Category: Latest News

ISLAMABAD: The Power Division has informed the Prime Minister’s Office (PMO) that the power sector’s allocation for the current fiscal year may face a 23 percent reduction, slashing it from Rs 1.261 trillion to Rs 893 billion, according to official sources. The clarification was issued in response to the PMO’s query about the current status and trajectory of circular debt in the energy sector. Sources said the Power Division rejected reports suggesting a steep rise in circular debt, explaining that while circular debt increased by Rs 87 billion during July–August…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved a comprehensive inter-corporate circular debt settlement plan, paving the way for the winding up of Power Holding Limited (PHL) — a company originally established to park legacy debt in the power sector. Chaired by Finance Minister Muhammad Aurangzeb, the ECC also endorsed sovereign guarantees worth Rs660 billion to secure Rs1.225 trillion in commercial loans from local banks. These funds will be used to settle circular debt obligations and facilitate gas diversion for fertiliser plants. According to a statement,…

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WASHINGTON/ISLAMABAD: Pakistan and the United States have reaffirmed their commitment to strengthening bilateral relations, with both sides emphasizing the need to develop an “economically entrenched strategic partnership.” The development came during a meeting between S. Paul Kapur, the newly appointed US Assistant Secretary of State for South and Central Asian Affairs, and Ambassador Rizwan Saeed Sheikh of Pakistan at the State Department. The meeting marked Kapur’s first high-level engagement with Pakistan’s envoy since assuming office on October 22. Ambassador Sheikh described the discussion as cordial and forward-looking, noting that both…

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ISLAMABAD: Reon Energy Limited achieved a major milestone at the Energy Finance Forum held at Marriott Hotel, Islamabad, by announcing a strategic alliance with Telenor Pakistan. The event, organized by Reon Energy, gathered thought leaders, financial experts, and industry pioneers to deliberate on the evolving energy landscape and the crucial role of innovation, finance, and technology in accelerating Pakistan’s sustainable energy transition. Under this partnership, Reon Energy and Telenor Pakistan will jointly explore Energy-as-a-Service (EaaS) opportunities designed specifically for the telecom sector. The initiative underscores both companies’ shared vision of…

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Karachi, Romania marked its 107th National Day with a vibrant celebration at the Mövenpick Hotel in Karachi, in collaboration with the Pakistan Romania Business Council (PRBC). The event commemorated 61 years of diplomatic ties between Romania and Pakistan, highlighting cultural richness, enduring partnerships, and mutual respect. Attendees enjoyed a showcase of Romanian heritage through performances, exhibitions, and networking sessions, fostering stronger bilateral bonds in trade, culture, and diplomacy. This gathering served as the kickoff to the inaugural “Romanian Culture Days in Pakistan – Culture Bridges Nations,” a month-long series of…

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