ISLAMABAD: Iran has agreed to allow 20 additional ships flying the Pakistani flag to pass through the Strait of Hormuz, with two vessels crossing daily, Pakistan’s deputy prime minister said late Saturday in a move that officials here described as a significant confidence-building gesture amid a month-long war that has crippled global energy supplies.
Economy
Pakistan extends banking relief for food, drug exports to Iran as Gulf tensions disrupt sea routes
ISLAMABAD: The government has waived mandatory banking instruments for land-route exports of rice, other food items and pharmaceuticals to Iran, a three-month exemption aimed at shielding traders from growing uncertainty in maritime shipping caused by the Gulf crisis.
Pakistan to convene national leadership summit on fuel crisis as provinces reject subsidy burden
ISLAMABAD: Pakistan is organising a high-level national dialogue early next week to hammer out an “all-inclusive” strategy on austerity and energy conservation, after the country’s four provinces signalled they are unwilling to shoulder a collective Rs200 billion share of the fuel-subsidy bill amid surging international oil prices.
Karachi transhipment volumes jump as Middle East conflict prompts Gulf reroutes
KARACHI: Long queues of container ships have begun forming at Pakistan’s Karachi ports as global shipping lines divert vessels from the Strait of Hormuz amid heightened risks from the ongoing Middle East conflict, with government facilitation measures accelerating the shift.
Khyber Pakhtunkhwa demands NFC formula revamp or interim grants after walkout over merged districts share
ISLAMABAD: The government of Khyber Pakhtunkhwa has formally asked federal authorities to revise the National Finance Commission resource-distribution formula or, failing that, to provide discretionary grants to all provinces until a new consensus is reached.
IMF staff agree on $1.2bln Pakistan disbursement after reviews, backing fuel policy amid Middle East crisis
ISLAMABAD: The International Monetary Fund reached a staff-level agreement with Pakistani authorities for the release of about $1.2 billion, clearing the way for the third review under the country’s Extended Fund Facility and the second under the Resilience and Sustainability Facility, the fund said on Saturday.
PM Sharif rejects fresh fuel-price hike, absorbs Rs56bln cost to shield consumers from Middle East oil shock
ISLAMABAD: Prime Minister Shehbaz Sharif rejected yet another proposal to raise petrol and high-speed diesel prices, choosing instead to have the government absorb an additional Rs56 billion in costs as global oil prices remain elevated by the conflict in the Middle East.
Federal, provincial governments agree on targeted fuel relief via digital vouchers
ISLAMABAD: The federal government and the four provinces agreed on Friday to roll out immediately a mobile application-based quota system for subsidized fuel sales to motorcycles and three-wheelers, aiming to channel relief to low-income households while plugging leaks that have drained public resources.
ECC redirects Rs100 billion development spending to cushion consumers from petroleum volatility
ISLAMABAD: The Economic Coordination Committee of the cabinet approved a Rs100 billion supplementary grant for the prime minister’s austerity fund on Thursday to finance subsidies on petroleum products and shield consumers from price swings linked to developments in the Gulf region.
Barrick delays Reko Diq project as security worsens, Iran war disrupts supplies
KARACHI: Barrick is delaying development of its flagship Reko Diq copper and gold mine in Pakistan, citing the war in the Middle East and a sharp deterioration in security across Balochistan province, where the project is located, FT reported on Thursday.