Business
IMF opposes purchasing rule tweaks | The Express Tribune
ISLAMABAD:
The International Monetary Fund (IMF) has slammed federal and Punjab governments for amending public procurement rules to award contracts to state departments without bidding and observes that some of these firms are subletting the contracts to private companies in an opaque manner.
The IMF has asked Pakistan to end preferences for state-owned enterprises (SOEs), including the provisions that allow direct contracting, within one year. Preferences, such as these, serve to disrupt competition, are vulnerable to abuse and increase the risk of corruption, it said in remarks on the government’s procurement system.
In its Governance and Corruption Diagnostic Assessment, the global lender termed decisions of the government of Punjab to amend public procurement rules to award contracts to SOEs without competitive bidding “unfortunate”. The IMF observed that “there appears to be an extensive practice of sub-contracting to private firms in opaque and unmonitored transactions. It is perhaps an understatement to observe that corruption vulnerabilities are high in contracting processes that feature direct negotiation”.
It added that the decision to amend rules for direct contracting has undermined the core principles of competition in public procurements. These observations have highlighted the unchecked practice of giving contracts, particularly in the infrastructure sector, to government entities on the grounds of being time sensitive and in public interest.
The IMF said that the 2023 National Risk Assessment (NRA) has identified corruption as a major predicate offense for money laundering and high-risk sectors include banking, real estate, construction, politically exposed persons and public procurement. “Unfortunately, amendments introduced in public procurement rules at the federal government level and in Punjab province have undermined core principles of open competition,” it said.
The IMF added that these amendments have provided for the award of contracts to SOEs without competition when projects are considered time sensitive and in the public interest. It pointed out that it was not possible to quantify the number and value of contracts directly negotiated with state-owned firms. “Anecdotal stories in the media have frequently highlighted high-value contracts that have been assigned in this fashion and the tendency for contractual costs to exceed expectations.”
The IMF said that public procurement remains fragmented and privileges state parties, who are able to capture markets and rents from their favored status.
Sovereign Wealth Fund
The report revealed that the government has finally given assurance to the IMF that it will withdraw the exemption from the applicability of the SOE Act to the Sovereign Wealth Fund. The government had been resisting this for the past over one year.
The report noted that while the approval of the SOE Act had been an important step, there were concerns about the exemption to the 2023 SOE Act and the SOE Policy Framework included in the enactment of the Sovereign Wealth Fund (SWF) Act. In the 2023 SWF Act, seven SOEs were exempted from the SOE Act. “The authorities have proposed amendments to end the SWF Act, which are expected to be placed before parliament to ensure that these SOEs will no longer be exempted.” The IMF underlined that it is crucial that all SOEs are included without any exemptions.
It said that many of the governance weaknesses in public procurement flow from issues with its legal and regulatory framework. The Public Procurement Rules 2004 under Rule 20 prescribes open competition as the principal method of procurement with mandatory consideration for transparency under Rule 4. It is mandatory for all the procuring agencies to publish the final evaluation report 15 days prior to the award of a contract.
IMF praises CMU
The global lender acknowledged the work being done by the Central Monitoring Unit (CMU) in monitoring the performance of SOEs. It said that the establishment of the monitoring unit has been a significant step forward for SOE financial oversight and transparency regarding the performance of SOE.
This will further strengthen their analysis, which will enhance the monitoring of SOE performance and avoid governance vulnerabilities related to SOEs, according to the IMF. The CMU publishes a wide range of reports and guidelines related to the performance, governance and oversight of SOEs. These publications are available on the official CMU page.
Debt management
The IMF found faults in public debt management. It said that the government debt management function in Pakistan has been conducted under a fragmented institutional structure. This fragmentation has led to inefficiencies and challenges in managing the country’s debt effectively. The current setup involves multiple entities with overlapping responsibilities, which complicates coordination and decision-making that can lead to suboptimal borrowing choices.
The fragmentation is evident in debt data monitoring and management. The debt data repository, DMFAS, currently only includes external debt captured by the Economic Affairs Division. This limited scope hinders a comprehensive view of the country’s total debt obligations.
Business
‘Side Hustle Generation’: Over 50% Of US Gen Z Opting For Extra Gigs Amid Economic Uncertainty
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At least 57% of Gen Z in the US now have side gigs, from retail to gig work, amid economic uncertainty and concerns over the impact of AI on jobs.
Gen-Z is the first generation for whom a 9-to-5 job isn’t essential for achieving financial success. (AI-Generated Image)
Amid widespread economic uncertainty, more than half of the Gen Z population in the United States is opting for side gigs to navigate the job market and for extra cash.
At least 57% of Gen Z in the US now have side gigs, compared to 21% of boomers and older, according to The Harris Poll, which dubbed them “America’s first true ‘side hustle’ generation.”
Most of them are picking up side hustles, from retail to gig work, for extra cash. Younger people “want to work [and] find success, but many of them just feel disillusioned with the opportunities to get there through the traditional career ladder,” Glassdoor chief economist Daniel Zhao told Axios.
Role Of AI
In an August report, Glassdoor researchers said that some of the youths are chasing creative or entrepreneurial goals. Moreover, AI and other technological advances have made it easier for professionals to monetise their skills and passions.
“We’re witnessing a true side hustle generation where work identity lives outside of traditional employment. Additional commentary and research also shows that there’s a growing number of Employee+ workers who diversify income streams without abandoning job security,” Glassdoor said.
“For Gen Z, the day job funds the passion project. Work pays the bills, but identity and fulfilment can come from entrepreneurial pursuits, creative endeavours, or social causes they care about,” it added.
Why Are Gen-Z Opting For Side Gigs?
One of the main reasons for this shift is job anxiety. Recent graduates are struggling to secure jobs, while those with them aren’t seeing the career growth they expect, according to Zhao.
Data shows that the financial optimism for college students has fallen to their lowest level since 2018, mostly due to concerns over unemployment and ‘AI-induced layoffs’. The advent of AI remains the most pressing concern among young workers.
As per The Harris Poll, Gen Z is the first generation for whom a 9-to-5 job isn’t essential for achieving financial success. Side hustles are not merely distractions or fallback options; they are central to Gen Z’s identity, offering creative, entrepreneurial, or activist outlets that main jobs cannot supply.
“It definitely makes me feel more financially secure,” Katie Arce, who works full-time in e-commerce and picks up shifts at a vintage clothing store in Austin, Texas, told Axios.
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United States of America (USA)
January 11, 2026, 17:08 IST
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PM Modi further emphasised that over the past 11 years, India has emerged as the largest data consumer and built the country’s largest real-time digital platform.
PM Modi speaking at the inauguration of Vibrant Gujarat Regional Conference. (PTI)
Prime Minister Narendra Modi on Sunday said that India’s political stability and strong macroeconomic fundamentals are driving global investor confidence, with Gujarat emerging as a key anchor of the country’s growth story.
While addressing the Vibrant Gujarat Regional Conference in Gujarat, the Prime Minister highlighted India’s economic trajectory, saying that the country is the world’s fastest-growing major economy, with inflation under control and a strong foundation for long-term growth. He said that reform express is driving India’s journey to developed nation status.
He highlighted that India is the largest producer of milk and a leading manufacturer of generic medicines, reflecting the country’s growing strength in both agriculture and pharmaceuticals.
VIDEO | Rajkot: PM Modi (@narendramodi) says, “India is the world’s fastest-growing large economy and inflation is under control. Agricultural production in India is setting new records, and the country ranks number one in milk production. India is also the world’s largest… pic.twitter.com/R6f7tDhoZD— Press Trust of India (@PTI_News) January 11, 2026
He noted that global institutions are increasingly bullish on India, with the International Monetary Fund (IMF) describing the country as the engine of global growth.
“India is the world’s 3rd largest startup ecosystem, 3rd largest aviation market, we are in the top 3 metro networks of the world,” he said, asserting that the country is heading to become the world’s 3rd largest economy.
PM Modi further emphasised that over the past 11 years, India has emerged as the largest data consumer and built the country’s largest real-time digital platform. He highlighted that India is now the second-largest mobile manufacturer, whereas earlier the country imported nine out of ten phones.
The Prime Minister also underlined Gujarat’s contribution to India becoming the world’s third-largest economy, noting that the state has grown across sectors. He said regions like Saurashtra and Kutch, once seen as remote, have now become major drivers of Atmanirbhar Bharat and investment-led growth.
Highlighting Saurashtra’s manufacturing strength, with over 2.5 lakh MSMEs producing goods ranging from basic tools to high-precision aircraft components, PM Modi pointed to the region hosting the world’s largest ship-breaking yard and being a major hub for tile manufacturing.
He further said that India’s first semiconductor fabrication plant is coming up in Dholera, with the land ready and a predictable policy environment supporting long-term growth.
Vibrant Gujarat Regional Conference
PM Modi on Sunday inaugurated the Vibrant Gujarat Regional Conference for the Kutch and Saurashtra regions.
The event saw the presence of Gujarat Chief Minister Bhupendra Patel and Deputy Chief Minister Harsh Sanghavi, among other dignitaries.
He also inaugurated 13 New Smart Industrial Estates in 7 Districts (Amreli, Bhavnagar, Jamnagar, Kutch, Morbi, Rajkot and Surendranagar) spanning an area of over 3540 Acres by Gujarat Industrial Development Corporation before his address on Sunday.
The two-day conference summit will highlight Gujarat’s leadership in the clean energy sector and its alignment with India’s ‘Panchamrit’ commitments announced by the Prime Minister. These include achieving 500 GW of non-fossil energy capacity by 2030, meeting 50 per cent of energy requirements from renewable sources, reducing projected carbon emissions by 1 billion tonnes, lowering carbon intensity by 45 per cent by 2030, and attaining net-zero emissions by 2070.
Rajkot, India, India
January 11, 2026, 16:22 IST
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EV adoptions gathers pace in 2025: Sales hit 2.3 million units; UP, Maharashtra lead sales – The Times of India
India sold were at 2.3 million units of electric vehicle in 2025, making up 8 per cent of all new vehicle registrations, according to a new report by the India Energy Storage Alliance, based on Vahan Portal data, cited by ANI. This boost was driven by incentives offered by the government and festive seasons. The majority portion of the sales were two-wheelers at 1.28 million units.The total registrations recorded in the overall passenger car market in the year 2025 stood at 28.2 million. Two-wheelers marked the most registrations 20 million registrations, while passenger cars were at 4.4 million and agricultural vehicles recorded 1.06 million. The recorded sales rose steadily throughout the year though slightly improved in the festival seasons due to GST benefits.Electric two-wheelers were the stars of the EV market, grabbing 57 per cent of sales. Three-wheelers came second with 0.8 million units (35 per cent), while four-wheelers logged 175,000 units. The report spotted good progress in electric delivery vehicles, especially in smaller commercial segments.Uttar Pradesh was at the forefront in this, with 400,000 units sold, taking an 18 percent market share in India’s EV segment. Maharashtra followed, with 266,000 units sold, contributing 12 percent to the segment, followed by Karnataka, with 200,000 units sold, contributing 9 percent to the market. The three accounted for over 40 percent in the country’s EV sales.Some smaller states recorded a very encouraging uptake of EVs. Delhi, Kerala, and Goa were able to reach an EV-to-ICE ratio of 14 percent, 12 percent, and 11 percent respectively. Meanwhile, states from the Northeast, Tripura, and Assam, achieved ratios of 18 percent and 14 percent, respectively.A major achievement was recorded in the three-wheeler segment, which attained a market penetration of 32 per cent. The government also created a record with their biggest ever order of electric buses—10,900 unit—valued at a massive Rs 10,900 crore through the PM E-DRIVE scheme.The report also stated that that while smaller vehicles led EV adoption, government efforts to electrify larger commercial vehicles and develop charging infrastructure were setting up India’s EV sector for continued growth beyond 2025.
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