Government Policies

Government Withdraws Energy Subsidies In a bold move, the government has announced the withdrawal of all subsidies on electricity and gas. This applies to federal and provincial subsidies and is a part of efforts to address the ongoing circular debt crisis in Pakistan’s energy sector. The International Monetary Fund (IMF) has been informed about the new measures aimed at stabilizing …

Oil Industry Concerns Over Restrictive Pricing The oil industry in Pakistan has raised serious concerns over the restrictive pricing of motor fuels, which has reportedly caused significant financial losses. The Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies (OMCs), expressed these concerns in a letter to the Oil and Gas Regulatory Authority (OGRA) chairman. The council warned …

Introduction Gitex Global 2024, the world’s largest technology and startup exhibition, kicked off today in Dubai, highlighting Pakistan’s rapidly growing information and communication technology (ICT) and startup ecosystem. This prestigious event provides a global platform for Pakistani companies to showcase their innovations and form partnerships with international tech firms. Pakistan’s Strong Presence at Gitex Global Alongside Gitex Global, the North …

Introduction Pakistan’s central bank has announced that the country will repay $30.35 billion in foreign debt and interest between August 2024 and July 2025. This includes significant loans that bilateral creditors roll over every year, adding pressure on the nation’s finances. Breakdown of Debt and Interest Payments The State Bank of Pakistan (SBP) reports that it needs $26.48 billion to …

Introduction The Pakistan Sugar Mills Association (PSMA) recently announced that the new sugarcane crushing season will begin on November 21, 2024. This decision comes despite the government’s recent approval to export an additional 500,000 metric tons of sugar. The PSMA assures that even after these exports, there will be sufficient sugar stocks to meet domestic demand for more than a …

The Pakistani government has made written commitments to the International Monetary Fund (IMF) to limit the powers of the Special Investment Facilitation Council (SIFC) and the Sovereign Wealth Fund. These measures are part of broader reforms to ensure greater accountability and transparency. Additionally, Pakistan has agreed to phase out all Special Economic Zones (SEZs) by 2035. Limiting SIFC and Sovereign …

The government on Friday approved the export of an additional 500,000 metric tons of sugar. This decision comes amid concerns of manipulated stock figures and consumption patterns, reflecting the strong influence of sugar barons on policy-making. The Economic Coordination Committee (ECC) based the approval on conflicting data compared to previous reports. This decision raises questions about transparency and the credibility …

Pakistan to Seal $2 Billion Agreements with Saudi Delegation Prime Minister Shehbaz Sharif announced that Pakistan will sign agreements worth $2 billion with an upcoming Saudi delegation. The announcement was made during a federal cabinet meeting on Tuesday. Saudi Delegation’s Visit and Objectives The Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, will visit Pakistan from October …

The government has approved an additional Rs45 billion budget for the armed forces to enhance their capacity, particularly to secure Chinese interests and manage border fencing. This decision was made during the Economic Coordination Committee (ECC) meeting chaired by Finance Minister Muhammad Aurangzeb. Strengthening Defence and Border Management Out of the Rs45 billion budget, Rs35.4 billion will be allocated to …

Pakistan’s annual inflation rate dropped to a 3.5-year low of 6.9%, largely driven by a favorable base effect and lower prices of non-perishable food items. This significant decline, reported by the Pakistan Bureau of Statistics (PBS) on Tuesday, opens up the possibility for the central bank to implement multiple interest rate cuts to stimulate the economy, which has been struggling …