Author: S.M. Inam

Documents were formally exchanged between Defence Secretary and Arif Habib, marking the official transfer of control and responsibility for Pakistan’s national carrier By S.M. Inam/Asghar Ali Mubarak ISLAMABAD: The long-awaited privatization of Pakistan International Airlines (PIA) concluded on Monday with the formal signing of transaction documents between the Government of Pakistan and the Arif Habib Consortium, marking a historic shift in the management of the nation’s flagship carrier.The ceremony, held in Islamabad, saw the exchange of the shareholders’ agreement and the share purchase and subscription documents, attended by top political and military leadership. Prime Minister Shehbaz Sharif and Chief of…

Linking energy aid to BISP could help Pakistan target support more effectively, rein in circular debt, and unlock funds for broader social programs By S.M. Inam/Mehrab Shah Afridi ISLAMABAD: The World Bank has reported that Pakistan has begun linking electricity and gas subsidies to the Benazir Income Support Program (BISP), a move aimed at improving the efficiency of social assistance while reducing long-standing fiscal losses. According to a recent report on South Asian development, this approach forms part of a broader effort by the government to ensure that support reaches the households that need it most, while also addressing the…

By S.M. Inam ISLAMABAD: A recent survey by the Overseas Investors Chamber of Commerce and Industry showed that confidence in foreign direct investment in Pakistan had risen sharply. Investor confidence reached seventy-three percent, up from sixty-one percent in the previous assessment. Khurram Schehzad, adviser to the finance minister on the economy, described the survey as a clear sign that foreign investors were regaining trust in government policies. He said initiatives under the Special Investment Facilitation Council had created a more stable and attractive investment environment. “Economic stability and a favorable policy framework have made Pakistan a first choice for foreign…

The nation’s electricity distributors recorded combined losses of Rs397 billion, well under the Rs649 billion ceiling stipulated by the International Monetary Fund By S.M. Inam/Mehrab Shah Afridi ISLAMABAD: Pakistan’s recent energy sector reforms have begun yielding measurable improvements, with official records indicating substantial reductions in both electricity distribution losses and the longstanding circular debt burden over the last fiscal year. According to government documents, the combined losses of the country’s electricity distribution companies, or DISCOs, amounted to Rs397 billion, significantly below the ceiling of Rs649 billion set by the International Monetary Fund. Officials credited this performance to stricter governance measures,…

By S.M. Inam KARACHI: The federal government has decided to introduce new currency notes with enhanced security features and improved security threads. The decision was made during a cabinet meeting chaired by Prime Minister Shehbaz Sharif. Cabinet members were informed that the redesigned notes will be issued in denominations of Rs100, Rs500, Rs1,000, and Rs5,000. Officials said the new banknotes will include advanced security threads and modern features. The designs will reflect Pakistan’s regional and geographical diversity, its historical landmarks, and the contributions of women to national development. Key social themes, including climate change, will also be highlighted. A cabinet…

By S.M. Inam KARACHI: The Pakistan Stock Exchange marked a symbolic moment in Pakistan–Canada economic relations on Tuesday as Samir Dossal, president of the Canada Pakistan Business Council, rang the ceremonial opening bell, celebrating a bilateral trade relationship that had crossed the $1bn mark and was showing signs of renewed momentum. The gong ceremony, held at the PSX building in Karachi, was presented as more than a formal market ritual. It was framed by speakers as a signal of growing confidence in Pakistan’s capital markets and of deepening institutional links between the exchange and the Canadian business community. Dossal used…

The IMF has urged Pakistan to end sales tax exemptions on locally made electric vehicles and bikes, recommending the standard 18 percent GST from fiscal year 2026–27 By S.M. Inam ISLAMABAD: Pakistan is facing renewed pressure from the International Monetary Fund (IMF) as new conditions tied to the country’s $7 billion loan program emerged, raising concerns about the future of its nascent electric and hybrid vehicle industry. According to sources familiar with the matter, the IMF has called for the removal of sales tax exemptions on locally manufactured electric vehicles and electric bikes, proposing the imposition of the standard 18…

The projects are designed to bolster coastal protection, promote climate-smart agriculture, and drive inclusive growth across the country By S.M. Inam ISLAMABAD: Pakistan took a significant step toward strengthening its climate resilience on Tuesday, formalizing two major development initiatives with the Asian Development Bank (ADB) that aim to protect vulnerable coastal areas and modernize agriculture with low-carbon practices. The agreements, announced by the Ministry of Finance and Revenue, encompass the $180.5 million Sindh Coastal Resilience Sector Project (SCRP) and the $124 million Punjab Climate Resilient and Low Carbon Agriculture Mechanization Project, reflecting a growing focus on sustainable development amid rising…

The initial phase witnessed a competitive bidding round, with Lucky Cement offering 101.5 billion rupees and Airblue 26.5 billion, leaving the Arif Habib consortium firmly in the lead By S.M. Inam ISLAMABAD: The Arif Habib consortium submitted the highest bid of Rs135 billion to acquire a 75 percent stake in Pakistan International Airlines (PIA), marking a significant step in the government’s ongoing efforts to reform the national carrier. The development was confirmed by Muhammad Ali, adviser to the Privatization Commission, said the sale was part of a broader agenda aimed at reviving PIA’s operational and financial capacities. He further explained…

By S.M. Inam ISLAMABAD: A meeting on Pakistan’s lithium-ion battery policy was convened under the chairmanship of Prime Minister’s Special Assistant Haroon Akhtar Khan, with a focus on promoting local manufacturing and reducing reliance on imports. The session, attended by Minister of State for Finance and Railways Bilal Azhar Kayani, brought together senior officials including Secretary of Industries Saif Anjum and CEO of the Engineering Development Board Hammad Mansoor to review the country’s prospects in domestic battery production and assembly. Participants discussed the current state of the industry, noting that while lithium-ion batteries are widely used, Pakistan largely relies on…