KARACHI: Pakistan’s central government debt rose to a record 83.642 trillion rupees at the end of June, as the government leaned more heavily on domestic borrowing to plug its budget gap, according to data released Tuesday by the State Bank of Pakistan.
Economy
Pakistan advances airport privatization, adds two power utilities to sale pipeline
ISLAMABAD: Pakistan moved forward Tuesday with plans to outsource its two busiest airports and expand its power-sector privatization program, as the country presses ahead with an overhaul of state assets amid efforts to shore up public finances.
Pakistan cuts petrol prices, raises diesel as Hormuz standoff drags on
The government lowered the retail price of petrol while raising the cost of high-speed diesel on Tuesday, the latest adjustment since authorities scrapped weekly fuel-price reviews in favor of daily ones — a shift officials have linked to the volatility gripping oil markets since the war between the US and Iran broke out in February.
Truckers’ strike enters fourth day as fuel cost standoff persists; petrol pumps threaten to join shutdown
ISLAMABAD: Pakistan’s nationwide truckers’ strike ground into a fourth day on Tuesday after a fresh round of talks between the government and the country’s largest transport alliance again failed to produce a breakthrough, leaving oil tankers, container trucks and freight haulers parked nationwide with no resolution in sight.
Pump fuel prices stay flat after Platts benchmark goes missing
ISLAMABAD: Pakistan left retail prices for gasoline and diesel unchanged for Tuesday after international benchmark data needed to calculate a new rate failed to materialise, a gap that underscores the growing pains of a pricing system introduced just weeks ago to respond faster to swings in global oil markets.
Supreme Court bars tax penalties from being imposed retroactively
ISLAMABAD: The Supreme Court of Pakistan has ruled that penalties imposed under the Income Tax Ordinance 2001 cannot be applied to assessments completed before June 2002, delivering a judgment that settles years of legal uncertainty over how far tax authorities can reach back when punishing non-compliant taxpayers.
Goods transport strike set to continue after marathon talks fail
KARACHI: Pakistan’s goods transport strike shows no sign of easing after a first full day of negotiations between industry leaders and senior government ministers ended without resolution, leaving fuel tankers, freight trucks and trailers off the country’s roads for a fourth consecutive day.
Pakistan remittances rise 13 percent to start fiscal year, defying Mideast conflict
KARACHI: Pakistan’s remittance inflows extended a run of double-digit growth into the new fiscal year, with money sent home by overseas workers climbing 13% in July even as a regional conflict in the Middle East entered its sixth month.
Pakistan scales back flood-housing pledge for 65,000 families after fraud probe – report
ISLAMABAD: The government has scaled back a World Bank-backed program to rebuild homes for families displaced by the 2022 floods, leaving more than 65,000 verified households in Balochistan province without the housing they were promised, after investigations into record tampering and duplicate payment claims stalled the project.
Pakistan sees $5 billion refinery deals as Türkiye revives offshore drilling
ISLAMABAD Pakistan expects to begin signing $5 billion worth of binding investment agreements to modernize its aging oil refineries starting next month, as the South Asian nation moves to shore up energy security following months of supply disruptions tied to the war between the US and Iran.