The Pak Banker
Fitch affirms Pakistan’s debt ratings at ‘B-’
Fitch Ratings, one of the world’s top three agencies, on Wednesday affirmed Pakistan’s long-term debt ratings at ‘B-’ (B-negative), which it had upgraded in April last year, and assigned a Recovery Rating of ‘RR4’ following the removal of the ratings...
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HBL Zarai launches ‘Khushiyan Da Mela’
HBL Zarai Services Ltd, a wholly owned subsidiary of HBL, has launched a rural engagement initiative, “Khushiyan Da Mela” (Festival of Happiness), a first of its kind agriculture focused community festival designed for the farming heartland of...
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Struggle for self-reliance
Among structural reforms, a key issue is unsustainable imports that make it imperative to conserve and earn foreign exchange to minimise external vulnerabilities. That calls for maximising use of local human and natural resources to boost productivity,...
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Markets price in rate cuts
With economic recovery and declining interest rates, the yield curve is becoming smoother and upward sloping – from completely inverted in 2023 to flattened in 2024–25, and now turning upward sloping, as it ideally should be. Moreover, secondary market...
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WB-funded KP tourism project continues to make steady progress
The World Bank–financed Khyber Pakhtunkhwa Integrated Tourism Development Project (KITE) continues to make steady progress, with overall implementation and achievement of development objectives rated “Moderately Satisfactory” in the latest...
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Sindh cabinet forms body to review plan to deregulate sugar sector
The Sindh cabinet has formed a ministerial committee to review the federal government’s plan with regard to full deregulation of the country’s sugar sector. The meeting, presided over by Chief Minister Syed Murad Ali Shah at the CM House, asked the...
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Pakistan to roll out first Panda bond in coming weeks, says Aurangzeb
Pakistan plans to issue its firstever Panda bond in the coming weeks, Finance Minister Muhammad Aurangzeb said.Addressing a seminar organised by Nutshell Group, titled Resetting Pakistan’s Economic Direction, the minister said Pakistan’s previous...
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IMF projections for FY2025-26
The Staff Report of the IMF after the completion by the Executive Board of the second review of the IMF Programme contains a set of macroeconomic projections of Pakistan for 2025-26. The objective of this article is to highlight and analyse these...
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Govt appoints Dr Kabir Ahmed Sidhu as new SECP chairman
The government has appointed Dr Kabir Ahmed Sidhu as the new chairman of the Securities and Exchange Commission of Pakistan (SECP), according to a notification issued by the Finance Division. Dr Sidhu is currently serving as the chairman of the...
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Tough vetting for job seekers may hit remittances
Growth in remittances could face a decline or may not show any significant growth particularly from the Middle Eastern countries, said multiple sources. While securing visas for Arab countries is getting tough, local authorities have also adopted...
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UBL emerges as Pakistan’s largest-listed company
United Bank Limited (UBL) has emerged as the largest listed company in Pakistan, with its market capitalisation reaching Rs1.28 trillion (USD 4.6 billion) on Tuesday, overtaking Oil & Gas Development Company (OGDC), which now holds the second spot with...
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World Bank rates Sindh flood relief project progress as satisfactory
The World Bank has rated both the progress towards achieving the Project Development Objectives (PDO) and the Overall Implementation Progress (IP) of the Sindh Flood Emergency Rehabilitation Project (SFERP) as satisfactory, citing strong execution and...
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Aurangzeb urges FBR to intensify enforcement, expand tax net
The federal government has called for a further tightening of tax enforcement and accelerated efforts to broaden the tax base, as Finance Minister Senator Muhammad Aurangzeb urged the Federal Board of Revenue (FBR) to intensify compliance measures and...
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SBP buys $9.7 billion from domestic FX market in 16 months
The State Bank of Pakistan (SBP) purchased $9.7 billion from domestic foreign exchange (FX) markets between June 2024 and September 2025, as per central bank data released recently. The central bank reports foreign exchange market interventions with a...
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SECP publishes Whitelist of Digital Lending Applications
The Securities and Exchange Commission of Pakistan (SECP) has published an updated Whitelist of Digital Lending Applications on its website. According to the details released by the SECP, the digital Nano loans are short-term loans with high-interest...
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The top performing assets in Pakistan in 2025
Gold and the stock market emerged as the top-performing asset classes in Pakistan during 2025. According to a report by Topline Securities, gold emerged as the year’s top performer, yielding a remarkable 73 per cent return between January 1 and...
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Jul-Nov food exports decline 38pc YoY: minister
Federal Minister for National Food Security and Research Rana Tanveer Hussain has expressed grave concern over Pakistan’s declining food exports, revealing that they dropped to $1.95 billion between July and November, down from USD3.15 billion during...
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Trade rules often favour wealthy states, MNCs: World Bank report
Global standards have increasingly been used as tools in trade disputes since the turn of the century, reshaping trade flows and often favouring wealthy countries and large multinational companies over developing economies, according to a WB...
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Government borrowing reverses course
The government’s borrowing from banks in the first half of FY26 has marked a sharp reversal from last year’s pattern, with Rs672 billion raised against net debt retirement during the same period of FY25. Latest data from the State Bank of Pakistan...
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‘Islamic banking should go beyond name’
State Bank of Pakistan (SBP) Deputy Governor Saleemullah has said that Islamic banking must not remain limited to nomenclature but should be clearly reflected in practice. He said Islamic banking represents a transparent financial system, the...
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SBP, PBA and Finance Division launch new platform to digitise agri finance
The Finance Division, government of Pakistan, in collaboration with State Bank of Pakistan (SBP) and the Pakistan Banks Association (PBA), has launched ‘Zarkheze’, a digital platform designed to revolutionise agricultural financing. The initiative...
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Dollar shortage continues as exchanges run dry
Despite authorities’ best efforts, there is a dire shortage of dollars in the open market, and many currency exchanges are “only selling what they buy”, causing consternation among those planning to travel abroad for the holidays, or in the new...
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Advisor to FinMin holds meeting with Middle East fintech investors
Khurram Schehzad, Advisor to the Finance Minister of Pakistan, held a high-level strategic meeting with a delegation of leading international fintech investors from the Middle East, highlighting Pakistan’s improving macroeconomic stability, reform...
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Pakistan, Ant Group discuss expanding digital payments & financial tech
The government engaged with Ant Group, a global digital payment and financial tech firm based in Singapore and Easypaisa, Pakistan’s leading digital financial platform, to expand digital payments, financial inclusion, and technology-driven financial...
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Pakistan’s rich get richer: top 10pc control 59pc of wealth, finds report
Inequality in Pakistan remains deeply entrenched, with the top 10pc of earners capturing 42pc of total income and the bottom 50 per cent receiving just 19 per cent, according to the World Inequality Report 2026. “In Pakistan, inequality remains high...
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1Link-style system urged to plug dollar leakages
Despite the government’s move to link all dollar transactions with Nadra, including a new facial-recognition requirement, exchange companies warn that loopholes for misuse will persist unless a centralised 1Link-style system is introduced to track...
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Govt says IMF structural benchmarks ‘part of ongoing reform agenda’
The Ministry of Finance has clarified that the recently highlighted structural benchmarks under Pakistan’s IMF Extended Fund Facility (EFF) are part of a phased, medium-term reform agenda agreed with the Fund, rather than abrupt or new conditions. The...
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NOCs to Binance, HTXis the first step reflecting a ‘new mindset’: Bilal bin Saqib
Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib has said that the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX were not a “blanket approval” but the “first step under a...
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Modernising economic governance
Pakistan’s recent decision of going for a comprehensive Regulatory Reform Package for the period between 2025 and 2030 comes at a crucial juncture in the country’s economic trajectory. For several years, the business community has been concerned about...
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Banks, DFIs must align policies with green taxonomy: SBP
The State Bank of Pakistan (SBP) has directed financial institutions to align their green banking policies with the newly-notified Pakistan Green Taxonomy (PGT), a sciencebased classification system for identifying green economic activities and...
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$119 million withdrawn from T-bills in November
Instead of improving, the foreign investment climate has become more difficult for Pakistan, as seen in treasury bills where outflows surged by 54pc in November a trend similar to that of foreign direct investment (FDI). November proved to be the...
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Pakistan receives $3.2 billion in remittances in Nov 2025
The inflow of overseas workers’ remittances into Pakistan stood at $3.2 billion in November 2025, the State Bank of Pakistan (SBP) data showed on Tuesday. Remittances increased by nearly 9.4 per cent year-on-year (YoY), compared to $2.9 billion...
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IMF sees Pakistan stepping back from default risk
The latest International Monetary Fund (IMF) projections for Pakistan suggest that the immediate risk of economic free fall has eased but the country remains locked into a narrow stabilisation path marked by weak growth, heavy debt and limited relief...
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Govt proposes tough new cybersecurity rules for virtual asset service providers
The government has proposed stringent new cybersecurity and technology governance rules for Virtual Asset Service Providers (VASPs), requiring all registered entities to implement comprehensive security policies and conduct regular audits. The draft...
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Overseas stablecoin funds will be unlocked
A high-level consultative meeting was held in the finance ministry to discuss the national digital asset framework and review a detailed proposal on virtual asset collateralization to increase M1 (liquid money supply), aimed at unlocking billions of...
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Rs230 billion financing for female entrepreneurs shatters SBP targets
Pakistani banks microfinance ones in particular have extended financing to women entrepreneurs worth Rs230 billion in the past year against a target of Rs50 billion, said SBP Governor Jameel Ahmad. The country is gearing up to increase the...
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Govt utters cautious optimism amid mixed economic performance
With a 256 per cent surge in current account deficit, the government expressed cautious optimism over the country’s economic outlook with stubborn inflation in 5-6pc range due to pressure on food prices and agriculture production. In its economic...
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Building an Islamic finance education ecosystem
The global Islamic finance industry continues to demonstrate strong and sustained growth, firmly establishing itself as a significant pillar of the international financial system. According to the Islamic Financial Services Board (IFSB) Stability...
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Inflation in Pakistan clocks in at 6.1pc in November 2025
Pakistan’s headline inflation clocked in at 6.1 per cent on a yearon-year (YoY) basis in November 2025, showed Pakistan Bureau of Statistics (PBS) data, a reading higher than the Ministry of Finance estimate of 5-6 per cent. The consumer price index...
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NBP salutes Pakistan’s Snooker World Champions
National Bank of Pakistan has congratulated the Pakistan Snooker Team, including Mohammed Asif and Asjad Iqbal, on their outstanding victory at the World Cup in Muscat, Oman. This remarkable win has not only brought joy to millions of Pakistanis but...
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KP CM questions lack of accountability over IMF’s graft report
Khyber Pakhtunkhwa Chief Minister Mohammad Sohail Afridi has questioned a lack of “effective accountability” over the International Monetary Fund’s recent report that highlighted financial irregularities in the federal system. “The IMF report has...
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Inadequate climate finance commitments highlighted at South–South Exchange
Members of Parliament, policy experts, civil society leaders, and private-sector representatives from Asia voiced deep concern over weak texts, slow negotiations, and inadequate climate finance commitments at the South–South Exchange held on the...
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‘Implementation COP’ fails to live up to its name
The script played out at COP30 in Belem was no different from that of previous climate conferences – some delegates left the venue with mixed feelings, while others were outright disappointed.The conference, held in the Brazilian city on the edge of...
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Widespread corruption harming economy: PDP
Widespread and deep-rooted corruption in Pakistan, as recently reported by the International Monetary Fund (IMF), is weakening the foundations of our ‘hard state,’ and the concerned quarters must take urgent and strong notice of it, said Pasban...
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Encouraging female entrepreneures
The government is set to approve the first ‘Women Entrepreneurship Development Policy’ (WEP) in the coming days, aiming to bring almost half of the country’s population into the formal productive sectors. Officials envisage that promoting women’s...
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Mobilink Bank to pioneer Islamic banking in the microfinance sector
Pakistan’s leading digital microfinance bank, Mobilink Bank has announced the launch of its Islamic banking operations to introduce responsible Shariah-compliant financial services in the country. The launch was announced during VEON Group’s annual...
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Tariff maze bleeding economy: PIDE
Pakistan’s existing protectionist and overly complex tariff system is costing the economy billions of dollars annually, and bold reforms to end these trade barriers can boost exports by 14 per cent, according to a public sector think tank. In a policy...
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The inflation trap
On Nov 1, the government announced another painful increase in fuel prices: petrol rose by Rs2.43 per litre to Rs265.45 and high-speed diesel by Rs3.02 to Rs278.44.On paper, these may appear as routine adjustments; for millions of Pakistanis already...
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Govt moves to deregulate wheat, sugar sectors
The government is preparing to deregulate the wheat and sugar sectors a key structural reform under the International Monetary Fund’s (IMF) Extended Fund Facility though a formal timeline has yet to be announced.Finance Minister Muhammad Aurangzeb,...
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State Bank of Pakistan launches ‘InvestPak’ portal
In a major move towards financial digitisation, the State Bank of Pakistan (SBP) has launched a new digital investment platform, titled ‘InvestPak’, aimed at streamlining and digitising the process of investment in government securities for both...
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Inflation jumps to 6.24pc in October
Food items and energy spiked the inflation, measured by Consumer Price Index (CPI), to 6.24 per cent in October against 5.6pc in September, the Pakistan Bureau of Statistics (PBS) reported. As a result, average inflation (CPI) in the first four months...
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Core inflation reversing downtrend
The headline inflation numbers are creeping up again despite a stable currency and falling global oil prices. After CPI fell to 0.3 percent in April, it has started moving up again, reaching 6.2 percent in October 2025 – the highest since November...
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Tax net expands with 892,000 new filers
Prime Minister Shehbaz Sharif has linked the filing of 892,419 new tax returns for the tax year 2025 to rising public confidence in the government’s reform agenda. The premier’s remarks followed the Federal Board of Revenue’s announcement that the tax...
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Meta delegation, Jam Kamal discuss coop in digital trade, e-commerce, AI
A delegation from Meta, led by Rafael Frankel, Director for Public Policy (South Asia), called on Federal Minister for Commerce Jam Kamal Khan to discuss cooperation in digital trade, e-commerce, and artificial intelligence (AI). Coordinator to the...
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Monetary policy at a crossroads
In Pakistan’s turbulent economic landscape, credibility becomes currency. And over the past year and a half, the State Bank of Pakistan (SBP) has quietly been building it. Where once monetary policy was dismissed as toothless, the central bank has now...
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Roshan Maeeshat: Right step but will it yield results?
The government has launched yet another incentive package for electricity users this time aimed at incremental consumption. This is not the first such attempt.A winter incentive package had ended earlier in 2025, while during the PTI government, a...
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Business leaders term SBP move ‘anti-growth’
Barring foreign investors, Pakistan’s business community on Monday strongly criticised the State Bank of Pakistan’s (SBP) decision to maintain the policy interest rate at 11 per cent since May, terming the move “anti-growth” and damaging for industrial...
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Faysal Bank unveils financial results for September 2025
Faysal Bank Limited (FBL) demonstrated resilient financial performance, reporting Profit Before Tax (PBT) of PKR 32.8 billion and net profit of PKR 15 billion. Earnings Per Share stood at PKR 9.89/. The Bank also declared an interim cash dividend of Rs...
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Aurangzeb briefs envoys on economic reforms
Minister Muhammad Aurangzeb continued his outreach to ambassadors based in Islamabad, briefing them on Pakistan’s transition from a difficult phase of macroeconomic adjustment to one of emerging stability, with renewed emphasis on attracting investment...
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Doha signs protocol to invest $3b in Pakistan
Pakistan and Qatar have signed a protocol to formalise commitments across multiple sectors, including a pledge of $3 billion in investment in Pakistan through the Qatar Investment Authority (QIA) or other designated investment vehicles. The agreement...
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FinMin says economic strategy now rests on deep structural reforms
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb reaffirmed Pakistan’s strong commitment to macroeconomic stability, structural reforms, and investor facilitation during a meeting with a delegation of German investors and...
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Bank deposit rate falls to 5.28pc in September
The return on bank deposits fell by 5 basis points (bps) to 5.28 per cent in September 2025, compared to 5.32 per cent in August, as per the latest data released by the State Bank of Pakistan (SBP). On a yearly basis, the weighted average return on...
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‘Curbing militancy key to financial stability’
Curbing militancy is essential for financial stability, Finance Minister Muhammad Aurangzeb said as he wrapped up a week-long visit to Washington. Officials accompanying the minister to the World Bank and IMF annual meetings said the security-economy...
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IMF deal: business leader expresses cautious optimism
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 expressed cautious optimism following the announcement...
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Sudden emergence of successful SLA
A staff-level agreement (SLA) on the second review was announced on 14 October 2025 by the International Monetary Fund (IMF) on its website one week after the mission left the country on 8 October 2024. This has raised speculation as to what changed...
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FDI challenges
Pakistan has recently witnessed the departure of several MNCs, raising concerns about its capacity to attract and retain foreign direct investment. The exit of major players such as P&G, following earlier departures of Shell, Pfizer, Total and Telenor,...
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Pakistan pitches bold reform, investment vision at IMF, World Bank meetings
Pakistan has introduced a highlevel economic engagement drive in Washington as the country’s Finance Minister attends the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. The six-day visit is focused on deepening...
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Farm lending slumps as finance minister warns of ‘alarming’ crisis
Finance Minister Muhammad Aurangzeb has painted an alarming picture of the country’s agriculture sector the backbone of the economy citing crop failures, low yields, farmer migration to cities and compounding climate and economic crises. “Farmers face...
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AGP detects discrepancies in tax, refund figures of FBR, SBP
The Auditor General of Pakistan (AGP) office has found variations of millions of rupees in the collection figures of tax receipts between Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP), in its report for the financial year 2023-24. In...
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Economic stability amid deepening poverty
There is growing consensus among stakeholders that Pakistan’s macroeconomic indicators have improved significantly. However, this stabilisation has not translated into better economic conditions for the masses. Inflation has fallen sharply, yet...
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IMF mission concludes visit to Pakistan; talks remain inconclusive
Pakistan and the International Monetary Fund (IMF) made significant progress toward a staff-level agreement (SLA) following review talks under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), the Washington-based...
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Pakistan receives $3.2b in remittances in September 2025
The inflow of overseas workers’ remittances into Pakistan stood at $3.2 billion in September 2025, the State Bank of Pakistan (SBP) data showed. Remittances increased by 11.3pc year-on-year (YoY), compared to $2.9b recorded in the same month last...
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‘Govt should formulate economic policies through mutual consultation’
The business community is striving to build the economy on solid and sustainable foundations despite facing difficult circumstances; however, the government must take practical steps to create a conducive environment and formulate long-term economic...
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Pakistan’s GDP growth to remain modest at 2.6pc in FY26 amid flood impact: WB
Pakistan’s economy is projected to grow modestly by 2.6 per cent in FY2025-26, as catastrophic floods weigh on agricultural output and inflation pressures resurface, noted the latest World Bank economic report on the Middle East, North Africa,...
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