee on Cabinet Secretariat, chaired by lawmaker Malik Ibrar Ahmad, told the National Electric Power…
Pakistan’s biggest mobile operator, Jazz, has been accused of overbilling its customers by Rs6.58 billion, with a government audit faulting the telecom regulator for enabling arbitrary price hikes. The Auditor General of Pakistan, in a report for fiscal 2023-24, said the Pakistan Telecommunication Authority (PTA) failed to enforce rules requiring prior approval of tariffs. While…
Pakistan is rolling out a five-year industrial policy to slash production costs, revive sick factories and boost exports, in a push to make its manufacturing sector more competitive. The plan includes cheaper power, investor-friendly reforms and stricter contract enforcement, according to officials briefed on the matter. Special Assistant to the Prime Minister on Industries Haroon…
The International Monetary Fund has urged Pakistan to remove the finance secretary from the State Bank of Pakistan’s (SBP) board and swiftly appoint two missing deputy governors, moves the lender says are vital to strengthen the central bank’s independence. In a governance report, the IMF also recommended amending the Banking Companies Ordinance of 1962 to…
Tariffs on India, deregulation boost industry; Citi Pharma eyes American expansion Pakistan’s pharmaceutical exports surged 34% to an all-time high of $457 million in fiscal year 2025, and analysts say U.S. tariffs on Indian competitors could open the door for even stronger growth ahead. The milestone, up from $341 million in FY24 and $328 million…
Pakistan’s plan to privatize the iconic Roosevelt Hotel in New York has been pushed back after financial advisor Jones Lang LaSalle Inc. (JLL) resigned, citing a conflict of interest because some of its clients are eyeing the deal. The Privatization Commission said in a statement that JLL quit because of a conflict of interest, but…
Power Division refutes reports of extended peak hours, says no change in electricity schedule
Global organization denies existence of such award, calls media claims inaccurate ISLAMABAD: The Nation newspaper on Friday quietly pulled a news story about Federal Minister Ahsan Iqbal from its website, following government pressure, after the Islamic World Educational, Scientific and Cultural Organization (ICESCO) publicly denied awarding him a “Lifetime Achievement Award.” The retraction comes after…
K-Electric Ltd., Pakistan’s only vertically integrated power utility, outlined an ambitious $2 billion investment roadmap through 2030 at a corporate briefing on Monday, leveraging a newly approved multi-year tariff to modernize Karachi’s aging energy infrastructure and ramp up renewable power generation. The company, which serves over 3.4 million customers in Karachi and surrounding areas, said…
Pakistan slashed liquefied petroleum gas (LPG) prices by 1.88 per cent for June 2025, citing a drop in international rates, the Oil and Gas Regulatory Authority said Saturday. The government-revised price stands at Rs240.54 per kilogram, down Rs4.62 from Rs245.16/kg in May, according to an OGRA notification. The price cut reflects a 2.61 per cent…
ISLAMABAD — NEPRA Chairman Waseem Mukhtar on Thursday dismissed federal Power Minister Awais Leghari’s criticism of K-Electric’s tariff determination, stating bluntly during a public hearing, the decision is final, “We’ve given our decision, now it’s up to the minister to respond.” The remarks came amid a heated discussion during the monthly fuel charges adjustment (FCA)…
New budget targets auto elite, spares hybrids amid pressure from Tokyo Pakistan is set to impose steeper withholding taxes on a wide range of luxury vehicles in its upcoming 2025-26 budget, part of a broader revenue-boosting push to meet International Monetary Fund (IMF) benchmarks — even as it moves carefully to accommodate Japanese pressure on…
Senators warn of capital flight, urge reforms as penalties rise and enforcement tightens Pakistan’s top tax authority confirmed that a growing number of businesses are shifting operations to Dubai to escape high tax burdens, a revelation that alarmed lawmakers and renewed calls for urgent reform to stem capital flight. Hamid Attique Sarwar, Member Inland Revenue…