Day: May 10, 2025

New Petroleum Minister Vows to Resolve Exploration Sector Challenges

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Ali-Pervaiz

ISLAMABAD: Newly appointed Petroleum Minister Ali Pervaiz Malik has pledged to address long-standing challenges in Pakistan’s oil and gas sector, which have hampered indigenous exploration and production activities. The move follows the removal of former minister Musadik Malik, whose bureaucratic approach was widely criticized for creating bottlenecks instead of solutions, prompting Prime Minister Shehbaz Sharif to intervene by forming a high-level gas committee led by Deputy PM Ishaq Dar. Among the foremost challenges is the finalisation of a model agreement for tight gas, which remains unsigned despite Oil and Gas…

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IMF Approves $1bn Disbursement for Pakistan, Expands Support with \$1.4bn Climate Facility

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New-IMF

WASHINGTON: The International Monetary Fund (IMF) on Friday approved the immediate disbursement of \$1 billion to Pakistan under its ongoing \$7 billion Extended Fund Facility (EFF), while also granting a new \$1.4 billion arrangement under the Resilience and Sustainability Facility (RSF) to help build climate resilience. The IMF Executive Board completed the first review of Pakistan’s reform programme under the EFF, enabling the disbursement and bringing total support to approximately \$2.1 billion. Additionally, the RSF agreement spans 28 months and supports Pakistan’s efforts to combat climate-related vulnerabilities and bolster economic…

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IMF Approves \$2.1bn for Pakistan Despite Indian Objections

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New-IMF1

WASHINGTON: In a significant boost to Pakistan’s economic outlook, the International Monetary Fund (IMF) on Friday approved two major financing arrangements worth \$2.1 billion, defying Indian efforts to derail the process. The support includes a \$1 billion disbursement under the Extended Fund Facility (EFF) and \$1.4 billion under a newly launched Resilience and Sustainability Facility (RSF) aimed at climate resilience. The RSF, spanning 28 months, is designed to enhance Pakistan’s capacity to manage climate-induced shocks and build long-term sustainability. The IMF Executive Board’s approval follows a staff-level agreement reached in…

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Nepra Cuts Power Tariffs by Rs1.55/Unit for Summer Months to Ease Consumer Burden

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ISLAMABAD: In a welcome relief for electricity consumers during the peak summer months, the National Electric Power Regulatory Authority (Nepra) on Friday announced a reduction of Rs1.55 per unit in power tariffs across the country for May to July 2025, under its quarterly adjustment mechanism. The reduction, which applies to all consumer categories except lifeline and prepaid users, is part of a Rs52.6 billion negative quarterly adjustment for the January–March period of FY2024-25. Nepra stated that the relief would be reflected uniformly at Rs1.5538 per kilowatt-hour (kWh). Additionally, consumers of…

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Pakistan Launches ‘Operation Bunyan-un-Marsoos’ in Retaliation to Indian Missile Strikes

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New-Project14

In a dramatic escalation of tensions between the two nuclear-armed neighbors, India launched early morning missile attacks on Pakistan, prompting a swift retaliatory strike by the Pakistan Armed Forces under the newly announced Operation Bunyan-un-Marsoos. According to Inter-Services Public Relations (ISPR) Director General Lt Gen Ahmed Sharif Chaudhry, Indian missiles targeted Pakistan Air Force (PAF) bases in Nur Khan (Rawalpindi), Murid (Chakwal), and Rafiqui (Shorkot). He confirmed that all air force assets remained safe and that most incoming missiles were intercepted by Pakistan’s air defense systems, with those that evaded…

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