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
Government to guarantee £1.5bn Jaguar Land Rover loan after cyber shutdown

The government will underwrite a £1.5bn loan guarantee to Jaguar Land Rover (JLR) in a bid to support its suppliers as a cyber attack continues to halt production at the car maker.
Business Secretary Peter Kyle said the loan, from a commercial bank, would protect jobs in the West Midlands, Merseyside and across the UK.
The manufacturer has been forced to suspend production for weeks after being targeted by hackers at the end of August.
There have been growing concerns some suppliers, mostly small businesses, could go bust due to the prolonged shutdown. The company operates the largest supply chain in the UK automotive sector, employing around 150,000 people.
It is hoped the loan will give suppliers some certainty as the shutdown continues.
The government will underwrite the loan through the Export Development Guarantee (EDG), a financial support mechanism aimed at helping UK companies who sell overseas.
The loan will be paid back by JLR over five years, in an effort to boost the firm’s cash reserves as it makes a “backlog of payments” to its suppliers.
No cars have been built this month, and the company has stopped placing orders with its 700 suppliers.
A parliamentary committee said some small suppliers had told them they had, at most, one week left before they ran out of cash.
The halt in operations is thought to be costing JLR itself at least £50m per week.
The manufacturer, owned by India’s Tata Motors, typically builds about 1,000 cars a day at its three factories in Solihull and Wolverhampton in the West Midlands, and Halewood in Merseyside.
Kyle said: “Following our decisive action, this loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK.”
Chancellor Rachel Reeves said: “Today we are protecting thousands of those jobs with up to £1.5bn in additional private finance, helping them support their supply chain and protect a vital part of the British car industry.”
Shadow business secretary Andrew Griffith welcomed the government’s support but said it “took too long to get there” and called on Labour to form a cyber reinsurance scheme to protect British businesses from state-backed actors.
Liberal Democrat business spokesperson Sarah Olney also praised the move but said the government had been “too slow to act”, adding it should also be prepared to provide a furlough scheme for affected workers if required.
Union Unite, representing thousands at JLR and in the supply chain, described the government support as an “important first step”.
“The money provided must now be used to ensure job guarantees and to also protect skills and pay in JLR and its supply chain,” said general secretary Sharon Graham.
JLR was hit by a cyber-attack on 31 August. A group calling itself Scattered Lapsus$ Hunters has claimed responsibility for the hack.
It was also behind a number of high-profile attacks on retailers earlier this year, including Marks & Spencer and Co-op.
JLR workers have been told to stay home since 1 September, with no firm return date provided.
About 30,000 people are directly employed at the company’s plants.
A JLR spokesperson said: “Our teams continue to work around the clock alongside cybersecurity specialists, the NCSC and law enforcement to ensure we restart in a safe and secure manner.
“The foundational work of our recovery programme is firmly underway, and we will continue to provide regular updates to our colleagues, retailers and suppliers.”
Business
Government to guarantee £1.5bn loan to JLR after cyber shutdown

The Government will underwrite a £1.5 billion loan guarantee to Jaguar Land Rover (JLR) as it continues to face a shutdown following a mass cyber attack.
The British carmaker has been forced to suspend production at its UK factories for several weeks after being targeted by hackers.
The shutdown is expected to last until October 1 at the earliest, leaving the company’s suppliers in limbo.
The loan, from a commercial bank, is expected to give those suppliers some certainty amid the continued shutdown.
The Government will give its backing to the loan through the Export Development Guarantee (EDG), a financial support mechanism aimed at helping UK companies who sell their goods overseas.
It will be paid back over five years, and will help to bolster JLR’s cash reserves as it pays back companies in its supply chain, who have been majorly impacted by the shutdown.
Business Secretary Peter Kyle said: “This cyber attack was not only an assault on an iconic British brand, but on our world-leading automotive sector and the men and women whose livelihoods depend on it.
“Following our decisive action, this loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK.
“We’re backing our automotive sector for the long term through our modern industrial strategy and the landmark trade deals we’ve signed to boost exports, as part of our Plan for Change.”
The UK’s largest carmaker, JLR was hit by a cyber attack on August 31.
Unions and politicians have warned since that small suppliers producing parts for the car giant could collapse without urgent financial support.
Mr Kyle this week met workers and bosses at Webasto, which makes sunroofs for JLR.
The brand has the largest supply chain in the UK automotive sector, which employs around 120,000 people and is largely made up of small and medium-sized businesses.
Chancellor Rachel Reeves said: “Jaguar Land Rover is an iconic British company which employs tens of thousands of people – a jewel in the crown of our economy.
“Today we are protecting thousands of those jobs with up to £1.5 billion in additional private finance, helping them support their supply chain and protect a vital part of the British car industry.”
In the aftermath of the attack, ministers have been in contact daily with JLR and cyber experts, as the company attempts to restart production.
Shadow business secretary Andrew Griffith said: “It is welcome to see that the Jaguar Land Rover supply chain – an important capability in our country that creates and supports thousands of automotive jobs – is finally being supported by the Government with loan guarantees in precisely the way we suggested.
“Ministers have got to the right place but took too long to get there. Labour must also pick up our suggestion of a cyber reinsurance scheme to protect British businesses from state-backed actors in an increasingly dangerous world.
“Britain’s firms and manufacturers deserve a government that is not distracted by scandals and infighting and that understands business.”
Liberal Democrat business spokesperson Sarah Olney said: “The Government and JLR must urgently clarify whether this emergency loan is going to be enough to properly protect tens of thousands of jobs and companies in the supply chain.
“This move is of course welcome – and hopefully not too late – but the Government has been too slow to act.
“The Government must be prepared to provide further support, including a furlough scheme for affected workers, if needed.
“We must also see a plan for ensuring cyber security standards are improved so that situations like this aren’t repeated. Liberal Democrats will continue to hold the Government’s feet to the fire so our car industry is protected.”
Unite general secretary Sharon Graham meanwhile said the loan was “an important first step and demonstrates that the Government has listened to the concerns raised in meetings with Unite over recent days”.
She added: “This is exactly what the Government should be doing, taking action to protect jobs.
“The money provided must now be used to ensure job guarantees and to also protect skills and pay in JLR and its supply chain.”
Business
Mumbai Airport Witnesses Arrival Of Over 5 Million International Passengers In 8 months

New Delhi: Chhatrapati Shivaji Maharaj International Airport (CSMIA) welcomed over 5 million international passengers between January 2025 and August 2025. Over the past three years, international arrivals at the airport have grown at a compound annual growth rate (CAGR) of 21 per cent, highlighting Mumbai’s ever-burgeoning prominence on the global travel map.
According to a media release, with direct connectivity to 55 international destinations, CSMIA has solidified its position as one of the most globally connected airports in the region. The UAE remains CSMIA’s largest source market, contributing 1.5 million arriving passengers between January and August 2025. England and Thailand follow with 0.38 million and 0.32 million arriving passengers, respectively.
“CSMIA’s growing connectivity is also reflected in the seven new international routes added between April 2024 and 2025, linking Mumbai with Al-Fujairah, Tashkent, Krabi, Almaty, Amman, Manchester, and Tbilisi. Meanwhile, emerging destinations such as Colombo (0.17 million arriving passengers), Kuwait (0.16 million), and Dammam (0.16 million) have become significant contributors to passenger volumes in 2025, highlighting evolving travel trends through Mumbai. This expansion demonstrates CSMIA’s growing global connectivity and its role in supporting both business and tourism,” the release said.
Between January and August 2025, arrivals rose steadily to over 5 million, compared with 4.8 million during the same period in 2024 and 4.1 million in 2023. The release also stated that between August 2024 and August 2025, the airport handled 8.24 million international arriving passengers.
January 2025 emerged as a milestone month, with 0.69 million international arrivals, marking a 415 per cent increase compared to January 2022, when post-COVID travel recovery had just begun.
Beyond being a transit hub, CSMIA offers a uniquely local experience, ensuring that every traveller’s journey begins with a taste of Mumbai’s spirit, warmth, and hospitality. “By combining international connectivity with these distinctly local experiences, the airport ensures that every passenger’s journey starts with a sense of Mumbai’s culture, heritage, and charm, reinforcing the city’s role on the global travel map — a fitting reflection of the spirit celebrated on World Tourism Day,” the release concluded.
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