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Economy

PM Announces Special Relief Scheme After Surge In Petrol Price

Prime Minister Shehbaz Sharif on Sunday launched a special relief scheme providing Rs100 per litre discount on petrol for motorcyclists, rickshaw and chingchi owners and drivers of vehicles up to 800cc, as the government moved to cushion the public from rising fuel prices driven by tensions in the Middle East.Following the increase announced on Friday, petrol is now being sold at Rs375.82 per litre, while the price of high-speed diesel has risen to Rs403.32 per litre, following hikes of Rs5.02 a

China's Xi Pushes Greater BRICS Economic Ties to Give Bloc Larger Global Role

NEW DELHI: Chinese President Xi Jinping on Sunday unveiled initiatives in areas ranging from AI to trade to deepen cooperation among the "Greater BRICS" emerging economies, as Beijing seeks to weld the grouping into a practical platform for Global South development. Cooperation in areas from politics and security to economics and finance are the main focus of the grouping, with 2026 chair India and 2027 chair China seeking wider partnership to boost its global clout.The success of the "Greater B

Govt Abolishes 60pc Vacant Posts in Push for Rightsizing Austerity

In light of a decision taken by the federal cabinet on institutional reforms, the Controller General of Pakistan Accounts (CGPA) has abolished 60 percent of vacant posts. The cabinet, in view of a report presented by the Implementation Committee on Institutional Reforms, approved the abolition of posts in government institutions that have been lying vacant for the last one year, with the objective of rightsizing and observing austerity.The CGPA has issued a notification for the abolition of 60 p

Govt To Present IMF Plan To Retire Rs3.6tr Gas Sector Circular Debt

Pakistan will present the International Monetary Fund (IMF) with a three-year plan to eliminate the gas sector's Rs3.6 trillion ($12.9 billion) circular debt, as the government seeks to meet a key IMF condition ahead of economic review talks scheduled for the last week of September. The Finance Ministry is expected to brief the IMF on the proposed settlement plan during the upcoming review, with the final framework to be settled after consultations with the lender, according to officials familia

Gold Rates Up Rs400 Per Tola

Gold prices increased by Rs400 per tola on Saturday in the local market following a rise in the international market. The All Pakistan Sarafa Gems and Jewellers Association said that 24-karat gold rates reached Rs457,136 per tola.Similarly, the price of 10-gram gold rose by Rs343 to Rs391,920. Gold rates increased by $4 to $4,246 per ounce in the international market. Typically, gold prices in the local market are adjusted by a premium of $20 against rates in the international market.Market anal

Petroleum Imports and Rupee Depreciation Stoking Inflation Outlook: ICMA

Inflationary pressures have intensified ahead of the central bank's monetary policy meeting on September 14, with rising petroleum costs and exchange-rate pressures posing risks to the inflation outlook, the Institute of Cost and Management Accountants of Pakistan (ICMA) said in a pre-monetary-policy report on Saturday. The policy rate stands at 11.5 per cent, while consumer inflation accelerated to 11.1 per cent year-on-year in August from 9.2 per cent in July. Core inflation also picked up, re

KSE-100 claws back losses to gain over 1,600 points

The Pakistan Stock Exchange (PSX) staged a strong recovery on Friday, climbing more than 1,600 points after starting the session in the red. The index came under pressure after Houthi assaults on Saudi energy facilities pushed crude oil prices higher, weighing on investor sentiment.However, reports that the six-member Gulf bloc was considering a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz triggered a decline in crude oil prices during the latter part of

Shedding Light on Solar: Study Urges Swarm Grids to Power Pakistan's Rooftops

Pakistan can harness the unprecedented growth of rooftop solar through decentralised, community-driven "swarm grids", but regulatory reform remains the key missing link between technical feasibility and large-scale deployment, according to a new study. The Policy Research Institute for Equitable Development (PRIED) on Thursday launched a techno-economic assessment of swarm electrification at an event attended by policymakers, regulators, energy experts and civil society representatives. The rese

Refineries Face Pricing Uncertainty Amid Global Oil Shock

Pakistan's refineries are maintaining domestic fuel supplies despite volatile crude prices and disrupted shipping routes, but uncertainty over changes to the petroleum pricing formula is complicating procurement and threatening investment in planned upgrades, industry officials say.Usama Qureshi, vice chairperson of Cnergyico Pk Limited, said crude sourcing has become increasingly challenging amid extreme volatility and uncertainty surrounding international supply routes. "Crude procurement deci

Nepra Approves Decade-Long $47bn Power Expansion Plan

Pakistan's power regulator approved a $47 billion, decade-long electricity expansion plan Friday, but rejected a $900 million battery storage investment as unjustified and revealed that the country's cheapest-ever renewable power sat excluded from national planning for more than a year, despite repeated regulatory warnings. The National Electric Power Regulatory Authority (Nepra) approved the Integrated System Plan (ISP) 2025-35 submitted by the Independent System & Market Operator (ISMO), cover

Brownfield Refinery Policy Notified For Long Awaited Upgrade

At last, the government has notified the 42-page Brownfield Refinery Policy 2023, incorporating amendments made in February 2024 and August 2026, paving the way for around $5 billion in refinery upgrade projects aimed at producing environment-friendly Euro-V specification petrol and diesel in the country. The long-awaited notification was issued on September 10, 2026, formally bringing the amended policy into effect.Under the policy, local refineries are required to establish Refinery Upgradatio

US CPI Report: Core Inflation Rises 0.3% in August as Rate Hike Odds Hit 90%

The CPI report released Friday, September 11, indicated U.S. customer prices rose more than expected in August, strengthening the case for the Federal Reserve to raise interest rates at its policy meeting scheduled for next week. The consumer price index, excluding volatile food and energy, rose 0.3% in August from a month earlier, as indicated by Bureau of Labor Statistics data. Median estimates in a Bloomberg survey had expected an increase of 0.2%. Core CPI, meanwhile, increased by 2.4% on an

Shariah Advisory Board Planned For Virtual Asset Sector

Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said on Thursday that a Shariah advisory board was being established for digital and virtual assets and guidance would be sought from the board on transactions involving digital and virtual assets.The PVARA chairman appeared before the media for the first time after working on the initiative in Pakistan for several months. He responded to a variety of questions during an almost two-hour interaction at his newly establis

PSX remains under pressure amid rising oil prices, rate hike fears

The Pakistan Stock Exchange (PSX) remained under pressure on Friday as rising international oil prices amid the US-Iran conflict raised concerns over higher domestic fuel prices, fuelling inflationary pressures and fears of a possible interest rate hike. The benchmark index touched an intra-day low of 166,141.17, down 2,723.87 points, or 1.61%, from the previous close of 168,865.04. During the session, the KSE-100 index hit an intra-day high of 167,748.91, but remained 1,116.13 points down from

Pakistan Draws Down Reservoirs As Inflows Drop Ahead Of Rabi

Authorities have begun drawing down water from the country's major reservoirs after Indus River System Authority (IRSA) started releasing water to meet the irrigation requirements of the four provinces despite a sharp decline in river inflows. Tarbela Dam, which reached its maximum live storage of 5.580 million acre-feet (MAF) on August 9, had maintained almost equal inflows and outflows until September 8. However, from September 9, IRSA started drawing on the stored water to meet provincial irr

Fbr Develops Mechanism To Process Section 7e Tax Refunds

The Federal Board of Revenue (FBR) is developing a dedicated mechanism to process refunds of tax collected under Section 7E of the Income Tax Ordinance following a judgment by the Federal Constitutional Court, it emerged during a meeting between the FBR and the Karachi Tax Bar Association (KTBA). A KTBA delegation, led by its President Mehmood Bikiya, met FBR Chairman Rashid Mehmood Langrial in Karachi on Wednesday and discussed income tax return filing, Section 7E refunds, digitalisation, e-inv

British Firm Expresses Interest In Pakistan Power Transmission

British International Investment (BII) is exploring fresh private-sector investment in Pakistan's power transmission network, as the government rolls out an 8-to-10-year plan to modernise the national grid and drive the energy transition. A delegation led by BII Managing Director and Head of Asia Srini Nagarajan told Minister for Energy Sardar Awais Ahmad Khan Leghari that the institution is interested in channeling private capital into Pakistan's transmission sector, drawing on its global exper

US Embassy Highlights Alumni Role In Pakistan Business Reforms

The US Embassy has highlighted the potential for stronger economic ties with Pakistan at the Pakistan-US Alumni Network (PUAN) Economic Policy Challenge, a two-day case-based competition in which teams explored ways to build a more competitive, prosperous and globally integrated economy. The embassy said the recommendations demonstrate how US programme alumni can collaborate on business reforms to improve market access for American firms and create investment opportunities.The event brought toge

PM Vows To Make Pakistan Part Of Regional Global Supply Chains

Prime Minister Shehbaz Sharif Thursday said the government was committed to making Pakistan an effective part of regional and global supply chains through trade facilitation. Chairing the first meeting of Trade Facilitation Board, he said the government was committed to providing all possible facilities to the business community. "Promoting trade and facilitating business activities is among the top priorities of the government," he said, adding, "Effective steps should be taken to eliminate unn

Fbr Cannot Withhold Refunds Exceeding Rs390bn

The Senate Panel on Finance and Revenue was informed on Thursday that the FBR could not withhold refunds exceeding Rs390 billion under an IMF condition, and the amount was therefore cleared within the stipulated timeframe. The Senate Panel on Finance and Revenue met at the Parliament House, Islamabad, under the chairmanship of Senator Saleem Mandviwalla to consider matters relating to tax refunds, sales tax on unsold jewellery returned under the Self-Consignment Scheme, honorarium for medical st

Imf Review Talks To Start On 22nd

Pakistan and the International Monetary Fund (IMF) are scheduled to commence review talks and Article IV consultations from September 22 in Karachi and Islamabad, with the proceedings expected to continue for two weeks for completion of the fourth review under the $7 billion Extended Fund Facility (EFF). The upcoming review parleys will be coupled with Article IV consultation, which will be undertaken by the IMF staff after a pause of two years, as the last executive board consultation was held

Hormuz Disruptions Hitting Small Businesses Hardest, UN Trade Agency Warns

Disruptions in the Strait of Hormuz could push small and medium-sized businesses out of global supply chains, increasing economic concentration and weakening the resilience of international trade, the United Nations Conference on Trade and Development said on Tuesday.Rising energy bills, freight rates, insurance premiums and financing constraints sparked by the US-Iran conflict place heavier burdens on small and medium-sized enterprises (SMEs) than on large firms, leaving them more vulnerable th

EU Exports Surge 108pc in Decade Under GSP+

Exports to the EU have increased 108 per cent over the past decade under the bloc's Generalised Scheme of Preferences Plus (GSP+) arrangement, according to the Federation of Pakistan Chambers of Commerce and Industry. FPCCI President Atif Ikram Sheikh said the preferential trade arrangement has helped Pakistani exporters gain wider access to one of the country's largest export markets, with most eligible products entering the EU at zero or preferential tariff rates. He said the growth in exports

Gates Foundation Pledges Continued Support For Cashless Pakistan Initiative

Gates Foundation has reaffirmed support for the Cashless Pakistan Initiative and assured its continued support through Karandaaz - a not-for-profit firm that focuses on expanding access to digital financial services. The development came as a high-level delegation from the Gates Foundation, comprising Dr Anita Zaidi, President of the Gender Equality Division, and Dr Kalpana Kochhar, Interim President of the Global Policy & Advocacy Division, along with other senior officials, called on Bilal Azh

KP Own Source Revenue Reaches Record Rs150.84bn, Says Minister

Khyber Pakhtunkhwa Minister for Information and Science & Information Technology Shafiullah Jan on Wednesday said that the provincial government's own-source revenue had reached a record Rs150.84 billion, marking the first time in the province's history that this level has been achieved. The own-source revenue target for the current financial year has been set at Rs182 billion.In a statement, Shafiullah Jan said the significant growth in own-source revenue reflected the provincial government's e

Mangla 20ft Short of Full Storage, Rabi Water at Risk

Mangla Dam, Pakistan's largest water reservoir and a vital lifeline for the national wheat crop, failed to reach its maximum conservation level during the high-flow Kharif season. The deficiency in storing enough water for upcoming lean-flow Rabi months has exposed systemic management failures across the water management entities. As inflows from the Jhelum River diminished at the close of the storage cycle, Mangla Dam fell 20 feet short of its 1,242-foot maximum conservation level.This shortage

New Tax Breaks Risk Widening Burden On Motorcycle Buyers

Pakistan's proposed new energy vehicle (NEV) tax incentives risk creating a striking disparity in which ordinary motorcycle buyers could bear a substantially higher tax burden relative to the value of their vehicles than wealthy buyers of expensive electric cars, according to a former chairperson of the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM).The proposed incentives could provide up to Rs150 billion in tax concessions for about 50,000 high-value vehicles,

PM Grants In-Principle Nod to New Auto Policy 2026-31

Prime Minister Muhammad Shehbaz Sharif has given in-principle approval to the Automotive Industry Development Policy (AIDP) 2026-31, setting out a new framework for the auto sector that links incentives to exports, localisation and domestic value addition. The policy, developed by an inter-ministerial steering committee, will operate alongside the New Energy Vehicles (NEV) Policy 2025-30. It is intended to replace the previous framework, which expired on June 30, 2026.The new framework projects

Australia and Pakistan Eye New Economic Partnership

Australia and Pakistan are set to deepen economic cooperation, with a modernised bilateral investment treaty expected to be finalised by December and Canberra seeking greater Pakistani exports and investment in the Australian market. Australian High Commissioner Timothy Kane disclosed these plans during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Fahim Ur Rehman, where the two sides discussed ways to expand bilateral trade and investment and develop cooperation in agr

Govt Commits To Inclusive Financial Growth For Underserved Segments

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the fourth meeting of the Access to Finance Steering Committee at the Finance Division on Wednesday, reviewing progress on inclusive finance across priority sectors, including SMEs, agriculture, information technology (IT), exports, renewable energy and housing.The committee reviewed the latest position of SME financing and was informed that by the end of August 2026, SME finance stood at Rs1.067 trillion, serving 323,

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