ISLAMABAD: Pakistan has set a 4% economic growth target for the fiscal year beginning July, nudging higher from an estimated 3.7% this year, even as a surge in global oil prices triggered by the US-Iran conflict strains inflation and the government acknowledges it has virtually no money left to fund new development projects.
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Power minister Leghari says 86 percent of Pakistani households still on subsidised electricity
ISLAMABAD: Power minister Awais Leghari pushed back on Sunday against what he called a weeks-long misinformation campaign over electricity subsidies, insisting the government was expanding its protected consumer base rather than retreating from it, even as separate negotiations with Chinese power producers under the China-Pakistan Economic Corridor framework remained deadlocked.
FBR heads for Rs1 trillion shortfall as Iran war, Eid holiday squeeze collections
ISLAMABAD: The Federal Board of Revenue is careening toward a revenue shortfall of close to Rs1 trillion by fiscal year-end, with the tax authority needing to collect an extraordinary Rs2.75 trillion in June alone to meet its downward-revised annual target — a sum that officials privately concede is out of reach.
Pakistan slashes petrol and diesel prices by Rs22 a liter
ISLAMABAD: The government cut retail prices of petrol and high-speed diesel by Rs22 a liter each on Friday, the third reduction in recent weeks, handing relief to consumers on the third day of Eid al-Adha as millions of travelers prepare to head home over the weekend.
Pakistan plans strategic oil reserves and trader storage to counter Hormuz dependence
KARACHI: Pakistan is preparing to build its first strategic petroleum reserves and invite international traders to hold commercial stocks on its soil, a push aimed at shielding the economy from supply disruptions after years of relying on shipments through the volatile Strait of Hormuz, Reuters reported.
PM Sharif urges Chinese firms to invest in agriculture, tech, and mining as economic ties deepen
ISLAMABAD: Prime Minister Shehbaz Sharif of Pakistan on Sunday pressed Chinese companies to pour money and expertise into his country’s farms, factories, and mineral riches, framing the push as a practical next step in the two nations’ long alliance and the second phase of the China-Pakistan Economic Corridor.
Pakistan cuts fuel prices for second straight week, easing costs ahead of Eid travel
ISLAMABAD: The government reduced the price of petrol by 6 rupees per liter and high-speed diesel by 6.80 rupees per liter on Friday, the second consecutive weekly cut as officials respond to swings in global oil markets linked to tensions in the Middle East.
Lucky Motors bets on fuel crisis and solar surge to accelerate Pakistan EV push with China’s GAC
KARACHI: Pakistan’s Lucky Motor Corp. is counting on record fuel prices and widespread rooftop solar adoption to accelerate demand for electric vehicles, as the automaker begins rolling out models from China’s Guangzhou Automobile Group and targets local assembly by the end of 2026.
Pakistan reaffirms fiscal targets as IMF mission wraps up week of budget and reform talks
ISLAMABAD: The International Monetary Fund’s latest mission to Pakistan has ended after a week of discussions with federal and provincial officials, securing fresh commitments to fiscal discipline and structural reforms as the government prepares its budget for fiscal year 2027.
Pakistan reopens offshore frontier after two decades with 23-block award
ISLAMABAD: Pakistan formally reopened its offshore oil-and-gas frontier on Wednesday after nearly two decades, signing production-sharing agreements and exploration licenses for 23 blocks in a bid to curb heavy reliance on imported fuel and revive interest in one of the region’s most underexplored maritime basins.