ISLAMABAD: The Federal Board of Revenue posted a Rs76 billion shortfall in October tax collections, pushing the cumulative miss for the first four months of fiscal year 2026 to Rs274 billion and raising pressure for austerity measures under its $7 billion IMF bailout.
Economy
Pakistan wins 23 bids for offshore oil blocks in first round after 18-year gap
ISLAMABAD: The government received 23 bids, mostly from state-run firms, for 40 offshore oil and gas exploration blocks offered in a licensing round after an 18-year hiatus, the petroleum ministry said on Friday, hailing the response as a sign of renewed investor confidence.
US delegation in Islamabad seeks partnership with Pakistan on critical minerals
ISLAMABAD: A high-level American delegation arrived in Islamabad on Friday to court Pakistan as a potential partner in securing vital mineral supply chains, part of a broader Washington effort to loosen China’s stranglehold on the rare earths and other metals essential to everything from electric vehicles to fighter jets.
Govt lifts fuel prices as global oil fluctuates
ISLAMABAD: The government increased gasoline and diesel prices for the next fortnight, tracking swings in the international crude market.
Pakistan receives first US crude cargo, boosting trade ties in $200 million deal
KARACHI: Pakistan took delivery of its first-ever cargo of US crude oil on Wednesday, docking a Suezmax tanker at Cnergyico Pk Ltd.’s offshore terminal in Balochistan and opening a new front in bilateral trade with Washington.
Green Climate Fund backs $250 million ‘glaciers to farms’ program for Pakistan, Central Asia
ISLAMABAD: The Green Climate Fund, the world’s largest dedicated source of climate financing, approved $250 million on Wednesday for an ambitious decade-long program to fortify water and farming systems across glacier-dependent swaths of Central Asia, the South Caucasus and Pakistan, as melting ice imperils millions of livelihoods.
Gas utilities seek hikes of up to 28 percent in prices to plug revenue gaps
ISLAMABAD: Pakistan’s two main gas utilities have petitioned regulators for prescribed price increases of as much as 28.7% to cover revenue shortfalls exceeding Rs77 billion for the fiscal year through June 2026, testing the government’s pledge to the International Monetary Fund to curb a circular debt pileup that’s already surpassed Rs3 trillion.
World Bank cuts Pakistan growth forecast on flood fallout
ISLAMABAD: Pakistan’s economic recovery faces fresh headwinds from devastating floods, with the World Bank slashing its growth projection for fiscal 2026 and warning of persistent inflation pressures amid strained public finances.
FAHIM!
Pakistan seen as viable investment destination by 73 percent of foreign firms, survey finds
KARACHI: Nearly three-fourths of leading foreign investors in Pakistan view the country as a viable destination for future investment, a new survey showed on Tuesday, marking a cautious uptick in sentiment amid improved macroeconomic stability and a stronger currency.
Pakistan, Saudi Arabia launch new economic cooperation framework to boost trade, investment
ISLAMABAD: Pakistan and Saudi Arabia launched on Tuesday an Economic Cooperation Framework aimed at boosting trade and investment ties, following a meeting a day earlier between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Future Investment Initiative (FII9) in Riyadh.