Category: Latest News

IMF Backs Pakistan’s Oil Crisis Management, Urges Gas Sector Reforms

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Shabaz-IMF

ISLAMABAD: The International Monetary Fund (IMF) has appreciated Pakistan’s handling of the oil crisis, noting that the country managed to avoid supply disruptions and additional budgetary pressures despite regional challenges during the six-month US-Iran conflict. However, the Fund has urged the government to accelerate preparations to address the growing gas-sector circular debt and develop a mechanism for providing targeted subsidies to consumers living below the poverty line. According to sources, initial discussions on shifting gas-sector subsidies from consumer tariffs to direct cash transfers through the Benazir Income Support Programme (BISP)…

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Press Release Finance Minister Meets NBP Chairman & President, Discusses Banking Sector Priorities

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New-Project6

Karachi, 1st October 2026: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb visited National Bank of Pakistan’s Head Office in Karachi on Thursday and met Mr. Imran Sarwar, President, NBP. At this occasion Mr. Naved A. Khan, Chairman NBP was also present. The Finance Minister congratulated Mr. Imran Sarwar on his appointment and conveyed best wishes for his new role. The meeting covered matters relating to the Bank as well as broader issues concerning the financial sector.President NBP briefed the Minister on NBP’s initiatives and performance, including its efforts…

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Kohinoor Energy, Chinese firm plan battery manufacturing in Pakistan

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Kohinoor Energy Limited (KEL), an Independent Power Producer in the energy sector, and China’s Hebei Juhang Energy Technology Group have signed a non-binding memorandum of understanding to explore a joint venture in Pakistan for the assembly and manufacturing of lithium-ion battery packs and battery energy storage systems. The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “On 1st day of October 2026, KEL and Hebei Juhang Energy Technology Group Co., Ltd. (Juhang), a company incorporated in the People’s Republic of China, entered into…

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Dozens reportedly killed as Yemeni forces battle major Houthi offensive in Taiz

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AL-MUKALLA: At least 30 Houthis were reportedly killed over the past 24 hours in Yemen’s Taiz province after government forces repelled what officials described as the largest and most coordinated offensive by the Iran-backed group against government-held areas of the province in years. Heavy mortar fire by the Houthis targeting government-controlled areas across much of Taiz began on Wednesday night, before the group launched ground assaults that triggered fierce fighting with government troops and allied local resistance fighters. Col. Abdul Basit Al-Baher, a Yemeni army officer in Taiz, told Arab…

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Pakistan’s solar boom adds pressure on Chinese-backed coal plants: report

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Pakistan’s rapid shift towards solar power is creating a new challenge for the country’s troubled power sector, as cheaper distributed generation reduces demand for grid electricity, strains utilities’ finances and threatens the repayment economics of Chinese-backed coal-fired power plants, reported Bloomberg on Thursday. According to the report, about an hour’s drive east of Karachi, the country’s economic hub, solar panels now cover rooftops across an industrial zone of about 400 companies at Port Qasim, alongside a coal-fired power station built as part of China’s Belt and Road Initiative. “There are…

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