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Tariffs: MoC team to visit Washington
The Ministry of Commerce (MoC) has sought proposals from all the concerned ministries to devise a joint strategy to deal with United States (US) reciprocal trade and tariffs as a delegation led by Commerce Ministry is to visit Washington in this regard, well informed sources told Business Recorder.

The United States has imposed a 29 per cent reciprocal tariff on imports from Pakistan, driven by its $2.99 billion trade deficit with Pakistan.

The United States is a critical market for Pakistan’s exports, particularly for textiles and apparel. In 2024, total exports to the US stood at $5.12 billion, of which $3.93 billion, or 76.7 per cent, were textile and apparel.

Govt to devise strategy to lessen US tariff impact

Commerce Ministry, sources said, has cited reference to the directives of Prime Minister Shehbaz Sharif, whereby, a working group has been constituted under the convener-ship of the Secretary Commerce, Jawad Paul. and Steering Committee under the leadership of the federal finance minister.

Commerce Ministry is actively coordinating with various Ministries, Departments and relevant private stakeholders to devise a unified strategy to engage with US authorities.

The Commerce Ministry is of the view that in this context, all line ministries and departments have been requested to share their ongoing discussions, proposals and relevant inputs with the Ministry of Commerce and to avoid and direct communication or engagement with US counterparts (both the US and US Embassy in Islamabad) unless the proposals have been reviewed and cleared by the MoC (Working Group and Steering Committee). This process is vital to ensure coherence and alignment in Pakistan’s diplomatic and trade efforts.

US tariffs will hurt Pakistani products’ competitiveness, experts warn

According to the Commerce Ministry, a delegation under the leadership of Secretary Commerce will soon be engaging with the US authorities for consultation and negotiations.

 “It is essential that any issues or concerns related to the concerned ministries be channelled through the Ministry of Commerce for proper coordination and representation during these discussions,” said the Commerce Ministry.

It has further stated that understanding of relevant stakeholders in ensuring a unified and strategic approach in all matters related to US engagements is necessary.

Meanwhile, Commerce Minister Jam Kamal Khan held a meeting with high-level exporters to discuss strategy on US tariff policies. Representatives from various sectors including textiles, garments, leather, surgical, rice, fruits and vegetables participated in the meeting.

According to an official statement, the private sector appreciated dynamic role of Commerce Ministry with respect to US.

Talking to the delegation, the Commerce Minister stated that a comprehensive strategy is being prepared for trade cooperation with US in which private sector will play important role in export strategy. They extended full cooperation with government.

 “Our Trade and Investment Officers (TIOs) and diplomats are in constant contact in the US,” said Commerce Ministry, assigned to coordinate with the private sector so that their concerns are taken care of for the unified strategy to be adopted with respect to the US.

The All Pakistan Textile Manufacturers Association (APTMA) is of the view that beyond addressing the specific concerns highlighted by the United States, Pakistan can take targeted steps to modestly increase imports from the US without undermining its trade balance.

Pakistan’s $3 billion trade surplus with the US represents just 0.25 per cent of the US global trade deficit, but it is an economic lifeline for Pakistan, supporting external stability and employment in key sectors.

In this context, limited but strategic import substitution favouring US imports can be pursued to support a more balanced trade relationship and ease tariff pressures, while remaining within Pakistan’s foreign exchange constraints.

The APTMA says that two areas offer feasible options: (i) US cotton which is already duty-free and can substitute imports from Brazil/ Afghanistan. To enable demand, EFS anomalies disadvantaging local yarn must be resolved; and (ii) allowing direct imports of LNG by the textile sector would reduce energy costs and support US exports, without harming Pakistan’s trade position. Regulatory approval is required.

The 2025 National Trade Estimates Report on Foreign Trade Barriers says that the US companies cite corruption and a weak judicial system as substantial disincentives to foreign investment in Pakistan.

Pakistan’s federal anticorruption agency, the National Accountability Bureau (NAB), provides a legal framework to combat corruption.

However, business and civil society stakeholders have expressed reservations about the body’s effectiveness and perceived politicization.

The NAB’s broad exercise of its remit to investigate government operations and business dealings have led to a number of cases where it reopened established policies and targeted reputable businesses, potentially dissuading foreign investors and making officials reticent to exercise authority.

Pakistan drafted an Electronic Commerce Policy Framework in August 2019, with the aim of increasing exports and strengthening the digital economy.

The framework, adopted in January 2022 contains some restrictive requirements. For example, the policy contains licensing, registration and local presence requirements, as well as, broad restrictions on cross-border data flows.

Pakistan has repeatedly suspended access to mobile data and certain online services in major cities in response to planned protests, large-scale demonstrations, and other perceived unrest. These suspensions undermine a free and open Internet and impede trade in the digital economy by restricting access to information and services and disrupting commercial operations.

The United States continues to monitor the impact of these events on US trade and investment, including services exports.

US food and consumer product exporters have expressed concerns regarding a lack of uniformity in customs valuation in Pakistan that negatively affects the US stakeholders.

Similarly, in the machinery and materials sectors, there are reports that customs officials have erroneously assessed the customs value of goods based on a set of minimum values rather than the declared transaction value. US companies have reported being adversely affected by Customs Rules 389 and 391.

Customs Rule 389 requires the placement of a physical invoice and packing list in the shipping container, while Customs Rule 391 places the responsibility of including such documents, and liability for failure to comply, on the owner of the goods and the carrier.

Technical supplementary grants Rs54.5bn for Danish Education Trust ECC approves
The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, approved a proposal for a TSG of Rs54.5 billion to the Ministry of Federal Education and Professional Training for the Danish Education Trust to provide high-quality higher education to underprivileged students, ensuring academic excellence nationwide.

A university will also be established in Islamabad. The meeting also reviewed and approved several Technical Supplementary Grants (TSGs) for ongoing projects and initiatives from different ministries and divisions.

The ECC approved a Technical Supplementary Grant (TSG) of Rs9billion for the Finance Division to cover grants, subsidies, and miscellaneous expenditures for 2024-25. Additionally, Rs50million was allocated to the National Commission for Human Rights. Rs23.434billion were allocated for the Federal Directorate of Immunization to immunize over 8 million children under two years against 12 vaccine-preventable diseases. This includes Rs23.20billion for provincial shares and Rs622.36 million for federal shares. The ECC also approved Rs 1.06 billion for the Transformation to National Forensic Agency project, ensuring its completion by June 30, 2025. Furthermore, Rs264.8million was granted for government building maintenance, specifically for buildings transferred from the Pakistan Public Works Department to the Capital Development Authority. Lastly, the ECC allocated Rs3.57 billion to establish a 1,000-bed academic medical centre, featuring centres of excellence, research, and education facilities, to be built by the Jinnah Medical Complex and Research Center Company.

Leghari berates: Sepco, Hesco, Qesco over high losses
Federal Minister for Power Sardar Awais Ahmad Khan Leghari on Monday berated the chief executives of the Sukkur Electric Power Company (Sepco), Hyderabad Electric Supply Company (Hesco), and Quetta Electric Supply Company (Qesco) for poor performance in recovery and high losses.

In a meeting also attended by top functionaries of the Power Division, the minister expressed annoyance over the unsatisfactory performance of Sepco, Hesco and Qesco, saying that their performance is much below the target set by the Power Division. The further said Discos have also defaulted on the targets set by the National Electric Power Regulatory Authority (Nepra). Whereas, he appreciated Iesco (Islamabad Electric Supply Company), Gepco (Gujranwala Electric Power Company), and Fesco (Faisalabad Electric Supply Company) for their excellent performance in terms of recovery and reduction in losses, saying these companies have outperformed their targets set by the Power Division.

Mepco (Multan Electric Power Company), Lesco (Lahore Electric Supply Company) and Peshawar Electric Supply Company have also achieved their targets, top official sources, who were part of the meeting, told The News.

Meanwhile, in the letters written on Monday and signed by Additional Secretary-1 to the CEOs of the three poor-performing companies, the Power Division expressed dismay over the “worst performance” with respect to T&D losses and recovery that remained well below the targets agreed upon between the Power Division and Sepco, as well as the performance benchmarks set by the Nepra.

As per a copy of the letters available with The News, the Power Division said, “This persistent underperformance is a matter of serious concern and is adversely impacting the overall financial sustainability of the power sector and reflects very poorly on the affairs of State Owned Enterprises (SOEs).”

Power Division has directed the CEOs of Sepco, Hesco and Qesco to take immediate corrective measures to improve performance and ensure strict compliance with the agreed targets and Nepra benchmarks. They have also been directed to submit a detailed action plan along with timelines to the Power Division within seven days.

 “The continued shortfall in recovery and high T&D losses not only reflects poor administrative performance but also exacerbates the circular debt situation, placing additional strain on the national exchequer. Despite repeated instructions and the availability of various support mechanisms, the inability of these Discos to meet even the minimum recovery benchmarks is unacceptable and undermines the broader reform efforts underway in the power sector,” the Power Division said.

Electricity tariff cut: APTMA seeks clarification
All Pakistan Textile Mills Association (APTMA) has sought clarification from the Power Division regarding recent reduction in electricity tariff structure for the industry. According to APTMA’s calculations, the applicable B-3 industrial tariff for the month of March 2025 stood at Rs34.24/ kWh (equivalent) to Cents 12.27/kWh).

The details of new tariff industrial tariff structure are as follows for March 2025: off peak- Rs29.39/kWh, peak- Rs37.87/ kWh, weighted average- Rs30.80/kWh, QTA- Rs 0, FPA – negative 2.00/ kWh, fixed charges –Rs 1.90/kWh, ED@ 1 per cent- Rs 0.31/kWh, FC Surcharge- Rs 3.23/kWh. The total revised industrial tariff is Rs 34.24/kWh which is equal to Cents 12.27/ kWh.

Businesses underscore need for further cut in power tariffs

The APTMA is of the view that FPA assumed based on previous month’s trends and fixed charge based on mean consumption at 90 per cent of MDI.

The APTMA is of the view that pursuant to the prime minister’s announcement indicating a reduction of Rs 7.59/Kwh power tariffs for industrial consumers effective April 2025, this translates to a revised tariff of Rs 26.65/kWh (Cents 9.55/kWh).

 “We request confirmation as to whether our understanding is correct. So that our member mills may factor this revised cost structure into pricing strategies and export orders,” said Kamran Arshad, chairman APTMA, in letter to the power minister.

The association has opined that the revised tariff of Cents 9.55/kWh places Pakistan’s industrial power cost within regionally competitive range, which is remarkable achievement, adding that this will textile industry to compete effectively in global markets and significantly enhance its contribution to the country’s export-led growth strategy.

Last week, Chairman NEPRA Waseem Mukhtar said that the full implementation of decision regarding reduction in tariff by Rs7.41 per unit for domestic consumers and Rs 5.69 per unit for industry will take time.

The NEPRA chairman stated that the process to implement the prime minister’s announcement has started and reduction will begin after a couple of days, as three determinations — FCA, QTA, and a special Prior Year Adjustment (PYA) of Rs23 billion (Rs 0.90 per unit) — were released on April 3, 2025. The impact of these adjustments was Rs 5.02 per unit.

According to Additional Secretary of the Power Division Mehfooz Bhatti, out of the Rs7.41 per unit relief for domestic consumers and Rs7.69 per unit for industries, Rs5.97 per unit is the tariff reduction, while the remainder is related to taxes on petroleum products.

It is still unclear that whether the government has included the Re1 per unit levy to be collected through the charge on CPPs, as this matter is pending before the Islamabad High Court (IHC).

The sources said that Task Force on Energy also held a meeting on Monday to discuss implications of tariff reduction on different categories of consumers.

Minister for Power Sardar Owais Ahmed Khan Leghari faced tough questions from journalists last Friday.

One journalist pointed out the confusion among consumers, particularly within the business community and industry, about the reduction in electricity tariffs. It seemed that the government might have misled them, and the relief could be temporary.

The minister replied that this relief is intended to be sustainable. However, he clarified that if hydropower generation declines, interest rates rise, or international energy prices increase, the government may not be able to prevent a rise in electricity prices, as these factors are beyond the government’s control.

The federal minister also mentioned that the government might further reduce electricity prices during the annual rebasing of electricity tariffs, which is scheduled for June 2025.

Karachi power tariff higher by Rs8-9/unit
The SITE Association of Industry welcomed PM Sharif's announcement of a Rs7.59/unit reduction in electricity tariffs for industrial consumers and urged him to equalise Karachi's tariffs with other cities—a long-standing demand of the business community.

SITE Association President Ahmed Azeem Alvi noted that electricity rates in Karachi were Rs8 to 9/unit higher than elsewhere, calling it discriminatory and harmful to the port city's role in the national economy.

He said cheaper electricity would reduce production costs, benefit export-oriented industries. He noted that electricity from Kanup is routed through Wapda before reaching K-Electric, and suggested exploring Thar coal.

Diesel stocks swell to all-time high as sales fall
Inflated sales projection for high-speed diesel by the regulator has put Pakistan's largest oil refinery, Pak Arab Refinery Limited (Parco), in a critical situation as its stocks have piled up to an all-time high due to low purchases from oil marketing companies (OMCs).

The high demand estimate has created room for oil importing firms, which is putting pressure on local refineries. According to refineries, crude oil stocks have swelled to 386,000 metric tons due to low purchases of refined products.

Parco – a joint venture between Pakistan and Abu Dhabi, is in trouble as its high-speed diesel stocks have accumulated to 100,000 tons. Under the law, OMCs are required to purchase first the local products of refineries. But the Oil and Gas Regulatory Authority (Ogra) has allowed two OMCs the import of four oil cargoes per month.

Ogra estimates a higher demand for diesel, resulting in an increase in imports and a decrease in consumption of local products.

Sources said that the oil industry projected sales of 550,000 tons of diesel for March 2025, but Ogra put the estimate at 601,300 tons. According to the data of OMCs, total diesel sales tood at 487,000 tons in the month, causing trouble to the refineries, which now have large unsold stocks.

In the case of petrol, Ogra projected that consumer demand would be 628,250 metric tons in March but actual sales came in at 577,000 tons. This has prompted refineries and Ogra to engage in talks to bind OMCs to lift the local oil products.

Pakistan's OMCs recorded sales of 1.2 million tons in March 2025, up 5% year-on-year (YoY) and 7% month-on-month (MoM). The MoM rise was fuelled by a low base effect, while the YoY increase was supported by reduced petrol and diesel prices compared to last year.

Total sales for 9MFY25 reached 11.77 million tons, reflecting a 4% YoY increase compared to 11.34 million tons in 9MFY24. Excluding furnace oil, sales in March were 1.16 million tons, higher by 5% YoY and 7% MoM. For 9MFY25, ex-furnace oil sales totaled 11.25 million tons, up 7% YoY.

Motor spirit sales increased 1% YoY and 4% MoM to 577,000 tons in March. Similarly, high-speed diesel sales rose 5% YoY and 14% MoM to 487,000 tons.

In the month under review, furnace oil sales went up 22% YoY and 2% MoM to 54,000 tons. High octane blending component (HOBC) sales continued to climb, hitting another all-time high at 35,000 tons, driven by discounted prices at selected petrol stations and a lower petroleum development levy (PDL). Later, the PDL on HOBC was increased by Rs20 per litre, effective from April.

Among listed entities, Attock Petroleum recorded sales of 105,000 tons in March 2025, up 2% YoY and 3% MoM, primarily due to an 11% YoY and 14% MoM rise in high-speed diesel sales. Attock's market share came in at 8.48% for petrol and 8.97% for diesel.

Pakistan State Oil (PSO) saw a 14% YoY decline, though MoM sales rose 9% to 510,000 tons in March. Its market share for diesel and petrol stood at 38.92% and 43.08%, up 148 basis points and 29 basis points MoM, respectively.

Wafi Energy reported a 7% YoY decline in sales, though MoM supplies rose 5% to 88,000 tons. Hascol Petroleum's sales stood at 50,000 tons, up 95% YoY and 16% MoM.

The government has set a PDL collection target of Rs1.28 trillion for FY25, of which Rs817 billion (64%) has been received in 9MFY25, Topline Research said.

Expanding OMC network in Balochistan: stepped-up action ordered
The Prime Minister’s Office (PMO) has directed the concerned ministries to expedite implementation on decisions taken at a recent meeting between the federal government and Balochistan government’s representative in the last week of March in Quetta.

The federal government’s team led by Finance Minister Senator Muhammad Aurangzeb and Balochistan government’s panel headed by Chief Minister Sarfraz Bugti have directed the Oil and Gas Regulatory Authority (OGRA) and the GoB to exchange information to strategise the expansion of oil marketing companies (OMCs) network in the province.

During discussion on OMCs spread across Balochistan, it was informed that OMCs do not have optimum presence in the province. In some cases, the entire districts are without a single fuel station. This augments the argument of fuel transport from Iran which is detrimental to the national economy.

OCAC asks govt to revise OMCs’ margin

The OGRA has relaxed some of the conditions and has also incentivized the procedure fro establishment of fuel stations. It says even more could be done, if required.

The meeting directed that OGRA and the GoB shall exchange information to strategise the whole issue. The GoB shall facilitate the approval process at the district level. The Petroleum Division will present the plan for approval.

On the issue of solarisation of agriculture tube-wells, the meeting was apprised that Prime Minister’s Solarization Project was approved at 70:30 sharing basis.

The GoB has released Rs12.9 billion, whereas, the federal government has released Rs14 billion. As per the cost sharing ratio an amount of Rs16.1 billion is pending which may be released immediately.

The remaining amount of Rs8.4 billion may also be released before April 30, 2025 since this initiative has a direct relevance with cropping season and water availability.

The meeting decided that the remaining amount of Rs16.1 billion shall be released by the Finance Division. In case any clarity or decision is required, the Steering Committee notified for the purpose shall take the appropriate decision.

It also discussed FBR and Customs manpower and IT funding support, as well as, capacity building. It was apprised that FBR figures indicate that 73 per cent of smuggling in Pakistan is through Balochistan.

However, the resources and personnel are not deployed in the same proportion in the province.

Officials are reluctant to come to Balochistan, permitted incentives are not provided and there is acute shortage of Customs staff on the Joint Check Posts that are being notified by the Ministry of Interior.

The warehouses are full because of the delay in auction process. There are pending liabilities against JCP that must be paid by Customs. An LPG testing laboratory in the middle of the city is a huge health and safety risk and it must be relocated to a safer place.

The meeting was apprised that FBR is working on a plan to deploy requisite staff at key positions. Pending liabilities of JCPs shall be cleared. Officials who perform well shall be given the permitted. It was decided that simplified procedure for auction shall be devised. It was informed that nearly all the projects of federal PSDP get 10 per cent allocation on an average which results in cost and time overrun.

The provincial government was of the view that the projects going on since last 10 years should be provided ample allocation for their early completion.

The meeting decided that Planning Commission shall ensure that all such projects are given good allocations. The GoB shall identify these projects.

 

Textile industry needs upgrade to compete with global brands: Ahsan Iqbal
Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal on Monday stressed the need for upgrading the country’s textile industry, enabling it to compete with global brands.

 “Value addition in textile industry is necessary for the uplift of textile sector. Pakistani businesses currently lack competitive value chains that play a crucial role in introducing local products to the global markets,” he said.

The minister expressed these remarks while chairing the third meeting of the committee formed by the Prime Minister to review the Export Facilitation Scheme (EFS), along with Federal Minister for Commerce, Jam Kamal Khan, a news release said. The meeting was attended by senior officials from Ministry of Commerce, Federal Board of Revenue (FBR) and representatives from other relevant ministries. More than 60 representatives from the business community including leading textile companies participated via video link in a detailed consultative session with government officials.

The minister emphasised that the prime minister’s directive for export facilitation was aimed at providing a comprehensive framework to support investors and enhance Pakistan’s export potential.

He reiterated the government’s commitment to creating a business-friendly environment in line with its export strategy, urging the business community to align with evolving global trends. He underscored the importance of achieving the ambitious target of $60 billion in exports by 2029, stating that Pakistan’s economic future depends on rapid and sustainable export growth. The minister stressed upon the fact that garments and apparel industry was the future of Pakistan’s export economy and facilitating exporters to achieve ambitious targets was the government’s foremost priority.

He said that Uraan Pakistan prioritised eight areas for export growth including agriculture, industries, services, IT, mining, manpower, blue economy and creative industries. “Both government and private sector must work as a team to harness Pakistan’s true export potential,” the minister said.

Highlighting the government’s Uraan Pakistan Agenda, the minister stated that the export sector held the key for national economic stability, security, and sovereignty. “Uraan Pakistan plan identifies exports as the number one priority because a sustainable export led economy is directly linked to the nation’s sovereignty,” stressed the minister. Moreover, he called for exponential growth in exports, in view of our external sector demands, urging businesses to adopt a cluster based approach. “Countries with the most competitive export industries have made it possible through cluster based development. In Pakistan, there is a necessary imperative to identify clusters of exportable products whose value-chains must be completed,” emphasised the federal minister.

Quoting the example of countries such as Singapore, China, Malaysia, Vietnam and Japan, the minister reiterated that Pakistani products too have strong potential to become globally recognised, if only they set high standards in productivity, quality and innovation. During the meeting, the industrialists shared the problems faced by their businesses, related to tax discrimination, and the federal minister assured them that government will remove all hurdles in the way of export enhancement and will adopt all measures to ensure Pakistan’s presence in international trade.

 

SC adjourns super tax case until 15^th
The Supreme Court on Monday adjourned the hearing of the case challenging the imposition of super tax until April 15 due to Advocate Makhdoom Ali Khan’s unavailability.

A five-member constitutional bench headed by Justice Aminuddin Khan and comprising Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar, Justice Syed Hassan Azhar Rizvi, and Justice Shahid Bilal Hassan heard the case.

Advocate Shehzad Atta Elahi informed the court that tax cases unrelated to the super tax have also been transferred from the Lahore High Court to the Supreme Court. In response, Justice Aminuddin Khan asked the learned counsel, to submit a list if any of them have been mistakenly transferred and they will returned. The hearing was then adjourned until April 15, with Justice Aminuddin announcing that from now on, the case will be heard on a daily basis and no further adjournments will be granted.

Binance founder Zhao appointed as strategic adviser to Pakistan Crypto Council
Binance’s billionaire founder Changpeng Zhao on Monday was appointed as a strategic adviser to the Pakistan Crypto Council (PCC), a press release issued by the Finance Division said.

The Pakistan Crypto Council (PCC) was officially launched last month to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.

On February 25, following a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation, the finance ministry announced it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends. In March, the government appointed]3 entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the council.

According to a press release issued today, the “groundbreaking move” of appointing Zhao as a strategic adviser was poised to reshape the global crypto landscape.

The announcement was made today during Zhao’s meeting with the PCC, chaired by Aurangzeb, bringing together key government stakeholders.

It said that Zhao held separate meetings with Prime Minister Shehbaz Sharif and Deputy Prime Minister Ishaq Dar.

 “This is a landmark moment for Pakistan,” said Aurangzeb. “We are sending a clear message to the world: Pakistan is open for innovation. With Zhao onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.

PCC CEO Saqib said Pakistan was “opening its doors to the future of finance”.

 “And who better to guide us on this journey than Zhao — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom,” Saqib said.

The press release said that as an official strategic adviser to the council, Zhao would provide guidance on regulation, infrastructure, education, and adoption.

It said that he would work closely with the government and the private sector to create a compliant, inclusive, and globally competitive crypto ecosystem.

Pakistan is a country of 240 million people, over 60 per cent of whom are under the age of 30. The potential here is limitless,” Zhao was quoted as saying in the press release.

Zhao’s appointment signalled a bold new era, where the country joined the ranks of Singapore, Dubai, and Switzerland as a progressive, Web3-ready nation, the press release said.

Cholistan Canal proposed to draw additional outflows at Sulemanki
The Cholistan Canal has been proposed to draw additional flows at Sulemanki Headworks across the Sutlej River to command an area of 400,000 acres in Bahawalnagar and Bahawalpur districts.

The project involves enhancing the dischargecapacity of Rasul-Qadirabad, Qadirabad-Baloki and Baloki- Sulemanki links. On a request by the Punjab government, the Indus River System Authority (Irsa) issued a water availability certificate on January 25, 2024.

However, the Sindh government submitted a summary to the CCI on 15-11-2024 with a request to nullify the water availability certificate issued by Irsa on January 25.

The project groundbreaking was carried out by the Punjab Chief Minister Maryam Nawaz and Army Chief General Asim Munir on 15-2-2025.

The Ecnec, in its meeting held on February 7 considered the summary and approved the proposal/submission at para-16 of the summary subject to approval by the CCI.

Meanwhile, Government of Sindh has submitted a summary in the Council of Common Interest regarding this project in Dec 2021. However, the CCI asked the Sindh government to resubmit a fresh summary in the matter for CCI after its reconstitution in September 2023. Since then, the summary has not been submitted again. Keeping above in view, the Ecnec may consider approving the Greater Thal Canal (Phase II) subject to decision of CCI on water dispute. CCI Secretariat may be requested to expedite the resolution of dispute after its receipt, from the Government of Sindh (GoS) so that project reaches a conclusion.”

Oil drops to four-year low, metals fall on recession fears
Oil slid around 3% on Monday to its weakest since 2021, while most commodity markets including metals and coffee declined as the intensifying trade war between the United States and China triggered worries over demand for raw materials.

Gold, which hit a record peak last week, also fell amid a wider market selloff.
Major stock indexes plunged as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans, and Wall Street banks sounded the alarm on high recession probabilities.
"Commodities are on the receiving end of these tariff-related worries about growth and demand. As volatility continues to rise, we are going through a major deleveraging phase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Positions in commodities are being reduced across the board."

Responding to Trump's tariffs, China on Friday said it would impose additional levies of 34% on U.S. goods, confirming investor fears that a full-blown trade war is under way and that the global economy may be at risk of a recession.
Brent futures and U.S. West Texas Intermediate crude futures on Monday hit their lowest since April 2021. Over the past week, both benchmarks have lost more than 10%.

"Oil prices have fallen more sharply than equities since Trump unveiled tariff details in the middle of last week, with the decline exacerbated by OPEC+ plans of increased output," said Satoru Yoshida, a commodity analyst at Rakuten Securities.

Goldman Sachs, Citi and Morgan Stanley revised their forecasts for oil prices down on Monday.

Natural gas prices also declined on recession fears, with the benchmark Dutch front-month contract down 1.45 euros to 35 euros per megawatt hour or $11.26 per million British thermal units, LSEG data showed. The contract earlier hit 33.65 euros/MWh in intra-day trading, its lowest level since September 2024.