Pakistan

ISLAMABAD: Pakistan’s economic recovery has been stronger than expected, yet the country has failed to seize an opportunity to put its recovery on a sustainable path due to the absence of bold and long-lasting reforms, according to the Washington-based Institute of International Finance (IIF). In a special report, the IIF noted that while Pakistan has successfully rebuilt its economic buffers and secured financing, the gains will likely prove short-lived without comprehensive structural reforms, particularly in tax broadening, privatisation, and the resolution of circular debt. The report emphasised that Pakistan has made little headway in these critical areas, particularly privatisation and energy-sector restructuring, with circular debt still unresolved. The IIF warned that these unresolved issues pose a significant risk to Pakistan’s economic outlook for FY26. Notably, inflation has decreased significantly, allowing the State Bank of Pakistan (SBP) to cut its policy rate to 11pc since the easing cycle bega...

• Flood blocks Ghizer River for several hours, creating artificial lake • Over 330 households affected across six villages; no casualties reported • Dozens of homes, acres of farmland, bridges and trees submerged • GB CM orders immediate rehabilitation of damaged infrastructure GILGIT: A glacial lake outburst flood (Glof) caused widespread devastation in Gilgit-Baltistan’s Ghizer Valley early on Friday mor­n­ing, but the quick thinking of a local shepherd helped avert a human tragedy. According to Rescue 1122, the flood, triggered by a burst from a glacier in the Tildas village of Gupis Valley, occurred at around 3am, wreaking havoc downstream. The flood debris blocked the Ghizer River for several hours, significantly raising the risk of further flooding in adjacent areas. Gilgit-Bal­t­istan Secretary Fida Hussain explained that a gla­cial lake had formed above Tildas and Rawshan villages. The high temperatures led to the burst of the lake, causing a flash flood in Sado Nallah on Wednesday night. A shepherd, ...

ISLAMABAD: After prolonged delays in securing financing from Beijing threatened to put a strain on a strategic mining project, the Asian Development Bank (ADB) has stepped in to fund upgrades to part of Pakistan’s railway system. The ADB is in advanced talks to lead the financing of a $2 billion upgrade of a 500-km stretch of the railway line, which had previously been part of the Chinese project, two sources with direct knowledge of the discussions told Reuters. The proposed rail upgrade would modernise the track and bridges from the com­mercial capital Karachi to Rohri, near Suk­kur, so that trains can run faster. In Rohri, the line will meet a branch coming from the area of the Reko Diq mine and will carry the copper concentrate to port. The upgrade has become urgent, sour­ces said, as it is needed to transport copper ore from the Reko Diq mine currently being developed by Canada’s Barrick Mining Corp. Earlier this week, ADB announced $410 million in financing for the Reko Diq mine itself, and its presiden...

ISLAMABAD: The Foreign Office has reaffirmed that Pakistan’s relations with China remain unaffected by recent geopolitical shifts and resulting realignments. “We are very confident that these relations are stable and sustainable on their own and will continue to grow and achieve new heights,” Foreign Office (FO) spokesperson Shafqat Ali Khan said during the weekly media briefing. His remarks came a day after Chi­n­ese Foreign Minister Wang Yi visited Pakistan as part of his three-nation South Asian tour to attend the sixth Pakistan-China Strategic Dialogue. While the Pak-China dialogue broadly reviewed various aspects of the bilateral relationship, both sides carefully navigated the region’s shifting geopolitical landscape marked by warming China-India ties, Pakistan’s growing engagement with the United States, and tensions in US-India relations driven by President Trump’s tariffs and policies. FO terms New Delhi’s missile capabilities a global security threat India’s leg of Yi’s visit strengthened China’s ra...

OTTAWA: Canada will remove many retaliatory import tariffs on U.S. goods and intensify contacts with the United States on striking a new trade and security relationship, Prime Minister Mark Carney said on Friday. Canadian tariffs on U.S. autos, steel and aluminum will remain for now, he told a press conference in Ottawa. Carney noted that […]

Increases 2.3% YoY as tomato, onion, flour prices surge; inflation falls 0.01% WoW

Report blames inefficiencies, governance lapses for poor recoveries

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Private sector-led bodies to shape policies across manufacturing and services

Blue-chip stocks lend support; KSE-100 posts modest 258-point rise

Partnership to mentor freelancers, nurture startups, and strengthen digital economy

ADB, World Bank approve $1b; US, Japan, and others extend strong support

Rupee strengthens for fifth week; gold falls Rs1,500/tola as global prices swing

Agree to form trade commission to set goals for future commercial ties

First update since 2001 aligns spectrum fees with rising costs, modern telecom needs

Sources say $2b network upgrade has become urgent

ISLAMABAD: President Asif Ali Zardari has officially constituted the 11th National Finance Commission (NFC) under the Constitution’s Article 160, ARY News reported. The commission will play a crucial role in shaping fiscal federalism and ensuring equitable financial allocations across the federation. According to the notification on the 11th National Finance Commission issued by the Ministry […]

Senior journalist Suhail Warraich on Friday said that a column he wrote about a meeting with Chief of Army Staff (COAS) Field Marshal Asim Munir, igniting a controversy, had been “misunderstood”. In a column published on Aug 16, Warraich — a senior editor at the Jang newspaper — wrote that COAS Munir had spoken to him during a stopover in Brussels, on his way back from a recent trip to the US. “On a question about politics, he (the army chief) said that political reconciliation is possible only if there is a sincere apology,” the column read, without specifying who the army chief was referring to or who the question was about. However, that quote ended up stirring a controversy in the commentariat. Challenging the impression that the army chief had “sought an apology over the May 9 riots”, the military’s spokesperson had said on Thursday that Field Marshal Munir did not make any political statements during a recent trip to Brussels. He had also rebuked the senior journalist in remarks carried by state-run Rad...

Meta’s messaging platform WhatsApp is working on a new voicemail-style feature that lets users send voice messages if a call is not answered, adding a voicemail shortcut to the interface. The voicemail-style feature is currently available to select Android beta users (version 2.25.23.21), aiming to streamline communication by offering a quick follow-up option directly from […]

WASHINGTON: US President Donald Trump announced on Friday that Washington’s John F. Kennedy Center for the Performing Arts in Washington will host the World Cup 2026 draw on December 5. “It’s a tremendous honour to bring this global event and this incredible group of people and these unbelievable athletes – the best athletes in the […]