The Pak Banker
Economists see little chance of US granting USD10b ESF request
A challenging proposition with little prospects of success, amid high global oil prices and mounting economic and geopolitical pressures on Washington. This was the consensus of independent economists on Finance Minister Muhammad Aurangzeb’s formal...
Read Full Story (Page 1)
The cost nobody budgets for
Finance Minister Muhammad Aura ngzeb recently congratulated the Federal Board of Revenue (FBR) on achieving its revised revenue collection target for FY2025-26, describing it as an important milestone in Pakistan’s ongoing fiscal reform journey. The...
Read Full Story (Page 1)
SBP warns of price spirals
Evolving geopolitical developments in the Middle East could push up global energy and other commodity prices beyond assumed levels, thereby affecting the macroeconomic outlook, warned the State Bank’s biannual Monetary Policy Report, issued on...
Read Full Story (Page 1)
Bank of Punjab chief seeks ‘Welfare GDP’
Bank of Punjab President and Chief Executive Zafar Masud has argued that the country’s GDP growth figures failed to capture how ordinary citizens are coping with current economic issues. He suggested a roadmap calling for working towards a ‘Welfare...
Read Full Story (Page 1)
WB allocates 1/3rd funding for Connected Punjab digital project
The World Bank has classified nearly one-third of the financing for Pakistan’s Connected Punjab digital transformation project as climate finance, allocating $22.65 million, or 32.35pc, of the project’s $70 million financing to climate-related...
Read Full Story (Page 1)
Meezan Bank H1 profit rises 3pc, declares Rs8 dividend
Meezan Bank Limited recorded a 3 per cent increase in its consolidated net profit for the six months ended June 30, 2026, with profit after taxation climbing to Rs48.64b from Rs47.14b in the corresponding period last year.Showing this steady bottomline...
Read Full Story (Page 1)
Petroleum Division, WB review roadmap for gas market overhaul
The government has reviewed the roadmap prepared for transforming Pakistan's gas sector, aimed at moving the country towards a more competitive, open and efficient gas market, drawing on international best practices and developed by the Petroleum...
Read Full Story (Page 1)
Pakistan seeks JICA financing for ML-1 Railway Project
The government has invited the Japan International Cooperation Agency (JICA) to co-finance the multibillion-dollar Main Line-1 (ML1) Railway Project, as Pakistan seeks to expand development cooperation with Japan. The development follows a meeting...
Read Full Story (Page 1)
Govt executes agreements with pension fund managers
The government has executed agreements with 16 pension fund managers to formally operationalise the Defined Contribution Pension Fund Scheme (DCPFS) launched a year ago for public sector employees as part of major pension reforms aimed at containing...
Read Full Story (Page 1)
Foreign investors emerge as net buyers at PSX in July 2026
Foreign investors turned net buyers at the Pakistan Stock Exchange (PSX) for the first time in 23 months, pumping a net $34.4 million into equities in July 2026 despite the benchmark KSE-100 Index declining 2.3 per cent during the month. “Foreigners...
Read Full Story (Page 1)
Banks likely to stay dependent on govt borrowing for profits
The country’s banking sector is likely to remain dependent on government borrowing for profits in the current fiscal year as limited private-sector lending opportunities continue to make banks one of the most lucrative sectors for the equity market and...
Read Full Story (Page 1)
ABHI Microfinance Bank plans Rs3b IPO on PSX: report
Pakistan’s fintech group Abhi is preparing to launch an initial public offering (IPO) of Abhi Microfinance Bank later this month. As per the report, the bank aims to raise between Rs. 2 billion and Rs. 3 billionby offering about 14 per cent in new...
Read Full Story (Page 1)
Erstwhile FATA/PATA: Banks asked to deduct WHT on transactions
The Federal Board of Revenue (FBR) has directed all commercial banks tostart deducting withholding taxes on financial transactions/ specified payments in the erstwhile Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal...
Read Full Story (Page 1)
WB terms performance of PRIAT project satisfactory
A World Bank-backed flagship agriculture project in Punjab has delivered strong early results, with sharp gains in water productivity, crop diversification and farmers’ incomes, indicating that climatesmart agriculture and efficient irrigation can...
Read Full Story (Page 1)
Rebounding inflation, fiscal pressures threaten recovery
Pakistan’s nascent macroeconomic recovery, which began in 2025, is stalling due to the geopolitical situation, leading to rising inflation and reducing the monetary freedom of individuals and firms in an economy where around 80pc of the labour force...
Read Full Story (Page 1)
PACRA upgrades Askari Bank's long-term rating to AAA
The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term entity rating of Askari Bank Limited to AAA from AA+, while maintaining the short-term rating at A1+ with a stable outlook. PACRA attributed the upgrade to the Bank's sustained...
Read Full Story (Page 1)
Zindigi, nsave partner to facilitate freelancers
Zindigi, powered by JS Bank, has partnered with UK-based ‘nsave’ to make receiving international remittances faster, simpler, and more affordable for freelancers and individuals in Pakistan. The partnership marks another milestone in Zindigi’s mission...
Read Full Story (Page 1)
Global debt issuance: Big financial institutions shortlisted
The government has shortlisted leading international financial institutions including Standard Chartered Bank, Citibank, Deutsche Bank, Mitsubishi UFJ Financial Group (MUFG), Emirates NBD and Dubai Islamic Bank, to underwrite and manage Pakistan’s...
Read Full Story (Page 1)
Pakistan’s debt dilemma
In modern macroeconomics, public borrowing is neither an evil nor a virtue in itself. It is an instrument. Much depends upon the purpose for which debt is incurred, the efficiency with which borrowed capital is deployed, and the economy’s capacity to...
Read Full Story (Page 1)
Hormuz uncertainty clouds recovery
The Strait of Hormuz is technically open, but ship traffic is sparse. Hence, it is effectively closed. The recent incidents of bombing by both sides–the US and Iran–have cast doubt on the continuity of the MOU. The crux is that the future is...
Read Full Story (Page 1)
SBP chief hails launch of co-badge debit card
Governor State Bank of Pakistan (SBP), Jameel Ahmad, has welcomed the launch of the HBL, UnionPay International and PayPak co-badge debit card, describing the partnership as an important milestone in Pakistan’s journey toward a modern, resilient and...
Read Full Story (Page 1)
Finance Minister Aurangzeb arrives in US on 3-day visit
Finance Minister Muhammad Aurangzeb arrived in Washington on Saturday evening for a three-day visit during which he is expected to hold talks with US officials on trade, finance and investment.Pakistan and the United States will resume negotiations on...
Read Full Story (Page 1)
Economic reforms: Aurangzeb praises UK’s continued support
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with the British High Commissioner to Pakistan, Ms. Jane Marriott CMG OBE, who called on him at the Finance Division. The meeting focused on Pakistan’s macroeconomic...
Read Full Story (Page 1)
Conventional banks favour Islamic lending
Conventional banks have significantly altered their lending pattern to the private sector, extending nearly five times more financing through their Islamic banking branches than a year earlier instead of through conventional lending. Most conventional...
Read Full Story (Page 1)
MoF rejects claims over sovereign financing transactions
The Ministry of Finance said it remained committed to the highest standards of transparency, professionalism and prudent debt management, and will continue to pursue sovereign financing decisions, including Eurobond and Panda Bond issuances, solely in...
Read Full Story (Page 1)
World Bank’s ‘magical discovery’
Barely had the dust settled on the IMF’s insipid report on governance than the World Bank launched, with much fanfare, its latest prescription – this time on fiscal federalism. The bank’s report presents itself as a fresh diagnosis of Pakistan’s...
Read Full Story (Page 1)
URAAN Pakistan path to $1 trillion economy: Ahsan Iqbal
Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, addressed students, faculty members, researchers, and members of the Pakistani community at Rice University, said that Pakistan has entered a new phase of opportunity...
Read Full Story (Page 1)
WB approves $375.9m to strengthen power transmission network
The World Bank’s (WB) Board of Executive Directors has approved $375.9 million in financing for Pakistan’s Grid Stability Enhancement Project to strengthen the country’s national power transmission network.According to a press release issued by the WB,...
Read Full Story (Page 1)
Pakistan records highest-ever remittances of $41.6 billion in FY26
Overseas workers’ remittances to Pakistan increased by 9 per cent to $41.6 billion during Jul-June FY26, up from $38.3 billion in the previous fiscal year.During June, remittances stood at $3.475 billion, according to data released from the State Bank...
Read Full Story (Page 1)
Foreign-funded projects: Senate body orders report on delays, cost overruns
A Senate sub-committee on Economic Affairs ordered federal and provincial authorities to submit comprehensive reports within one week after being informed that 24 foreignfunded development projects worth more than USD 4.6 billion in Balochistan and...
Read Full Story (Page 1)
Islamic banking is not the destination - it is the journey
The question of whether Islamic banks are truly Islamic rests on a confusion between two things: what they are legally required to be today, and what the Islamic economic vision ultimately aspires to build. Both matter - but conflating them produces...
Read Full Story (Page 1)
Finance Minister Aurangzeb visits Arif Habib Group’s head office
The private sector is eyeing the government’s extensive land bank, which has great potential to be used as a catalyst for housing and infrastructure development in the country. The matter was discussed during Finance Minister Muhammad Aurangzeb’s...
Read Full Story (Page 1)
The cost of borrowed economic wisdom
Looking back just a few years, Pakistan’s economic team was universally aligned on exportled growth. The framework made perfect sense: simplified taxation, zero-rating systems such as the Export Finance Scheme, and concessional bank financing to make...
Read Full Story (Page 1)
The end of the double-digit inflation era?
Headline CPI inflation eased to 11.07 percent year-onyear in June, down from 11.66 percent a month earlier, marking the first meaningful sign that the worst of the latest inflation cycle may now be behind. Monthly inflation slipped into negative...
Read Full Story (Page 1)
Remittance incentives to banks abolished as IMF steps in
The State Bank has abolished the incentives paid to banks for increasing remittances, after the amount grew to a level that came under the IMF’s radar. The SBP issued a circular announcing that the Sohni Dharti Remittance Programme (SDRP) had been...
Read Full Story (Page 1)
Budget contradictions
Pakistan entered the FY27 budget cycle against the backdrop of a widening external trade imbalance. During the first eleven months of FY26 (July 2025-May 2026), merchandise exports declined to $27.9 billion while imports rose to around $62.7bn. As a...
Read Full Story (Page 1)
Economy struggling under weight of global energy shock: report
Pakistan’s economy is struggling under the weight of a global energy shock that has dampened growth, stoked inflation, and strained the country’s external accounts, according to a quarterly report prepared by the Modelling Lab of the Innovation and...
Read Full Story (Page 1)
Punjab’s welfare budget vision
Punjab’s Budget 2026-27, presented by Finance Minister Mian Mujtaba Shuja-ur-Rehman in the Provincial Assembly, reflects the provincial government’s effort to combine fiscal discipline with an expansive social and development agenda. With a total...
Read Full Story (Page 1)
Federal, Punjab govts’ budgets show increase in outlays at both levels
The federal government and the Punjab government have unveiled their budgets for fiscal year 2026-27, raising total outlays at both levels even as economists caution that higher spending has yet to translate into visible improvements in education,...
Read Full Story (Page 1)
Govt borrows Rs4.9 trillion from banks in 11.5 months
The government borrowed more than Rs. 4.9 trillion from commercial banks during the first eleven and a half months of FY26, surpassing borrowing during the same period last year despite a sharp rise in tax revenues. According to data released by the...
Read Full Story (Page 1)
SBP eases process for banks shift to Islamic model
The State Bank of Pakistan (SBP) has eased the process for converting conventional bank branches into Islamic banking branches by shortening the mandatory public notification period and reducing the interval between notices issued to current account...
Read Full Story (Page 1)
Foreign loan inflows surge to $12.1b
Foreign economic assistance (FEA) inflows to Pakistan surged by almost three-fourths to $12.1bn in the first eleven months (July-May) of 2025-26, mainly on the back of programme support of the International Monetary Fund (IMF). The total inflows...
Read Full Story (Page 1)
PBF submits recommendations on finance bill
The Pakistan Business Forum (PBF) has submitted a comprehensive set of recommendations on the Finance Bill to the Standing Committees on Finance of both the National Assembly and the Senate, urging lawmakers to introduce critical amendments aimed at...
Read Full Story (Page 1)
Opposition assails govt for economic mismanagement
The National Assembly witnessed a heated debate on the federal budget 2026-27, as opposition lawmakers sharply criticised rising inflation, economic mismanagement, and what they described as a shrinking space for political dissent, while the government...
Read Full Story (Page 1)
Sindh unveils Rs3.56 trillion budget with Rs36.9b deficit
The Sindh government on Wednesday unveiled a taxfree Rs3.562 trillion budget for the fiscal year 2026-27, estimating total receipts at Rs3.525tr and showing a deficit of Rs36.9 billion. Presenting the budget in the Sindh Assembly, Chief Minister Murad...
Read Full Story (Page 1)
Aurangzeb sees budget upside from US-Iran deal
Pakistan could improve economic projections for 2027 after the end of the Iran war, but it is still too early to revise the budget, Finance Minister Muhammad Aurangzeb told Reuters, hours after the US and Iran signed a deal to end the Middle East...
Read Full Story (Page 1)
Pakistan Banks Association hails ‘growth-focussed’ federal budget
The Pakistan Banks Association (PBA) has welcomed the Federal Budget 2026-27, describing it as the first budget in years to shift the country’s focus from crisis management to sustainable economic growth while maintaining the fiscal discipline that...
Read Full Story (Page 1)
Policy rate hike unlikely in final FY26 review
The grounds for an increase in the policy rate have largely disappeared ahead of the State Bank of Pakistan’s (SBP) upcoming monetary policy announcement, as global oil prices have either remained stable or eased despite heightened tensions in the...
Read Full Story (Page 1)
Govt debt surges Rs1.4tr in April alone
Pakistan’s central government debt surged by massive Rs 1.4 trillion in April alone, driven by heavy domestic and external borrowing, underscoring the growing fiscal pressures facing the country’s economy. The State Bank of Pakistan (SBP) reported a...
Read Full Story (Page 1)
Govt unveils Rs18.8 trillion budget for FY2026-27; economic growth targeted at 4pc
Finance Minister Muhammad Aurangzeb presented the FY2026-27 budget in the National Assembly (NA), addressing a session that began two hours after the scheduled time of 3pm and is marred by loud protests by the opposition. NA Speaker Ayaz Sadiq...
Read Full Story (Page 1)
Budget blues
The budget is upon us. A day after this piece appears in the paper, it will be presented in Parliament, we were told in a tweet by a government official. This, however, does not mean the two parties – the PPP and PML-N – have agreed on all matters...
Read Full Story (Page 1)
PIDE urges tax incentives to revive national savings
The state-run Pakistan Institute of Development Economics (PIDE) has urged the government to launch an urgent national savings drive through budgetary measures later this week to reverse a sharp decline in the country’s savings rate over the past three...
Read Full Story (Page 1)
Consumer inflation hits 11.7pc in May
Surging consumer inflation has mounted pressure on household budgets, with official data showing prices rose 11.7 per cent year-on-year in May, driven by sharp increases in energy and essential food prices. The continued increase in monthly inflation,...
Read Full Story (Page 1)
Seven Pakistanis make Forbes Asia’s 30 Under 30 list for 2026
Seven Pakistanis, including entrepreneurs, scientists, social activists, and entertainers, have been featured in Forbes Asia’s prestigious ‘30 Under 30’ list for 2026, highlighting the country’s growing footprint in innovation, business, science, and...
Read Full Story (Page 1)
US proposes new tariffs on 60 economies, including Pakistan
The US Trade Representative has proposed new duties targeting 60 economies, including Pakistan and India, for alleged failures to act against forced labour, as the Trump administration seeks to rebuild its tariff agenda following legal setbacks. The...
Read Full Story (Page 1)
Govt urged to simplify tax system
Islamabad Industrial Estate President Omais Khattak has described the current tax system as complex, saying it hampers industrial growth and discourages exports and investment. He urged the government to introduce a single- window National Sales Tax...
Read Full Story (Page 1)
Sindh, World Bank review Karachi water network
Karachi’s expanding population and rising urban demand have made timely completion of water infrastructure projects and institutional reforms essential for the city’s future water security, Sindh Chief Minister Syed Murad Ali Shah said while reviewing...
Read Full Story (Page 1)
'From collapse to comeback': The rise of ABHI Bank
When TPL and ABHI came together to enter the banking sector, they were not searching for an easy acquisition. They were stepping into one of the most challenging institutional recovery situations in Pakistan’s financial services industry. FINCA...
Read Full Story (Page 1)
The lender that governs
The IMF’s Executive Board has approved the third review of Pakistan’s 37-month Extended Fund Facility (EFF), adding 11 new conditions and raising total structural conditionality to 75. In addition, there are 30 standing commitments, bringing total...
Read Full Story (Page 1)
World Bank mission inspects rehabilitation work at Guddu Barrage
A World Bank Implementation Support Mission visited the Guddu Barrage to review the ongoing rehabilitation and modernisation works under the Sindh Barrages Improvement Project (SBIP). The international delegation comprised Task Team Leader Francois...
Read Full Story (Page 1)
Pakistan mobilises USD1b in private, commercial financing: ADB
In a major boost for Pakistan’s fragile economy, the Asian Development Bank (ADB) has helped the country unlock USD 1 billion in commercial financing through an unprecedented guarantee structure tied to sweeping fiscal reforms. This was noted in the...
Read Full Story (Page 1)
SBP expects record remittances above $41b despite export slowdown
Pakistan’s central bank expects workers’ remittances to cross a record $41 billion in the current fiscal year despite weaker exports and global economic uncertainty, State Bank of Pakistan Governor Jameel Ahmad said, projecting economic growth of up to...
Read Full Story (Page 1)
Current account slips back into deficit
A sharp rise in the oil import bill and persistently high imports of food and luxury goods pushed the current account back into deficit in April, wiping out the $1 billion-plus surplus recorded a month earlier and putting renewed pressure on the...
Read Full Story (Page 1)
Remittance: no longer a risk-free cushion
From the latest numbers released by the central bank, remittances recorded a month-on-month decline in April 2026. Inflows rose 11.4 percent year-on-year but fell 7.6 percent month-on-month to $3.54 billion. This space has been warning about a...
Read Full Story (Page 1)
Govt eyes tokenisation of bonds via blockchain
Pakistan is likely to link its Naya Pakistan Certificates (NPCs) and sovereign bonds to a regulated blockchain via Digitally Native Notes (DNNs) to enable swift settlement for retail investors, particularly overseas Pakistanis. A meeting, presided...
Read Full Story (Page 1)
Panda Bond issuance usher new era of financial cooperation: Aurangzeb
Finance Minister Muhammad Aurangzeb has said that Pakistan’s inaugural Panda Bond issuance marks a transformational step in the country’s financial landscape and opens a new chapter in Pakistan-China economic cooperation by enabling Pakistan to access...
Read Full Story (Page 1)
JazzCash processing Rs16.8tr in Gross Transaction Value in 12 months
JazzCash has crossed 60 million registered customers, processing Rs 16.8 trillion (approximately USD 59.7 billion) in Gross Transaction Value in the 12 months ending March 31, 2026, up 56 percent year-on-year, as demand for digital payments, lending,...
Read Full Story (Page 1)
Pakistan issues first Panda Bond in China’s onshore capital market
Pakistan raised $250 million equivalent through its inaugural Panda bond issuance in the Chinese capital market at an interest rate of 2.5 per cent, with a three-year maturity, according to Advisor to the Finance Minister Khurram Schehzad. In a social...
Read Full Story (Page 1)
Petroleum pricing: IMF's RSF inflows come with a cost
Petroleum prices have been revised upward again. Both petrol and HSD now sit at Rs415 per litre. Before the war, petrol was at Rs258. HSD at Rs275. That is not a rounding error. That is a structural shock. The government tried to absorb the hit. For a...
Read Full Story (Page 1)
Roshan Digital Account inflows doubled since July 2024: PBA
Monthly inflows under the Roshan Digital Account (RDA) programme have nearly doubled from a low of $161 million recorded in July 2024 to $321m in April 2026, reflecting a considerable increase in overseas investment and remittance. While the growth...
Read Full Story (Page 1)
Proposed FIs recovery law: Banking courts’ powers to be clipped
The powers of banking courts to grant injunctions against sales of mortgaged properties are significantly restricted under the proposed Financial Institutions (Recovery of Finances) Amendment Act, 2026. According to a brief submitted before the...
Read Full Story (Page 1)
Govt reviews export promotion schemes, budget policy options
In a departure from established practice, the government has initiated a review of export promotion schemes and incentive options for the upcoming budget, holding a special meeting at the Economic Affairs Division and reaching out to international...
Read Full Story (Page 1)
Climate financing: Pakistan receive less than 1b USD: Senate chief
Chairman Senate Yousaf Raza Gilani has expressed concern that despite being among the most climatevulnerable countries, Pakistan has received less than one billion dollars in climate financing over the past three decades, terming as insufficient the...
Read Full Story (Page 1)
Key indicators on track despite ME tensions: Aurangzeb
Finance Minister Muhammad Aurangzeb told the National Assembly Standing Committee on Finance that Pakistan remains broadly on track on key economic indicators despite regional tensions and external pressures, expressing confidence that the...
Read Full Story (Page 1)
Allied Bank: Sovereign leads the way
Allied Bank Limited (ABL) announced its financial results for the first quarter of 2026, alongside an interim cash dividend of Rs4 per share, much in line with street consensus. The topline grew appreciably despite lower average interest rates for the...
Read Full Story (Page 1)
Business leaders discuss budget, taxation matters with Aurangzeb
A delegation of the business community, comprising Atif Ikram Sheikh President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), and Mian Zahid Hussain, Chairman Policy Advisory Board of FPCCI, held a highly constructive meeting...
Read Full Story (Page 1)