ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday introduced a smartphone app to streamline electricity billing, part of sweeping reforms targeting the nation’s beleaguered power sector.
Economy
Pakistan to finalise Roosevelt Hotel privatisation structure at next CCoP meeting
ISLAMABAD: Pakistan is set to finalise the transaction structure for the privatisation of the iconic Roosevelt Hotel in New York at the next meeting of the Cabinet Committee on Privatization (CCoP), the government said on Saturday.
Pakistan leads global drop in sovereign default risk, Bloomberg data shows
ISLAMABAD: Pakistan has posted the steepest decline in sovereign default risk worldwide over the past year, topping Bloomberg Intelligence’s Global Emerging Market Rankings for credit risk improvement, as growing investor confidence underscores the country’s economic turnaround.
Hague court says Indus treaty lacks provision for unilateral abeyance, rejects India
ISLAMABAD: The Permanent Court of Arbitration (PCA) in The Hague ruled on Friday that the 65-year-old water-sharing pact has “no provision for unilateral abeyance,” affirming its authority to adjudicate disputes over two hydroelectric projects in the occupied Kashmir.
Pakistan to hikes industrial gas prices 10pct under IMF deal, spares households
ISLAMABAD: Pakistan will raise natural gas prices for industrial users and power plants by 10% starting next month, after approving the measure on Friday in line with International Monetary Fund reforms, while keeping household rates unchanged.
Pakistan stocks hit record as budget approval fuels rally
KARACHI: Pakistan’s benchmark KSE-100 Index soared to an all-time high Friday, climbing 1.91% to 124,379.07, as local institutions bought aggressively after lawmakers approved the 2025 budget.
SBP reserves plunge to 11-month low on debt repayments
KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) plummeted by a record $2.66 billion in a single week, driven by hefty external debt repayments, marking the steepest decline in more than three years.
Japanese Komatsu commits $100 million to Pakistan hub
KARACHI: Komatsu Ltd, the Japanese heavy machinery titan, will invest $100 million in a mining equipment maintenance hub in Pakistan and has clinched a $440 million deal with Barrick Gold Corp. to supply the Reko Diq mine, underscoring optimism about the country’s mining prospects, Nikkei Asia reported.
Pakistan parliament passes Rs17.57 trillion budget with deep cuts, defence hike
ISLAMABAD: Pakistan’s lower house of parliament approved a Rs17.57 trillion federal budget for the next fiscal year on Thursday, slashing spending by 7% while funneling nearly half the funds to debt servicing and boosting defense outlays by more than 20% after a sharp escalation in tensions with arch-rival India.
PM Sharif rolls out agriculture reforms to boost economy, aid farmers
ISLAMABAD: Prime Minister Shehbaz Sharif unveiled a broad package of agricultural reforms on Wednesday, calling the sector the “backbone” of the nation’s economy and pledging to lift productivity while cutting costs for farmers.