The Pak Banker
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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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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...
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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...
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'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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Inflation: Pain ahead
The headline inflation is creeping up again. CPI stood at 10.9 percent in April 26, which is 21 months high, while the core inflation inched up to 13 months high at 8.2 percent. The monthly increase is at 2.5 percent, which is mainly due to increase...
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Banks favour govt papers over loans
Pakistan’s advance-to-deposit (ADR) ratio has been declining, and private sector lending has experienced a significant drop, according to a PwC report for the year 2025. “Pakistan’s ADR ratio has been gradually contracting, standing at 35 per cent in...
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Askari Bank profit falls 8pc to Rs6.58 billion in Q1 2026
Askari Bank Limited reported a 8 per cent decline in its profit after taxation for the first quarter ended March 31, 2026, falling to Rs6.58bn from Rs7.16bn recorded in the same period last year. The dip in bottom-line profitability came despite a...
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IMF’s Executive Board to discuss Pakistan on May 8
The International Monetary Fund (IMF) included Pakistan on its Executive Board agenda on May 08, 2026, according to its updated website. The Executive Board is set to deliberate final approval for the release of the next $1.21 billion tranche,...
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Bank Alfalah earnings surge 55pc, dividend declared
Bank Alfalah Limited reported a strong consolidated profit after taxation for the first quarter ended March 31, 2026, clocking in at Rs10.99b, up 55pc year-on-year compared to Rs7.07b in the same period last year. The bank’s earnings per share (EPS)...
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MCB stays long on sovereign
MCB Bank Limited’s (MCB) balance sheet posture remains largely unchanged, with the bank continuing to lean heavily on government securities as its primary avenue for asset deployment. Despite some quarter-on-quarter movement, the broader strategy...
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Focusing on the manufacturing sector
Despite some increase in the country’s commodity production, the fragile external demand and high domestic costs, driven by a surge in domestic and global inflation, continue to pose serious risks to investment potential and export-oriented sustainable...
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Repositioning Pakistan in transit economy
Pakistan’s early advantage as a transit hub between Europe and Asia eroded not due to geography, but due to inconsistent policy, underinvestment in infrastructure, and loss of operational competitiveness. As global supply chains fragment and cost...
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Freelancers’ earnings grow 50pc to USD856m YoY: SBP
Pakistani freelancers are enhancing their contribution to global freelancing market, bringing in over USD 850 million foreign exchange in the country by the end of third quarter of the current financial year despite multiple challenges and issues of...
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Crypto in the bank
Eight years after the State Bank of Pakistan (SBP) imposed a ban on virtual currencies, the central bank has now issued directives allowing regulated entities to open and maintain bank accounts for Pakistan Virtual Asset Regulatory Authority...
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Pakistan showcases digital social protection at World Bank Roundtable
Pakistan has highlighted its Digital Public Infrastructure journey and the digital transformation of the Benazir Income Support Programme as models for delivering social protection, with the Finance Minister underlining that digital social protection...
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Pakistan repays $2b loan to UAE, confirms SBP
The State Bank of Pakistan (SBP) has confirmed that the government had returned $2 billion in debt to the United Arab Emirates (UAE).The SBP spokesperson said the amount was kept with the central bank as a safe deposit. The development came a day after...
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Auto financing rises to Rs345b
Geopolitical tensions have not dampened the hopes of new car buyers, as outstanding auto loans surged for the 16th consecutive month to Rs345.34 billion in March, up from Rs336bn in February, thanks to lower interest rates. However, sales of cars,...
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Pakistan, US explore ways to deepen economic partnership
Pakistan and the US discussed on Wednesday avenues for deepening bilateral economic partnership, with a focus on enhancing trade, promoting investment flows, and facilitating private-sector engagement. “Federal Minister for Finance and Revenue,...
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Pakistan explores financing options
Pakistan is exploring multiple financing options, including bilateral borrowing, commercial loans and Eurobonds, to stabilise its foreign exchange reserves after the United Arab Emirates asked for the repayment of a $3.5 billion loan, said Finance...
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Non-bank sector invests Rs11tr in govt papers
Investors across the country, including the non-banking sector, continue to channel funds into government securities, with non-bank investments reaching a record Rs11 trillion by the end of December 2025. Latest data shows that provincial governments...
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Aurangzeb says ‘all options on table’ to replace UAE’s $3.5b loan
Pakistan is considering Eurobonds, loans from other countries and commercial debt to replace a $3.5 billion facility from the United Arab Emirates (UAE) and manage its foreign reserves, Finance Minister Muhammad Aurangzeb said. Aurangzeb also told...
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Debt pressures prompt global initiative
Ministers of finance and central bank governors of developing countries will launch the ‘Borrowers’ Platform’ to improve their debt management capacity in Washington on April 15, during the IMF-World Bank Spring meetings. Finance Minister Muhammad...
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Saudi finance ministerconcludes ‘productive visit’ to Pakistan
Finance Minister Muhammad Aurangzeb bid farewell to his Saudi counterpart, Mohammed bin Abdullah Al-Jadaan, at the Islamabad International Airport following the conclusion of his ‘productive visit’ to Pakistan. On the occasion, the two leaders...
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War in Middle East fails to dent remittances in March
Despite turbulence stemming from the ongoing Middle East conflict, the country received 17 per cent higher remittances in March compared to February, the State Bank of Pakistan reported. The $3.8bn inflow was the highest so far, this fiscal year, but...
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External payments will be cleared as scheduled: Aurangzeb
Pakistan will meet all its external payment obligations on schedule, including repayments of loans from the United Arab Emirates (UAE) and Eurobonds, Finance Minister Muhammad Aurangzeb said, while outlining plans to raise fresh financing through Panda...
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Pakistan is exploring fresh external financing options: official sources
Mounting pressure on foreign exchange reserves has pushed Pakistan to explore fresh external financing options, including potential support from key allies China and Saudi Arabia, as it prepares to navigate a widening financing gap following the...
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ME tensions affect Pak economy, says FPCCI leader
President of Pakistan Business Group (Sindh Region), Convener of FPCCI Energy Standing Committee, and Chief Coordinator of PPDA, Malik Khuda Bakhsh said that the ongoing tensions in the Middle East, including the Iran–US–Israel conflict, have placed...
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‘Fuel surge could push inflation over 15pc, spark policy rate hike’
Pakistan’s fuel surge could push inflation over 15 per cent, spark policy rate hike, says Ali Khizar Following a record increase in petroleum prices, Pakistan is bracing for a fresh wave of inflation and monetary tightening, with analysts warning that...
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Pakistan proposes signing FTA with UK
Pakistan has proposed signing a Free Trade Agreement (FTA) with the United Kingdom (UK), terming it a natural progression of the growing economic partnership between the two countries. The proposal was floated during a meeting between Federal Minister...
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Pakistan’s approach to ME conflict
The tremors of a US – Iran confrontation are not constricted to the Gulf; they ripple across markets, redraw alliances, and test the strategic instincts of states far beyond the battlefield. For Pakistan, this is not a distant crisis – it is an...
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Aurangzeb hails IFC’s increased engagement in Pakistan
Federal Minister for Finance and Revenue Muhammad Aurangzeb held a meeting with Simon Andrews, Divisional Director for Pakistan, Afghanistan and Central Asia at the International Finance Corporation (IFC), who called on the Minister at the Finance...
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Mian Zahid stresses contingency framework amid IMF conditionalities
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan and Chairman Policy Advisory Board FPCCI, has urged the authorities to implement a comprehensive...
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Pakistan’s public debt surges to Rs80.52 trillion
The government on Monday admitted before parliament that the country’s public debt increased, the debt-to-GDP ratio worsened, and per capita debt rose in 2024-25 despite fiscal consolidation and improved macroeconomic conditions. As a consequence, the...
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Forex reserves reach USD21.7 billion: Schehzad says
Pakistan’s foreign exchange reserves increased to around USD 21.7 billion, reaching a four-year high and extending gains for 33 consecutive weeks, as the country continues to show macroeconomic stability along with improving key economic indicators,...
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Exports to Iran, Central Asian Republics exempted from LCs/bank guarantees
In a major policy decision, the government has exempted exports to Iran and Central Asian Republics via land routes from the requirement of bank guarantees and letters of credit, aiming to facilitate exporters and boost regional trade. The Ministry of...
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Finnance Mininister, French envoy discuss economic engagement
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Ambassador of France to Pakistan Nicolas Galey and discussed ways to strengthen PakFrance economic engagement. Welcoming the ambassador, the minister underscored the...
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NBG’s Mian Zahid says concerned at escalating Iran war
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance and Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, has expressed grave concern over the escalating...
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The illusion of dollar strength in a fracturing world order
The conventional narrative around the Iran war and global finance is by now familiar: the conflict is accelerating de-dollarisation, strengthening China’s petroyuan, and hastening the end of American financial dominance. That narrative is not wrong....
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Trade gap narrows to $9.04 billion in July-January
Pakistan’s trade deficit with the Middle East narrowed by nearly three per cent during the first eight months of 2025-26, as the ongoing conflict in the region begins to weigh on commercial activity and bilateral engagement. The full impact on...
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Pakistan among top economies at risk from Iran war: Ex-SBP Chief
Pakistan is one of the countries most vulnerable to negative economic spillovers from the Iran War, excentral bank chief Murtazaz Syed wrote on X. Murtaza said Pakistan is also one of the countries with the least policy space to cushion its economy...
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ME conflict may adversely affect remittances: study
The Pakistan Institute of Development Economics (PIDE) has warned that the Middle East (ME) conflict could result in declining workers’ remittances by USD3-4 billion annually in case the conflict continues, which could also trigger the return of...
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The yearly price fixing failure
With Ramazan close to ending this week, the relief of affordable commodities has remained a far cry for lower-income groups. This was primarily due to structural issues in market dynamics that the government perhaps never factored in. While market...
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In-hand cash inflows dropped by nearly 50pc due to air travel disruptions: Bostan
Pakistan’s in-hand cash inflows have dropped by nearly 50 percent due to air travel disruptions linked to ongoing Middle East conflicts, a shift that could temporarily boost formal banking remittances but could hurt overall inflows if the situation...
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Jul-Jan foreign assistance up 12.77pc to USD5.17b YoY
Foreign assistance to the country from July 2025 to January 2026 has reached USD 5.17 billion compared to the USD 4.58 billion of the corresponding period of last year, which reflects an increase of 12.77 percent. According to data released by the...
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Suha Lalani named among Inc. Female Founders 500
Pakistani entrepreneurs are gaining international recognition, as Suha Suleman Lalani, co-founder of PinkDetect, was named in Inc. Magazine’s Female Founders 500 list for 2026. At just 25, the Karachi-born has secured a place among 500 of the world’s...
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High interest rate to hit economy in war times, warn businesses
While already under strain from high power and gas tariffs and the negative impact of the US-Iran conflict on trade, businessmen have expressed further disappointment over the State Bank’s decision to keep the interest rate at 10.5 per cent, claiming...
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