Category: Latest News

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement that could unlock approximately $1.2 billion in fresh financing, while the Fund has urged the government to phase out its fuel subsidy scheme, increase health and education spending and ensure timely energy tariff adjustments. The agreement covers the fourth review of Pakistan’s 37-month Extended Fund Facility (EFF) and the third review of its 28-month Resilience and Sustainability Facility (RSF), alongside discussions under the 2026 Article IV consultation. An IMF mission led by Iva Petrova held discussions with…

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ISLAMABAD: Pakistan and Bahrain have agreed to strengthen bilateral cooperation in trade, investment, energy and human resource development, with Prime Minister Shehbaz Sharif expressing confidence that the third session of the Pakistan-Bahrain Joint Ministerial Commission (JMC) would provide fresh momentum to bilateral relations. The prime minister made these remarks during a meeting with Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani, who is visiting Islamabad to co-chair the JMC’s third session with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar. According to a statement issued by the Prime Minister’s…

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KARACHI: Chinese electric vehicle manufacturer BYD is in discussions with its local partner, Mega Motor Company (MMC), to introduce its next-generation ultra-fast charging technology in Pakistan, aiming to make electric vehicles more practical and accelerate the adoption of new energy vehicles. Liu Xueliang, Vice President of BYD Co. Ltd. and General Manager of its Asia Pacific Auto Sales Division, told Business Recorder that the company was exploring how the technology could be introduced to Pakistani customers in collaboration with MMC. According to Liu, BYD’s Mega Flash Charging technology is powered…

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ISLAMABAD: Pakistan’s oil industry has warned that the revised petroleum pricing mechanism could force oil marketing companies (OMCs) to suspend petrol imports if the government does not amend the formula to reflect prevailing international procurement costs. The Oil Companies Advisory Council (OCAC) has urged the government to revise the mechanism for pricing imported motor spirit (MS), arguing that the current formula could prevent importing companies from recovering their actual costs, potentially threatening the continuity of petroleum supplies. In a letter to Federal Secretary for Petroleum Hameed Yaqoob Sheikh, the OCAC…

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ISLAMABAD: Direct shipping connectivity between Karachi and major European ports has been restored, offering relief to Pakistani exporters facing longer transit times and rising freight costs amid disruptions to international shipping routes. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced on Thursday that Mediterranean Shipping Company (MSC) had reinstated its PREMIUM IPAK service in response to exporters’ demand for a dedicated shipping link with Europe. Under the restored service, MSC will make weekly calls at Karachi Gateway Terminal International (KGTI), connecting Karachi with major European destinations, including Felixstowe,…

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