Business
Pakistan can manage flood relief on its own, says Finance Ministry – SUCH TV
Finance Minister Muhammad Aurangzeb has ruled out the need for United Nations (UN) assistance for flood relief, stating that Pakistan has sufficient resources within its development budget of Rs4.3 trillion (around US$12–13 billion) to manage rescue and rehabilitation efforts.
Speaking as the keynote speaker at the Pakistan Business Summit in Peshawar, Aurangzeb emphasized that by efficiently prioritizing and coordinating between the federal government and provincial administrations, available funds could be redirected to address the devastation caused by the recent floods, which have severely affected agricultural areas nationwide.
He highlighted Pakistan’s strong performance in remittances, which reached $38 billion last year and are projected to grow to $41–43 billion in the current fiscal year.
Aurangzeb also noted that Pakistan successfully repaid $500 million in Eurobond obligations in September without disrupting the market and is well-positioned to meet the $1.3 billion Eurobond repayment due in April 2026.
The summit marked the first major business event in Khyber Pakhtunkhwa’s capital in several years, drawing policymakers, investors, and corporate leaders from across the country under the theme “Shaping What’s Next.”
Other key speakers included Acting President and Senate Chairman Yusuf Raza Gilani, KP Governor Faisal Karim Kundi, Federal Minister for Privatisation Mohammad Ali, KP Finance Advisor Muzammil Aslam, and former minister Mohammad Azfar Ahsan.
Aurangzeb reiterated that inflows into the formal economy were on the rise and projected continued growth in remittances. He also mentioned that the policy rate, currently at 11%, is expected to be gradually lowered during the fiscal year, noting that while the central bank controls the rate, there is enough flexibility to ease it further.
He stressed the importance of pursuing structural reforms to strengthen the private sector and restore public confidence in the tax authorities. “We are making progress in both widening and deepening the tax base,” he added.
The Finance Minister highlighted that the Federal Board of Revenue has been streamlined into a tax/revenue collection body, while economic policymaking has shifted to the Finance Division. The tax policy office of the Finance Division will present the budget for the next fiscal year.
On the privatisation front, Aurangzeb stated that 24 state-owned enterprises have been transferred to the Privatisation Commission.
Regarding foreign direct investment and international engagement, he said that recent visits to Beijing, Riyadh, and New York had produced tangible outcomes.
At the summit, awards were presented to Dr Rahman of RMI, Dr Abdul Bari Khan of Indus Hospital, and squash legend Jahangir Khan for bringing international recognition to Peshawar through their achievements.
Closing the summit, former air chief marshal Sohail Aman said Pakistan was at an “opportune moment” where a favourable external environment, internal cohesion, a willing private sector, and government support created the “perfect time to lift off.”
Pakistan suffers Rs371bn flood losses
It may be noted here that Pakistan has apprised the International Monetary Fund (IMF) of economic losses amounting to Rs371 billion in the aftermath of recent floods, which severely damaged infrastructure and agriculture.
Ministry of Finance high-ups briefed the IMF review mission about external financing needs of $26 billion, out of which $12 billion will be rolled over, citing the example China’s ambassador gave commitment before the IMF last time that all rollover and refinancing requirements of Pakistan would be fulfilled within the stipulated timeframe
The government had set a real GDP growth target of 4.2% for the ongoing fiscal year (FY26), approved by the National Economic Council (NEC) and parliament at the time of the budget.
However, in light of the flood-related damages, authorities have projected a downward revision of the target by 0.3% points, bringing it to 3.9%.
Business
First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry – The Times of India
In the middle of the ongoing Middle East conflict, India has received around 4 million barrels of crude from Iran. This is the first time in around seven years that India has procured crude oil from Iran. India is looking to quickly secure supplies ahead of a deadline set by the Donald Trump administration that expires over the weekend.India, which relies heavily on imported energy and is sensitive to price fluctuations, has felt the impact of disruptions in global oil flows following strikes by the United States and Israel on Iran since late February.
To manage the situation, it has made use of temporary waivers granted by Washington that permitted purchases of previously restricted Russian and Iranian crude, aimed at easing global oil prices. One of these waivers has already lapsed, while the other is set to expire soon unless extended at the last moment.
India Receives Crude Oil From Iran
A Bloomberg report quoting sources familiar with the matter and vessel-tracking data from intelligence firms Kpler and Vortexa, said that the very large crude carrier Jaya, fully loaded with Iranian oil, is currently unloading its cargo at Paradip on India’s eastern coast.Also Read | Atmanirbhar Bharat 2.0 push: Amid Middle East conflict, India working on self-reliance in energy, nuclear power Another tanker, Felicity, is carrying out similar operations at Sikka on the western coast. Both vessels, which are under US sanctions, are expected to leave Indian ports by Friday, based on port documents reviewed by Bloomberg News.Indian Oil Corporation handles crude shipments at Paradip, while Sikka is used by Reliance Industries and Bharat Petroleum Corporation, which operates a single-point mooring facility in the area.India had been a major importer of seaborne Russian crude until last year and quickly ramped up those purchases. However, refiners have faced greater challenges in sourcing and paying for Iranian shipments due to continuing financial sanctions. Earlier this month, India indicated that it would procure crude from Iran, among other sources, to deal with the ongoing supply strain.The arrival of cargoes carried by the tankers Jaya and Felicity, both under US sanctions for their role in transporting Iranian oil, suggests that alternative arrangements have been put in place to facilitate these imports, the report said.Meanwhile, another Iran-linked vessel, Derya, is currently positioned off India’s western coast with a full load of crude. The tanker had taken on cargo at Kharg Island in late March, but may have missed the deadline tied to the US waiver. It is currently signaling that it is awaiting further instructions, indicating that it has yet to secure a destination port.Also Read | Trump’s blockade of Strait of Hormuz begins: How will India be impacted?
Standard Life has agreed to buy rival Aegon’s UK business for £2 billion in a move set to create a pension and savings giant.
The deal will see Standard Life, recently rebranded from Phoenix Group, oversee 16 million customers and £480 million in assets under administration.
Under the terms, Standard Life will pay £750 million in cash, part-funded through debt, and issue 181.1 million new shares to Dutch financial firm Aegon.
The transaction will grant Aegon a 15.3 per cent stake in the FTSE 100-listed Standard Life, along with the right to appoint one non-executive director to the combined group’s board.
Andy Briggs, Standard Life chief executive, said the agreement to acquire Aegon UK “significantly accelerates our vision to be the UK’s leading retirement savings and income business”.
“Together, we will not only be stronger, we will be better.”
Standard Life is understood to have seen off rival bidders, such as Lloyds Banking Group and Barclays, to secure the deal.
Amsterdam-listed Aegon, which is based in Schiphol in the Netherlands, put its UK arm up for sale at the end of last year as part of a group-wide overhaul that will see it move its headquarters to the US and be renamed as Transamerica.
Standard Life said the deal – set to complete around the end of 2026 – will catapult it to second place in Britain’s retail pensions and savings market and in the same position for workplace pensions, adding Aegon UK’s 3.8 million customers and £160 billion in assets under management.
It is aiming to drive savings of £110 million a year after the deal, with over half delivered by the end of 2029 and the rest by the end of 2031, driven by cuts made across combined group and head office operations and as the pair integrate their platforms.
Lard Friese, Aegon chief executive, said: “The businesses are complementary and the combination offers an excellent outcome for Aegon UK’s customers and colleagues.
“Aegon’s shareholding will provide an opportunity to participate in the future success of the enlarged group.”
Phoenix Group bought Standard Life’s insurance business from the then Standard Life Aberdeen in 2018 and announced plans to rebrand as Standard Life last year.
It also has brands including SunLife, Phoenix Life, ReAssure and Phoenix Wealth.
Panmure Liberum analyst Abid Hussain said: “Overall, this looks like a good deal, although there will be questions on why the expense and capital synergies take five years to fully realise; we would ordinarily expect this to be achieved in three years.”
Business
Fuel Prices Pakistan: Iran war impact: Will Pakistan be forced into rationing fuel if conflict drags on? – The Times of India
Pakistan could be forced to consider fuel rationing at petrol pumps if the ongoing US-Iran conflict continues for a prolonged period, finance minister Muhammad Aurangzeb has said.Speaking at the World Bank–IMF Spring Meetings 2026 in Washington, DC, Aurangzeb indicated that while Islamabad has so far avoided rationing, the situation remains fluid and dependent on how the conflict evolves.
“So far we have stayed away from interventions at the gas stations and at the petrol pumps… from our perspective that’s a much better way to go than going into rationing,” he said, while responding to a question on whether Pakistan may impose fuel restrictions.
Govt prefers price mechanism over rationing
The minister explained that the government is currently relying on price adjustments and targeted subsidies to manage demand, rather than imposing strict supply controls.“What we’ve seen is it has led to law and order situations in other countries,” he said, referring to rationing measures elsewhere. “If demand destruction can be done through price transmission combined with targeted subsidies… that’s a much better way to go.”However, he cautioned that this approach may not hold if the crisis deepens. “I have to put an asterisk there, it all depends how long this goes and how far this goes,” he added, signalling that rationing remains a fallback option.
Oil crisis driven by Hormuz disruption
The warning comes amid heightened global energy volatility triggered by the US-Iran war, which has disrupted supplies through the Strait of Hormuz — a key route for nearly a third of global oil flows,.Pakistan, which imports around 85% of its fuel through the strait, is particularly vulnerable to supply shocks and rising prices. The country has already witnessed sharp fuel price hikes in recent weeks, sparking protests and forcing the government to roll back increases.
Rising prices, public pressure shape policy
Petrol prices in Pakistan surged by over 40% earlier this month before being partially reduced following public backlash. The spike pushed transport costs higher and triggered unrest in several regions.To cushion the impact, the government introduced targeted subsidies for transporters, farmers and other key groups, alongside relief measures such as free public transport in some areas.Aurangzeb’s remarks highlight the delicate balancing act facing Islamabad managing dwindling energy supplies while avoiding public unrest, as the Middle East conflict continues to cast a long shadow over global oil markets.
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First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry – The Times of India
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