Pakistan

KARACHI – Global trading firm Vitol and Pakistan’s largest oil refiner, Cnergyico, have successfully delivered the country’s biggest single shipment of Very Low Sulphur Fuel Oil (VLSFO) for ship refuelling. This milestone delivery signals a major step forward for Pakistan’s maritime capabilities and environmental compliance in the global shipping industry. The 6,800 metric ton shipment of IMO-compliant VLSFO was produced by Cnergyico from its first large-scale batch, which was refined using the company’s inaugural cargoes of U.S. crude oil imported in August and September. Vitol delivered the fuel to a vessel operated by shipping major MSC at Port Qasim, utilizing the Singapore-flagged bunker barge Marine Ista. Importantly, this operation marked the first time a bunker barge loaded fuel directly from the Karachi Port Trust’s Oil Pier, circumventing the less efficient method of truck deliveries. “This latest initiative enhances Pakistan’s capacity to serve the global shipping industry with sustainable fuel solutions,” said Aumar Abbassciy, Director at Cnergyico Pk Limited. The local supply of VLSFO will now allow large vessels refuelling in Pakistan to sail longer east-to-west routes without necessitating stops elsewhere. Vitol has confirmed that new bunkering locations will include Karachi Port, Port Qasim, and Karachi Anchorage, with Cnergyico committed to continuous VLSFO supply.

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has imposed a hefty collective fine of Rupees Fifty-seven Million Five Hundred Thousand (Rs. 57,500,000) on three major Electric Supply Companies (DISCOs) for their failure to prevent multiple fatal accidents during the Fiscal Year 2023-2024. In orders issued on November 17, 2025, under Section 27B of the NEPRA Act, the authority held Lahore Electric Supply Company (LESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO) responsible for a total of twenty-one fatal accidents. These incidents tragically resulted in the loss of lives of employees, contractors, and members of the public. LESCO received the largest fine, a penalty of Rs. 30,000,000, after being held responsible for all twelve fatal accidents reported in its service territory. GEPCO was fined Rs. 17,500,000 for its responsibility in seven accidents, and FESCO was ordered to pay Rs. 10,000,000 for two fatal accidents. The investigations consistently pointed to severe deficiencies in safety governance and operational oversight. Common root causes across the companies included a “Failure to obtain Permit to Work (PTW),” “Failure to use Personal Protective Equipment (PPE),” “Lack of Planning,” and “Inadequate/Lack of Supervision”. NEPRA criticized LESCO’s defense, calling the attempt to blame “individual actions alone… a blatant abdication of its legal and managerial responsibilities”.

KARACHI: Pakistan’s external sector has come under fresh pressure as the trade deficit in goods and services surged 17% to $11.26 billion during the first four months (July-October) of FY26, reversing the gains achieved last fiscal year, according to State Bank of Pakistan (SBP) data released on Monday.The widening gap is primarily driven by a 9.6% jump in goods imports to $20.72bn and a paltry 2% increase in goods exports to $10.63bn. Services exports offered some cushion, rising to $3.03bn (up from $2.62bn), largely on the back of IT exports that climbed to $1.44bn. However, services imports also rose to $4.20bn, limiting the net benefit.October proved particularly challenging: the current account posted a $733m deficit — the highest monthly shortfall in FY26 — against just $206m in October FY25. Goods imports in the month alone touched $5.27bn, while exports slipped to $2.75bn from $3bn a year earlier.Remittances continued to act as the economy’s lifeline, growing 9.3% to $12.96bn, but failed to fully offset the deteriorating trade balance. The primary income deficit — reflecting profit repatriation and debt servicing — remained stubbornly high at $3.09bn.Although foreign direct investment fell to $748m from $1.01bn and portfolio outflows hit $537m in October, the SBP managed to lift gross reserves to $14.64bn by end-October. Analysts warn that scheduled debt repayments and sustained import momentum could quickly erode this buffer if export competitiveness is not urgently addressed.

KARACHI: PIA is expanding its Cargo Business and aims to provide efficient and competitive cargo services to its customers. A Cargo Interline Special agreement was signed between PIA and Biman Bangladesh airlines. The Cargo Agreement ill be effective from December 1, 2025. This agreement will augment trade and also streamline air cargo movement between Pakistan and Bangladesh. The partnership will also facilitate in minimizing logistical complexities in transporting commodities such as textiles, pharmaceuticals, and agricultural products. The airline will utilize key Saudi Arabian hubs that are Jeddah, Madinah, and Riyadh, as transit gateways, establishing a strategic corridor for regional trade.

Lahore: The Punjab Home Department has immediately suspended revalidation and computerisation of manual arms licences provincewide, withdrawing its February 25 directive that offered a final digitisation window. A new circular to commissioners and judicial officials orders halting new applications, cancelling prior instructions, and compiling reports on applications received, booklets verified, and licences declared genuine or fake since February.The move clears the path for a sweeping de-weaponisation campaign targeting illicit arms. Launched under the Punjab Surrender of Illegal Arms Act 2025, a 15-day amnesty ended recently; post-amnesty, illegal possession carries up to 14 years imprisonment and Rs1–3 million fines. Districts must now submit seized-weapons data. Begun in 2016 via NADRA, the digitisation drive aimed to curb forgery but faced delays. Unverified manual licences risk permanent invalidation, leaving pending applicants in limbo. The government vows lasting peace through weapon eradication.

Islamabad: The Finance Division has rejected the Power Division’s request for PSDP allocations in FY 2025-26 to reduce power sector loans, citing constrained fiscal space. During a recent ECC meeting, the Power Division sought non-cash adjustments but was advised to re-submit after consultations with the Economic Affairs Division and Ministry of Planning. The ECC directed routing energy-related issues through the Cabinet Committee on Energy for better coordination.In a major relief move, the ECC approved MoUs with nuclear power plants (NPPs) and three government-owned plants (Haveli Bahadur Shah, Balloki, Quaid-e-Azam), waiving late payment interest (LPI) claims up to December 31, 2024. PAEC and GPPs relinquished all LPI rights; from January 1, 2025, delayed payments will carry 3-month Kibor + 1%.CPPA-G cleared Rs614.92 billion to GPPs, with Rs140 billion outstanding as of July 31, 2025. It is authorized to retire PHL’s Rs683.25 billion debt using circular debt financing. Revised LPI waiver for GPPs stands at Rs116.83 billion (up from Rs87.58 billion). CPPA-G will settle Rs23.6 billion PHL loans and waive Rs114.15 billion LPI. NEPRA petitions by PAEC are approved for tariff rationalization.

Islamabad: Pakistan foiled an attempt to import 23 metric tonnes of Afghan-origin fresh fruits through Iran’s Taftan border on November 8, exploiting the Early Harvest Programme amid suspended bilateral trade. Customs rejected the consignment—backed by Afghan invoices, phytosanitary certificates, and export declarations—ruling the reciprocal programme inapplicable due to closed borders.Over 5,500 Afghanistan-bound containers remain stranded in Pakistan, including 4,650 at ports and 729 at Chaman, 142 at Torkham. Border closures following skirmishes halted processing under the Afghanistan Transit Trade Agreement to prevent congestion, underscoring Kabul’s reliance on Pakistan’s shorter, cheaper routes (150-300 km vs. 1,200 km via Iran).To shield Central Asian trade, Pakistan approved Uzbekistan’s airlift of five urgent cargoes and rerouting 29 containers through China under international conventions. Afghan exporters face spoilage risks and 30-50% higher costs via Iran or Chabahar, compounded by US sanctions. Last year, Pakistan exported $1.1 billion to Afghanistan against $600 million imports. Weekly inflation eased 0.6% (PBS), with tomatoes down 38%, onions 5%, and garlic 3.3%, as markets adjusted to reduced Afghan perishables.

Islamabad: In a major facilitation for Hajj 2026 aspirants, the Ministry of Religious Affairs and Interfaith Harmony has announced that all designated bank branches handling Hajj operations will remain open on Saturday, November 15, 2025, from 9:00 a.m. to 2:30 p.m. This special arrangement allows intending pilgrims to deposit the second installment of Hajj dues without weekday constraints.The decision follows a formal request by the ministry to ensure smooth and timely payments amid tight deadlines. Thousands of selected applicants are required to complete their financial obligations to secure confirmed seats for the annual pilgrimage. Banks have been directed to activate dedicated counters and extend working hours exclusively for Hajj-related transactions. Pilgrims are advised to bring original CNICs, Hajj application forms, and payment slips. The ministry urged applicants to avoid last-minute rushes and utilize the extended window to prevent any disqualification due to delayed payments.

Islamabad: Justice Aminuddin Khan took oath Friday as the first Chief Justice of the newly created Federal Constitutional Court, a landmark step in Pakistan’s judicial evolution. President Asif Ali Zardari administered the oath during a dignified ceremony at Aiwan-e-Sadr.Attendees included Prime Minister Shehbaz Sharif, Field Marshal Asim Munir, Air Force and Navy chiefs, Chief Justice Yahya Afridi, National Assembly Speaker Ayaz Sadiq, Senate Chairman Yousaf Raza Gilani, federal ministers, lawmakers, and PPP Chairman Bilawal Bhutto-Zardari, alongside senior judges and dignitaries.Established under Article 175B via the 27th Amendment—passed by the Senate and signed by the President a day earlier—the court aims to strengthen constitutional governance. President Zardari stressed the judiciary’s vital role in national stability, while PM Shehbaz vowed to safeguard judicial independence and constitutional supremacy. What the new Court means The FCC has been created under the recently passed 27th Constitutional Amendment, which introduces major changes to the judicial framework of Pakistan. The new court is designed to deliver constitutional interpretation and tackle federal-provincial disputes, transferring many of those responsibilities from the Supreme Court of Pakistan. Background to the appointment Before this elevation, Justice Aminuddin Khan served at the Supreme Court and previously at the Lahore High Court. His appointment comes amid substantial reform of the judiciary—some senior judges of the former apex court have resigned in protest over the restructuring. Key details Why it matters The installment of a dedicated constitutional court and its inaugural chief justice marks a new chapter for Pakistan’s legal system. It signals institutional overhaul and attempts to streamline how constitutional cases and disputes among provinces and the federal government are managed. With Justice Aminuddin at the helm, attention will now shift to how the FCC operates operationally and its impact on judicial independence.

Karachi The State Bank of Pakistan (SBP) reported a modest uptick in its foreign exchange reserves, rising $22 million to $14.52 billion for the week ending November 7, 2025, signaling tentative stabilization in the nation’s volatile financial landscape. Total liquid foreign reserves across the country climbed to $19.72 billion, with commercial banks contributing $5.20 billion to the pool, according to Thursday’s central bank data.“SBP’s FX reserves increased by US$22 million to US$14,524.6 million,” the SBP stated, marking a slight rebound from the prior week’s $14.50 billion level. This incremental gain comes against a backdrop of aggressive IMF-backed reforms, including subsidy cuts and revenue drives, aimed at bolstering depleted coffers strained by debt repayments and import pressures.Economists view the uptick as a fragile positive, potentially easing rupee volatility and supporting import cover for essentials like oil and wheat. However, with external debt servicing looming at $28 billion annually, experts caution that sustained inflows from remittances—hovering at $30 billion yearly—and export growth are vital.