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IMF seeks Pakistan’s plan to reduce power theft, losses amid bailout review | The Express Tribune
The International Monetary Fund has asked Pakistan to submit detailed proposals aimed at curbing electricity theft, reducing line losses, and cutting capacity charges, as talks between the two sides continue under the second economic review of the ongoing bailout programme.
The discussions are part of efforts to secure the release of a $1 billion tranche under the Extended Fund Facility (EFF) and an additional $220 million under the Resilience and Sustainability Facility (RSF).
Sources told Express Tribune that the International Monetary Fund (IMF) also demanded clarity from the federal government regarding the shortfall in provincial surplus targets, which stood at Rs921 billion against a target of Rs1,200 billion for the fiscal year. Punjab posted a surplus of Rs348 billion, Sindh Rs283 billion, Khyber-Pakhtunkhwa (K-P) Rs176 billion, and Balochistan Rs114 billion. The K-P government is expected to brief the IMF separately between September 29 and October 1.
Read More: Pakistan tells IMF it will miss tax goal
The development comes as Pakistan informed the IMF on Friday that it is unlikely to meet the Rs3.1 trillion tax collection target for the current quarter, according to briefings by tax authorities.
In a separate meeting, officials from the Power Division briefed the visiting IMF mission on the status of energy sector reforms. The Fund reportedly expressed concerns over inefficiencies, including high system losses and expensive capacity payments made to underutilised power plants.
To address these issues, the federal government assured the IMF that it plans to eliminate the circular debt ahead of the six-year deadline previously agreed. Authorities claimed that the stock of circular debt has already been reduced to Rs397 billion, down from earlier projections of Rs635 billion. They added that consumers would not face an additional burden, as payments would continue through an existing surcharge of Rs3.23 per unit.
Also Read: FBR removes ‘estimated market value’ column from 2025 tax return form
The Fund was also updated on ongoing negotiations with independent power producers (IPPs) and the privatisation process of three profitable electricity distribution companies. The government shared plans to utilise surplus electricity for industrial consumption and cryptocurrency mining, while reaffirming its commitment to transferring control of loss-making entities to the private sector.
The briefing further covered plans to restructure Rs660 billion in legacy debt and raise Rs565 billion in new financing as part of the upcoming loan package. Officials expressed optimism that the measures would help stabilise the energy sector and restore investor confidence.
Business
Post-GST Relief, Indians Opt For Bigger Health Covers And Longer Policies In 2025: Policybazaar Data
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Policybazaar reports GST removal boosted average sum insured in India to Rs 19 lakh, with rising demand for higher health, term, motor, and travel insurance.
Health, Term, Motor Insurance See Strong Uptick in 2025 After GST Relief
The average sum insured in India increased from Rs 14.5 lakh to Rs 19 lakh after GST removal on the insurance premium, according to Policybazaar report ‘Decoding India’s Financial Behavior in 2025’.
Buyers are now opting for higher sum insured health policies post GST removal, with the demand rising 47 per cent for Rs 10-25 lakh covers and 85 per cent for Rs 25 lakh and above covers, the report added.
Buyers increasingly opted for longer protection periods, reflected in the higher selection of 4-year and 5-year health insurance policies. 4-year and 5-year tenures increased by 56 per cent and 62 per cent, respectively.
Similarly, policies with sum insured below Rs 10 lakh declined by 29 per cent year-on-year.
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states, on Wednesday had decided to exempt health and life insurance premiums from the levy of goods and services tax (GST), from September 22, 2025.
Term Insurance Demand Grows 37%
In term insurance, demand grew 37% in 2025, led by buyers aged 25–40 years. Rs 1 crore emerged as the most popular cover, while higher sums are gradually gaining ground. Salaried individuals dominated purchases, and while men accounted for 80% of buyers, women showed a stronger preference for critical illness riders—pointing to more need-based choices.
Premium On Motor Insurance Jumps 200%
Motor insurance reflected changing mobility trends. Electric vehicle insurance purchases grew nearly 2.5 times year-on-year, with premiums surging about 200%. Add-ons such as roadside assistance and zero depreciation are becoming standard, especially for new vehicles. Pay-as-you-drive policies also saw meaningful adoption among urban users, offering savings for low-mileage drivers.
Travel Insurance Becomes Must-Have
Travel insurance shifted from optional to essential. Policy issuance rose 15%, with travellers opting for higher covers, especially for the US and Canada. Senior citizens emerged as an important growth segment, accounting for 15% of insured travellers.
Millennials Are On Fore Front
On the investment front, millennials led participation, with under-35 investors now forming 25% of retirement product buyers. Longer tenures of 20 years or more are increasingly preferred, reflecting patience and long-term thinking.
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December 29, 2025, 14:35 IST
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Mumbai: Shares of state-owned lender Punjab National Bank on Monday recovered after an earlier fall, after it reported a loan fraud of Rs 2,434 crore last week, allegedly committed by former promoters of SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL).
PNB’s shares had fallen as much as 3.1 per cent to Rs 116.6 apiece earlier in the day, but were trading at Rs 120.55, up 0.15 per cent at 11:44 am.
The PSU lender reported the loan fraud of Rs 2,434 crore to the Reserve Bank of India, alleging in a regulatory filing that the erstwhile promoters of SREI Equipment Finance Ltd and SREI Infrastructure Finance Ltd committed frauds of Rs 1,240.94 crore and Rs 1,193 crore, respectively.
The bank has made 100 per cent provisions against the entire outstanding amount, the filing added. The RBI, in October 2021, superseded the boards of SIFL and its wholly-owned subsidiary SEFL.
However, Srei group has challenged the forensic audit report as the basis for the fraud classification, noting the matter is subjudice.
Other banks such as Punjab &Sind Bank, Bank of Baroda, and Union Bank of India have also earlier declared a loan fraud in connection with Srei companies.
SEFL and SIFL, which carried combined financial debt of about Rs 32,700 crore, went through resolution under the Insolvency and Bankruptcy Code and were acquired by National Asset Reconstruction Company Ltd in December 2023.
The PSU’s shares showed robust performance across YTD, 1‑year, 3‑year and 5‑year horizons up 17.43 per cent, 18.84 per cent, 117.60 per cent and 263 per cent respectively, despite a decline of 3.17 per cent in one month.
PNB reported a 14 per cent rise in standalone net profit to Rs 4,904 crore for the September quarter of FY26 up from Rs 4,303 crore a year earlier.
PA MediaThe earliest known coin to be minted in Scotland almost 900 years ago has been acquired for the nation after it was found by a metal detectorist.
The medieval David I silver coin, discovered in a wooded area near Penicuik, Midlothian in 2023, has been dated to the second half of the 1130s.
As required by law it was reported it to Treasure Trove and allocated to National Museums Scotland (NMS) by the Scottish Archaeological Finds Allocation Panel.
The coin was valued at £15,000, which was paid to the finder as a reward by the King’s and Lord Treasurer’s Remembrancer.
PA MediaThe NMS said it would be used for research but it is hoped it will go on display in future.
King David I of Scotland, who reigned from 1124 until 1153, introduced the country’s first coinage.
Alice Blackwell, senior curator of medieval archaeology and history, said it was thought all his earliest coins were created in a mint in Carlisle, Cumbria, which he took control of in the 1130s.
But she added: “This coin is really significant because it’s the first of that earliest type, the earliest coins to actually have been minted outside of Carlisle.
“It was minted in Edinburgh, so it’s the first time that we have Scottish coinage being minted in what was a core part of the Scottish kingdom.”
She said any coins found before the king’s reign could be Roman Age, Viking Age or medieval coinage.
David I later lost control of Carlisle.
PA MediaThe coin found in Midlothian has a portrait of the monarch’s head on one side and a cross-based design on the other.
It also bears an inscription which indicates it was minted in Edinburgh.
The discovery will help experts expand their understanding of how and where coins were minted in medieval times.
Dr Blackwell said there was virtually no documentary sources that explained how coinage was produced in Scotland.
She added: “The coins themselves are the primary source.
“This is the first time that we can see this very early minting of coinage in Edinburgh.”
The expert added the first Scottish coins were quite rare.
She also said the discovery of another had the potential to increase understanding about how the first coinage was produced and how it began to be used in Scotland.
Later in the reign of King David I, coins were minted in places including Perth, Berwick-upon-Tweed, Aberdeen, St Andrews, and Roxburgh in the Scottish Borders.
As well as introducing Scotland’s first coinage his reign included the foundation of royal burghs such as Perth, Dunfermline and Stirling, and the reorganisation of civil institutions.
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