Business
The ADB will allocate $1 billion for the revitalization of the Karachi Circular Railway.
The Asian Development Bank has indicated its willingness to contribute up to $1 billion in the revitalization and modernization of the Karachi Circular Railway, a significant urban transit initiative.
The development was addressed in a meeting between Sindh Chief Secretary Asif Haider Shah and an ADB delegation headed by Deputy Country Director Hussain Haider.
Officials evaluated proposals to enhance Sindh’s transportation sector, encompassing the establishment of integrated urban transit networks in key cities like Hyderabad, Sukkur, and Larkana.
Officials indicate that ADB’s assistance will concentrate on two primary domains: the development of contemporary urban transportation systems in major cities of Sindh and the restoration and enhancement of the Karachi Circular Railway.
The chief secretary stated that the restoration of KCR is essential for tackling Karachi’s escalating traffic issues, noting that the project would alleviate congestion and enhance connectivity throughout the city.
Representatives of the ADB reiterated their dedication to promoting sustainable transportation projects and urban mobility solutions within the province.
Petroleum Minister Ali Pervaiz Malik said the government would analyse international price indicators for fuel and diesel this week to gauge possible assistance for consumers.
The administration is not favouring any particular sector and is not putting any unnecessary strain on any segment, the minister stated on X (previously Twitter).
The minister said the government will continue to operate within the confines of its international commitments and pass on greatest possible advantage to consumers.
Prime Minister Shehbaz Sharif has so far lowered the rates of fuel by Rs200 per litre and petrol by Rs155 per litre, Ali Pervaiz Malik remarked.
International pricing indications for petrol and diesel will be studied over the week before any further decision is taken, he said.
Officially enacting the federal budget for the fiscal year 2026-27, President Asif Ali Zardari gave his constitutional assent to the Finance Bill 2026 on Friday. This allowed the bill to become law.
The budget for the upcoming fiscal year, which will go into effect on July 1, 2026, is formalised with the assent of the president, as stipulated by Article 75 of the Constitution.
On the 12th of June, 2026, the Federal Minister for Finance and Revenue, Muhammad Aurangzeb, delivered a presentation to the National Assembly in that capacity.
By rejecting all of the modifications that were proposed by the opposition, the House of Representatives was able to pass the Finance Bill 2026 on June 23, following the debate that took place.
Pakistan for the first time sees record high imports of heavy vehicles; buses, trucks surge during current fiscal year
Imports of buses and trucks hit $262.4 million in the first 11 months of fiscal year 2025-26, the highest ever in the country’s history, data from the State Bank of Pakistan (SBP) showed.
The data showed that imports of buses and trucks during the same period of FY 2024-25 were at $57.8 million, showing a substantial increase year-on-year.
The State Bank data indicated that the majority of heavy transport imports were registered as completely built units (CBUs).
Analysts said the increase in transport imports was due to lower loan rates and government incentives that encouraged businesses and transport operators to expand their fleets by purchasing foreign cars.
Browse Subjects
Government to examine global fuel price indications this week: Petroleum minister
Sania Ashfaq levelled new claims against ex-husband Imad Wasim
Three Palestinians killed in Israeli attack on car in central Gaza Strip
ICC board meeting in India: Mohsin Naqvi gets invitation
The IMF mission has arrived in Pakistan for discussions regarding the budget.
Is the US-Iran standoff exposing deep fault lines in US intelligence coordination?
-
Latest News1 month agoICC board meeting in India: Mohsin Naqvi gets invitation
-
Business2 months agoThe IMF mission has arrived in Pakistan for discussions regarding the budget.
-
Latest News3 weeks agoIs the US-Iran standoff exposing deep fault lines in US intelligence coordination?
-
Latest News3 weeks agoShehbaz, Zardari discuss key issues as PPP hints at budget support
-
Business1 month agoOil hits 2-week high following drone strike on UAE nuclear power facility
-
Latest News2 months agoTwenty people suffered injuries when a picnic bus from Karachi toppled en route to Kenjhar.
-
Business2 months agoIn the open market, flour prices increase by Rs 700 per mound.
-
Latest News1 month agoThis week is anticipated to see a decision about Mohsin Naqvi’s journey to India.