Business
Rs2.6tr debt repaid ahead of schedule: Schehzad | The Express Tribune
Pakistan has retired Rs2.6 trillion in public debt well ahead of schedule, Advisor to Finance Minister Khurram Schehzad announced on Sunday.
In a post shared on X (formerly Twitter), Schehzad revealed that around Rs1.6 trillion was paid back to the State Bank of Pakistan (SBP) in just 59 days—an achievement he termed as “historic fiscal discipline”.
Historic Move: Pakistan Retires PKR 2,600 Billion Debt Before Time — A First in Pakistan’s History
In an unprecedented move and a record achievement for fiscal responsibility, the Ministry of Finance (MoF), Government of Pakistan (GoP), has retired over PKR 1,600 Billion of…
— Khurram Schehzad (@kschehzad) August 31, 2025
The finance ministry, he said, repaid Rs500 billion on June 30, 2025, followed by a second repayment of Rs1,133 billion on August 29, bringing total early SBP repayments to Rs1,633 billion.
He also highlighted a previous Rs1,000 billion repayment to the domestic commercial market during the first half of the fiscal year, calling it Pakistan’s first-ever advanced domestic debt retirement operation.
“Including both the central bank and commercial portions, the total early debt retirement in less than one year now comes to over PKR 2,600 billion — an unprecedented scale and decisive action in the country’s fiscal history,” the advisor stated.
Read More: $1.8b at risk on spectrum auction delay
Schehzad added that this marks a fundamental shift in fiscal management away from “debt-heavy practices” that previously squeezed development space. He noted that 30% of SBP debt has now been retired early—cutting the stock from Rs5.5 trillion to Rs3.8 trillion—well before its scheduled maturity in 2029.
“Early repayments eased the 2029 refinancing burden, lowered rollover risks, and created more room for development spending,” he said.
According to Schehzad, the average maturity of domestic debt has also improved sharply—from 2.7 years in 2024 to 3.8 years—marking the most significant single-year improvement in the country’s history and exceeding the International Monetary Fund’s (IMF) targets.
He further claimed that the government had already saved over Rs800 billion in taxpayer money this fiscal year through falling interest rates and disciplined repayments.
“By reversing a cycle of unchecked borrowing and prioritising repayments, Pakistan is restoring fiscal credibility and building long-term resilience,” he concluded.
Business
Greggs to reveal trading amid pressure from cost of living and weight loss drugs
Greggs is to shed light on demand from customers as the high street bakery chain contends with the rise of weight loss treatments and cost of living pressures on shoppers.
The high street chain is also wrestling with other factors including increases to labour costs and tax changes.
As a result, on Tuesday March 3, Greggs is expected to reveal pre-tax profits of around £173 million for the year to December 27, representing a 9% drop.
In its previous update shortly after Christmas, Greggs pointed to a strong finish to 2025 as sales growth accelerated in the final quarter of the year.
Like-for-like sales growth rose from 1.5% in the third quarter to 2.9% in the final months of 2025.
Totals sales were up 7.4% in the final quarter amid a boost from the group’s continued store opening programme.
The company opened 121 stores last year.
However, analysts at Deutsche Bank said expectations “have already been set low” for 2026 and are “unlikely to change”.
In January, Greggs said it was “cautious but hopeful” about its outlook for 2026, highlighting “subdued” consumer confidence.
Roisin Currie, chief executive of Greggs, also warned alongside its previous update that there was “no doubt” appetite-suppressing medication is having an impact on the bakery chain’s business.
It may provide more detail on how this continues to change customer eating habits.
Meanwhile, the group also announced that inflation was likely to be shallower than last year.
The group increased the price on a number of products and deals last year, so shareholders will also be keen to see how these changes have continued to impact trading.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “Investors are keen to hear how 2026 is shaping up in the early months.
“While the picture on the cost front is beginning to look more favourable, Greggs has plenty of other challenges still to wrestle with.
“Unhelpful changes to tax rules and minimum wages, slowing UK economic growth, and cost-conscious consumers are all weighing on the outlook.”
Business
Chief of Staff of the Iranian Armed Forces Confirmed Martyred in US, Israeli Strikes – SUCH TV
Major General Seyed Abdolrahim Mousavi, the Chief of Staff of Iran’s Armed Forces, attained martyrdom in a cowardly Israeli-American aggression on Saturday.
Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, was also martyred in the Saturday aggression, alongside many top-ranking military commanders and defense officials.
Major General Mousavi succeeded Major General Mohammad Bagheri following the 12-day war in June last year and carried forward the remarkable legacy of his predecessor.
He played a particularly vital role in the June 2025 war, leading the Iranian armed forces in their retaliatory operations that forced the Israeli regime to beg for surrender.
Mousavi previously served as the commander-in-chief of the Islamic Republic of Iran Army and played an instrumental role in bolstering the might of the army.
On August 21, 2017, he was promoted from Brigadier General to Major General and appointed Commander-in-Chief of the Islamic Republic of Iran Army by the Leader, replacing Seyed Ataollah Salehi.
Later, on May 28, 2019, Ayatollah Khamenei appointed him as the commander of the Khatam al-Anbia Air Defense Base, while he continued to serve as the army’s top commander.
Mousavi was born in 1960 in the holy city of Qom in central Iran. He was a graduate of the Army’s Ground Forces Officers’ University and held a doctorate in defense studies from the Supreme National Defense University. He joined the Iranian army in 1979.
During the years of the Imposed War in the 1980s, Major General Mousavi served in the Army’s artillery unit on various fronts, including the western battlefields in Kurdistan (28th Kurdistan Division) and the southwestern fronts (33rd Artillery Group of the Ground Forces) in Khuzestan province.
He participated in many operations such as Valfajr 4, Valfajr 9, Beit al-Moqaddas 5, Qader, Nasr, and several others. He is recognized as a veteran of the war.
After the Imposed War ended in 1997, he completed the Advanced Command and Staff Course (DAFOS) and later earned a doctoral degree in defense management at the Supreme National Defense University.
From 1999 to 2005, he served as the Chief of Joint Staff of the Army, and from 2008 to 2016, he was Deputy Commander-in-Chief of the Army. Following that, from 2016 to 2017, he held the position of Deputy Chief of Staff of the Armed Forces.
Mousavi held several significant leadership positions within Iran’s military. From 1999 to 2005, he served as the Chief of Joint Staff of the Army, later assuming the role of Deputy Commander-in-Chief from 2008 to 2016.
In 2016, he was appointed Deputy Chief of Staff of the Armed Forces, a position he held until 2017, when he was named Commander-in-Chief of the Islamic Republic of Iran Army, a role he held until today.
Additionally, since May 2019, served as the Commander of the Khatam al-Anbia Air Defense Base, further solidifying his central role in the country’s military strategy and operations.
Major General Mousavi also served as the Commander of Imam Ali (PBUH) Officers’ University, where he contributed to the training and development of military personnel.
He also led the Army’s Northeast Operational Base, overseeing strategic operations in the region.
In addition, he was the Deputy for Training and the Deputy for Planning and Programs within the Army Ground Forces, playing a key role in shaping military preparedness and strategy.
Mousavi’s expertise in operations led to his appointment as the Head of Operations for the Army, and later, he became the Director of the Army Strategic Studies Center, where he engaged in high-level research and policy development.
Business
Yorkshire Cat Rescue sees rise in abandoned cats as costs increase
Yorkshire Cat Rescue in Haworth says it paid £282,000 in vet bills in 2025 and rescued 925 animals.
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