Business
Shehbaz Sharif, Asim Munir ‘quitely’ visited countries to seek loans for Pakistan; paid with ‘lowered self-esteem’ – The Times of India
Pakistan prime minister Shehbaz Sharif revealed the personal and national toll of Islamabad’s ongoing debt crisis. Sharif admitted that both he and field marshal Asim Munir (the Army Chief) were forced to “quietly” solicit billions in loans from friendly nations to bridge the country’s external financing gap.Addressing a gathering of businessmen and exporters, Sharif thanked friendly countries for their support while acknowledging the compromises involved. “We requested friendly countries to grant us loans, and they did not let us down,” he said, as quoted by Pakistani newspaper The Express Tribune.
“You know that when countries go to seek loans, their heads are bowed, and you are well aware of the obligations linked to loans. I want to state frankly that the field marshal and I quietly visited many countries and requested them to provide loans worth billions of dollars to help secure the IMF (International Monetary Fund) programme and reduce the external financing gap,” he added.Sharif said that seeking money from other countries required complying with their unjustifiable demands.“I am thankful to those friendly countries who hosted us. However, you know that when one seeks money from others, a price has to be paid in the form of lowered self-esteem. Compromises have to be made. One has to bear the burden of the wishes of those who grant loans, despite the fact that there is often no justification for implementing such demands,” he said.The prime minister noted that China was foremost among the countries that assisted Pakistan.This is not the first time the premier has expressed discomfort over seeking loans. In January 2023, he said it embarrassed him to ask for further loans, despite acknowledging Saudi Arabia’s financial support. He has repeatedly stressed the need for Pakistan to achieve self-sufficiency and reduce dependence on IMF programmes.Over the years, Pakistan has frequently turned to the IMF for financial support, with assistance linked to strict conditions such as fiscal reforms, subsidy cuts, and revenue-enhancing measures. In September 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF), followed by a $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening economic stability and climate resilience.
Business
Co-op boss quits after ‘toxic culture’ claims reported by BBC
Co-op chair Debbie White said: “We thank Shirine for her leadership and for the significant contribution she has made to our Co-op, to our communities and to the co-operative movement during her tenure. The Board is grateful for her commitment and leadership, particularly during a challenging few years, and we wish her every success in the future.”
Business
Airfares likely to doubled as jet fuel price aurges to Rs417 in Pakistan – SUCH TV
Air travel is all set to become highly expensive as the airlines are indicating at doubling the air ticket prices following a whopping increase in jet fuel rate.
The jet fuel price has rocketed to Rs417 from Rs388 per litre in Pakistan and the airlines have started to increase the airfares through enhancing fuel surcharge rates.
The airlines maintained the basic fare but added the fuel price surge into the fuel surcharge.
The one-way fare from Karachi to Islamabad and Lahore has shot up to Rs40,000 while air travel on chance seats for Islamabad and Lahore has soared by 150 percent.
Accordingly, the Pakistan International Airlines (PIA) has boosted the airfares by 10 to 100 dollars.
Domestic flights will now carry additional $10 fuel surcharge which on Canada routes extra $100 will be received as fuel charge.
Passengers on UK-bound flights to pay 75 dollars additional surcharge while 50 dollars will be received on Middle East routes.
Private airlines have gone a step ahead as they enforced charging additional 15 dollars to 150 dollars on different routes.
The airlines were under pressure after closure of many air routes with the airlines administrations are saying that extraordinary rise in airfares has become inevitable.
Earlier on Wednesday, Pakistan fuel NOTAM forced foreign airlines to tanker Jet A-1 fuel from abroad and limit uplift at Karachi and Lahore airports.
The Pakistan Airports Authority issued the order to protect local supplies amid supply disruptions.
Foreign carriers now arrive with enough fuel for their return flights while Pakistani airlines receive full requirements.
This change hit operations on March 25 when one Karachi-to-Doha flight diverted to Muscat.
The Pakistan fuel NOTAM A0147/26 took effect on March 13 and runs through March 31 2026. It targets Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore.
Airlines follow the rule and carry maximum fuel on inbound legs. Officials confirm foreign airlines get only the minimum quantity inside Pakistan.
Pakistan fuel NOTAM creates immediate changes on the ground. Foreign airlines offload passenger baggage and cargo to stay within weight limits.
The extra fuel adds weight that reduces payload capacity on every affected flight.
According to a Notice to Airmen (NOTAM) issued by the PAA, the supply of aviation fuel at domestic airports has been significantly curtailed due to regional supply chain disruptions, advising international carriers to maximize their fuel “uplift” at foreign stations and minimize refuelling within Pakistan.
The directive has already begun to impact international flight schedules.
Business
NS&I set to pay millions to customers over misplaced funds
The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.
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