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At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY KARACHI: The State Bank of Pakistan (SBP) on Friday made sizeable liquidity injections through both conventional and Shariah-compliant open market operations (OMOs), providing more than Rs10.48 trillion in short-term funds to indirectly meet the government’s needs. According to the central bank’s Domestic Markets and Monetary Management Department, the SBP accepted a total of Rs10.27 trillion in its conventional reverse repo (injection) operation. The central bank saw significant participation from market players across two tenors, which reflected persistent demand for short-term liquidity in the banking system. In the…

ISLAMABAD: The government is planning to increase petroleum levy to Rs85 per litre to raise an additional Rs540 billion, use dividends of the state-owned companies (SOEs) and savings from diversion of imported cargos to settle Rs1.7 trillion worth of gas sector circular debt. The plan, which has been discussed in depth at the level of the Minister for Finance Muhammad Aurangzeb this week, involves imposing an additional Rs5 per litre petroleum levy on petrol and high-speed diesel to raise money through 2031 to retire the debt, according to government sources. The plan would partly transfer the cost of past wrong…

Analysts push first cut to late FY26 or FY27; rupee, external pressures limit room to easeState Bank of Pakistan. Photo: File KARACHI: The State Bank of Pakistan (SBP) is expected to retain interest rates at 11% on Monday, a Reuters poll showed, as analysts push back rate-cut forecasts to late 2026 after the International Monetary Fund (IMF) warned inflation risks persist and policy must stay “appropriately tight”. All 12 analysts surveyed expect no cut in the policy meeting on Monday. A majority of them see inflation hovering at 6%-8% in the coming months before rising again towards the end of…

.There were fears that the petroleum dealers, most of whom were corrupt and involved in fuel hoarding, would not pass on the full benefit of cross-subsidy to the motorbike owners and demand higher prices. PHOTO: afp KARACHI: The Pakistan Petroleum Dealers Association has rejected the margin offered by the government and has demanded that the dealers’ margin be increased to 8%. This demand was made by the Association Chairman, Abdul Sami Khan, while addressing a press conference on Friday along with other officials. He said that they had asked the government for an 8% margin because it was not possible…

.Federal Minister of Petroleum Musadik Masood Malik, speaks with Reuters during an interview in Islamabad, June 11, 2024. PHOTO: REUTERS ISLAMABAD: Federal Minister for Climate Change and Environmental Coordination Dr Musadik Malik has called for urgent and collective global action to address the accelerating impacts of climate change, particularly on vulnerable developing countries. The minister was addressing the Seventh Session of the United Nations Environment Assembly (UNEA-7), held in Nairobi, Kenya, where delegates from all 193 UN member states, along with representatives of civil society, scientific institutions, development partners and the private sector, gathered under the theme “Advancing sustainable solutions…

Recommends establishing BISP centres in well-known and easily accessible locations ISLAMABAD: Expressing serious concerns over their staffing policies, a Senate panel on Friday summoned non-governmental organizations (NGOs) working with the Ministry Poverty Alleviation. It also asked the Finance Division to explain why poverty alleviation departments cannot hire people on contractual basis despite field-oriented operations requiring flexible workforce arrangements. The Senate Standing Committee on Poverty Alleviation and Social Safety met on Friday to deliberate on a wide range of budgetary and regulatory matters concerning the Benazir Income Support Programme (BISP) and Pakistan Bait-ul-Mal. The meeting, chaired by Senator Sardar Al Haj…

. QUETTA: Mobile internet data services in Quetta have once again faced disruption, with authorities opting for a partial suspension rather than a complete shutdown. The Balochistan government, which previously encountered strong public backlash over blanket internet bans, has introduced a new strategy: drastically reducing internet speed to the point where services are practically unusable. Citizens across Quetta have expressed outrage, saying that mobile internet disruptions have become routine in the province. They argue that the practice not only hampers communication but also affects businesses, students, and professionals who rely heavily on stable connectivity. Many residents complained that despite paying…

. GENEVA: Former prime minister Imran Khan is being held in conditions that could amount to torture and other inhuman or degrading treatment, the United Nations’ special rapporteur on torture warned Friday. Alice Jill Edwards urged Pakistan to take immediate and effective action to address reports of the 73-year-old’s inhumane and undignified detention conditions. “I call on Pakistani authorities to ensure that Khan’s conditions of detention fully comply with international norms and standards,” Edwards said in a statement. “Since his transfer to Adiala Jail in Rawalpindi on September 26, 2023, Imran Khan has reportedly been held for excessive periods in…

Katy Perry is considering breast enhancement surgery as her relationship with Justin Trudeau heats up.An insider made the revelation, adding that the singer is still consulting with doctors, per Closer. “Katy is 99% very happy with her body right now,” the source began, before explaining that the popstar does feel her breasts “aren’t nearly as full and perky as they were before.””It was a little tough to come around to because she’s always been so proud of having an all-natural chest, but the reality is, after having a kid and losing all that weight, she’s not feeling the same way…

ISLAMABAD: Interior Minister Mohsin Naqvi held an important meeting with his Iraqi counterpart, General Abdul Ameer Al-Shammari, during which both sides discussed measures to enhance bilateral relations and improve facilities for Pakistani pilgrims traveling to Iraq. The two ministers held a detailed exchange of views on strengthening cooperation between the interior ministries of both countries on a sustainable and effective basis. They agreed to deepen coordination to ensure smooth arrangements for pilgrims as well as progress in broader security matters. The Iraqi interior minister highly appreciated Pakistan’s recent steps to formally organize and regulate pilgrim groups, calling the efforts “commendable”…