Author: News Desk

Finance Minister Muhammad Aurangzeb on Sunday described the IMF’s ‘Governance Diagnostic and Corruption Report’ as a chance to accelerate institutional reforms, saying the assessment should serve as guidance rather than criticism of government policy.
He stated during a press conference that the government had requested the assessment on its own as part of its emphasis on transparency. He continued by saying that the IMF had observed progress in public financial management, taxation, governance, and procurement.

He said several major reforms were already in progress, while the remaining recommendations would be taken forward to address long-standing structural gaps. “Institutional reform remained essential to sustaining Pakistan’s economic turnaround,” he said.

“The decision to end the 0.25 percent levy, along with overhauling the governance of the Export Development Fund, reflected Prime Minister Shehbaz Sharif’s directive to place the private sector at the centre of economic expansion,” he said. He added that the summary had been sent to the cabinet and implementation would begin once approved.

Aurangzeb pointed out that recent indicators showed improving economic activity. Between July and October, cement production rose 16 percent, fertiliser nine percent, petroleum four percent, automobiles 31 percent and mobile phone assembly 26 percent. 

He mentioned that large-scale manufacturing experienced a 4.1 percent increase in the first quarter following a downturn last year, stressing that the main challenge is sustaining growth without being affected by external shocks or experiencing boom-and-bust trends.

Aurangzeb announced a five percent rise in exports, with IT exports experiencing growth of over 20 percent, marking consecutive monthly highs in September and October. The $3.5 billion financing secured for Reko Diq has reached its financial close and is anticipated to yield nearly $3 billion in annual export earnings once production commences.

The finance czar also indicated that remittances reached $38 billion last year and are expected to surpass $41 billion this year, bolstering the current account while imports are being regulated under an updated tariff framework that emphasizes raw materials and intermediate goods, gradually eliminating protection over the next four to five years.

The federal government has updated the prices of key petroleum products for the upcoming 15 days. A notification released by the Petroleum Division on Sunday indicated that the adjusted rates will take effect from December 1 and remain valid until December 15.

As stated in the notification, the price adjustments occurred after the Oil and Gas Regulatory Authority (OGRA) provided its assessments for the new cycle. The notification confirmed that the government accepted the Authority’s recommendations and published the new rates.

The price of petrol is now set at 263.45 rupees per litre following a decrease of Rs2 per litre, down from the previous rate of 265.45 rupees. High-speed diesel price has been lowered by Rs4.79 per litre, now priced at 279.65 rupees per litre, a reduction from 284.44 rupees.

High-speed diesel serves the transportation and agricultural sectors, and variations in its price influence the distribution of goods and agricultural operations. Petrol fuels motorbikes and cars, with Punjab being the main consumer due to restrictions on local gas usage at CNG stations in the region.

The notification emphasized that the taxes on petroleum products remain unchanged. Currently, the petroleum levy on high-speed diesel stands at Rs75.41 per litre, with an additional charge of Rs2.50 per litre as CSL. Petrol has a petroleum levy of Rs97.62 per litre alongside the same CSL rate. There is no sales tax applied to petrol, high-speed diesel, kerosene, or other petroleum products.

The federal government previously raised the petroleum levy to ensure full tax collection on petroleum products. The sales tax from petroleum products is shared with the provinces, and the federal government reduced the rate to zero to retain overall revenue at the center.

The petroleum levy was established to facilitate investment in the oil supply chain, including projects for storage. Successive administrations have redirected levy funds to cover operational expenses, while the funding for specific sector projects has not changed.

The latest price adjustments conclude the most recent fortnightly cycle and adhere to the standard review process, where OGRA provides updated calculations reflecting international prices, exchange rate changes, and local modifications.

The body of a three-year-old boy who fell into an open manhole near Nipa Chowrangi in Karachi on Sunday night has finally been recovered. 

Rescue officials said the child’s body was found in a nearby drain approximately 1.5 kilometers from the site, 14 hours after the incident. 

The body was immediately taken to a mortuary.

The boy, identified as Ibrahim, son of Nabeel, had been visiting a departmental store with his family when he ran ahead and fell into the uncovered manhole. His father explained that he was parking their motorcycle when Ibrahim slipped inside. Ibrahim was the only child of his parents.

The incident had sparked outrage across the area, with residents blaming city authorities for negligence. Locals blocked roads at Nipa Chowrangi, burning tyres and closing routes to Hassan Square and the University of Karachi. A media van was also targeted with stones during the protest.

MQM leader Dr Farooq Sattar had visited the site, but the crowd did not allow him to step out of his car. He later expressed deep sorrow over the incident and criticised the poor condition of Karachi’s roads and the prevalence of open manholes.

The Sindh government had taken notice of the case and launched an inquiry into why the manhole had been left uncovered and promised strict action against those responsible. The recovery of the child’s body marks a tragic end to a day that gripped the city in sorrow and anger.