कारोबार

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    Pakistan, Saudi Arabia eye historic economic partn…

    Prime Minister Shehbaz Sharif has said Pakistan wants to transform its economic relations with Saudi Arabia into a long-term strategic economic partnership. The prime minister made the remarks during a meeting with Prince Mansour, chairman of the Saudi-Pakistan Joint Business Council, who was accompanied by a high-level Saudi business delegation. According to an official statement issued in Islamabad, Prime Minister Shehbaz conveyed his respect and best wishes for Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. The meeting focused on expanding economic cooperation and increasing investment between Pakistan and Saudi Arabia. Both sides discussed opportunities for stronger business-to-business and government-to-government collaboration. Prince Mansour expressed interest in investment opportunities in several key sectors of Pakistan’s economy. These included agriculture, ports, highways and the outsourcing of airport operations. The Saudi delegation also showed interest in investment opportunities in real estate, energy, power distribution and information technology. Prime Minister Shehbaz said the time was right to strengthen joint cooperation between the two countries through both government and private-sector partnerships. He stressed the importance of developing stronger economic and commercial ties with Saudi Arabia and creating opportunities for increased investment. Prince Mansour reaffirmed the Saudi government and business community’s interest in expanding commercial links with Pakistan. During their visit, the Saudi business delegation is scheduled to meet senior government officials as well as important representatives of Pakistan’s private sector. The meetings are expected to explore potential investment projects and identify areas where Pakistani and Saudi companies can develop joint ventures.

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    Pakistan MPs get highest salaries in South Asia

    Islamabad – According to a comparative review of parliamentary salaries in South Asia, Pakistani lawmakers receive the highest monthly salaries in the region while Pakistan’s per capita income remains lower than that of several countries in the region. According to data released under the title “Parliamentarians’ Salaries and Benefits vs. Per Capita Income in the Region,” the monthly salary of a Pakistani parliamentarian stood at $3,530 as of July 2026, the highest in the region. The data shows that an Indian parliamentarian receives a monthly salary of $2,813 while the figure is $1,400 in Bangladesh, $1,100 in Sri Lanka and $600 in Nepal. According to the report, Pakistan’s annual per capita income stands at $1,500, compared with $2,954 in India, $3,037 in Bangladesh, $4,000 in Sri Lanka and $1,400 in Nepal. The report states that the monthly salary of a Pakistani parliamentarian is nearly six times higher than that of a Nepalese parliamentarian and more than twice that of a Bangladeshi parliamentarian. Gap between public income and Parliamentary salaries The data highlights a significant gap between the salaries of Pakistani lawmakers and the per capita income of ordinary citizens, sparking debate over financial priorities and the benefits provided to public representatives. Critics argue that such a wide gap between the income of public representatives and the economic conditions of ordinary citizens is a matter of concern. Supporters however, say parliamentary salaries take into account expenses related to electoral constituencies, security, travel facilities and legislative responsibilities. The report states that the figures were compiled based on the official salary structures as of July 2026 and per capita income estimates from the World Bank and International Monetary Fund (IMF).

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    Gold prices in Pakistan today – 26 August , 2026

    Gold prices in Pakistan today on 26 August 2026, of 24k gold stands at Rs. 484,000 per tola, while the rate for 10 grams is Rs. 414,960. The gold rate for 22k gold today is Rs. 443,789 per tola and Rs.380,380 per 10 grams in Pakistan. These fluctuations are closely linked to changes in the value of the US Dollar, underscoring the intricate relationship between currency values and gold prices. It is important to note that the gold rate in Pakistan today can experience significant variations throughout the day, influenced by trends in the global market. Gold Prices in Pakistan following cities: City 24k Gold per tola (PKR) 24k Gold 10 grams (PKR) 22k Gold per tola (PKR) Lahore 484,000 414,960 443,789 Islamabad 484,000 414,960 443,789 Karachi 484,000 414,960 443,789 Peshawar 484,000 414,960 443,789

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    Pakistan seeks strategic economic ties with Saudi …

    ISLAMABAD: Prime Minister Shehbaz Sharif has expressed Pakistan’s desire to transform its longstanding relationship with Saudi Arabia into a mutually beneficial strategic economic partnership, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman. The Prime Minister made the remarks during a meeting with a high-level Saudi business delegation headed by Prince Mansour bin Mohammad Al Saud, Chairman of the Saudi-Pak Joint Business Council, at the Prime Minister’s House in Islamabad. During the meeting, Prime Minister Shehbaz conveyed his regards to Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman. He highlighted the deep-rooted brotherly relations between the two countries and stressed the need to expand bilateral trade, investment and economic cooperation. The prime minister expressed hope that Prince Mansour’s latest visit would build upon earlier discussions and lead to the signing of memoranda of understanding and agreements in several sectors. He described the current period as an ideal opportunity to strengthen cooperation through both government-to-government and business-to-business partnerships. The Saudi delegation showed interest in investment opportunities across a wide range of sectors, including agriculture, ports, highways, airport outsourcing, real estate, energy, power distribution and information technology. Prime Minister Shehbaz welcomed the proposals and assured the delegation of Pakistan’s support for mutually beneficial investment ventures. Prince Mansour thanked the prime minister for the warm reception and reaffirmed the Saudi government’s and business community’s commitment to expanding business-to-business ties with Pakistan. During its visit, the delegation is also scheduled to hold meetings with senior government officials and representatives of the private sector. PM Condemns Pishin Terrorist Attack Meanwhile, Prime Minister Shehbaz Sharif strongly condemned the terrorist attack on labourers working on a road construction project in the Suranan area of Pishin district. The prime minister expressed sorrow over the loss of lives and extended condolences to the families of the victims. He denounced the targeting of hardworking citizens as a cowardly act and reaffirmed the government’s determination to combat terrorism. He stressed that the nation remained united against terrorism and that terrorists and their facilitators would not be permitted to undermine peace and stability in the country. The prime minister also prayed for the departed souls and for strength and patience for the bereaved families.

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    Pakistan expects US response on $10bn stabilisatio…

    ISLAMABAD: Pakistan expects to receive a response from the United States within the next few months on its request for a proposed $10 billion bilateral exchange stabilisation facility. The proposed arrangement is aimed at strengthening confidence in Pakistan’s currency and foreign exchange market. It could also help the country improve access to international capital markets and attract more private investment. Adviser to the Finance Minister Khurram Schehzad said discussions between Pakistan and the US over the proposed facility had been constructive. He said the facility could act as a financial backstop for Pakistan and send a positive signal to investors about the stability of the country’s currency market. Pakistan formally approached US Treasury Secretary Scott Bessent last month for the proposed Bilateral Exchange Stabilisation Support Facility. The arrangement could have a maturity period of up to five years. Finance Minister Muhammad Aurangzeb has clarified that the proposed $10 billion arrangement should not be viewed as a conventional loan or credit line. He said the main objective was to provide confidence regarding exchange-rate and currency stability. Such a signal, he added, could help Pakistan return to international markets to raise funds. The finance minister said the request was being considered by the US Treasury Department and that progress was expected by September. If approved, the facility could strengthen Pakistan’s foreign exchange reserves and ease pressure on the rupee. It could also reduce the country’s dependence on multilateral financing. The proposed support comes as Pakistan continues efforts to improve its external financial position under an International Monetary Fund programme. The IMF programme has required the government to implement difficult fiscal and monetary measures, including higher taxes, spending controls and structural reforms. Pakistan has also been seeking to improve its economic and diplomatic engagement with Washington. Its recent diplomatic role in regional developments has increased expectations that stronger relations with the United States could lead to greater economic cooperation. Meanwhile, Pakistan’s credit outlook received a boost after Moody’s upgraded its sovereign rating from Caa1 to B3. However, the rating agency maintained that Pakistan continues to face challenges related to governance, rule of law, corruption control and government effectiveness. Although the B3 rating represents an improvement, it remains well within the speculative category and is several levels below investment grade.

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    Pakistan launches virtual asset licensing regime

    Pakistan has formally introduced a licensing system for virtual asset service providers, requiring existing operators to apply for regulatory approval by September 5, 2026, or stop providing services. The Pakistan Virtual Assets Regulatory Authority (PVARA) has notified new licensing regulations and launched its online application portal under the Virtual Assets Act, 2026. The move establishes a formal regulatory structure for the country’s rapidly growing virtual asset sector. The new framework includes 10 licence categories covering major activities such as cryptocurrency exchanges, custody services, broker-dealer operations, advisory services, lending and borrowing, derivatives, asset management, transfer and settlement, asset issuance and mining-related services. Each category will be subject to specific rules covering business conduct, financial safeguards, technology standards and anti-money laundering and counter-terror financing requirements. Existing virtual asset service providers have been given a statutory deadline of September 5. Under Section 70 of the Virtual Assets Act, businesses that were already providing such services before the law came into force must submit an application for a No-Objection Certificate by the deadline. Those failing to submit an application will be required to cease operations, while continuing to operate without applying after the deadline will constitute an offence. PVARA Chairman and Minister of State Bilal Bin Saqib said the regulatory system was designed to bring an already active market into the formal economy. He said young Pakistanis had helped build the virtual asset market before the state had established a regulatory structure for it. The new system, he added, would provide legal protections for customers while creating opportunities for legitimate businesses. Under the regulations, licensed service providers will be required to keep customer assets separate from their own holdings. They will also be prohibited from lending or pledging customer assets without written consent and will face legal obligations regarding the protection of client holdings if a platform encounters financial difficulties. The licensing system follows a public consultation held between June 11 and July 2, 2026. The consultation also included a webinar for stakeholders to provide feedback on the proposed framework. The licensing process will operate in two stages for applicants planning to establish businesses in Pakistan. They can either enter a regulatory sandbox or obtain a No-Objection Certificate under Section 19 before incorporation and subsequently seek a full licence. Existing operators, however, must submit their NOC applications by September 5. The new framework also provides licensed virtual asset businesses with access to Pakistan’s formal banking system. The State Bank of Pakistan’s Circular No. 10 of 2026, issued on April 14, allows regulated financial institutions to open accounts for PVARA-licensed virtual asset service providers, including segregated client money accounts. This replaces the restrictions on banking services for virtual asset businesses that had remained in place since 2018. PVARA was established as a permanent statutory authority through an Act of Parliament in March 2026. Within months, the authority secured a formal banking framework for licensed operators and completed the licensing regulations following public consultation.

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    29 bottled water brands found unsafe in Pakistan

    ISLAMABAD: A quarterly quality assessment of bottled drinking water has found 29 out of 230 brands to be substandard and unsafe for consumption, raising concerns about the quality of commercially available drinking water in Pakistan. The Pakistan Council of Research in Water Resources (PCRWR) conducts quarterly monitoring of bottled and mineral water brands available in the market on the directions of the government. For the latest assessment, samples of 230 bottled and mineral water brands were collected from 20 cities during the April-June 2026 quarter. The samples were analysed in laboratories according to the standards recommended by the Pakistan Standards and Quality Control Authority (PSQCA). Laboratory testing found that several water brands were contaminated with harmful bacteria, making them unsafe for human consumption. A total of 29 brands failed to meet the required quality standards. The report found that nine brands had excessive levels of sodium. These included HR Water Healthy Life, A2Z Pure Bottled Drinking Water, Pure Drinking Water, Deep Blue Pure Drinking Water, Sup Nest Pure Drinking Water, Aab-e-Haram, Aqua Life Bottled Drinking Water, Drinklay and Alpha H2O Bottled Drinking Water. The assessment also found excessive total dissolved solids (TDS) in four brands: A2Z Pure Bottled Drinking Water, Imperial Pure Drinking Water, Aab-e-Haram and Alpha H2O Bottled Drinking Water. The recommended safe limit for TDS is 500 parts per million (ppm). According to the council, 22 brands were found to be contaminated with bacteria. These included My Sial Bottled Drinking Water, JERS Safe Life Bottled Drinking Water, Natural Pure Life, Natural Sup, Al Meer Bottled Drinking Water, Al-Saha Drinking Water, Al-Shifa Pure Life, Royal Fina Bottled Drinking Water, Aqua Nice Pure Life, Noor Aqua, Aqua Pure, Drink Well Pure Drinking Water, Imperial Pure Drinking Water, Zalmi, Deep Blue Pure Drinking Water, Aab-e-Haram, Vital Sup Bottled Drinking Water, Hunza Alter Water, Rehydrate8 Drink Pure Water, Moya Mineral Water, Tynant Aqua Bottled Drinking Water and Aqua Pura Smart. The presence of harmful microorganisms means that the affected brands may pose health risks if consumed without proper treatment. The findings have raised concerns about the monitoring and regulation of bottled water sold across the country. Regular testing is considered important to ensure that drinking water available to consumers meets safety and quality standards. Representatives of some of the companies named in the report, however, rejected the findings. They claimed that their water brands meet the required quality standards.

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    Expensive sugar export decision raises concerns

      Lahore: The federal Ministry of Industries and Production has reportedly allowed the export of sugar that was imported at a higher cost, raising concerns over potential losses to the national exchequer. Sources within the ministry said the government has yet to approve the export of around 250,000 tonnes of locally produced sugar, which is available at a comparatively lower cost. Instead, authorities have decided to permit the export of only 100,000 tonnes, a move that industry sources have described as disappointing. According to the sources, the decision could create further difficulties for the sugar industry and affect the procurement of sugarcane from farmers. Sugar mill owners have already warned the Ministry of Industries and Production that they may face difficulties purchasing the upcoming sugarcane crop under the current circumstances. The sources expressed concern that allowing the export of expensive imported sugar while holding back cheaper locally produced stocks could increase financial pressure on the country. They also questioned the rationale behind exporting only 100,000 tonnes when a significantly larger quantity of locally produced sugar remains available. Sugar industry stakeholders have warned that the situation could affect the entire supply chain, particularly farmers who depend on sugar mills for the purchase of their sugarcane crop. If mills struggle to sell their existing stocks or face financial constraints, they may find it difficult to make timely purchases from growers. The development has also raised questions about the government’s sugar management policy, particularly its approach to balancing domestic availability, imports, exports and the interests of farmers and millers. Industry representatives are now seeking a clearer policy to prevent disruptions in sugarcane procurement and avoid further losses to the national economy.

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    Trump hits back at Canada as tariff war escalates

    WASHINGTON: US President Donald Trump has lashed out at Canada after Prime Minister Mark Carney announced retaliatory tariffs on American goods, deepening a trade dispute that threatens to further strain economic ties between the two neighbouring countries. Trump responded sharply on Sunday after Canada confirmed that new tariffs targeting US products would take effect on September 8. “Canada wants the benefits of being a state, without being one!!!” Trump said in a post on Truth Social, while also accusing Canada of imposing heavy tariffs on American farmers for years. The latest escalation follows the introduction of new US tariffs covering around $20 billion worth of Canadian goods. The measures, which took effect on Saturday, impose tariffs of up to 50 per cent and affect products ranging from hockey sticks and cement to other Canadian exports. Carney announced Canada’s response a day earlier, saying Ottawa would impose new tariffs particularly targeting American steel and dairy products. The Canadian prime minister described the situation in unusually forceful terms, saying the country had effectively been “attacked” and was responding accordingly. The confrontation follows the collapse of recent trade negotiations between Washington and Ottawa. Earlier discussions had appeared more constructive, with Trump saying he believed the United States could reach an agreement with Canada and pointing to his positive relationship with Carney. But Carney said the latest US demands had crossed a line. According to the Canadian leader, Washington proposed terms that were “uneconomic” and “unfair” while undermining the benefits Canada expected from a potential agreement. Ottawa ultimately rejected the proposal. US Trade Representative Jamieson Greer offered a different account of the negotiations. He told The New York Times that Washington had offered to reduce tariffs on Canadian steel, aluminium and automobiles while also removing a recently imposed tariff on Canadian lumber. Greer said the proposed measures would have provided Canada with exceptionally favourable treatment compared with other US trading partners. However, the offer failed to produce a breakthrough. Greer also told Fox News that Washington was preparing measures in response to Canada’s retaliation, signalling that the dispute could escalate further rather than return immediately to the negotiating table. A senior US official described the latest talks as candid but not acrimonious, suggesting that despite the increasingly hostile public statements, both sides had maintained communication during negotiations. The economic stakes are significant. The United States and Canada share one of the world’s largest trading relationships, with businesses and consumers on both sides relying heavily on cross-border commerce. The latest tariffs could therefore raise costs for companies, disrupt supply chains and put additional pressure on industries already facing uncertainty. With Canadian counter-tariffs scheduled to take effect in September, attention will now turn to whether Washington and Ottawa can find a compromise before the measures trigger a wider trade confrontation.

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    ECNEC approves Rs1.15tr development projects amid major cost escalations

    ISLAMABAD: The government has approved 16 development projects with a combined estimated cost of around Rs1.15 trillion, including the controversial Lahore-Sahiwal-Bahawalnagar motorway and the fifth extension of the Tarbela hydropower project, whose cost has surged by nearly 282% from the original estimate. The decisions were taken by the Executive Committee of the National Economic Council (ECNEC), chaired by Deputy Prime Minister Ishaq Dar. Several of the projects had previously been considered by development forums and returned with revised costs following delays, changes in scope and rising construction expenses. Of the total approved amount, approximately Rs320 billion represents additional expenditure linked to cost increases and delays, highlighting the financial pressures facing major public-sector development schemes. The government, however, issued only a brief statement following the ECNEC meeting and did not provide a complete breakdown of all the projects and their financial details. The omission of the Lahore-Sahiwal-Bahawalnagar motorway from the official summary was particularly notable given the political controversy surrounding the scheme. Lahore-Bahawalnagar motorway approved The ECNEC approved the Rs407 billion Lahore-Sahiwal-Bahawalnagar Motorway project, retaining its original 295-kilometre alignment in accordance with a directive issued by Prime Minister Shehbaz Sharif earlier this year. The first package, covering an 18.5-kilometre stretch from the Lahore Ring Road to Raja Jang Interchange, was approved at an estimated cost of Rs49 billion through federal financing. The project has faced opposition from the Pakistan Peoples Party (PPP), which has raised objections to the scheme and its proposed alignment. Given the heavy financial burden on the Public Sector Development Programme (PSDP), the ECNEC directed the National Highway Authority (NHA) to examine public-private partnership options for sections that could attract private investment. For commercially viable portions, the NHA will arrange its contribution through its own revenues in the form of Viability Gap Funding. For sections that are considered financially unviable, alternative arrangements will be explored, including contributions from the Punjab government, loans or financing from international financial institutions and direct federal funding, subject to the availability of resources. Tarbela extension faces major cost increase One of the most significant approvals was the fifth extension of the Tarbela project, which received approval at a revised cost of Rs316 billion. The project’s original estimated cost stood at approximately Rs82 billion, meaning its revised price tag represents an increase of about 282%. The steep escalation has already attracted scrutiny from government officials. During the Central Development Working Party (CDWP) review, Planning Minister Ahsan Iqbal reportedly raised concerns over project management, transparency and oversight. Questions were also raised regarding the technical capacity of personnel associated with the project. The Ministry of Water Resources had previously highlighted shortcomings in an inquiry into problems encountered during project implementation. An inquiry into the failure of the downstream cofferdam reportedly concluded that the structural collapse was linked to design changes, inadequate supervision and delayed administrative action rather than flooding. The findings attributed the failure to the shift from roller-compacted concrete to a rock-fill structure, along with weaknesses in project oversight. The incident resulted in delays and financial losses, adding to concerns over the project’s rising cost. The Ministry of Finance also sought an explanation for the substantial increase in the project’s estimated cost. Since the scheme is being financed through international financial institutions, the ministry asked the Water and Power Development Authority (Wapda) to provide details regarding the mechanism for repayment. Despite the concerns and requests for additional information, the ECNEC ultimately approved the revised project cost. Road and infrastructure schemes The committee also approved the 48-kilometre Khwazakhela-Besham Expressway at a revised cost of Rs116.6 billion. The new estimate is around 47% higher than the original cost. Another interprovincial road scheme aimed at improving connectivity between Gilgit-Baltistan and Azad Jammu and Kashmir was approved at Rs29 billion, representing an increase of approximately Rs10 billion over its initial estimate. The Rathoa Haryam Bridge over the reservoir channel on the Mirpur-Islamgarh Road also received approval at a revised cost of Rs10.8 billion. Its original estimate had been only Rs1.4 billion, reflecting a substantial increase over the initial projection. The ECNEC further approved the Lahore Wastewater Treatment Plant at a cost of Rs56.6 billion, around Rs4.2 billion above the earlier estimate. Poverty alleviation and education initiatives The Southern Punjab Poverty Alleviation Project was approved at Rs29.7 billion and will cover 10 districts: Bahawalnagar, Bahawalpur, Bhakkar, Dera Ghazi Khan, Khushab, Layyah, Mianwali, Muzaffargarh, Rahim Yar Khan and Rajanpur. The scheme includes an additional cost escalation of around Rs6.8 billion and is aimed at improving socioeconomic conditions and livelihood opportunities in some of the region’s less-developed areas. The ECNEC also sanctioned Rs10.6 billion for the Fulbright scholarship programme, under which 816 scholarships are planned. Of these, 550 MS and 141 PhD scholarships will be administered through the United States Educational Foundation in Pakistan (USEFP), while the Higher Education Commission (HEC) will provide funding for another 125 PhD scholarships through the PSDP. Water projects in Sindh and Balochistan The Mazarani Dam project in Qambar Shahdadkot, Sindh, was approved at an estimated cost of Rs16.1 billion. The committee directed the provincial authorities to begin Command Area Development alongside construction of the main dam so that the project’s agricultural and economic benefits could be realised during its second phase. The Winder Dam project was also approved at Rs21.6 billion, with the federal government expected to contribute Rs15.6 billion. Meanwhile, the Mashkel Dam in Washuk, Balochistan, received approval at a cost of Rs41 billion. The project will be financed by the Balochistan government, while an environmental assessment report will be incorporated into the official project documentation.w Power-sector efficiency projects The ECNEC approved several schemes aimed at improving the performance of electricity distribution companies. A Rs24 billion project for the Supply, Installation, Testing and Commissioning of Asset Performance Management Systems at Lahore Electric Supply Company (LESCO) was approved. The committee also sanctioned Rs19 billion for the Electricity Distribution Efficiency Improvement Project of Hyderabad Electric Supply Company (HESCO). A similar initiative for Peshawar Electric Supply Company (PESCO) was approved at Rs30.2 billion. These projects are intended