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Leghari hopeful of CMOD deal by June

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ISLAMABAD: The first 200 megawatts (MW) electricity transaction under the newly launched Competitive Market Operations Date (CMOD) regime is expected to be completed by June this year, said Power Minister Sardar Awais Ahmed Khan Leghari on Tuesday.

Speaking at the declaring ceremony of the CMOD, the minister said the transaction will mark a significant milestone in Pakistan’s transition towards a competitive power market. The minister said the reform journey, originally envisioned decades ago and initiated in 2016-17 in its practical form, had finally entered the implementation phase after years of deliberations and institutional groundwork.

The symbolic activation of CMOD was jointly performed by Mr Leghari and Secretary Power Division Dr Muhammad Fakhre Alam Irfan.

Reflecting on the delay in implementation despite conceptual approval of competitive market reforms in the early 1990s, the minister termed it a governance lag that cost the country valuable time.

Power minister sees milestone in Pakistan’s transition to competitive market

“When you conceptualise something and approve it in 1992 but only begin serious implementation nearly two decades later, it reflects the challenges in our governance framework,” he observed.

The minister emphasised that reform was a collaborative institutional effort and appreciated the role of senior officials and other stakeholders for their intellectual input and implementation support.

“I think entire team has done an amazing amount of work in the past few years,” he said, acknowledging the contributions of the Power Division, regulators, and market institutions.

“This is not just a formality. It shows that not only political leadership but officers at the helm of affairs truly matter.

The intellectual input we receive as policymakers and the way we jointly work toward implementation is critical for the betterment of the people,” Mr Leghari said, expressing gratitude to the prime minister for his ownership and trust, stating that without his continued support, the reform process could not have reached the implementation stage.

Highlighting ongoing challenges, the minister noted that certain procedural and regulatory matters, including determination of wheeling charges, were still under process. He said a summary had been moved for the premier’s consideration and expressed optimism that following April, auction-related transactions would proceed smoothly.

“We are expecting that by June this year, the first 200MW transaction will be completed. It has taken 20-25 years of discussions and efforts. Achieving this will be a major step forward,” the minister remarked.

He expressed hope that the transition from wholesale to retail electricity market would proceed at a much faster pace than past reforms.

He stressed the need to adopt global best practices rat­her than relying on trial-and-error learning. The min­ister distributed certificates among senior officials in recognition of their contributions to the reform process.

Published in Dawn, February 25th, 2026



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PTCL Group posts loss of Rs9.7bn in 2025

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February 25, 2026

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ISLAMABAD: Pakis­tan Telecommunication Company Ltd (PTCL) Group on Tuesday anno­unced its consolidated annual financial results for the year ended Dec 31, 2025 maintaining the loss streak.

The group made a net loss of Rs9.7 billion for 2025.

The mobile segment of the group, Ufone posted a revenue growth of 14pc year-on-year, its operating profit reached Rs17.6bn that is 283pc against 2024, yet the company still remains in net loss, which reduced significantly by 89pc.

The group loss was primarily driven by accelerated expected credit loss (ECL) provisioning at Ubank following revisions to the Prudential Regulations.

Ubank has strengthened its balance sheet by adopting IFRS 9, resulting in increased impairment allowances for ECL following updated regulatory requirements.

The group’s consolidated revenue increased by 12pc year-on-year, driven by strong performance in fixed broadband, enterprise, wholesale and mobile services. The consolidated operating profit grew 216pc year-on-year, underscoring strong operational performance.

Revenue grew by 12pc, led by 50pc growth in Flash Fibre and 16pc growth in business solutions compared to the last financial year.

The carrier and wholesale business has maintained momentum with 28pc growth.

PTCL’s operating profit reached Rs18.2bn, up 49pc YoY and posted a net profit of Rs1.4bn despite one-off booking of additional pension liability amounting to Rs6.9bn pursuant to the decision of the Supreme Court.

Published in Dawn, February 25th, 2026



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Religious Affairs, IT Ministries sign MoUs to Digitalise Hajj management system

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February 25, 2026

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NA panel seeks answers over delay in work on Quetta Expo Centre

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February 25, 2026

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ISLAMABAD: A parliamentary committee has expressed concern over the delay in the establishment of the Expo Centre in Quetta and the implementation of the Export Accelerator for small- and medium-sized enterprises.

The concerns were raised during a meeting of the National Assembly Standing Committee on Commerce, chaired by Jawed Hanif Khan.

At the outset, the committee also raised concerns over cost escalation, prolonged delays, changes in project location, lack of provincial coordination, and accountability gaps.

The ministry of commerce sought additional funding of Rs3 billion for the project, while Planning Division advised that allocations be managed within existing resources or via project-specific approvals.

On the Export Accelerator, the committee members stressed the need for clear outcomes, financial commitment, and inter-ministerial coordination to ensure effective implementation.

Meanwhile, the committee endorsed the allocation of Rs15bn subsidy from the Export Development Fund (EDF) to support rice exporters, noting its strategic importance amid regional market shifts and India’s export restrictions.

The commerce ministry confirmed daily monitoring and committed to submitting a detailed follow-up report within 90 days.

The committee reviewed NICL’s performance and board composition, recognising strong results over the past three years and real estate holdings valued at Rs25bn, including six units in Dubai worth Rs4.6bn.

Members discussed investment limits, SOPs, portfolio diversification, and risk coverage, while PRCL’s mandate and investment philosophy were reviewed in the context of its upcoming privatisation.

Pakistan’s gem and jewellery sector was also discussed, with members noting $450bn in estimated reserves, exports of Swat emeralds and challenges such as illegal gold exports and lack of hallmarking.

Proposals for a regulatory body, export promotion centres, and adoption of regional and international best practices were presented to ensure self-sustainability and separate management of gems and jewellery.

The commerce ministry was directed to evaluate these proposals against existing policies and submit recommendations.

The committee also showed concerns regarding value addition requirements and SRO 760 affecting gold and gemstone exports were highlighted. Members emphasised better coordination between the commerce ministry and the State Bank to resolve remittance and regulatory issues.

Published in Dawn, February 25th, 2026



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