ISLAMABAD: The auto manufacturers, long accused of operating a cartel that has entrenched a monopoly in the market with powerful backing from politicians and lawmakers, have threatened to halt local production and switch to importing and selling used vehicles if the government proceeds with plans to allow such imports at a 40 percent tariff from July 2026 — a policy they claim could lead to the same fate as major auto giants that shut down operations in Australia and New Zealand.
Economy
Rivals PMLN and PTI find common ground on revamping fiscal formula in NFC award
ISLAMABAD: The federal government, dominated by the Pakistan Muslim League-Nawaz, and the opposition-led administration in Khyber Pakhtunkhwa have unexpectedly aligned on a key fiscal reform: scaling back population as the primary factor in divvying up national resources under the National Finance Commission.
Pakistan pushes for blockchain revolution as banking complexity spurs digital shift
ISLAMABAD: Finance Minister Muhammad Aurangzeb called for a decisive pivot toward blockchain technology and digital assets, acknowledging the intricate nature of the country’s banking system and the urgent need to modernize its financial infrastructure.
Pakistan, China pledge ‘CPEC 2.0’ as Wang Yi meets Sharif, military leaders
ISLAMABAD: Chinese Foreign Minister Wang Yi held high-level talks with Pakistani civilian and military leaders in Islamabad, pledging to bolster their strategic partnership and advance an upgraded version of the China-Pakistan Economic Corridor (CPEC), officials said on Friday, as both nations navigate regional security challenges.
Pakistan forms 11th National Finance Commission to tackle fiscal divide
ISLAMABAD: President Asif Ali Zardari on Friday constituted the 11th National Finance Commission (NFC), a pivotal body tasked with reshaping the contentious distribution of federal tax revenues between the central government and the country’s four provinces.
Reko Diq secures $410 million ADB financing
ISLAMABAD: The Asian Development Bank has committed $410 million to propel Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, toward production, Reuters reported on Thursday.
TCP gets $560/ton sugar bid in 200,000-ton import tender
KARACHI: State-run grains agency Trading Corporation of Pakistan (TCP) received the lowest offer at $560 a metric ton, cost and freight included, in its international tender to buy 200,000 metric tons of white refined sugar, traders said on Thursday.
Pakistan invites US firms to bid for oil, gas blocks in fresh investment push
ISLAMABAD: Pakistan is rolling out the red carpet for American energy companies, inviting them to bid on a fresh round of oil and gas exploration blocks as part of a broader push to deepen economic ties with the US under President Donald Trump’s second term.
Pakistan sets up digital authority to lead nationwide tech transformation
ISLAMABAD: The government has officially established the Pakistan Digital Authority (PDA), a body tasked with overseeing the country’s ambitious digital transformation agenda.
Pakistan’s GDP growth set to accelerate to 3.5% by 2027, Fitch says
KARACHI: Pakistan’s economy is poised for a stronger recovery, with real gross domestic product growth expected to pick up to 3.5% by 2027 from 2.5% in 2024, Fitch Ratings said on Monday, following a period marked by significant turmoil and high inflation.