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CategoriesEconomy News

Aurangzeb Takes Trade Framework, U.S. Energy Imports and Reko Diq to State Department Talks in Bangkok

ISLAMABAD: Finance and Revenue Minister Senator Muhammad Aurangzeb met U.S. State Department Ambassador Yon in Bangkok to discuss economic cooperation between Pakistan and the United States. The meeting was held on the sidelines of the World Bank Group-IMF Annual Meetings 2026.

According to a Ministry of Finance press release issued Wednesday, the minister briefed the ambassador on progress toward a bilateral trade framework agreement. He also discussed plans to diversify Pakistan’s energy sources by increasing imports from the US and outlined steps the government is taking to maintain fuel supplies and support vulnerable consumers.

The two sides also discussed anti-money laundering and counter-terrorism financing (AML/CFT) arrangements and follow-up on the FATF process. The two sides also discussed investment financing through the U.S. Development Finance Corporation and the EXIM Bank.

Aurangzeb highlighted the Reko Diq project and cooperation on critical minerals, and spoke about project security and opportunities to attract private investment.

Other topics included acquiring and financing Boeing aircraft, aviation clearances, and regulating digital assets. The two sides also considered possible uses of tokenisation in remittances and Eurobond issuance.

The press release did not give financial figures or a timeline for the trade framework agreement.

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CategoriesNews

Punjab Clears Rs63bn Projects, With Rawalpindi Ring Road R3 Taking 81pc

LAHORE: The Provincial Development Working Party (PDWP) on Monday approved three development schemes worth Rs63.05 billion for the current fiscal year 2026-27, with the Rawalpindi Ring Road R3 accounting for the bulk of the outlay.

Presiding over the forum’s ninth meeting, Planning and Development (P&D) Board Chairman Dr Naeem Rauf approved construction of the Banth-to-Thalian section of the ring road at an estimated cost of Rs51.326bn, nearly 81 per cent of the total.

The working party also cleared the revised Chief Minister’s “Plant for Pakistan” Initiative at Rs8bn and the dualisation of Muzaffargarh Road (Jauharabad-Chowk Girote) in Khushab district at Rs3.724bn.

The forum also approved position papers to create posts for eight development schemes. These include establishing hatchery facilities for Pangasius and other high-value fish species, the Chief Minister’s Youth Engagement Programme, Safe City Katcha Area, an AI Hub at PIFTAC, and the Punjab Legal Aid and Assistance Portal.

The remaining three are an AI-powered carbon management and accounting platform to enable accurate industrial emissions management across Punjab, greening of industries in Faisalabad, Lahore, Multan and Sialkot, and Spark: Sustainability-related Planning and Action Research for Knowledge.

This runs about 190 words. The 81 per cent figure is my own calculation from the source numbers (51.326 ÷ 63.05), so confirm it against your house style before publishing.

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CategoriesNews Construction Developments Urban Developments & Planning

Punjab Clears Rs63bn in Development Schemes, With Rs51bn Going to Rawalpindi Ring Road Section

LAHORE: The Provincial Development Working Party (PDWP) on Monday approved three development schemes and position papers with a combined estimated cost of Rs63.05 billion for FY27.

Chairing the forum’s ninth meeting, Planning and Development (P&D) Board Chairman Dr Naeem Rauf cleared construction of the Rawalpindi Ring Road-R3 from Banth to Thalian, estimated at Rs51.326 billion. The project accounts for roughly 81 percent of the total approved outlay.

The working party also approved the dualisation of Muzaffargarh Road, from Jauharabad to Chowk Girote in Khushab district, at an estimated cost of Rs3.724 billion. A revised Chief Minister’s “Plant for Pakistan” Initiative was cleared at Rs8 billion.

In addition, the forum approved position papers to create posts under eight schemes. They cover hatchery facilities for Pangasius and other high-value fish species, the Chief Minister’s Youth Engagement Programme, Safe City Katcha Area, an AI Hub at PIFTAC, and the Punjab Legal Aid and Assistance Portal.

The remaining three are an AI-powered carbon management and accounting platform for industrial emissions across Punjab, the greening of industries in Faisalabad, Lahore, Multan and Sialkot, and Spark: Sustainability-related Planning and Action Research for Knowledge.

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CategoriesNews Property Laws Property Taxes Real Estate

LHC Voids Cantonment Tax Demands Against LUMS Issued in 2011 and 2017

LAHORE: The Lahore High Court has set aside property tax demands raised by the Military Lands and Cantonments Department against the Lahore University of Management Sciences, ruling that the university is exempt from the levy for the period before a 2023 amendment to the Cantonments Act.

A division bench of Justice Hassan Nawaz Makhdoom and Justice Khalid Ishaq allowed a petition filed by LUMS and the National Management Foundation, the non-profit society under which the university was established. The petition challenged orders of the Director General, Military Lands and Cantonments, Rawalpindi.

The Cantonment Board first issued a tax notice on the university’s buildings in 2007, 14 years after LUMS began operating from its Lahore campus in 1993. LUMS claimed exemption under Section 99(2)(b) of the Cantonments Act, 1924. Its appeal was dismissed in 2011, and a revision petition in 2017.

The university told the court it has over 5,000 students across five schools and has provided about Rs13.3 billion in financial aid since its founding. The respondents argued that LUMS earns substantial income from fees and investments and lets out some buildings and halls, which they said amounted to commercial activity.

In the judgment, Justice Ishaq held that the 2023 amendment made a substantive change that cannot be applied to earlier assessment periods. He ruled that charging fees and retaining a surplus does not establish a profit-making purpose, provided no funds are distributed to promoters, trustees or controllers.

The court declared the 2011 and 2017 orders void and barred recovery of any pre-amendment demand. For the later period, it said the amended law gives the Cantonment Board discretion to grant or refuse exemption. Any future assessment must be made through a reasoned order examining the use, income and public access of each building concerned.

 

CategoriesNews Property Taxes

Property sale NOCs in Punjab now hinge on sanitation fee clearance

LAHORE – The Punjab government has made sanitation fee payment mandatory for obtaining a no-objection certificate (NOC) for property sales, introducing the condition before it completes the distribution of bills across the province.

The new requirement binds property owners to clear outstanding sanitation charges before receiving a property transaction NOC. Previously, only property tax clearance was required. The condition has reportedly affected property transactions, particularly for owners who have yet to receive their bills.

The government has begun distributing bills to around five million residential and commercial properties in urban areas under the Suthra Punjab programme, with distribution expected to be completed this month. The Excise, Taxation and Narcotics Control Department has been tasked with billing and collecting the charges, with an annual revenue target of approximately Rs40 billion.

Owners will receive two bills over six months for their annual sanitation fee liability and must pay within 60 days of receiving them. Penalties will be applicable for delays.

For residential properties, monthly sanitation charges range from Rs300 for properties measuring up to five marla to Rs5,000 for those exceeding 40 marla. Commercial properties face monthly charges ranging from Rs500 to Rs3,000, depending on size.

The government has completed data integration between the excise department and Suthra Punjab, linking sanitation fee records with property ownership data and enabling the new NOC requirement.

Excise inspectors are responsible for delivering bills within their respective circles, while sanitation fee collection will occur alongside property tax payments.

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CategoriesNews Climate Change Construction Dams Economy Urban Flooding Weather

Sindh Seeks $350m from World Bank to Flood-Proof Cities and River Basins After $9.1bn in 2022 Losses

KARACHI: The Sindh government has asked the World Bank for $350 million for the Sindh Flood Resilience Project (SFRP) for fiscal year 2026-27 to protect rural and urban areas from future floods and climate shocks.

The request was presented at a meeting between Sindh Irrigation Minister Jam Khan Shoro and a World Bank delegation, including Lead Urban Specialist Saleem Rouhana and Task Team Leader Bilal Khalid. Provincial officials, including Irrigation Secretary Zarif Khero and Planning & Development Board Chairman Najam Ahmed Shah, also attended.

Mr Shoro said the government wanted to strengthen urban and rural infrastructure. He identified sustainable urban planning, effective drainage, improved governance and modern technology as central to building resilience.

Participants were briefed on the 2022 floods, which affected 14.6 million people, caused $9.1 billion in losses and damaged or destroyed 1.71 million houses.

Existing World Bank-backed projects have mobilised $1.6 billion so far. Under them, they have restored more than 848 kilometres of roads and 205 kilometres of embankments, repaired or rebuilt over 900,000 houses, and established 26 Rescue 1122 stations across 14 districts.

The proposed SFRP has two pillars. The first focuses on basin-level flood resilience to protect Sindh’s right bank, using measures identified in recent research by the Asian Institute of Technology. The second targets urban resilience in secondary cities against floods, extreme heat and other climate risks.

Urban investments will be prioritised by flood risk, population vulnerability, gaps in basic services and local preparedness. Options include drainage, roads, streets, public spaces and green solutions.

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CategoriesNews Economy

IMF Staff Backs $1.2bn Release for Pakistan as Reserves Climb to $21.5bn

ISLAMABAD, October 8: The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the fourth review of the $7 billion Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF), clearing the way for about $1.2 billion in funding, subject to Executive Board approval.

Upon approval, Pakistan will receive about $1.0 billion under the EFF and about $210 million under the RSF. Total disbursements under the two arrangements will rise to about $5.7 billion.

The agreement followed discussions held in Karachi and Islamabad from September 23 to October 7, led by IMF mission chief Iva Petrova. The IMF also completed the 2026 Article IV consultation.

The IMF said Pakistan had navigated the impact of the Middle East conflict while preserving macroeconomic stability. Real GDP growth is estimated at 3.6 percent for FY26. Headline inflation eased to about 10.3 percent in September after peaking in May, and gross reserves rose to about $21.5 billion by the end of September. The current account was broadly balanced, supported by strong remittances.

The Fund cautioned that risks remain high, citing geopolitical tensions, volatile energy prices, tighter global financial conditions and trade disruptions.

Among its priorities, the IMF urged strict implementation of the FY27 budget, anchored by a primary surplus of 2.0 percent of GDP and a tight monetary stance. It also called for the prompt phase-out of the fuel support scheme and timely energy tariff adjustments. Health and education spending is to rise from 2.5 percent of GDP in FY26 to 2.8 percent in FY27.

Petrova held a wrap-up session with Finance Minister Muhammad Aurangzeb in Islamabad.

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CategoriesNews Construction Developments Real Estate Urban Developments & Planning

Sukkur-Hyderabad M-6 Motorway Construction to Begin in November After Rs15.26bn Land Payout

ISLAMABAD: Construction of the 306-kilometre M-6 Motorway will start next month, Minister for Communications Abdul Aleem Khan announced on Sunday.

In a statement posted on X, the minister said the motorway would give fresh momentum to trade and commercial activity in Sindh and across the country. He added that the project would support economic growth and improve regional connectivity.

The announcement follows a key development on the ground. The National Highway Authority has finished acquiring all the land the project requires, paying landowners around Rs15.26 billion in compensation.

The motorway needs more than 7,500 acres along its alignment, and it has now secured every acre. The NHA has described this as a major milestone, since land acquisition often holds up large infrastructure projects.

No details were shared on the contractor, the total project cost or the expected completion date. The minister also did not give an exact start date for construction beyond saying it would begin next month.

Once built, the M-6 is expected to link Sukkur and Hyderabad directly, easing movement of goods and passengers along one of Sindh’s busiest corridors.

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CategoriesNews Economy Property Laws Property Taxes Real Estate Investment

World Bank Presses Pakistan to Move Property Tax onto Market Valuations

ISLAMABAD, October 3, 2026: The World Bank has urged Pakistan to tighten enforcement of agricultural income tax and overhaul how provinces tax property, Business Recorder reported today.

The recommendations came up during a meeting between Finance Minister Muhammad Aurangzeb and a World Bank team led by Country Director Bolormaa Amgaabazar.

On agriculture, the Bank wants provinces to implement their amended tax laws, set up digital registration, filing and payment, and share more data with federal authorities. The sector accounts for about 24 percent of GDP, yet most of it sits outside the tax net.

Property was the other focus. Pakistan collects only about 0.13 percent of GDP in property tax, against 0.3 to 0.6 percent in many comparable economies. The Bank called for a single, harmonised valuation approach, better digital systems, and a gradual move away from outdated administrative valuations toward market-based values.

The discussions went beyond tax. The Bank also raised GST harmonisation, closer coordination between Islamabad and the provinces, stronger revenue-policy modelling and delivery of the Medium-Term Revenue Strategy. 

On business conditions, it pointed to simpler regulation, SME financing, insolvency reform, factoring legislation and export-finance products through EXIM Bank. Capital-market reforms were also on the table, aimed at widening financing options and encouraging investment.

The report presents all of this as proposals under discussion. It does not mention a new property-tax rate, an immediate nationwide increase or a date for introducing market-value taxation.

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CategoriesNews Developments Real Estate Real Estate Investment Urban Developments & Planning

CDA Plans Phased Launch of G.T. Road Commercial Scheme, Eyes Over Rs500bn in Revenue

ISLAMABAD: CDA is preparing to open a large commercial area along G.T. Road, a project that officials say could earn the civic body more than Rs500 billion.

Sources said Chairman Sohail Ashraf has instructed the relevant teams to move ahead with the scheme, which is likely to launch in the coming months. He has reportedly presided over several meetings on the subject and asked the relevant wings to wrap up their preparations quickly.

CDA acquired the land in 1967, and it spans 3,550 kanals along a 16-kilometre stretch from EME College to Nicholson Monument, covering a 200-foot-wide strip on both sides of the road. Officials estimate that about 2,000 kanals will be usable after planning.

Explaining the revenue projection, an official said that even at a base rate of Rs750,000 per square yard, one kanal would fetch roughly Rs500 million. He added that the plots would be released gradually rather than all at once.

CDA did little to secure the land until 2025, when it began an enforcement drive. A major operation last year, led by the then Deputy Director General Enforcement, Dr Anam Fatima, recovered a considerable share, and another operation is underway. Officials said over 100 permanent buildings have been marked for demolition. 

Heavy machinery dealers in the Tarnol area are also using the land for parking. Interior Minister Mohsin Naqvi has reportedly backed CDA’s efforts to reclaim state land.

Director General Spatial Planning Ijaz Ahmad Sheikh has set up a four-member committee, headed by Deputy Director General Architecture Ali Abdullah, to finalise the design. Officials expect strong demand for fuel stations, as NHA is adding land to the road.

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