Author: Admin

ISLAMABAD: Pakistan has reduced its climate-related development spending in the FY2026-27 Public Sector Development Programme (PSDP) despite increasing exposure to extreme weather events and growing global investment in climate resilience. The federal government has allocated Rs2.4 billion ($8.6 million) for climate-related PSDP projects in the upcoming fiscal year, marking a decline of more than 60 percent compared to around Rs6.4 billion allocated five years ago. The reduction comes at a time when South Asian countries, including China, India, and Bangladesh, are significantly increasing investments in climate adaptation, mitigation, and green…

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ISLAMABAD: Prime Minister Shehbaz Sharif has approved the immediate withdrawal of all fuel conservation and additional austerity measures that were introduced on March 9, 2026, while keeping the revised market operating hours in place. According to a notification issued by the Cabinet Division, the decision marks the end of temporary fuel-saving and austerity steps implemented in response to regional developments following the escalation of the Middle East conflict. However, the government has confirmed that the updated business hours announced on June 3 and June 10 will remain unchanged until further…

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ISLAMABAD: The International Monetary Fund (IMF) has reportedly rejected Pakistan’s proposal to impose a reduced 1% sales tax on New Energy Vehicles (NEVs), including electric vehicles (EVs), creating fresh uncertainty over the finalisation of the country’s Auto Policy 2026-31. According to sources, the government presented a proposal to the IMF on Thursday seeking a concessional tax regime for environmentally friendly vehicles. The proposal included a sales tax rate equivalent to 50% of the standard 18% sales tax on hybrid vehicles and a nominal 1% sales tax on NEVs. However, the…

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ISLAMABAD: The government has unveiled an attractive investment framework offering up to 20 percent returns and greater operational flexibility to attract buyers for the privatisation of three major power distribution companies (DISCOs) later this year. Prime Minister’s Adviser on Privatisation, Muhammad Ali, said the government is restructuring the transaction model to ensure investor confidence while safeguarding consumer interests. The move is aimed at facilitating the successful privatisation of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO) during October, November, and December 2026.…

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