Business

FAISALABAD — The Faisalabad Chamber of Commerce & Industry (FCCI) has praised the government for reducing petroleum prices. FCCI President Farooq Yousaf Sheikh described the decision as timely and beneficial for industry, trade, and the public. Impact on Business Costs This reduction will lower operational costs for businesses, according to Sheikh. It aims to reduce financial pressures on companies and improve profitability. Consumers are also expected to benefit as the savings are passed on by businesses. Economic Benefits The price cut has been positively received across multiple sectors. Stakeholders predict a favorable economic impact on both local and national scales. This decision is expected to boost trade and industry by cutting production expenses and increasing revenue opportunities.

ISLAMABAD — Pakistan and the Asian Development Bank (ADB) have signed a $700 million policy-based loan agreement aimed at reforming Pakistan’s insurance sector. Insurance Transformation Program Details This loan, part of the Insurance Transformation Program Sub-Program 1, includes $250 million on concessional terms, highlighting ADB’s commitment to Pakistan. Concessional Loan Terms The concessional terms are designed to ease Pakistan’s financial burden and effectively support reform initiatives. Asian Development Bank’s Support Muhammad Humair Karim Kidwai, Secretary of the Economic Affairs Division, thanked ADB for its ongoing support, recognizing ADB as a crucial development partner for Pakistan. Goals of the Insurance Reforms The reforms focus on enhancing the regulatory environment in the insurance industry. These efforts aim to boost growth and ensure financial stability within Pakistan’s economy. Impact on Pakistan’s Economy Enhancement of regulatory frameworks Promotion of economic growth Strengthening of financial stability This agreement marks an important step toward achieving sustained economic development in Pakistan.

ISLAMABAD — Members of the National Assembly are pushing for the integration of Senate proposals into the Finance Bill. These proposals are designed to effectively combat inflation and provide public relief. Call for Finance Bill Amendments Lawmakers, during a recent budget debate, stressed the urgent need for action. The Senate’s recommendations are viewed as crucial steps in easing the economic burdens faced by citizens. Importance of Senate Proposals Legislators highlighted that embracing these proposals could significantly alleviate financial pressures on households. This method is essential amidst the growing economic challenges. Ongoing Government Efforts Current discussions highlight the government’s persistent efforts to tackle rising inflation. The debate underscores the critical need to amend the Finance Bill, ensuring it aligns with national economic priorities.

ISLAMABAD — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has established its Central Standing Committee-2026 on Import, Export, and Investment. The committee aims to develop a strategic roadmap to boost trade and investment in Pakistan. This initiative is designed to enhance the country’s economic landscape through targeted measures. Trade and Investment Opportunities The committee explored various ways to enhance import and export activities. A major focus was on attracting more foreign direct investment. Discussions emphasized creating a favorable environment that fosters economic growth and sustainability. Commitment to Strategic Implementation FPCCI officials committed to executing the strategies developed. Key areas of focus include implementing policy reforms and facilitating new trade agreements. These efforts are essential for improving Pakistan’s position in the global market.

KARACHI — The National Bank of Pakistan (NBP) has issued the most recent currency exchange rates, detailing the buying and selling prices for key foreign currencies. USD and British Pound Exchange Rates The US dollar is available for sale at Rs280.04. The purchase rate stands at Rs277.04. The British pound is priced at Rs372.86 for selling, while the buying rate is Rs368.46. Euro and Japanese Yen Exchange Rates The euro’s selling price is Rs322.65, with a buying price of Rs318.85. The Japanese yen is available at Rs1.7440 for selling, and Rs1.7234 for purchasing. UAE Dirham and Saudi Riyal Exchange Rates The UAE dirham can be sold for Rs74.62, with a purchase price of Rs73.74. The Saudi riyal’s selling rate is Rs76.25, while the buying rate is Rs75.35.

ISLAMABAD — On Friday, energy experts, economists, and climate policy specialists convened to advocate for comprehensive reforms in Pakistan’s energy sector. They stressed the need to prioritize grid modernization, energy storage improvements, and governance reforms in upcoming budget plans. Key Reform Areas During the post-budget dialogue, participants highlighted transport electrification as crucial. They called for climate finance safeguards to ensure resources are allocated strategically and efficiently. Engagement with Civil Society The event brought together civil society representatives focused on crucial areas in Pakistan’s energy policy. This extensive discussion aimed to trigger the essential changes needed in the sector. Enhancing Energy Efficiency The gathering emphasized implementing recommendations to significantly boost the efficiency and sustainability of the energy sector. As future fiscal policies are developed, addressing climate change challenges remains a priority. These reforms are vital for advancing Pakistan’s energy landscape.

HYDERABAD — Shaheed Allah Buksh (SABS) University of Art, Design, and Heritages in Jamshoro has unveiled a significant budget of Rs715 million for the financial year 2026-27. This announcement was made during the university’s ninth Finance and Planning Committee meeting on Friday. Budget Presentation Overview Director Finance Imran Noor presented detailed budget estimates during the meeting. He highlighted the key aspects of the university’s financial plans and outlined specific expenditure strategies to the committee members present. Strategic Fund Allocation Discussions during the meeting centered on strategically allocating funds to support ongoing programs and future initiatives. The plan includes substantial investments aimed at enhancing the university’s infrastructure and services. Commitment to Educational Growth The considerable budget underscores SABS University’s dedication to fostering educational growth. By upgrading its infrastructure, the university aims to better serve its academic community while maintaining its commitment to quality education.

PESHAWAR — Sikandar Hayat Khan Sherpao, the Provincial Chairman of the Qaumi Watan Party (QWP), criticized the Pakistan Tehreek-e-Insaf (PTI) government. He claimed the administration lacks concrete plans for the development of Khyber Pakhtunkhwa. His statement was issued from Watan Kor on Friday. Concerns Over Economic Strategy Sherpao expressed concerns about the government’s economic strategy, highlighting a projected budget deficit of Rs48 billion. This substantial fiscal gap, he argues, raises doubts about the development prospects for Khyber Pakhtunkhwa under the current leadership. Challenges in Resource Allocation The QWP leader’s remarks underscore ongoing concerns about resource allocation across the region. Developmental priorities remain a significant issue as Khyber Pakhtunkhwa confronts various socioeconomic challenges.

PESHAWAR — Khyber Pakhtunkhwa Chief Minister Sohail Afridi announced the province’s plan to address a Rs 48 billion budget shortfall by leveraging savings, thus avoiding new taxes. The announcement was made during the 2026-27 financial year budget presentation titled “Khushal Khyber Pakhtunkhwa,” delivered to the Provincial Assembly on Friday. Commitment to Fiscal Discipline Chief Minister Afridi highlighted the government’s commitment to tackling the fiscal deficit through careful financial management. By refraining from implementing additional taxes, the government aims to maintain economic stability across the province. Focus on Economic Growth The strategy prioritizes stimulating economic growth and development within the region. The government’s approach underscores its dedication to sustainable and responsible fiscal practices, which are vital for ensuring long-term prosperity. Strategic Resource Allocation The proposed budget details a strategic resource allocation plan to boost economic prosperity in Khyber Pakhtunkhwa. It guarantees that resource management is fully aligned with the province’s broader growth goals.

ISLAMABAD — On Friday, the Pakistan Stock Exchange (PSX) experienced a significant decline. The benchmark KSE-100 Index dropped by 2,475.46 points, a 1.36 percent decrease. This led the index to close at 178,922.76 points, down from the previous day’s 181,398.22 points. Bearish Trend Observed A notable bearish trend was evident throughout the trading session. Traders reported a substantial trading volume, with 1.050 billion shares exchanged in the ready market. This high level of activity highlighted the prevailing market dynamics. Impact on Investor Sentiment The decline underscores ongoing market uncertainty that affects investor sentiment. The drop in the index reflects increased caution among investors who are navigating ongoing economic challenges. Critical Role of PSX Performance PSX performance plays a critical role in market stability and investor confidence. Its impact on the broader economic environment highlights the need for continuous monitoring.