Pakistan petroleum sales jump 23% in July as lower fuel prices boost demand

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan’s provincial governments to generate an additional Rs430 billion in tax revenue during the current fiscal year, as part of broader efforts to strengthen public finances and increase provincial own-source revenues. According to official details, the proposed increase in tax collection is equivalent to 0.3 per cent of Pakistan’s Gross Domestic Product (GDP) and is expected to be shared among the four provinces in line with their allocations under the National Finance Commission (NFC) Award. The move is aimed at improving fiscal sustainability by encouraging provinces to rely more on locally generated revenues rather than transfers from the federal government. Officials believe stronger provincial tax collection would also help create greater financial discipline and support long-term economic reforms. Sources said each province would contribute to the additional revenue target based on its respective share under the NFC formula, although specific collection targets for individual provinces have yet to be announced. The recommendation comes as Pakistan continues implementing economic reforms under its programme with the IMF, with revenue mobilisation remaining one of the key priorities for both the federal and provincial governments. Meanwhile, the federal government has decided to establish an inter-ministerial committee, to be headed by the prime minister, for the implementation of decisions made by the National Economic Council (NEC). According to officials, the committee will include federal and provincial ministers along with senior government representatives. It will be responsible for monitoring the execution of national policies, reviewing progress on major development initiatives and ensuring timely implementation of decisions taken by the NEC. The committee is also expected to strengthen coordination between the federation and the provinces, particularly on economic planning, fiscal reforms and development projects that require close cooperation among different levels of government. Government sources said improved coordination is considered essential for achieving national economic objectives and ensuring that development programmes are implemented efficiently across the country. Economists say increasing provincial tax revenues has long been a key recommendation of international financial institutions, which argue that greater fiscal autonomy can improve governance, reduce dependence on federal transfers and create a more balanced financial system. The IMF’s latest recommendation is likely to shape upcoming provincial budgetary decisions as governments evaluate measures to expand their tax base while balancing the need to protect economic activity. The proposed revenue measures are expected to remain a major focus of fiscal policy discussions in the months ahead.

MULTAN: In a significant development in a cryptocurrency fraud case, the Lahore High Court’s Multan Bench has granted interim bail to Hammad Ali and other co-petitioners, observing that the prosecution has, at this stage, failed to produce sufficient material linking them to the alleged electronic fraud or the freezing of the complainant’s cryptocurrency accounts. Justice Tariq Saleem Sheikh issued the detailed 15-page judgment while hearing the interim bail petitions, emphasizing that the investigation remains underway and that the available record does not disclose prima facie evidence of cheating, fraud, or forgery against the petitioners. According to the judgment, the allegations contained in the First Information Report (FIR) do not appear, at first glance, to establish the offences alleged against the accused. The court noted that no evidence had been placed on record demonstrating the petitioners’ involvement in electronic fraud or showing that they played any role in freezing the complainant’s cryptocurrency accounts. The court further observed that it is the responsibility of the investigating officer to independently examine the role of each individual account holder before reaching any conclusion regarding criminal liability. The judgment stressed that investigations must be conducted impartially and based on verifiable evidence rather than assumptions. Justice Sheikh also noted that the petitioners had already provided the investigating officer with the records requested during the course of the investigation. The investigating officer, the court said, remains free to obtain additional documents from relevant financial institutions or other authorities if further verification is required. The judgment also outlines the complainant’s version of events. According to court records, the complainant initially invested Rs5 million in cryptocurrency. He claimed that a subsequent crash in the cryptocurrency market caused him heavy financial losses. The complainant further alleged that, in an effort to recover those losses, he sold household belongings, his vehicle, and gold jewellery to make additional investments in cryptocurrency. He later claimed that his cryptocurrency accounts were frozen, preventing him from accessing his digital assets. According to the FIR, the complainant then began withdrawing funds through the cryptocurrency accounts of friends. He alleged that the accused obtained cryptocurrency through bank accounts but failed to return the corresponding amount owed to him. After reviewing the available material, the Lahore High Court concluded that there was currently insufficient prima facie evidence directly implicating the petitioners in the alleged offences. On that basis, the court allowed their interim bail petitions while making it clear that the investigation would continue in accordance with the law. The ruling highlights the judiciary’s emphasis on evidence-based investigations in complex financial and cryptocurrency-related disputes, while leaving the final determination of criminal responsibility to the outcome of the ongoing investigation.