Meta to assist advance digitalisation
Pakistan and an international technology company have explored the potential of advancing digitalisation, promoting the role of artificial intelligence (AI) and enhancing cooperation in public sector innovation and capacity building. Federal Minister for IT and Telecommunication Shaza Fatima Khawaja held a meeting on Thursday with a high-level delegation from Meta, led by Sarim Aziz, Director of South and Central Asia Public Policy. The minister highlighted the government’s strong commitment to the Digital Pakistan vision, noting that Prime Minister Shehbaz Sharif chairs a weekly review meeting on national transition towards a cashless economy.
PSDP spending revised to PKR 1.05tr
Planning Minister Ahsan Iqbal announced on Thursday that actual federal development spending surged to a record Rs1.05 trillion in the last fiscal year due to booking more external development loans and eleventh-hour releases by budget controllers. The development marked an anticlimax for the planning ministry’s efforts to fully utilise the revised allocation of Rs1.1 trillion and the finance ministry’s tactics to slow fund releases, including partially shutting down systems by the Accountant General of Pakistan Revenue (AGPR).
Government raises PKR 1.62 trillion via T-bill, bond auctions
The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10-year Pakistan Investment Bonds Floating Rate (PFL). The MTB auction reflected strong investor appetite across all four tenors. The SBP accepted bids worth Rs214.28 billion for one-month papers at a cut-off yield of 11.24 percent, Rs474.70 billion for three-month papers at 10.9977 percent, Rs180.52 billion for six-month bills at 10.8976 percent and Rs543.88 billion for 12-month bills at 10.80 percent.
A nationwide strike against Section 37AA: LCCI
The Lahore Chamber of Commerce and Industry (LCCI) has announced a nationwide strike on July 19 against Section 37AA of the Income Tax Ordinance, punitive taxes on bank transactions and Punjab’s proposed labour policy deemed hostile to businesses. Other chambers of commerce of the country, including the Karachi Chamber of Commerce, have assured their full support to the LCCI.
The announcement was made at a press conference at the Lahore Chamber. Representatives of trade and industrial associations were also present on the occasion. LCCI President Mian Abuzar Shad warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence.
DISCOs cause PKR 591b losses: Leghari
Federal Minister for Energy Awais Ahmad Khan Leghari said on Thursday that power distribution companies (DISCOs) were responsible for electricity theft worth Rs591 billion. During fiscal year 2023-24, 10 government-run DISCOs placed a burden of Rs591 billion on the country and taxpayers. “We have successfully reduced power theft from Rs591 billion to Rs399 billion,” Leghari said. He said that the Power Division had made significant progress in introducing reforms that resulted in improvement in the power sector, under the directives of Prime Minister Shehbaz Sharif.
Foreign currency reserves hit $20billion
Pakistan’s total liquid foreign exchange reserves rose to $20.03 billion as of July 4, 2025, a 39-month high, according to data released by the State Bank of Pakistan (SBP) on Thursday. The increase was driven by a significant boost to the central bank holdings. The SBP’s foreign reserves surged $1.77 billion during the week, reaching $14.50 billion, primarily due to official inflows. Meanwhile, commercial banks’ net reserves stood at $5.53 billion. “SBP’s reserves rose to $14.5 billion in June 2025 – a 39-month high,” said Arif Habib Limited (AHL). After reaching the peak of $15 billion in March 2022, the reserves experienced a considerable decline, hitting the low of $2.9 billion in January 2023 amidst a period of economic uncertainty and balance of payments challenges, according to data compiled by AHL.
For small cars, auto sector rebounds on demand
Pakistan’s automobile industry staged a remarkable recovery in financial year 2024-25, with total passenger car sales reaching 148,023 units, up 43 percent year-on-year (YoY) from 103,829 units in FY24, marking the first significant rebound after years of suppressed volumes. The recovery was fueled by improved macroeconomic conditions, reduced interest rates and the launch of new models that revived consumer confidence, according to data released by the Pakistan Automotive Manufacturers Association (PAMA).
Large population deters development
Minister for Finance Muhammad Aurangzeb on Thursday called for national focus on climate change and population management, describing them as the two most critical challenges facing Pakistan’s path to sustainable development. Speaking at a function held on the World Population Day, the minister said, “Our government, under the leadership of Prime Minister Shehbaz Sharif, is undertaking structural reforms across taxation, energy, state-owned enterprises (SOEs) and privatisation”.
Government to continue to consult businessmen
Federal Minister for Finance Muhammad Aurangzeb on Wednesday reaffirmed the government’s commitment to maintaining an inclusive and ongoing consultative process with key stakeholders in the business community. While meeting a Pakistan Business Council (PBC) delegation, led by its outgoing Chief Executive Officer (CEO) Ehsan Malik and the incoming CEO Javed Kureish, the minister appreciated the council and particularly acknowledged the value of its policy input, research and the extensive sector-specific data regularly shared with the government. According to a press release issued by the Finance Division, the minister welcomed the transition in PBC leadership and extended his full support to the incoming team.