Business
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
India’s FTA push: Negotiations with EU, US, Oman, New Zealand, & more ongoing; ‘many more wanting us to start,’ says Goyal – The Times of India
Commerce and industry minister Piyush Goyal on Friday outlined India’s ongoing plan to expand its free trade agreement network, saying that discussions are underway with the US, the European Union, New Zealand, Oman, Peru and Chile.Speaking at the CII Partnership Summit 2025, Goyal also highlighted the scope for infrastructure collaboration, stating that the India Trade Promotion Organisation (ITPO) is willing to work with the Andhra Pradesh government to build Andhra Mandapam as a world-class convention facility on the lines of Bharat Mandapam in New Delhi. The minister further added that reducing global trade barriers would contribute to the free movement of goods, services and capital. He noted that India already has free trade agreements in force with the UAE, Australia and the EFTA bloc of four European nations. “We are currently negotiating with the EU, US, Oman, New Zealand, Chile and Peru and many more wanting us to start negotiations,” he said. He further added that the Centre has taken steps to improve ease of doing business, including eliminating nearly 42,000 compliances and scrapping around 1,500 laws.Earlier this week, India successfully concluded the fourth round of negotiations with New Zealand. The two countriesheld discussions over a wide range of priority issues, covering trade in goods and services, economic and technical cooperation, investment, and rules of origin.In October, India and EU engaged in negotiations to finalise a mutually beneficial, balanced and equitable trade agreement. Both sides aim to finalise the agreement by the end of this year.
New Delhi: Anil Ambani offers to appear Virtually before ED in a 15-Year-Old FEMA Case. Reliance Group chairman Anil Ambani has agreed to cooperate with the Enforcement Directorate (ED) and proposed appearing via virtual means after being summoned under the Foreign Exchange Management Act (FEMA). The investigation pertains to alleged fund movements linked to the Jaipur–Reengus Highway Project, where the ED suspects nearly Rs 100 crore were illicitly transferred abroad through hawala channels.
According to a spokesperson for Ambani, the summons relate to a FEMA inquiry and not the Prevention of Money Laundering Act (PMLA) as some media reports have inaccurately suggested. The matter, as per the ED’s own media release dated November 3, 2025, concerns a 15-year-old case dating back to 2010 involving a domestic road contract with no foreign exchange component. The spokesperson emphasized that Ambani served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022, clarifying he had no operational role in the company.
According to Ambani’s side, the matter is linked to the Jaipur-Reengus Highway Project, which was a domestic road construction contract from 2010. The project was under the name of Reliance Infrastructure Ltd and was executed under an EPC contract. It was an Indian project with no involvement of foreign exchange transactions. The company says that the JR Toll Road construction is completely finished and since 2021, it has been with the NHAI. Therefore, there is nothing in that project today that would amount to any foreign exchange regulation violation.
While Ambani has assured full cooperation and offered virtual attendance for questioning, the ED’s investigation continues into the fund movements and the hawala transactions associated with the highway project. The case underscores ongoing scrutiny of past contracts and alleged financial misconduct involving corporate groups in India.
Business
Stock Market Updates: Sensex Falls 400 Points In Pre-Open, Nifty Below 25,800; Bihar Election Results In Focus
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Indian equity benchmark indices, Sensex and Nifty, are poised for a weak start on Friday, mirroring the sharp sell-off seen in global markets
Sensex
Indian equity benchmark indices, the Sensex and Nifty, are poised for a weak start on Friday, mirroring the sharp sell-off seen in global markets. Investor sentiment remains cautious ahead of the Bihar assembly election results, which will be announced today. At 8:45 AM, GIFT Nifty Futures were trading at 25,899.5, down 23.5 points.
Global Cues
Across Asia, markets slipped in early trade after Wall Street closed sharply lower, with technology stocks facing renewed pressure amid uncertainty over potential Federal Reserve rate cuts. Japan’s Nikkei 225 was down 1.5 per cent, South Korea’s KOSPI dropped 2.03 per cent and Hong Kong’s Hang Seng declined 1.23 per cent.
In the US, major indices tumbled on Thursday as AI-linked stocks dragged the broader market amid ongoing valuation concerns. The S&P 500 fell 1.7 per cent, the Nasdaq Composite dropped 2.3 per cent and the Dow Jones Industrial Average declined 1.7 per cent.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
November 14, 2025, 09:13 IST
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