KARACHI: The minister for maritime affairs announced on Sunday storage-charge waivers of as much as 50% at Karachi Port Trust terminals, aiming to ease the financial strain on exporters whose Gulf-bound shipments have been snarled by the conflict in Iran.
Economy
Pakistan exports to western, northern Europe decline despite GSP+ as US-Iran tensions disrupt trade
ISLAMABAD: Pakistan’s shipments to its largest European markets posted negative growth in the first nine months of the fiscal year, even as the country continued to enjoy duty-free access under the European Union’s Generalized Scheme of Preferences Plus program.
IMF to approve $1.2 billion Pakistan payout on May 8 after fuel-pricing overhaul
ISLAMABAD: The International Monetary Fund plans to convene its executive board on May 8 to sign off on more than $1.2 billion in fresh financing for Pakistan, the latest tranche under two concurrent programs aimed at shoring up the country’s public finances and building resilience against climate risks.
Power division directs Nepra to scrap solar licensing fees for small rooftop systems
ISLAMABAD: The Power Division has ordered the National Electric Power Regulatory Authority to eliminate licensing requirements and fees for solar installations of 25 kilowatts or less, a swift reversal after weeks of public backlash that accused the government of “taxing sunlight.”
Pakistan launches third indigenous satellite, deepening space ambitions and partnership with China
ISLAMABAD: Pakistan successfully placed its third homegrown electro-optical satellite into orbit on Saturday, a launch from a Chinese facility that officials described as a major step forward in the country’s efforts to build independent space capabilities while relying on longstanding cooperation with Beijing.
Pakistan LNG importer secures three spot cargoes after 28-month hiatus as power shortfall widens
ISLAMABAD: Pakistan’s state-owned LNG importer secured three spot-market cargoes Friday after a gap of more than two years, as an acute power shortfall forced authorities to scramble for supplies ahead of the summer peak.
Pakistan raises petrol, diesel prices by Rs26.77 a liter in latest weekly adjustment
ISLAMABAD: The government increased the price of petrol and high-speed diesel by Rs26.77 a liter on Friday, the latest in a series of volatile fuel-price revisions triggered by the now-paused US-Israeli war on Iran.
Pakistan repays full $3.45 billion UAE deposits as Saudi support cushions reserves
KARACHI: Pakistan has repaid in full $3.45 billion in deposits owed to the United Arab Emirates, the State Bank of Pakistan said Friday, closing out a longstanding bilateral facility that had been rolled over for years as part of efforts to stabilise the country’s external accounts.
Pakistan plans oil reserves, EV push as Middle East conflict threatens fuel flows
ISLAMABAD: Pakistan is moving to build strategic crude-oil stockpiles and speed up a shift to electric vehicles as the conflict involving the US, Iran and Israel disrupts shipping through the Strait of Hormuz, a chokepoint that carries about one-fifth of global oil and gas supplies.
FBR raises customs values on 62 used smartphones, adding costs after budget promise
ISLAMABAD: The Federal Board of Revenue has lifted the official customs valuations on 62 models of older and used mobile phones, a step that will raise duty and tax liabilities for importers even as senior officials assured lawmakers just last week that phone prices would fall in the next budget.