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.
Economy
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.
Pakistan softens tax enforcement, approves Rs3.951 trillion budget amid recovery signals
ISLAMABAD: The government has softened its tax enforcement stance while greenlighting a Rs3.951 trillion budget, striking a delicate balance between fostering compliance and fueling economic growth.
Digital payments hit two billion, dominate 89pc of retail transactions
KARACHI: Digital payments in Pakistan reached 2 billion transactions in the third quarter of fiscal year 2025, capturing 89% of total retail payments, as the country’s shift to a cashless economy gained momentum, the State Bank of Pakistan (SBP) reported on Wednesday.
Nepra cuts base power tariff by Rs1.49 per unit for next fiscal year
ISLAMABAD: Pakistan’s energy regulator slashed the base power tariff by Rs1.49 per unit for the next fiscal year, offering limited relief to consumers grappling with rising electricity costs.
Pakistan power output jumps 21 percent in May, signals economic uptick
KARACHI: Power generation in Pakistan surged 21% in May 2025 from the previous month, hitting a nine-month high and signaling a potential revival in economic activity as lower electricity prices and seasonal factors spurred demand.
Barrick inks $440 million deal with Komatsu for Pakistan’s Reko Diq mine
KARACHI: Barrick Gold Corp., the Canadian mining giant, signed a $440 million deal with Japan’s Komatsu Ltd. for heavy mining equipment to develop Pakistan’s Reko Diq copper-gold project, one of the world’s largest undeveloped deposits.
Pakistan, US to wrap up tariff talks next week
ISLAMABAD: Pakistan and the United States are racing to finalise trade negotiations next week to head off steep tariffs that could derail Islamabad’s fragile economic recovery.
WB approves $194m for Balochistan as ADB commits $350m to women’s finance in Pakistan
ISLAMABAD: The World Bank greenlit $194 million for education and water security projects in Balochistan, while the Asian Development Bank (ADB) signed off on a $350 million loan to bolster women’s financial access across Pakistan.
PIA resumes Gulf flights after ceasefire; delays hit 15 hours
ISLAMABAD: Pakistan International Airlines (PIA) resumed flights to Gulf countries on Tuesday following a ceasefire between Iran and Israel, but passengers faced delays of up to 15 hours as the airline worked to restore normal operations.