NewsDaily
Oil
set for second weekly rise as unsettled US-Iran war crimps supply
Oil prices were little changed on Friday, but were on track for a second weekly
rise as the stalemated U.S.-Iran war continues to disrupt supply from the key
Middle East producing region.
Brent crude futures rose 4 cents to $93.82 a barrel by 0142 GMT, after
climbing 2.4% in the previous session. U.S. West Texas Intermediate crude futures
slipped 6 cents to $86.78 a barrel, after climbing 2.3% in the prior session.
During the previous five days of gains, Brent gained more than 7% and WTI
climbed more than 8%, reaching their highest since July 24.
Prices have climbed on concerns the
inconclusive state of the U.S.-Israeli war on Iran will mean the continued curtailment of supply from major oil producers such as Saudi
Arabia, Iraq, the UAE and Kuwait.
The earlier peace deal between them expired this week with no effort by
either side to restart talks and U.S. President Donald Trump threatened
economic retaliation against nations supporting Iran.
"Both sides are dug in but lacking the luxury of time to play the
waiting game, against a backdrop of crude prices grinding unerringly
higher," IG analyst Tony Sycamore said on Friday.
On Wednesday evening, Trump threatened "economic warfare and isolation on
an unprecedented scale" against Tehran, warning of consequences for any
country that provided "any type of lifeline to Iran".
This week, the United Arab Emirates suspended all financial and economic
transactions with Iran until further notice, highlighting the fraught ties
between the major Gulf Arab oil
producer and Tehran.
Thousands of people have been killed in the Iran war, which began on
February 28 when the U.S. and Israel launched military strikes on Iran. Since
then, Tehran's blockade of
the Strait of Hormuz and Iranian attacks on energy facilities across the Middle
East have disrupted global oil and gas flows.
Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the day before with
nine vessel transiting the waterway, far below pre-war levels. Prior to the Iran
war, shipments equal to about one-fifth of global consumption
moved through the waterway.
Govt increases
petrol by 27 paisas, HSD by Rs1.64 for Aug 21
The federal government on Thursday increased the price of petrol and high-speed
diesel (HSD) by 27 paisas and Rs1.64, respectively, for August 21.
A notification from the
Petroleum Division said the petrol price was now fixed at Rs337.78 while HSD
would cost Rs364.70 per litre.
The latest revision
comes a day after the government decreased the price of HSD by Rs32.63 while
increasing the price of petrol by Rs2.97 per litre for August 20.
Last month, the
government announced a new pricing mechanism under which petroleum product
prices would be reviewed and notified on a daily basis, replacing the weekly
pricing mechanism, as renewed tensions between the United States and Iran
continued to drive volatility in global oil markets and raise concerns over
fuel supplies.
Since then, petroleum
prices have continued to rise, with diesel prices increasing by Rs72 per litre
and petrol prices by at least Rs24 per litre.
On August 19, Petroleum
Minister Ali Pervez Malik said refineries had accepted the government’s request
for a significant reduction in diesel prices and that the Oil and Gas
Regulatory Authority (Ogra) would announce a cut of around Rs30-32 per litre
after completing its calculations.
“The refineries have accepted the government’s
request and decided to make a significant reduction in diesel prices. You will
see a significant reduction of Rs30-32 within the next few moments, which OGRA
will announce after completing its calculations,” said Malik while addressing a
press conference alongside Information Minister Attaullah Tarar.
“Despite being under the IMF programme, the government has used more
than Rs100 billion to shield the people from these difficulties. Consultations
were held with the provincial governments and, in addition, you have seen the
rollout of targeted subsidies,” he said, referring to the measures taken by the
government since the beginning of the war in the Middle East.
According to the Pakistan Economic Survey
2024-25, petroleum products constitute one of the country's largest import
categories, making the economy highly vulnerable to changes in global crude oil
prices. Domestic refineries satisfy only part of national demand, while the
remainder is met through imports of crude oil and refined petroleum products.
Consequently, every increase in international oil prices raises Pakistan's
import bill, pressures foreign exchange reserves, and contributes to inflation.
Pakistan previously exercised significant
government control over petroleum pricing through subsidies and administrative
interventions. While these measures temporarily protected consumers, they
imposed substantial fiscal costs. During periods of elevated global oil prices,
successive governments delayed passing price increases to consumers, creating
financial pressures for oil marketing companies, refineries, and the national
budget. Large fuel subsidies widened fiscal deficits, increased public
borrowing, and weakened macroeconomic stability.
Global geopolitical developments continue to
pose significant risks. International oil prices are influenced by decisions
taken by OPEC+, conflicts in the Middle East, sanctions on oil-producing
nations, and disruptions in critical shipping routes such as the Strait of
Hormuz and the Red Sea. Any interruption in these supply chains can immediately
increase crude oil prices and freight costs. Since Pakistan imports the
majority of its petroleum requirements, these developments quickly translate
into higher domestic fuel prices.
Oil prices on Thursday rose to more than a
three-week high after US President Donald Trump warned of retaliation against
nations supporting Iran, his latest attempt to resolve a war that has stranded
millions of barrels of Middle Eastern oil.
Brent crude futures were up $2.20, or 2.4%, to
$93.82 a barrel at 11:36 am EDT, while US West Texas Intermediate crude
futures for September rose $2.33 to $88.16 a barrel.
"Tensions in the Middle East remain high, leaving
room for further supply disruptions," said Giovanni Staunovo, an analyst
with UBS. "Lower oil exports from the Middle East are once again
tightening the oil market."
Aurangzeb shares latest
debt position with Senate
Pakistan’s total debt comprising domestic debt, external debt and the debt from
the International Monetary Fund (IMF) was recorded at Rs81.37 trillion till
December last year, the federal government informed the Upper House of the
Parliament on Thursday.
The break-up of this debt
suggested that of the total debt of Rs81.37 trillion, the domestic debt stood
at Rs55.36 trillion, external debt stood at Rs23.16 trillion and IMF debt was
recorded at Rs2.74 trillion, revealed a written reply shared by Finance
Minister Muhammad Aurangzeb in the Senate session.
The written reply came to
a question posed by Talha Mahmood from Pakistan People’s Party (PPP), who
sought from the finance minister the details of the amount of domestic and
foreign loans outstanding against Pakistan at present; the amount of the said
loans paid back by Pakistan during the last five years with year-wise breakup;
and the amount of the mark-up on the said loans paid back by Pakistan during
the last five years with year-wise breakup.
The minister’s written
reply suggested that external debt servicing was recorded at Rs15.59 trillion
in the fiscal year 2021-22, Rs21.36 trillion in FY 2022-23, Rs27.16 trillion in
FY 2023-24, Rs25.53 trillion in FY 2024-25, Rs24.85 trillion in FY-2025-26 and
Rs13.80 trillion in FY 2026-27 (July-December).
The finance minister’s
reply further revealed that the amount of mark-up on total external and
domestic loans paid by Pakistan was recorded at Rs2.75 trillion in FY 2021-22,
Rs3.18 trillion in FY 2022-23, Rs5.69 trillion in FY 2023-24, Rs8.16 trillion
in FY 2024-25, Rs8.88 trillion in FY 2025-26 and Rs3.56 trillion in FY 2026-27
(July-December).
PD could not bear
excessive taxation: Malik
Federal Minister for Petroleum Ali Pervaiz Malik on Thursday said that every
sector and division needed to stand on its own feet, as the Petroleum Division
could not continue to bear excessive taxation and financial interventions
merely to meet budgetary requirements.
Addressing the Energy
Conference 2026, the minister said that the Petroleum Division could not be a
division on which you continue to load exorbitant taxation and exorbitant
financial interventions to meet budgetary impacts because the sector’s
sustainability is equally important.
The minister also expressed gratitude to the World Bank for supporting efforts to unbundle and reform the gas sector.
“The government is
examining ways to separate the infrastructure business from the energy
business, introduce greater competition, improve liquidity in the upstream
sector and enhance efficiency and optimization,” he added.
“The World Bank-supported
report is expected by the end of August, which will be presented to the prime
minister, and once it is presented to the prime minister, they would slowly and
gradually move in the right direction,” he said.
The minister said greater
competition had already been introduced through the third-party access regime,
and the government would continue developing the platform.
The minister said
deregulation and greater private-sector participation remained key government
objectives for reforming the energy sector.
He said the government
would continue to push reforms regardless of the criticism they attracted or
the impact on their popularity.
The minister said Pakistan
was reviving offshore exploration after two decades under the leadership of
Prime Minister Shehbaz Sharif. Friendly countries, Mari Petroleum, Pakistan
Petroleum Limited (PPL) and Oil and Gas Development Company Limited (OGDCL)
were participating in the effort.
He said the government
must provide investors with policy consistency and medium-term visibility,
particularly when companies were making major investments in high-risk
exploration.
“If we expect them to
invest over a hundred million dollars for one well, we must provide them
consistency of policy and medium-term visibility,” he said.
Ali Pervaiz Malik said
investors should also be allowed to retain profits from successful exploration
and reinvest those earnings in developing the required infrastructure.
“That is the only thing
that will enable us to sustainably make this sector grow,” he added.
The minister said
Pakistan’s foremost crisis was its vulnerability to external shocks. He
stressed that petroleum must be made an integral part of the country’s
medium-term national energy policy.
He called for greater
convergence and coordination among the petroleum, power and water divisions.
He said the government
also needed to consider the demand outlook and the impact of wider economic
activity on the petroleum sector.
Malik said the
inter-ministerial platform of the Cabinet Committee on Energy (CCoE), chaired
by the prime minister, had been reactivated, and several meetings had already
been held.
He said he had personally
suggested to Prime Minister Shehbaz Sharif that the committee should meet every
two months, regardless of whether it had a specific agenda, to review
developments across the energy value chain.
“This is one committee
which needs to convene every two months to have a discussion on understanding
what is happening in the energy value chain,” he said.
The minister said that the
committee brought together the petroleum, power and finance ministers, allowing
them to collectively determine how the energy sector could be taken forward on
a sustainable basis.
Touching upon circular
debt and other legacy challenges, Malik said the government had maintained its
flow at near-zero levels without increasing consumer prices.
He said the refineries had
responded positively to the government’s request.
However, Ali Pervaiz Malik
said, the government needed to address the larger issue of why local refineries
remained in a dilapidated state and had not been upgraded to deep-conversion
facilities.
He said the new refinery
policy and operational flexibility were intended to address these longstanding
issues.
The minister said the
Petroleum Division secretary was finalising agreements with refineries and a
signing ceremony would be held.
PD to establish new SPV
for privatisation of three Discos
As the privatisation process of three power distribution companies (Discos)
moves forward, the government is likely to direct the Power Division to
establish a new government-owned Special Purpose Vehicle (SPV) with authorised
share capital of Rs250 billion, well-informed sources in the Power Division
told Business Recorder.
On July 28, 2026, the
Privatisation Commission (PC) Board, in a meeting chaired by Muhammad Ali,
Adviser to the Prime Minister on Privatisation and Chairman of the
Privatisation Commission, recommended that the Cabinet Committee on
Privatisation (CCoP) approve the restructuring plans and schemes of arrangement
for the first batch of Discos—Faisalabad Electric Supply Company (FESCO),
Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company
(IESCO).
Under the proposed
structure, a government-owned SPV will be established to carve out selected
assets and liabilities of the three Discos, thereby facilitating an efficient
and commercially viable transaction structure.
According to sources,
based on audited financial statements for the period ended March 31, 2026,
total assets to be transferred to the SPV amount to Rs350.6 billion, against
total liabilities of Rs313 billion, leaving equity of Rs37.6 billion.
The restructuring plans
and schemes of arrangement have been prepared on the basis of the audited
financial statements of the three Discos for the period ended March 31, 2026.
The proposed framework is aimed at maximising value for the Government of
Pakistan while ensuring that the transactions remain commercially viable and
attractive to prospective private-sector investors.
The PC Board was also
apprised of strong interest from both domestic and international investors in
the privatisation of the first batch of Discos. The deadlines for submission of
Expressions of Interest (EOIs) are August 7, 2026, for FESCO; August 21, 2026,
for GEPCO; and September 7, 2026, for IESCO.
Sources said the
government would direct Nepra to register the SPV and the pension fund to be
established for carved-out pension liabilities under the Nepra Act,
Registration Regulations 2022, including regulations 3 and 4 and the
application prescribed in Schedule-I, as well as Registration Rules 2023, Rule
3.
The registration would
facilitate relevant recoupment of retirees’ pension liabilities through tariff.
The government would also allow the lease of land, while the Securities and
Exchange Commission of Pakistan (SECP) would be requested to waive the
applicable fee on the authorised share capital for registration of the SPV.
“All relevant entities are to be directed to
take necessary corporate actions to give effect to the restructuring plans,
while relevant federal agencies and authorities will provide necessary
consents, where required, to implement the restructuring plans and file the
Schemes of Arrangements (SoAs),” the sources said.
The three DISCOs being
privatised have also been directed to complete the ongoing classification of
land under their use into core and non-core categories by the end of the
current month.
Sources said FESCO, GEPCO
and IESCO would increase their authorised share capital to Rs100 billion, Rs75
billion and Rs125 billion, respectively, taking the combined authorised share
capital to Rs300 billion. “The SECP will waive the applicable fee on the
increase in authorised share capital of FESCO, GEPCO and IESCO,” the sources
added.
Refineries to sign upgrade
deals within 10 days
Pakistan will sign agreements with refineries within the next seven to 10 days
to advance their long-delayed upgrades, as the government pushes reforms aimed
at strengthening the country’s oil infrastructure and attracting investment in
energy exploration, Petroleum Minister Ali Pervaiz Malik told The News on
Thursday.
“We are going to sign the agreements with the refineries in a week or 10 days,”
he said. The government on Thursday also shared the draft of the refineries’
upgradation agreement with these refineries which is to be signed before end of
this month. Once these refineries are upgraded, will be in a position to refine
all kind of crude.
Meanwhile, in a Pakistan
Energy Conference 2026 here organised by the Petroleum Institute of Pakistan,
the minister stressed that consistent and predictable policies were essential
to attract major investment in Pakistan’s upstream sector, particularly
high-risk offshore oil and gas exploration.
Pakistan has revived
offshore exploration after a gap of two decades, with friendly countries and
local companies including Mari Petroleum, Pakistan Petroleum Limited and Oil
and Gas Development Company Limited participating in the effort, he said.
“If we expect them to
invest over a hundred million dollars for one well, we must provide them
consistency of policy and medium-term visibility,” he said. Malik said
successful explorers should be allowed to retain profits and reinvest them in
infrastructure needed to develop discoveries, calling it essential for
sustainable growth in the sector. “That is the only thing that will enable us
to sustainably make this sector grow,” he added.
He said petroleum must
become an integral part of Pakistan’s medium-term energy policy, while greater
coordination among the petroleum, power and water divisions was needed to
reduce the country’s vulnerability to external shocks.
Malik said the Cabinet
Committee on Energy (CCOE), chaired by Prime Minister Shehbaz Sharif, had been
reactivated and should meet regularly to assess developments across the energy
value chain.
“This is one committee
which needs to convene every two months to have a discussion on understanding
what is happening in the energy value chain,” he said.On the refinery sector,
Malik said the government’s efforts had persuaded refineries to provide some
relief through lower diesel prices amid volatile international markets.
However, he questioned why domestic refineries remained in poor condition and
had failed to upgrade to deep-conversion facilities.
“What we need to really
get the conversation going is why they are in such a dilapidated state and why
have they not been able to upgrade to deep conversion refineries,” he said.He
said the new refinery policy was now in place and agreements with refineries
were being finalized.
On energy-sector reforms,
Malik said the government was working with the World Bank to restructure the
gas sector, separate infrastructure from energy businesses and introduce
greater competition.
He also said circular debt
flows had been kept near zero without increasing consumer tariffs.“Without
increasing a single rupee of consumer tariff … we have still been able to
maintain the flow of circular debt to near zero,” he said. Malik said
deregulation and private-sector participation would remain central to the
government’s energy reforms, adding that the ultimate test would be how future
generations judged today’s decisions.
Upgrade of Pakistan’s
refineries could lead to a further reduction in diesel prices as higher
processing capacity and improved efficiency reduce reliance on imported
petroleum products, Chairperson of the Pakistan Petroleum Dealers Association
(PPDA) Malik Khuda Baksh said.
Baksh said Petroleum
Minister Ali Pervaiz Malik briefed him on Wednesday during his visit to Karachi
on the refinery upgradation programme.According to the minister, upgraded
refineries will be capable of processing both heavier and lighter grades of crude
oil, increasing the country’s refining capacity.
The PPDA chairperson said
the government’s measures to pass on the benefits of lower diesel prices to
consumers were welcome. He said petroleum dealers had also held detailed
discussions with the Ministry of Petroleum, as part of their five-point agenda,
on a mechanism to reduce petroleum product prices through refinery operations.
Baksh said the ministry
has taken up the issue raised by the dealers, resulting in a reduction in
diesel prices. Further refinery upgrades, he added, could create greater scope
for reducing the prices of diesel and other petroleum products.
He said improving the
capacity and efficiency of domestic refineries will increase petroleum product
output and reduce dependence on imported crude oil and finished petroleum
products. The benefits of these improvements, he added, should be passed on to
consumers.
The PPDA chairperson
called on the government to expedite the refinery upgradation process so that
domestic production could be increased in line with demand and further
reductions in petroleum product prices could be considered.
Pakistan scrambles to
secure Qatar LNG cargo by August 25-26 as spot prices surge
Pakistan has intensified efforts to secure another LNG cargo from Qatar by
August 25-26, as authorities seek to avoid purchasing expensive spot LNG amid a
sharp increase in international prices that has pushed the cost of spot cargoes
to around $21.22 per MMBtu.
Officials familiar with the developments said the government is exploring all
available diplomatic and commercial channels to arrange the additional LNG
cargo amid the heightened security situation in the Strait of Hormuz. Given the
prevailing market conditions, procuring LNG through the spot market can place a
significant additional burden on the country’s energy sector and further drive
up power-generation costs. The landed cost of a spot LNG cargo in Pakistan is
currently estimated at around $22.30-$23 per MMBtu.
The authorities are
particularly reluctant to procure another spot cargo through the normal bidding
process because of the steep prices prevailing in the international LNG market.
Instead, efforts are focused on arranging supplies from Qatar, while
consultations are also continuing with relevant regional and international
stakeholders to facilitate the safe movement and arrival of LNG cargoes.
At present, both the PGPC
and Engro LNG terminals are operating at approximately 130 mmcfd each,
providing a combined gas supply of around 260 mmcfd to the national
system.Officials said the berthing schedule of the next LNG carrier at the
relevant terminal is expected to be finalised after August 25-26, indicating
that the timing of the next cargo remains a key issue for the country’s gas and
power supply planning.
The government is under
pressure to maintain adequate LNG availability as RLNG remains an important
component of the fuel mix for power generation, particularly when domestic gas
supplies and other generation sources are insufficient to meet demand.
Sources said Pakistani
authorities, particularly the National Coordination and Monitoring Committee
(NCMC), are in contact with Qatar, Iran and the United States regarding
arrangements connected with the safe passage and delivery of LNG cargoes.
The discussions assume
added importance because LNG shipments and regional shipping routes are
operating against a complicated geopolitical backdrop. Pakistan is seeking to
ensure that LNG supplies reach the country without disruption so that the
energy requirements of the power sector and other consumers can be met.
Officials believe that
securing a Qatar cargo will help Pakistan avoid, or at least reduce, its
dependence on the increasingly expensive spot LNG market.The government’s
concern over spot LNG prices is also linked directly to their impact on
electricity-generation costs.
Officials acknowledge that
the expensive LNG cargoes imported during June and July have already
contributed to a significant increase in the cost of RLNG-based electricity
generation. In July, the average cost of electricity generated from RLNG rose
to approximately Rs47.38 per unit, compared with around Rs35.5 per unit in
June.
According to the latest
generation data, Pakistan's power system generated 1,629 GWh of electricity
from RLNG in July, representing 10.78 percent of total electricity
generation.The cost of this RLNG-based generation amounted to Rs77.198 billion,
resulting in an average generation cost of approximately Rs47.38 per unit.
The sharp increase in RLNG
generation costs coincided with the arrival of several expensive spot LNG
cargoes.According to available data, the LNG cargo delivered on July 27 was
imported at approximately $21.88 per MMBtu. Another cargo delivered on July
21-22 was priced at $20.6999 per MMBtu, while a third cargo delivered on July
15-16 cost approximately $18.2345 per MMBtu.
Pakistan generated a total
of 14,501 GWh of electricity during July, for which the overall generation cost
was approximately Rs139.37 billion.RLNG contributed only 1,629 GWh, or 10.78
percent, of that generation. However, RLNG-based generation alone accounted for
Rs77.198 billion in expenditure.
With both LNG terminals
currently supplying around 260 mmcfd to the system, any disruption or delay in
the arrival of the next cargo could place additional pressure on gas allocation
and power generation.
SBP forex reserves rise by
$25m to $17.08bn as of August 13
Pakistan’s central bank foreign exchange reserves increased by $25 million to
$17.081 billion during the week ended August 13, the State Bank of Pakistan
(SBP) reported on Thursday.
The country’s total liquid
foreign reserves rose by $8 million to $22.506 billion. However, the reserves
of commercial banks fell by $17 million to $5.424 billion. The increase in
remittances and a low current account deficit are contributing to the
improvement in the country’s foreign exchange reserves. The SBP’s reserves are expected
to exceed $21 billion this fiscal year.
The current account
deficit decreased to $328 million in July, falling 60 per cent from the
previous month and 38 per cent from a year earlier. Analysts said the
sequential improvement in the current account from June was positive. However,
the headline deficit showed that the external account was facing fresh pressure
as domestic demand picked up.
The central bank projects
the current account deficit to remain within 0-1 per cent of GDP in FY27.
Remittances from Pakistanis working abroad exceeded $41 billion in FY26 and are
expected to reach $44 billion in FY27, according to the SBP.
Sindh seeks priority gas
supply for industries
Sindh Minister for Industries and Commerce Jam Ikramullah Dharejo has said the
province, as the country’s largest gas-producing region, should receive
priority in the supply of gas to its industries, stressing that uninterrupted
gas and electricity supplies are essential for industrial and economic development.
Speaking at a meeting with
representatives of the industrial community organised by the Korangi
Association of Trade and Industry (KATI), Dharejo said the provincial
government is taking measures to promote industrial activity, improve the
investment climate and address the problems faced by businesses.
He said the government is
acting on the directives of Pakistan Peoples Party Chairman Bilawal Bhutto
Zardari and under the leadership of Sindh Chief Minister Syed Murad Ali
Shah.Secretary Industries and Commerce Shadia Jaffer, KATI President Muhammad
Akram Rajput, Chairman of the Standing Committee on Exports, Trade and Commerce
Masood Naqvi, members of the executive committee and other industrialists
attended the meeting.
Dharejo said the Sindh
government is taking steps to address the concerns of industrialists and
improve the business environment. The One-Window Operation will be made fully
functional to facilitate businesses and reduce the need to visit different
government departments for various matters, he said.
He said unnecessary
government intervention in industrial zones will be minimised, while facilities
would be improved to support business activity. He added that establishing new
industrial zones is necessary to expand Sindh’s industrial base.
The government will also
consider entrusting ownership and administrative responsibilities for new
industrial zones to representative organisations of industrialists, he
said.Dharejo said improving infrastructure in existing industrial zones is also
a priority. He said it has been proposed that development funds be provided to
representative organisations of industrial zones so they could use the funds
transparently and efficiently according to their needs and priorities.
said the government will
also take steps to provide land at reasonable prices to industrialists seeking
to establish businesses in new industrial zones. This, he said, will help
attract investment, create employment and strengthen Sindh’s economy.
The provincial minister
said the government will continue to pursue policies and initiatives in
industry, trade and investment aimed at facilitating businesses, promoting
investment and creating employment opportunities for young people.
MNCs repatriate $261m in
July
Multinational companies operating in Pakistan repatriated $261.4 million in
profits and dividends to their overseas headquarters in July, up 73 per cent
from the previous month but down 11 per cent from a year earlier, the central
bank data showed on Thursday. Analysts said the month-on-month (MoM) rise in
the profit and dividend payments to foreign investors reflects June’s unusually
light month rather than any real pickup.“Encouragingly, the flow is now steady
and orderly, which matters more than the level itself: companies are getting
their money out on time, and that predictability is exactly what new investors
look for before committing fresh capital,” said Saad Hanif, head of research at
Ismail Iqbal Securities.
Almost all of it is direct
investment at $255 million, with portfolio outflows tiny at $6.3 million, so
the PSX rally is not leaking dollars out of the system,” Hanif said.“[The]
power [sector] at $73.1 million, mostly coal IPPs, and banks at $61.9 million
make up about half the total, both mature businesses generating real returns,”
he added.
In terms of profit and
dividend repatriations by country, Chinese investors repatriated $114.1 million
to the mainland in July FY27, up from $88.8 million in the same month last
year. Companies from the United Kingdom sent $47.2 million back to their
headquarters, compared with $76.6 million last year.
July’s numbers underscore
improved corporate profitability and a normalised external account following
years of dollar rationing. The rise in foreign exchange reserves, robust
remittances, and support from the International Monetary Fund loan programme
prompted the State Bank of Pakistan to allow capital outflows. The SBP had previously
imposed strict restrictions on dollar outflows during the fiscal year 2023 and
the first half of fiscal year 2024.
Govt hints at Imran’s
medical treatment abroad
The government in the Senate on Thursday hinted at sending the PTI founder
chairman Imran Khan abroad for medical treatment, if needed.
However, it was also explained that the Supreme Court had been moved only to
seek clarification on whether the relief in the apex court’s recent order was
limited to one individual or applicable to other prisoners too.
Federal Minister for
Parliamentary Affairs Dr Tariq Fazal Chaudhry made the statement when Leader of
the Opposition Allama Raja Nasir Abbas raised the matter of inadequate health
facilities for detained PTI leaders, including Dr Yasmin Rashid and Senator
Ejaz Chaudhry, and also sought relief for all political prisoners.
Tariq Fazal Chaudhry
pointed out that under the law, the convicted prisoners with health issues were
shifted to a government hospital. Reacting to this argument, PTI lawmaker
Mohsin Aziz remarked, “It is nice to know that the government has acquired a
hospital in the United Kingdom.” The minister emphasised that the government
would ensure Imran’s medical treatment in a government hospital, or in another
hospital, if needed. Then, he went on to say that if the need arose to send him
abroad, the government will do that as well.
“We have only approached
the Supreme Court for guidance to know whether this facility is for one person
or for other prisoners too.” The minister reiterated that the government would
implement the court’s decision “in letter and spirit” — a statement he had made
in the Senate on the day of issuance of the SC order.
On a point of public
importance, Allama Nasir claimed that the system had collapsed, and it was the
government’s responsibility to provide health facilities to prisoners. He also
strongly spoke for Dr Yasmin Rashid, 76, who is in Kot Lakhpat Jail in
terrorism cases despite being a cancer and asthma patient. He noted, “Dr Yasmin
Rashid cannot even walk 15 to 20 steps, as she suffers from spinal problems and
is not being provided with health facilities.”
Allama Nasir Abbas urged
the government to shift Dr Yasmin Rashid to a hospital or to a house arrest. He
referred to the case of PTI Senator Ejaz Chaudhry and said he was suffering
from heart and kidney ailments. He remarked, “Politicians and parliamentarians
have been branded terrorists; politics should not be made a crime.” He again
urged the government to view Dr Rashid’s treatment from a humanitarian
perspective.
Allama Nasir Abbas pointed
out that improvement had started following the Supreme Court’s recent verdict
and called for its implementation. Tariq Fazal acknowledged both Dr Yasmin
Rashid and Senator Ejaz Chaudhry were respectable for the government; however,
Dr Rashid was present at the site when attacks took place on May 9. “GHQ and
the corps commander house were attacked and sentences in the case had been
handed down by courts, not by the prime minister. Therefore, relief has to be
given by the courts,” he maintained. He also assured the House that the
government would speak to the Punjab government regarding Dr Rashid’s health
and would brief the leader of the opposition on the matter.
However, his remarks about
Dr Yasmin Rashid did not go down well with the opposition senators and the
opposition leader said it was an allegation and slander that Dr Yasmin Rashid
was involved in the attack on the corps commander house.
The Senate adopted the
Defence Forces of Pakistan Amendment Bill and the National Command Authority
Amendment Bill amid a strong protest by the opposition legislators. The bills
were moved in the House as supplementary agenda by Minister of Defence Khawaja
Asif, as they were not part of the orders of the day. However, the opposition
lawmakers vehemently opposed the introduction of bills without following the
laid-down procedure and not being referred to the House standing committee
concerned for deliberations and report.
Allama Raja Nasir Abbas
rose to object to the manner in which the bills were introduced and questioned
the urgency behind the proposed legislation, wondering what the emergency was.
He urged the chair to give lawmakers time to read the draft and when this was
not done, he announced that the opposition would boycott the proceedings in
protest. Allama Nasir was joined by the PTI and JUIF legislators in the
walkout, regretting that the bills were brought in the House out of the blue
and wondered as to what was the urgency in doing so. Awami National Party (ANP)
President Aimal Wali Khan was of the firm view that the bills should be sent to
the standing committee for discussion and report. Law Minister Azam Nazeer
Tarar defended the government’s move, saying parliamentary rules allowed the
introduction of supplementary legislation. He said the piece of legislation had
already been passed by the National Assembly after the members had gone through
it. The Senate will now meet again on Friday morning (today).
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