Day: July 7, 2026

KARACHI: The Government of Sindh and the International Finance Corporation (IFC) have agreed to explore strategic collaboration in renewable energy, digital infrastructure, climate-resilient development, agriculture, healthcare, and human capital development to accelerate sustainable economic growth across the province. The understanding was reached during a meeting between Sindh Chief Minister Syed Murad Ali Shah and IFC Division Director for Pakistan Simon Andrews at the Chief Minister House on Monday. Speaking on the occasion, the chief minister said the provincial government is actively seeking investment in high-growth sectors, including the establishment of…

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ISLAMABAD: The federal government has missed the July 1, 2026 deadline for notifying the biannual gas tariff, falling short of a key structural benchmark agreed with the International Monetary Fund (IMF) under Pakistan’s $7 billion Extended Fund Facility (EFF). Under the IMF programme, Pakistan committed to implementing semi-annual gas tariff adjustments on July 1, 2026, and February 15, 2027, to ensure consumer gas prices remain at cost-recovery levels and help curb the growing circular debt in the energy sector. Government officials said the notification was delayed due to legal and…

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Islamabad: The federal government has decided to privatize Pakistan’s three major airports—Islamabad International Airport, Jinnah International Airport Karachi, and Allama Iqbal International Airport Lahore—as part of its strategy to enhance service quality, introduce modern facilities, and attract private sector investment. According to Secretary Defence Lt. Gen. (Retd.) Muhammad Ali, all three airports are financially profitable. The Privatization Commission stated that the decision has been made “purely on economic and administrative grounds” to improve operational efficiency, provide passengers with world-class services, and increase revenue generation. Sources said that Islamabad International Airport…

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Islamabad: The government decided to privatize Pakistan International Airlines (PIA) after years of persistent financial losses, estimated at Rs35–75 billion annually, and an accumulated financial burden of approximately Rs650 billion. According to the Ministry of Finance, PIA posted a net loss of Rs4.6 billion last year, while its losses had surged to Rs104 billion in FY2024. Official documents indicate that the national carrier accumulated Rs400–500 billion in losses over the past decade. Including outstanding debt, liabilities, and pension obligations, the airline’s total financial burden reached nearly Rs650 billion. Following the…

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Islamabad: The Oil and Gas Regulatory Authority (OGRA) has uncovered a significant irregularity involving nearly 500 petrol pumps across Pakistan that remained inactive for most of the year but reported selling thousands of litres of petrol during March and April. According to Acting OGRA Chairman Nabeel Ahmed Awan, the investigation has identified several suspicious transactions. As part of the verification process, OGRA has sought 18 months of bank statements and electricity bills from the relevant Oil Marketing Companies (OMCs) to validate the reported fuel sales. In a surprising development, some…

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