Category: bussines

The World Bank has approved a $300 million loan under its International Development Association (IDA) to support Punjab’s efforts in tackling air pollution, the global lender said in a statement on Saturday. The funds will go into the Punjab Clean Air Program (PCAP), which improves air quality management and implements measures under the provincial government’s Smog Mitigation Action Plan (SMAP). According to a statement released by the World Bank, the programme will focus on reducing pollution in key sectors, including transport, agriculture, industry, energy, and municipal services, with a broader…

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Elon Musk’s xAI has acquired social media platform X, formerly Twitter, in a deal that values the social media platform at $33 billion and allows the value of his artificial intelligence firm to be shared with his co-investors in the social media company. The deal could also help xAI’s ability to train its chatbot known as Grok. “xAI and X’s futures are intertwined,” Musk, who also heads automaker Tesla and SpaceX, wrote in a post on X, adding: “Today, we officially take the step to combine the data, models, compute,…

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ISLAMABAD: The federal government on Friday announced a reduction in petrol prices by Re1 per litre for the next 15 days, providing slight relief to consumers amid fluctuating global oil prices. According to a notification issued by the Finance Division, petrol will now be available at Rs254.63 per litre, down from Rs255.63. However, the government kept the high-speed diesel (HSD) price unchanged at Rs258.64 per litre. “The Oil & Gas Regulatory Authority (Ogra) has worked out the consumer prices of petroleum products, based on the price variations in the international…

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In order to ensure market stability and affordability for consumers, Deputy Prime Minister (DPM) and Foreign Minister Ishaq Dar on Friday reaffirmed the government’s commitment to actively monitor supply and regulate sugar prices countrywide. The DPM expressed the resolve while chairing a meeting in Islamabad on the prevailing sugar situation in the country. During the meeting, he reviewed compliance with the agreement reached earlier and expressed satisfaction with the downward trend in price of sugar. Dar directed the Pakistan Sugar Mills Association to ensure full compliance with the agreement for…

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Pakistan will have access to a total of $2.3 billion under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) following Staff Level Agreements (SLA), said Director of the Communications Department at the International Monetary Fund (IMF) Julie Kozack. Speaking at a media briefing at the IMF headquarters in Washington, Kozack recalled that the IMF Executive Board had approved a $7 billion EFF programme for Pakistan on September 25 last year, spread over 37 months. She added that a staff-level agreement on the first review of the…

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ISLAMABAD: The federal government has approached the National Power Regulatory Authority (Nepra) with a formal petition, proposing a Rs1.71 per unit decrease in electricity tariffs. According to the petition, the proposed cut in power tariff will be implemented through an increase in the tariff differential subsidy. The request recommends that the reduction apply to all distribution companies, including K-Electric, for the period from April to June 2025. However, lifeline domestic consumers will not be covered under this adjustment. Nepra has scheduled a hearing on the government’s petition for April 4.…

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There is immense potential for blockchain technology and cryptocurrency across multiple sectors in Pakistan, said Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and chief adviser to the finance minister, while discussing the country’s growing interest in digital assets. Speaking on Geo News programme “Geo Pakistan”, Saqib said the government-established Council is tasked with creating a regulatory framework for cryptocurrency and blockchain activity. Its mandate includes setting up a licensing system and exploring ways to generate revenue from crypto-related operations. According to Saqib, Pakistan is currently among the top countries…

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Country’s liquid foreign exchange reserves slipped to $15.55 billion as of March 21, 2025, — a notable decline in the central bank’s assets due to external debt repayments —, the State Bank of Pakistan (SBP) announced on Thursday. The reserves managed by the SBP fell by $540 million during the week, settling at $10.61 billion — attributable to the servicing of foreign obligations. Meanwhile, commercial banks’ net foreign reserves were reported at $4.94 billion.Despite the dip, SBP’s reserves remain above the crucial $10 billion mark, providing an import cover of…

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ISLAMABAD: A reduction of Re1 per unit in electricity tariffs has been approved by the International Monetary Fund (IMF), providing relief to all consumers. As per IMF officials, the tariff relief will be extended to all electricity users and will be financed through revenue generated from the levy imposed on captive power plants using gas. Concerning the first review of the ongoing 37-month bailout programme, the development follows the staff-level agreement (SLA) reached between the Washington based lender and Pakistani authorities. The deal, awaiting IMF’s Executive Board’s approval, will see…

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Federal Minister for Finance Senator Muhammad Aurangzeb has revealed Pakistan’s intention to issue Panda Bonds in Chinese yuan this year, signaling a move to diversify its funding sources and strengthen financial ties with China. Speaking to Chinese media outlets, including CGTN English and China Daily, Aurangzeb, who is visiting China to participate in the Boao Forum for Asia Annual Conference 2025, emphasised the potential benefits of accessing Beijing’s vast capital market. Pakistan has previously issued bonds in US dollars and Euros. Now is the time to benefit from the Chinese capital markets, Aurangzeb stated,…

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