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Business & Finance

Circular debt in electricity sector likely to climb by PKR 735 Billion

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Circular debt

ISLAMABAD: Pakistan’s power sector is facing a potential increase of PKR 735 billion in circular debt during the current fiscal year, officials have cautioned.

Officials said the debt could climb from PKR 1,615 billion to approximately PKR 2,300 billion. However, measures such as annual re-basing, reducing distribution company losses, and improving recoveries are expected to limit the increase by PKR 212 billion.

To eliminate the remaining PKR 522 billion, the government plans PKR 120 billion in principal repayments and will settle PKR 400 billion by paying government power plants and IPPs, aiming to maintain a zero circular debt stock.

Sources further explained that, as per International Monetary Fund (IMF) conditions, the power sector’s circular debt must be kept at zero inflow.

Under the Circular Debt Management Plan, PKR 55 billion is expected through annual re-basing, PKR 18 billion from reduced distribution company losses, and PKR 121 billion from improved recoveries.

With these measures in place, authorities aim to maintain circular debt at zero inflow throughout the fiscal year.

Dubai approves largest-ever budget for 2026

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Dubai approves

DUBAI: The Dubai has approved its largest-ever budget for 2026, according to international media reports.

The three-year budget totals AED 302.7 billion (USD 82.41 billion). UAE’s official news agency stated that Dubai’s revenue is expected to increase by 5% to AED 329.2 billion (USD 89.63 billion), resulting in a projected surplus.

For 2026, Dubai’s expenditure is estimated at AED 99.5 billion, while expected revenue is AED 107.7 billion.

Reports indicate that 48% of the budget is allocated to infrastructure projects, including roads, bridges, and public transport, while 28% is dedicated to social sectors.

Pakistan ends ban on gold imports and exports

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Pakistan ends

ISLAMABAD: Following a Cabinet approval, the Ministry of Commerce has notified the lifting of restrictions on gold imports and exports in Pakistan.

According to the notification, the previously suspended SRO regulating global gold trade has been reinstated.

The government has also made certain amendments related to the import and export of precious metals and jewelry, while maintaining the existing framework for trade in gold and jewelry. The framework will continue with improved transparency and automated processes.

Earlier in May this year, a ban had been imposed on the export and import of gold. On May 6, 2025, the Ministry of Commerce suspended the relevant SRO for 60 days to regulate gold trade following complaints of gold smuggling.

PSX records modest gains during weekly trading

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PSX records

KARACHI: The Pakistan Stock Exchange (PSX) witnessed modest gains during the trading week. The KSE-100 Index rose by 167 points, closing at 162,102 points compared to 161,935 points at the start of the week.

During the week, the market recovered a key psychological level, with three days of decline and two days of upward movement. The highest level of the week for the index was 162,936 points, while the lowest stood at 160,583 points.

The market capitalization increased by Rs 7.9 billion, reaching Rs 1,851.2 billion by the end of the week. Around 42.7% of listed shares recorded gains, with 1,021 companies seeing price increases and 1,161 companies recording declines.

Experts noted that limited buying pressure for profit-taking in certain stocks contributed to the modest uptick in the market.

Weekly inflation rises 0.07%, annual rate at 3.53% in Pakistan

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Weekly inflation

ISLAMABAD: Pakistan’s weekly inflation increased by 0.07%, bringing the overall annual inflation rate to 3.53%, the Federal Bureau of Statistics (FBS) reported in its latest weekly update.

According to the report, prices of 16 essential items rose during the week, while 13 items became cheaper and 22 items remained stable.

The report highlighted significant price changes: tomatoes surged 57.03%, garlic increased 2.61%, and sugar rose 2.23%. Additionally, bananas went up 0.72%, tea 0.59%, while diesel, beef, cooking oil, LPG, and firewood also saw price hikes.

Conversely, prices of onions dropped 12.38%, chicken 8.07%, and potatoes, flour, eggs, moong lentils, and chickpeas also became cheaper during the week.

Federal Government sets December 4 for key NFC meeting

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Federal Government

ISLAMABAD: The federal government has scheduled the 11th National Finance Commission (NFC) meeting for December 4, bringing together federal and provincial representatives to review the country’s financial framework.

The session will be chaired by Federal Finance Minister Senator Aurangzeb and attended by the finance ministers of all four provinces along with private members.

According to the agenda, the federal secretary will brief participants on the financial position of the federal government, while provincial representatives will give 10-minute briefings on their respective fiscal situations.

The Finance Ministry stated that the December 4 meeting will finalize the schedule and timelines for subsequent sessions aimed at determining the National Finance Commission Award.

Weekly Report: Pakistan Stock Exchange shows strong gains

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Weekly Report

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bullish trend throughout the week, with investors showing renewed confidence amid positive economic indicators and encouraging sectoral news.

During the five-day trading week, the benchmark KSE-100 Index rose by 2,342 points, closing at 161,935 points from 159,592 points at the start of the week. The index reached a weekly high of 162,118 points and a low of 157,203 points, recovering two key psychological levels during the period.

Market activity included four days of gains and one day of decline, reflecting steady investor optimism. The market capitalization increased by Rs 146 billion, bringing the total to Rs 18,433 billion.

Approximately 46.7% of listed shares recorded price increases over the week. Out of 2,152 listed companies, 1,120 saw share prices rise, while 1,032 experienced declines.

Analysts attributed the positive momentum to strong economic indicators and favorable news from multiple sectors, which encouraged investors to actively participate in the market.

Petroleum products could see major price hike

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Petroleum products

ISLAMABAD: Pakistan’s petroleum sector braces for a possible rise of PKR 9.60 per litre in fuel prices over the next fifteen days.

Industry sources said the increase is likely due to a shortage of diesel in the Gulf region. Pakistan imports most of its diesel from Kuwait, but supply has been affected because one of Kuwait’s refineries is undergoing extended maintenance.

Originally scheduled to be completed at the beginning of November, the maintenance has now been extended for another 15 days, creating a regional diesel shortage.

According to sources, only one of the three units at Kuwait’s Al-Zour refinery is fully operational, leading to reduced production of High-Speed Diesel (HSD) and an increase in global prices.

FBR transfers top officers across major tax centers

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FBR transfers

ISLAMABAD: The Federal Board of Revenue (FBR) has carried out a significant nationwide reshuffle, transferring and posting 80 senior officers to various key positions across Pakistan.

Directors General and Collector Commissioners at major tax centers and customs formations in Karachi, Islamabad, Lahore, Rawalpindi, and Peshawar have been replaced.

According to official notifications, senior officers in BS-19, 20, and 21 grades have been directed to immediately implement the orders.

The sudden nationwide reshuffle was announced on Tuesday, November 11, with all officers instructed to submit their charge-taking reports to FBR headquarters without delay.

Aurangzeb highlights Google’s interest in turning Pakistan into export hub

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Aurangzeb

KARACHI: Federal Finance Minister Muhammad Aurangzeb announced that Google intends to develop Pakistan as an export hub, a move that underscores increasing global confidence in the country’s economic potential and digital growth prospects..

Speaking at the Future Summit in Karachi, the finance minister said Pakistan’s economy is moving in the right direction, with a renewed focus on production-led and sustainable growth. “The private sector plays a crucial role in driving economic progress. Our goal is to make Pakistan an export-oriented economy, with particular focus on the IT and maritime sectors,” he added.

Aurangzeb noted that international rating agencies have acknowledged Pakistan’s improving economic indicators, highlighting macroeconomic stability and a 9 percent rise in corporate profits.

He further said that efforts to broaden the tax base have resulted in an increase of 900,000 new filers. “Digitization will bring transparency to the economy, and countries like Egypt have expressed interest in learning from Pakistan’s FBR reforms,” he remarked.

The finance minister emphasized that structural reforms are essential for sustainable economic growth. He added that Pakistan will continue to build an ecosystem to leverage global diplomatic successes, promote AI-driven development, and tap into the vast potential of the blue economy.

Aurangzeb also disclosed that the government has decided to privatize 24 state-owned enterprises, with the privatization of Pakistan International Airlines (PIA) expected to be completed before the end of this year.