ISLAMABAD: The finance ministry said on Thursday that the country’s external sector faces fresh risks from global uncertainties and supply disruptions tied to the Middle East conflict, even as a healthy primary fiscal balance and three straight months of current-account surpluses underpin domestic stability.
Independent Pakistan – I know what I believe I know
Latest News
PM Sharif extends fuel subsidies for motorcyclists and transporters by one month
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday extended by one month the fuel subsidies for motorcyclists, public-transport operators and goods transporters, aiming to shield economically vulnerable segment from the sharp rise in global oil prices triggered by the conflict in the Middle East.
Pakistan reassigns three Islamabad High Court judges amid sharp criticism over opaque process
ISLAMABAD: The Ministry of Law and Justice on Wednesday notified the transfer of three judges from the Islamabad High Court to other provincial high courts, a day after the Judicial Commission of Pakistan approved the moves in a decision that immediately drew sharp criticism from lawyers’ organizations for what they described as a lack of transparency and uniform standards.
Pakistan’s $7 billion IMF program faces derailment risk as Iran conflict drives commodity shock, Oxford Economics says
ISLAMABAD: Commodity price shocks triggered by the US-Israel war against Iran are exposing Pakistan’s deep external vulnerabilities and threaten to delay or even derail the country’s $7 billion International Monetary Fund loan program, global economic advisory firm Oxford Economics warned in a recent report.
Competition regulator approves complete sale of loss-making PIA to Arif Habib-Led Consortium
ISLAMABAD: The Competition Commission of Pakistan has approved the acquisition of the remaining 25% stake in Pakistan International Airlines by a consortium led by Arif Habib Corp., completing the full privatization of the national carrier and handing control to private investors less than four months after they bought a 75% holding.
Interpol issues red notices for property tycoon Malik Riaz and Son in $2.5 billion money-laundering probe
ISLAMABAD: The National Accountability Bureau said Wednesday that Interpol has issued red notices for billionaire real estate developer Malik Riaz Hussain and his son Ali Riaz, escalating the anti-graft agency’s years-long effort to extradite the pair from the United Arab Emirates to face money-laundering and corruption allegations totaling more than Rs700 billion, or about $2.5 billion.
Islamabad High Court sets Thursday hearing on Imran Khan’s appeal in £190 million corruption case
ISLAMABAD: The Islamabad High Court on Wednesday scheduled oral arguments for tomorrow in the high-profile appeals filed by former prime minister Imran Khan and his wife, Bushra Bibi, challenging their convictions in a major corruption case involving £190 million in allegedly misused British crime proceeds.
Pakistan’s weekly oil import bill double to $800 million as Middle East war disrupts global energy markets
ISLAMABAD: Prime Minister Shehbaz Sharif told his federal cabinet on Wednesday that Pakistan’s weekly oil import bill has more than doubled to $800 million because of the sharp rise in global fuel prices triggered by the ongoing conflict in the Middle East.
Washington and Tehran Need an Off-Ramp Before It’s Too Late
The United States and Iran are locked in a dangerous limbo. A two-month war that began with joint US-Israeli strikes on Feb. 28 has killed thousands, shattered economies across the Gulf, and sent global energy prices soaring. A ceasefire brokered by Pakistan on April 8 has held, but barely. Now President Donald Trump has ordered his national security team to prepare a prolonged naval blockade of Iranian ports, a decision reached in recent Situation Room meetings and confirmed by US officials to The Wall Street Journal. At the same time, Tehran has floated a proposal to reopen the Strait of Hormuz in exchange for lifting that very blockade, while postponing any immediate reckoning over its nuclear program.
The Clock Is Ticking
As May 1 approaches, the United States finds itself at a constitutional crossroads of its own making. Two months ago President Donald Trump notified Congress that American forces had entered hostilities with Iran. Under the 1973 War Powers Resolution, that notification started a 60-day clock. When it expires this Thursday, the law is unambiguous: absent congressional authorization, the president must end the operations. The fragile ceasefire does not change that. The naval blockade of Iranian ports keeps US ships and sailors legally in a state of hostilities. Trump has made clear he has no intention of complying.