Opening a bank account is now easier for National ID holders

Prime Minister Shehbaz Sharif has directed the relevant authorities to adopt a comprehensive strategy to attract local and international investors for the privatisation of state-owned electricity distribution companies (Discos). He also ordered the restructuring of the Privatisation Commission within one month to strengthen its role in the reform process. Chairing a high-level meeting in Islamabad, the prime minister said the privatisation programme must move forward according to the approved timelines. He stressed that every stage should be completed transparently and in line with international standards and legal requirements. He added that the process should deliver positive financial results while protecting the interests of electricity consumers. The prime minister instructed officials to ensure that reputable investors participate in the bidding process. He said investor confidence should be increased through effective planning, transparency and a clear policy framework. At the same time, he emphasised that consumer rights should remain a top priority during the transfer of power distribution companies to the private sector. Officials informed the meeting that investor roadshows for the first phase of the privatisation programme had been completed successfully. These campaigns focused on Gujranwala Electric Power Company (Gepco), Faisalabad Electric Supply Company (Fesco) and Islamabad Electric Supply Company (Iesco). Similar investment outreach activities held in Türkiye, Saudi Arabia and China also received encouraging responses from potential investors. The meeting reviewed progress on institutional reforms within the Privatisation Commission. The prime minister directed the commission to recruit experienced professionals in finance, law and information technology. He said hiring qualified experts would improve the commission’s capacity to manage large-scale transactions and strengthen investor confidence. He also instructed officials to incorporate recommendations from professional consultants into the privatisation process. All legal, financial and regulatory requirements should be completed without delay to ensure smooth implementation, he added. The prime minister further ordered the establishment of an effective grievance redress mechanism to address complaints from consumers after the companies are privatised. He said public confidence would depend on uninterrupted services, transparency and accountability. The government is offering investors the opportunity to acquire majority or full ownership of Fesco, Gepco and Iesco, along with management control. These companies are considered among the strongest electricity distribution companies in the country and together provide power to more than 14 million consumers across Punjab, the Islamabad region and parts of Azad Jammu and Kashmir. The privatisation plan is part of the government’s broader economic reform programme. The initiative aims to improve operational efficiency, reduce financial losses, attract domestic and foreign investment, strengthen service delivery and modernise Pakistan’s power sector through greater private-sector participation.

ISLAMABAD: The government has decided to abolish the existing 12-slab gas tariff structure and introduce a uniform gas tariff for consumers. Under the proposed system, protected consumers will be shifted to an income-based subsidy mechanism. The government plans to protect low-income households through targeted subsidies rather than maintaining separate protected tariff slabs. The proposed reform is aimed at replacing the existing cross-subsidy mechanism with a simpler and more targeted system. The government and the International Monetary Fund (IMF) are expected to discuss and finalise a timeline for eliminating cross-subsidies and introducing a single gas tariff during the Fund’s fourth review of Pakistan’s economic programme, expected to take place in September or October 2026. Under the planned arrangement, subsidies would be directed specifically towards eligible low-income consumers, while the broader consumer base would be brought under a common gas pricing structure. The move is expected to form part of wider reforms aimed at improving the efficiency and transparency of the gas pricing system and reducing the financial burden created by the existing cross-subsidy structure.

Pakistan has sought stronger support from the United States to improve its access to international capital markets, strengthen foreign exchange reserves and enhance its sovereign credit ratings as part of its broader strategy to accelerate economic growth and attract foreign investment. Finance Minister Muhammad Aurangzeb discussed these priorities during a meeting with US Treasury Secretary Scott Bessent in Washington. The meeting focused on Pakistan’s economic progress, financial reforms and opportunities to deepen economic cooperation between the two countries. During the talks, Aurangzeb briefed the US treasury secretary on Pakistan’s improving economic outlook. He said the country has successfully moved beyond the phase of macroeconomic stabilization and is now entering a period focused on sustainable, export-led growth. He noted that ongoing structural reforms and prudent fiscal management have helped improve economic stability and restore investor confidence. The finance minister also highlighted the challenges posed by regional geopolitical tensions. He said instability in the region has affected Pakistan’s economy and continues to create uncertainty for trade, investment and financial markets. He emphasized that stronger international cooperation would help Pakistan maintain economic stability despite these external challenges. Aurangzeb requested greater US support to help Pakistan improve access to international capital markets. He said easier access to global financing would strengthen the country’s financial position, increase foreign exchange reserves and improve sovereign credit ratings, making Pakistan more attractive to international investors. The two sides also discussed ways to expand bilateral economic cooperation. They reviewed opportunities to increase US investment in Pakistan and explored prospects for advancing strategic development and investment projects that could strengthen economic ties between the two countries. Both governments reaffirmed their commitment to enhancing economic relations, promoting investment and supporting initiatives aimed at expanding trade and long-term financial cooperation. Separately, Aurangzeb held a virtual meeting from Washington with senior representatives of international banking consortia participating in Pakistan’s Global Medium-Term Note Programme and International Sukuk Programme. The meeting marked the beginning of a strategic partnership with selected international financial institutions that will assist Pakistan in raising funds from global capital markets through both conventional bonds and Islamic financing instruments. The banking consortia have been appointed for a three-year period and will support future sovereign bond and Sukuk issuances whenever the government decides to enter international financial markets in line with its financing strategy. Officials said Pakistan’s return to international capital markets has become more feasible due to significant improvements in the country’s macroeconomic environment. Continued fiscal discipline, stronger external financial buffers, better debt management and ongoing structural reforms have improved investor confidence and strengthened Pakistan’s economic credibility. Government officials believe these improvements have also contributed to better market sentiment, with international investors showing growing confidence in Pakistan’s economic reforms and long-term growth prospects.