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$119m withdrawn from T-bills in Nov

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KARACHI: Instead of improving, the foreign investment climate has become more difficult for Pakistan, as seen in treasury bills where outflows surged by 54 per cent in November — a trend similar to that of foreign direct investment (FDI).

November proved to be the worst month for T-bill inflows and outflows so far in FY26. According to the State Bank’s latest data, foreign inflows in T-bills amounted to $77 million against outflows of $119m during the month.

Most of the outflows went back to Arab countries despite their assurances of investing in Pakistan. The trend is disappointing for a government striving to attract foreign investors across sectors and offering incentives through the Special Investment Facilitation Council (SIFC). Despite its creation to draw investment, the SIFC has yet to achieve meaningful results, and the Board of Investment has also been unable to secure major successes.

During November, the highest inflows came from the UK at $37m, followed by $20m from the UAE and $19m from Bahrain. However, the largest outflows — $51m and $41m — also went to the UAE and Bahrain, respectively, while the UK saw an outflow of $27m.

Govt raises Rs1.2tr amid over-liquid market

The inflow-outflow pattern shows that only a few countries are investing small amounts in high-yielding (around 11pc) T-bills. Despite attractive returns, the broader investment environment appears unappealing. Ongoing terrorism in two provinces and tensions with India and Afghanistan have further undermined investor confidence.

This is reflected in the shrinking FDI, which fell by 26pc in the first four months of the current fiscal year — already the lowest level in the region.

In the first five months of FY26, T-bill inflows were still higher than outflows at $410m compared to $333m during the same period.

Analysts and currency watchers remain pessimistic about any substantial improvement in foreign investment in the second half of the fiscal year.

The government, however, hopes to generate dollars through the sale of PIA and other assets, although major bidders are expected to be Pakistani investors with strong industrial presence. Despite the government signing MoUs with countries, including Saudi Arabia and the UAE, observers do not see significant foreign investment materialising anytime soon.

Treasury bills, bonds

The government raised a total of Rs1.2 trillion through the auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) on Wednesday.

According to the State Bank, the government raised Rs884.7bn through direct auction of T-bills and Rs97bn through non-competitive bids, bringing the total to Rs981.7bn. An additional Rs190.7bn was raised via 10-year PIBs, taking the day’s total mobilisation to Rs1.2tr.

The market appears over-liquid, with T-bill bids reaching Rs1,925bn and PIB bids Rs523bn — a combined Rs2.448tr. This also indicates low private-sector borrowing and sluggish economic activity, mirroring the past three years.

Published in Dawn, December 11th, 2025



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Transporters vow to continue strike until demands are accepted

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LAHORE: Traders and transporters have criticised the working style of the Punjab chief minister and have advised her to stop ‘anti-business actions’ as the wheel-jam strike called by the transporters entered its sixth day on Friday.

According to reports, only two transporter groups announced calling off the strike after meeting with the Lahore police. However, other major transport associations rejected the announcement.

“We are yet to receive the material lying at the Karachi Port after being imported from various countries. Likewise, the goods we were to send to various international buyers have been lying at factories for the last six days,” Pakistan Textile Exporters Association (PTEA) Secretary General Azizullah Goheer said while talking to Dawn on Friday.

“The strike is not only causing financial loss but also damaging our credibility and commitment internationally. We are missing vessels through which we booked our export goods. It is a loss of billions,” he said, terming the situation serious.

Question CM’s ‘anti-business’ governance style; claim business activities halted across the country; only two groups call off strike

On the other hand, the traders and goods transporters have joined hands and held a joint press conference against the government for halting business activities through various actions, including implementation of the amended motor vehicle ordinance that empower field officers to impose heavy fines on transporters besides getting FIRs lodged against them for various violations.

“There is no business in Lahore and in the rest of Punjab. Business activities have also come to a grinding halt in Sindh and other provinces due to the closure of goods transport. At present, no goods in the wholesale markets are being transported to other cities from Lahore,” All Pakistan Anjuman Tajiran Pakistan General Secretary Naeem Mir told reporters at a press conference held at the press club.

Flanked by transporters’ representatives, he criticised the chief minister for her governance style and requested her to give the business community access to her office.

“We the traders are already worried due to repeated visits of officers of several departments at our businesses on a daily basis. Now, the wheel-jam strike has choked business activities across Punjab. You (the CM) are our leader. Please listen to us,” the APAT’s general secretary said.

He claimed that the transporters were deceived on the pretext of dialogues, but the government’s senior minister rejected the transport minister’s commitments with the transporters.

“Which governance style is this? Who is giving advice to the government? Why are we being treated like the culprits of May 9 incidents,” he questioned.

Meanwhile, the office bearers of the Mazda Goods Transport Association and the Punjab Goods Transport Alliance announced to call off the strike after meeting with the Lahore police.

“As the DIG police has assured us to resolve the issue, we have decided to call off the strike, we will also meet the CM and the senior minister today (Saturday),” said Muhammad Attique, an office-bearer while talking to this reporter. The alliance also issued a statement to the effect.

However, other major transport associations rejected the announcement. They said that the national-level associations would not end the strike until their demands were accepted.

“Only two groups have announced to call off the strike, but we are not with them. Moreover, the strike is being observed across the country and not just Punjab,” All Pakistan Truck Trailer Owners Association chief Lala Yasir Naseer told Dawn when contacted.

“We will only call off the strike after suspension of the disputed clauses of the motor vehicle ordinance and other highhandedness with the transporters on the part of enforcement officers,” he said.

Transporters of Goods Association (TGA) Chairman Tariq Gujjar said that the strike was being observed across the country and, at present, all three ports in Karachi were closed.

“Our several trucks, trailers are impounded in Punjab due to the implementation of the ordinance and other issues. Similarly, the Sindh government has also issued a letter to implement laws related to operating old trucks and was taking similar actions,” he explained.

He said that one of their demands was to provide adequate parking for goods transport at all three ports in Karachi.

“We are with the transporters of Punjab and other provinces and will continue our strike till the acceptance of our demands,” he warned.

Published in Dawn, December 13th, 2025



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Pakistan expected to become member of olive council: minister

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ISLAMABAD: Minister for National Food Security and Research Rana Tanveer Hussain on Friday said Pakistan was expected to become a member of the International Olive Council (IOC) within a couple of months, which will enhance global recognition of its olive industry.

He was inaugurating a three-day ‘National Olive Festival’, which opened at F-9 Park on Friday.He said olive sector is one of the strongest drivers of economic and social development in rural areas, where it promotes growth, generates stable employment and create opportunities.

The annual olive festival marked a major milestone in Pakistan’s journey towards a sustainable and competitive olive sector with display of olives and olives products and enthusiastic participation from provinces and organisations. The festival aims to promote olive cultivation, local farming, food security, and modern agriculture in Pakistan. Olive lovers and families enthusiastically attended the opening day of the festival.

The minister appreciated the support of the Italian government for the development of Pakistan’s olive sector, noting that Italy is providing technical assistance and has also approved a 20 million euros project for Pakistan.

He noted that olives constitute a major global agricultural industry, citing Spain’s $11 billion and Italy’s significant annual exports. In comparison, Pakistan’s total agricultural exports stand at $9 billion, while the country spends $4 billion annually on importing palm oil.

He emphasised that by increasing domestic olive production, Pakistan will not only meet its own needs but also generate valuable foreign exchange through exports in the coming years.

He stressed that the government is prioritizing the supply of quality saplings, research, modern oil extraction facilities, and overall improvement of the value chain.

Upgrading olive packaging, branding, and marketing to international standards, he said, is essential.

The minister termed the olive festival as a significant milestone for Pakistan, stating that Pakistan has vast potential for olive cultivation and that the crop is no longer an experiment but has now matured into a fully emerging industry.

Rana Tanveer Hussain reiterated that farmers are the backbone of the country and assured that the government will extend all possible support to them.

Published in Dawn, December 13th, 2025



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Senate panel okays Railways bill

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ISLAMABAD: The Senate Standing Committee on Railways on Friday unanimously passed the draft of the ‘Transfer of Railways Amendment Bill, 2025’, aimed at attracting investment through track access.

Railways Minister Muhammad Hanif Abbasi briefed the committee on the rationale behind the initiative, saying that it would benefit the Reko Diq mining project by improving logistics.

The committee, headed by Senator Jam Saifullah Khan, was told that provincial governments were also interested in investing in Pakistan Railways, and these amendments would enable them to contribute to the railway infrastructure.

Move to attract investment through track access, benefit Reko Diq project

The amended bill provides track access for operating rolling stock on the Pakistan Railways network to improve efficiency, facilitate competition, boost revenue, strengthen safety planning, and support investment in freight and passenger services using operators’ own locomotives and rolling stock.

Proposed railway board

Senator Rubina Khalid pointed out the absence of the minister, as a public representative, from the proposed railway board.

The committee chairman asked the railways minister to address the issue at the earliest. He directed the inclusion of the federal railways minister on the board to ensure stronger oversight and accountability.

The committee also proposed several measures for improvement within Pakistan Railways, and advised the ministry to approach the chambers of commerce to attract investment and expand public-private partnerships.

The chairman directed the ministry to extend the ongoing improvements, such as the installation of LEDs at major stations to smaller ones as well.

He also instructed the ministry to step up public awareness efforts on safety near railway tracks.

The committee reviewed an issue raised by Senator Shahadat Awan, who voiced concern about the possible impact on serving employees. The panel urged the minister to safeguard the interests of the serving staff.

The chairman directed the ministry to present a comprehensive briefing at the next meeting on outsourcing in railways, new hiring, its effects on the serving employees, manpower planning, budget implications, and revenue trends before and after outsourcing.

Published in Dawn, December 13th, 2025



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