Pakistan, Bangladesh start direct trade with rice exports
Pakistan and Bangladesh have started direct government-to-government trade after decades of troubled relations with imports of 50,000 tonnes of rice, Dhaka said on Tuesday.
The two countries have witnessed a thaw in ties after the ouster of India-aligned premier Sheikh Hasina.
Long-time Bangladeshi prime minister Sheikh Hasina was ousted in an August 2024 revolution, fleeing by helicopter to her old ally India, where she has defied extradition requests to face charges of crimes against humanity.
Relations between India and Bangladesh’s new government have been frosty since then, allowing Islamabad and Dhaka to slowly rebuild ties.
SIFC accepts deal for resuming lpg production
The Special Investment Facilitation Council (SIFC) has approved a revised deal between Sui Southern Gas Company (SSGC) and Jamshoro Joint Venture Limited (JJVL) for resuming liquefied petroleum gas (LPG) production at the latter’s plant in a bid to reduce Pakistan’s energy import bill.
The objective of the recent SIFC decision is to maximise production of LPG in the country. The resumption of JJVL operations will not only boost local supplies but it will also help to overcome shortage, especially in winter.
In recent times, following closure of JJVL, Pakistan has been more reliant on LPG import, which also put pressure on foreign exchange reserves.
Now, the SIFC has set a deadline of February 25 for SSGC board of directors, which is required to formally approve the decision of resuming operations at JJVL. However, sources said, the SSGC board has not taken any decision so far due to the absence of petroleum secretary, who is on an official visit to Azerbaijan.
For financial sector digital transformation is must
State Bank of Pakistan (SBP) Deputy Governor Saleemullah has stressed that digital transformation is no longer optional but it is imperative for financial institutions and called for making investment in advanced analytics, artificial intelligence and automation alongside development of regulatory frameworks that balance innovation with stability.
He was speaking at the 16th SaarcFinance seminar titled “Challenges and Opportunities in the Capacity Building of Central Banks and the Financial Industry: Lessons for Saarc Countries,” organised by the SBP at the National Institute of Banking and Finance (Nibaf), Islamabad on Monday. The event brought together experts, policymakers and delegates from member countries of the South Asian Association for Regional Cooperation (Saarc) to discuss the critical issues shaping the future of central banking and financial systems.
Government laims saving Rs1.5tr by revisiting IPP contracts
The government on Monday claimed to have secured about Rs1.571 trillion in savings in future payments to a total of 27 independent power producers (IPPs) through negotiations so far, while another ‘unwilling’ producer would have to undergo a forensic audit.
This was the key takeaway from a presentation made by a power division team — comprising federal minister Awais Ahmad Khan Leghari, Special Assistant to Prime Minister Muhammad Ali and federal secretary Muhammad Fakhre Alam Irfan — before the Senate Standing Committee on Power, led by Senator Mohsin Aziz.
Competition commission of Pakistan steps up vigilance
Taking note of artificial price hikes for goods and services and scarcity of quality products due to cartelisation, the Competition Commission of Pakistan (CCP) has sought public help detecting market collusions.
Cartels are formed when suppliers coordinate or enter into agreements to fix prices and control supply, all for unjustified gains and illicit profits, which is illegal.
To ensure the provision of better-quality goods and services at fair prices to consumers, the commission asserts that it is essential that all suppliers in the market compete with each other by offering better services and products at better prices, rather than colluding to fix prices.
Engaging in agreements or understandings to control prices or supply of goods and services for unjustifiable profits is a serious crime under the Competition Act 2010, the CCP warned on Monday.
Work on Sukkur-Hyderabad motorway to begin next year
Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal on Monday announced that work on the much-delayed Sukkur-Hyderabad Motorway project along with the reconstruction of the Karachi-Hyderabad Motorway would start next year.
Addressing a joint press conference along with Sindh Chief Minister Syed Murad Ali Shah after attending the “Uraan Pakistan” workshop here at the CM House, he praised the Sindh government for its full cooperation in national development projects and invited the private sector and civil society to join the efforts for economic growth.
Guidelines: clearing PSDP projects issued
To meet a structural benchmark set by the International Monetary Fund (IMF), the Ministry of Planning and Development has released policy guidelines and a scorecard for evaluating development projects and their financing through the Public Sector Development Programme (PSDP) over the next three years.
Additionally, the ministry will exclude provincial projects from the federal portfolio, except those in the 20 poorest districts.
The guidelines sent to all the federal ministries, divisions and departments besides the provincial and regional governments would apply to PSDP for 2025-26, 2026-27 and 2027-28.
The ranking for cross-sectoral comparison for inclusion into PSDP or continuation of ongoing projects would be done based on some key factors with strategic alignment to Uraan Pakistan. “Until 2029, the Uraan Pakistan – 5Es National Economic Transformation Plan (2024-29) serves as the guiding reference for strategically aligning all actions with the country’s leadership. Weights will be assigned from 0 to 10,” according to these guidelines.