Author: Admin

ISLAMABAD: The government has decided to privatise two of Pakistan’s largest area-wise power distribution companies, Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO), in their existing form instead of splitting them into smaller entities. The decision was taken after a Technical Committee constituted by the Privatisation Commission (PC) reviewed the feasibility of bifurcating the two companies into two or three separate distribution companies before their privatisation. According to officials familiar with the matter, the committee concluded that both LESCO and MEPCO should be privatised in their current…

ISLAMABAD: Iran has called on the United States to take the first steps towards de-escalation by fulfilling its commitments under the Islamabad Memorandum of Understanding (MoU), as Pakistan stepped up diplomatic efforts to revive negotiations aimed at ending the US-Iran conflict. The message was conveyed during Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir’s meetings in Tehran with Iranian President Dr Masoud Pezeshkian, Parliament Speaker and chief negotiator Bagher Ghalibaf, and Secretary of the Supreme National Security Council Gen Mohsen Rezaei. During the meetings,…

ISLAMABAD: Global ratings agency Moody’s has upgraded Pakistan’s sovereign credit rating to B3 from Caa1, maintaining a stable outlook and citing improvements in governance, stronger external buffers and easing fiscal and external vulnerabilities. Moody’s said the upgrade reflected expectations that improvements in governance would enable the government to sustain recent gains in Pakistan’s external position while further strengthening fiscal metrics. The agency noted that Pakistan’s external vulnerability risks had eased since its previous rating action in August 2025. Foreign exchange reserves have continued to build, supported by macroeconomic stabilisation, while…

ISLAMABAD: The government has approved a new policy allowing foreign petroleum suppliers to establish Customs bonded storage facilities in Pakistan at their own expense, enabling them to store imported fuel for both domestic sales and re-export. The decision, approved by the Economic Coordination Committee (ECC) of the federal cabinet, comes amid concerns over petroleum supply-chain vulnerabilities following disruptions in the Strait of Hormuz. The policy, which requires formal ratification by the federal cabinet, will take effect immediately thereafter. The ECC, chaired by Finance Minister Muhammad Aurangzeb, approved the Petroleum Division’s…