KARACHI: Pakistan’s financially struggling national air carrier has recorded an operational profit of Rs9.3 billion ($33.48 million) for the first time in 21 years, the country’s defense minister Khawaja Muhammad Asif said on Tuesday.
Pakistan’s cash-strapped administration is looking to privatize the debt-ridden Pakistan International Airlines (PIA) to raise funds and overhaul state-owned enterprises as part of a $7 billion International Monetary Fund (IMF) program.
However, a previous attempt to offload a 60 percent stake in the airline failed last year after it drew just one bid — well below the asking price — highlighting investor concerns over the carrier’s viability. The new development could boost the government’s efforts to revive buyer interest.
“#PIACL Board today has approved its accounts FY 2024, and after 21 years, it has achieved an operating profit of PKR 9.3 billion & net profit of PKR 26.2 billion [$94.32 million] (after deferred tax adjustment),” Asif said in a post on social media platform X, formerly Twitter.
“People of #Pakistan might have lost hope on ‘once a pride of the nation’, but with rigorous steps adopted by the GoP, implementing comprehensive reforms entailing cost & workforce rationalization, routes optimization & financial discipline with balance sheet restructuring, PIA is poised to capitalize on financial performance through privatization process,” he added.
According to a statement from the airline’s spokesperson, the operational margin for 2024 exceeded 12 percent, a performance level the company said matches that of top global carriers.
PIA’s return to profitability is expected to enhance its market credibility and support the broader economy, it added.
Pakistan’s national flag carrier posts first profit in 21 years amid privatization push
https://arab.news/5d2ca
Pakistan’s national flag carrier posts first profit in 21 years amid privatization push
- PIA posted an operational profit of $33.48 million, with a net profit of $94.32 million in FY 2024
- Airline says its return to profitability will enhance market credibility, support national economy
Pakistan reports first Congo virus death of 2025 in Karachi
- Virus is transmitted through tick bites or direct contact with blood of infected animals
- Pakistan’s southwestern province of Balochistan reported 23 Congo virus cases in 2024
KARACHI: A 42-year-old man lost his life after contracting the Crimean-Congo Hemorrhagic Fever (CCHF), marking the first confirmed fatality from the virus in Pakistan’s southern Sindh province this year, the health department said on Wednesday.
The fatality rate for the Congo virus ranges from 10 percent to 40 percent, depending on the quality of health care, timeliness of treatment and the patient’s overall health, according to the World Health Organization.
The virus, which is endemic in parts of Africa, Europe and Asia, is primarily transmitted through tick bites or contact with the blood or tissues of infected animals.
“First case of Congo virus [has been] reported in Sindh,” the Sindh Health Department said in a statement on Wednesday.
“42-year-old male was a resident of District Malir,” it continued. “The test report came out positive on June 16 and the patient passed away on June 17.”
Pakistan’s southwestern Balochistan province reported 23 Congo virus cases in 2024, with five deaths since January last year.
Local medical practitioners said most cases were diagnosed during the summer, when the likelihood of the virus spreading increases, particularly around the Eid Al-Adha festival.
The Islamic holiday, marked by the mass slaughter of animals, typically leads to greater human-animal interaction and exposure to infected livestock.
Pakistan witnessed its first case of Congo virus in 1976 and remained a major victim for years, according to the National Library of Medicine.
The country faces major challenges in combating Congo virus every year due to its specific geographical position and a majority of the population being involved with animal husbandry, it added.
There is no approved vaccine for its prevention.
The European Medicines Agency in May 2024 approved a Phase I clinical trial in Sweden for a DNA-based vaccine candidate, N-pVAX1, targeting the Congo virus.
Separately, the University of Oxford in August 2023 launched a Phase I trial of its ChAdOx2 CCHF vaccine, based on the Oxford/AstraZeneca Covid-19 platform, to assess safety and immune response.
Pakistan rescues injured Indian sailor amid post-war tensions with New Delhi
- Pakistan evacuates the injured sailor from a Liberian-flagged tanker with an all-Indian crew
- Rare humanitarian gesture follows recent Pakistan-India war amid strained diplomatic ties
ISLAMABAD: Pakistan on Wednesday evacuated an injured Indian sailor from an oil tanker in the Arabian Sea, in a rare humanitarian gesture weeks after the two countries fought a brief four-day war that further strained already tense relations.
The medical evacuation was coordinated by the Pakistan Navy’s Joint Maritime Information and Coordination Center (JMICC), which received a distress call from the Liberian-flagged oil and chemical tanker MT HIGH LEADER, carrying an all-Indian crew.
The Pakistan Maritime Security Agency (PMSA) deployed a vessel and transferred the injured crew member to a hospital in Karachi for emergency treatment.
“The successful medical evacuation is yet another testament to the operational readiness and responsiveness of Pakistan’s maritime safety apparatus,” the Pakistan Navy said in a statement.
“The swift execution reflects Pakistan Navy’s resolve to fulfill its international obligations for the safety of life at sea, irrespective of the nationality of the seafarers involved,” it added.
The incident comes at a time of high diplomatic friction between the two nuclear-armed neighbors.
Last month’s military confrontation, involving missile, drone and artillery exchanges, marked one of the most serious escalations in recent years.
Pakistan has repeatedly called for the revival of a composite dialogue process to resolve long-standing issues, including the Kashmir dispute, cross-border militancy and a water-sharing arrangement under the Indus Waters Treaty.
India, however, has resisted any engagement so far.
The JMICC, which coordinated the evacuation, serves as Pakistan’s central maritime emergency response hub and regularly liaises with both national and international stakeholders.
Pakistan reduces sales tax on imported solar panels from 18 percent to 10 percent amid parliamentary pushback
- The government proposed 18% GST on imported solar panels during budget 2025-26
- Pakistan imported 17 gigawatts of solar panels in 2024, twice the previous year’s volume
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Wednesday said the general sales tax (GST) on imported solar panels had been reduced from 18% to 10% for the current year, following concerns raised by a parliamentary finance body.
The Senate Standing Committee on Finance and Revenue had urged the government a day earlier to withdraw the proposed 18% GST on imported solar panels, noting that some stakeholders had begun stockpiling equipment ahead of the federal budget to avoid the new levy.
The country’s proposed federal budget for the 2025-26 fiscal year included an 18% GST on the import and local supply of solar panels and related equipment, prompting concern from industry stakeholders and clean energy advocates.
Pakistan imported 17 gigawatts (GW) of solar panels in 2024, twice the volume recorded the year before, to meet rising consumer demand, according to the Global Electricity Review 2025.
“The 18 percent on top of 46% was an additional burden,” Dar told the National Assembly.
“So, regarding this, after consultations and deliberations, we have decided that this year we will keep a 10% sales tax and not 18%.”
Dar highlighted how this was the most debated subject after the budget was announced.
He also explained that around 46% of components used in solar installations in Pakistan were imported while the remaining 54% including inverters and other equipment were locally sourced and already subject to standard taxation.
Solar energy has supplied 25% of Pakistan’s grid electricity so far this year, placing the country among fewer than 20 globally that generate at least a quarter of their monthly power from solar farms.
Industry stakeholders and clean energy activists had warned that the added cost in tax could slow the rapid adoption of rooftop solar systems by households and businesses, potentially undermining national targets for expanding the share of renewables in the country’s energy mix.
Pakistan increased its solar electricity generation at a rate more than three times the global average in 2025, driven by a surge in solar capacity imports that were over five times higher than in 2022, according to data from Ember, a UK-based energy think tank.
This rapid growth in both capacity and output has propelled solar energy from being the country’s fifth-largest power source in 2023 to the top spot in 2025.
Pakistan unveils draft tariff policy to drive export-led growth
- The policy plans to phase out Additional Customs Duties, rationalize the tariff structure
- It aims to reduce tariffs on raw materials, deliver $700 million in benefits to industries
ISLAMABAD: Pakistan on Wednesday unveiled a draft National Tariff Policy 2025-30 at a regulatory reforms conference, aiming to shift the country toward an export-led growth model by overhauling its trade tariff structure to boost industrial productivity, investment and competitiveness.
The event was organized by the Board of Investment (BoI), and attended by senior government officials, diplomats and private sector representatives.
The policy sets out sweeping reforms, including the phasing out of Additional Customs Duties (ACDs) within four years, elimination of Regulatory Duties (RDs) and the 5th Schedule within five years, and the creation of a simplified four-tier Customs Duty structure of 0 percent, 5 percent, 10 percent and 15 percent.
Key sectors expected to benefit include textiles, engineering, pharmaceuticals and information technology, with the policy designed to lower production costs and attract businesses.
“The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure,” said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, at the conference.
“By facilitating duty-free access to raw materials, phasing out ACDs and RDs and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth.”
Afzal said implementation will begin with tariff reductions on approximately 7,000 tariff lines, mainly raw materials and intermediate goods, expected to deliver an estimated Rs200 billion ($700 million) in benefits to trade and industry.
“These reforms will enable Pakistan’s industries to scale, compete globally and shift toward higher value-added exports,” he added. “With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity and enhanced investor confidence.”
According to an official statement issued by the BoI, the participants lauded the government’s efforts to streamline regulation and modernize trade facilitation, calling the draft policy a significant step toward Pakistan’s long-term economic transformation.
Pakistan calls for Iran-Israel ceasefire as deputy PM heads to OIC talks
- Meeting in Turkiye will focus on coordinated diplomacy to de-escalate Iran-Israel standoff, address aid crisis in Gaza
- For Pakistan, a direct neighbor of Iran, prolonged clash threatens border security, could aggravate sectarian tensions
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Wednesday urged global powers to broker a ceasefire between Iran and Israel, as Deputy Prime Minister Ishaq Dar prepares to attend a meeting of foreign ministers of member states of the Organization of Islamic Cooperation (OIC).
The meeting in Turkiye from June 21-22 is expected to focus on coordinated diplomatic steps to de-escalate the Iran-Israel standoff and address the continuing humanitarian crisis in Gaza.
Thousands of people were fleeing Tehran on Wednesday after Israeli warplanes bombed the city overnight and the air fight between the two Middle Eastern powers entered the sixth day amid media reports US President Donald Trump was considering options that include joining Israel in attacking Iranian nuclear sites.
“I feel that ... global countries should try hard for a ceasefire,” Sharif told a federal cabinet meeting, calling the escalation “regrettable” and condemning what he described as Israel’s aggression against Pakistan’s neighboring “brotherly” country of Iran.
Iran launched retaliatory strikes last week after Israeli forces attacked sites linked to Iran’s nuclear and military infrastructure on June 13. Iranian officials say at least 224 people, mostly civilians, have been killed, while Israel has reported over 20 deaths.
The latest escalation follows months of hostilities between Israel and Iranian-backed groups in Lebanon, Syria and Yemen, which intensified after the war in Gaza was launched late in 2023. Regional powers fear a direct confrontation could spiral into a broader conflict involving major oil shipping lanes and global energy supplies.
For Pakistan, a close Iranian neighbor and a longtime opponent of Israel, a prolonged conflict risks disrupting border security, inflaming sectarian tensions at home, and possibly putting it in a tight spot with other Arab allies and the West.
Pakistan does not recognize Israel and has historically aligned itself with the Palestinian cause of an independent state.
