Category: Latest News

COAS Gen Asim Munir Promoted to Field Marshal Rank

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New-Project23

Islamabad, May 21, 2025 — In a landmark decision, the federal government has promoted Chief of the Army Staff (COAS) General Asim Munir to the rank of Field Marshal, the highest military rank in Pakistan. The promotion was approved during a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif. The cabinet recognized Gen Munir’s pivotal role in ensuring national security and demonstrating exceptional strategic leadership during “Operation Bunyan-um-Marsoos.” The government lauded his “courageous leadership” and “impeccable operational command” that led to the successful defeat of hostile elements and safeguarded…

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Pakistan to Raise Fuel Levy Above Rs100/Litre Under New IMF Accord

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ISLAMABAD: In a bid to curb circular debt and fund energy sector subsidies, Pakistan will increase the Petroleum Development Levy (PDL) to over Rs100 per litre on petrol and diesel in the upcoming fiscal year starting *July 2025, as part of a fresh understanding with the *International Monetary Fund (IMF) under the Extended Fund Facility (EFF). Currently, the PDL stands at Rs78 per litre on petrol and *Rs77 on diesel, having already surged from Rs60 since July 2024. This hike has generated over *Rs1 trillion in revenue during the first…

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PM Approves \$17 Billion Power Sector Overhaul with 10-Year Roadmap

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Dasu-Dam

ISLAMABAD: Prime Minister Shehbaz Sharif has approved the Integrated Generation Capacity Expansion Plan (IGCEP) 2024–34, a transformative 10-year roadmap for Pakistan’s power sector aimed at cutting electricity costs, eliminating circular debt, and boosting transparency and efficiency. The newly approved plan targets \$17 billion in savings through the *rescheduling and cancellation of 7,967 MW of previously planned projects. Officials estimate a reduction in national economic burden by *Rs 474.3 billion and overall savings of Rs 2,790 billion (\$10 billion) through revised timelines. An additional Rs 1,953 billion (\$7 billion) is expected…

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Auction of State-Owned Power Plants Yields Only One Bid

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Coal-power

ISLAMABAD: The second phase of Pakistan’s auction of outdated state-owned thermal power plants delivered disappointing results on Monday, with only one bid submitted for a single plant and no interest shown in two others. The 880-megawatt Jamshoro Thermal Power Station (Genco-I) attracted the lone technical bid, submitted by Siddiqsons, against a reserve price of Rs9.97 billion. In contrast, no bids were received for the Muzaffargarh Thermal Power Station (1,350 MW) and the Faisalabad Steam Power Station (132 MW), both part of Genco-III. The total reserve price for the three plants…

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Pakistan, IMF Begin High-Level Budget Talks Ahead of FY26

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New-IMF

ISLAMABAD/WASHINGTON: Pakistan and the International Monetary Fund (IMF) commenced high-level policy discussions in Islamabad on Monday to finalise the federal budget for fiscal year 2025-26. These crucial talks, scheduled to continue until May 23, aim to ensure the upcoming budget aligns with fiscal and reform targets under the IMF’s Extended Fund Facility (EFF). An IMF delegation reached Islamabad for in-person negotiations following technical talks held virtually last week amid rising regional tensions. The discussions are centred on revenue targets, expenditure controls, and budget projections, as Pakistan faces significant fiscal and…

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