ISLAMABAD: Pakistan is pressing ahead with plans to sell its national airline, Pakistan International Airlines (PIA), targeting final bids by October and a completed deal by year-end, the country’s privatization chief said, marking Islamabad’s most determined push yet to offload the loss-making carrier after decades of failed attempts and billions in taxpayer bailouts.
Economy
Pakistan maps backup oil import plans if Hormuz closes, minister says
ISLAMABAD: Pakistan is mapping out backup plans for its oil imports as the Iran-Israel conflict puts the Strait of Hormuz, a lifeline for global crude, at risk of closure.
SAB approves 500,000 tonnes of sugar imports to ease shortage
ISLAMABAD: Pakistan has approved the import of 500,000 metric tonnes of sugar as part of a planned total of 750,000 metric tonnes to tackle a severe domestic shortage and record-high prices triggered by an aggressive export drive that depleted local stocks.
Pakistan extends airspace ban on Indian flights
ISLAMABAD: Pakistan has extended its airspace restriction on Indian aircraft for another month, a move that underscores the persistent friction between the two nuclear-armed neighbors.
PM Sharif sets up committees to push cashless economy
ISLAMABAD: Prime Minister Shehbaz Sharif has formed three committees to drive digital transactions and cut reliance on cash, aiming to boost transparency in an economy where informal cash dealings prevail.
Pakistan stocks sink 3.21 percent as US attack on Iran roils global markets
By Staff Reporter KARACHI: Pakistan’s stock market cratered on Monday, with the benchmark KSE-100 index plunging nearly 3,900 points as escalating tensions between the US
Pakistan assures ample oil stocks after US strikes on Iran rattle markets
ISLAMABAD: The government, seeking to ease concerns over oil supplies, has assured the public that the country holds sufficient petroleum stocks to handle disruptions from the intensifying U.S.-Iran conflict in the Middle East following US military strikes on Iran’s nuclear facilities.
FBR unveils Rs36 billion new tax measures to offset solar tax cut and salary hikes
ISLAMABAD: The Federal Board of Revenue (FBR) has rolled out a Rs36 billion package of new taxes to plug a financial gap triggered by a reduction in sales tax on solar panels and a proposed salary hike for government employees.
IMF rejects Pakistan’s tax rebate plan for educators, researchers
ISLAMABAD: The International Monetary Fund (IMF) has shot down the government’s proposal for a 25% tax rebate for teachers and researchers from July 1, 2025, Federal Board of Revenue Chairman Rashid Mahmood Langrial told lawmakers on Saturday.
Ogra tells fuel firms to hoard stocks, boost imports on Mideast war risk
ISLAMABAD: Pakistan’s Oil and Gas Regulatory Authority (Ogra) on Saturday directed oil marketing companies (OMCs) to hold 20-day fuel stockpiles and import 140 million liters of petrol as the escalating Iran-Israel conflict risks disrupting global oil supplies.