Category: Latest News

IMF Warns Global Debt Could Soar to 123% of GDP by 2030, Nearing WWII Levels

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New-IMF

WASHINGTON: Global public debt is on track to exceed 100% of global GDP by 2029, reaching its highest level since 1948, the International Monetary Fund (IMF) warned on Wednesday, urging governments worldwide to rebuild fiscal buffers and curb rising risks to economic stability, Reuters reported. According to Vitor Gaspar, head of the IMF’s Fiscal Affairs Department, public debt could surge to 123% of global GDP by the end of the decade under an “adverse but plausible” scenario — just below the post–World War II peak of 132%. “The most concerning…

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Relief for Consumers as Govt Cuts Petrol Price by Rs5.66 per Litre

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Petrol-Diesel

ISLAMABAD: In a welcome move for consumers, the federal government has announced a significant reduction in the prices of petroleum products by up to Rs5.66 per litre for the next 15 days, effective October 16. According to a notification issued by the Ministry of Finance on Wednesday, the price of petrol has been reduced by Rs5.66 per litre, bringing it down from Rs268.68 to Rs263.02 per litre. The price of high-speed diesel (HSD) has been cut by Rs1.39, from Rs276.81 to Rs275.41 per litre. Similarly, the price of kerosene oil…

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Mari Energies Targets 25,000 bpd Oil Output from Abu Dhabi Discoveries

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Mari energies

ISLAMABAD: Mari Energies Limited is set to produce around 25,000 barrels per day (bpd) of oil from its three discoveries in Abu Dhabi, as the company moves ahead with the development phase of its UAE operations. During the company’s corporate briefing on Tuesday to review its FY25 performance and outlook, Mari’s management confirmed that its board met with Abu Dhabi National Oil Company (ADNOC) to finalize the production plan, marking a major milestone for its international expansion. “The production plan for the Abu Dhabi block has been approved, and the…

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Govt to Open Power Market in 2026, Allow Consumers to Choose Electricity Suppliers

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Power-sector

ISLAMABAD: In a landmark reform, the federal government has announced plans to open Pakistan’s electricity market from January 2026, giving consumers the freedom to choose their own power supplier — a first in the country’s energy history. Initially, the reform will apply to consumers using one megawatt (MW) or more, allowing industries and large businesses to buy electricity from any licensed company instead of being bound by regional monopolies. The move aims to introduce competition, improve efficiency, and eventually lead to fairer prices. The development was shared by Power Division…

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Govt Orders Probe into Petroleum Officials over Misstatement on Cnergyico Dues

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Pakistan Petroleum Ltd makes third discovery in Sujawal

ISLAMABAD: The government has launched an inquiry against Petroleum Division officials over contradictory statements made to the Prime Minister’s Office (PMO) and the division itself regarding outstanding dues owed by Cnergyico PK Limited (CPL), which led to serious embarrassment at the highest level. According to official sources, Secretary Petroleum Momin Agha has constituted a two-member inquiry committee comprising Joint Secretary Khalil Ahmed and Director Policy Wing Syed Ahsen to investigate the matter. The inquiry will determine responsibility for the inaccurate information provided by officials of the Directorate General of Oil…

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