The change represents a 50% increase in the reporting threshold and follows the government’s approval of amendments to the country’s anti-money laundering framework.

New CTR Threshold Announced by SBP

According to SBP’s BPRD Circular Letter No. 24, issued on November 12, 2026, the Ministry of Finance formally notified the revised reporting limit a day earlier, on November 11.

Under the updated notification, currency transactions amounting to Rs3 million or more fall within the mandatory CTR reporting requirement. The revised limit replaces the previous Rs2 million threshold established through S.R.O. 73(I)/2015, dated January 21, 2015.

Banks and other reporting institutions are required to submit relevant transaction reports to the Financial Monitoring Unit (FMU) in accordance with the Anti-Money Laundering Act, 2010.

Why Has Pakistan Increased the Reporting Limit?

The decision follows a meeting of the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT).

During its 19th meeting, held last month under the chairmanship of Finance Minister Muhammad Aurangzeb, the committee approved raising the CTR threshold by Rs1 million.

The meeting also considered broader changes to Pakistan’s anti-money laundering regulations, including provisions covering virtual asset regulation and piracy-related offences.

Following the committee’s approval, the Finance Division issued the necessary notification under Section 2(xi) of the Anti-Money Laundering Act, formally putting the revised threshold into effect.

What Does the New Rule Mean for Bank Customers?

The revised threshold changes when a cash transaction becomes subject to mandatory CTR reporting based on its amount.

Previously, transactions of Rs2 million or above met the reporting threshold. Under the new arrangement, this amount has increased to Rs3 million.

However, customers should understand that the change does not establish a maximum limit on cash deposits or withdrawals. It simply adjusts the monetary threshold used for mandatory currency transaction reporting.

Banks must also continue fulfilling their separate obligations regarding suspicious transactions, regardless of whether those transactions reach the CTR threshold.

Banks Directed to Implement the Revised Requirement

The SBP has instructed presidents and chief executives of its regulated institutions to ensure that the updated reporting requirements are implemented without delay.

The central bank has also referred financial institutions to its earlier BPRD Circular Letter No. 04 of 2015, issued on January 28, 2015, and asked them to acknowledge receipt of the latest instructions.

This ensures that banks and other regulated entities update their reporting procedures in line with the government’s revised requirements.

Will the New Threshold Affect Cash Transactions?

The increase from Rs2 million to Rs3 million may change how financial institutions classify and report large cash transactions.

Nevertheless, it does not mean that cash transactions exceeding Rs3 million are prohibited or that transactions below this amount are automatically exempt from all regulatory scrutiny.

Banks remain responsible for monitoring financial activity and reporting suspicious transactions to the relevant authorities under applicable anti-money laundering regulations.

Conclusion

Pakistan’s decision to raise the mandatory cash transaction reporting threshold from Rs2 million to Rs3 million marks an update to its anti-money laundering reporting framework.

With the revised limit now in effect, banks and other regulated financial institutions must follow the SBP’s latest instructions and ensure compliance with the updated requirements.

For customers, the most important point is that Rs3 million is a reporting threshold rather than a legal ceiling on cash transactions. Existing monitoring and suspicious transaction reporting obligations also remain in place.

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The new procedure was introduced through SRO 2098(I)/2026, dated November 10, 2026, amending the Income Tax Rules, 2002, through the addition of Rule 38B.

Under the new rules, the FBR will use Computerised Risk Management (CRM) to analyse tax returns covered under Section 120(2A) of the Income Tax Ordinance, 2001. The system will compare declared information with available records to identify factual mistakes, legal inconsistencies and other discrepancies.

Taxpayers to Receive at Least Seven Days to Respond

If the automated system identifies an issue, the taxpayer may receive an electronic notification through the FBR’s IRIS portal, explaining the discrepancy and requesting clarification or correction.

Taxpayers will be given at least seven days to respond, provide an explanation or correct the information. If no response is received, a reminder will be issued, allowing at least another seven days for compliance.

This mechanism is designed to give taxpayers an opportunity to resolve potential errors before further proceedings are considered.

Inland Revenue Officers to Review Cases

The automated system will maintain records of identified discrepancies, notifications and taxpayer responses. These details will be forwarded to the relevant Inland Revenue officer for examination.

The officer will review the taxpayer’s explanation or consider the absence of a response and may initiate further action under the applicable provisions of the Income Tax Ordinance, 2001, where necessary.

The FBR will also maintain a dedicated dashboard to monitor notifications, responses and actions taken by tax officials.

Implementation Through IRIS

The new scrutiny mechanism will be implemented through a Change Request Form (CRF), covering automated analysis, cross-matching of information and electronic communication with taxpayers.

The amendment has been issued under Sections 120(2A) and 237(1) of the Income Tax Ordinance, 2001, following the earlier publication of proposed changes through SRO 1690(I)/2026 on October 6, 2026.

What This Means for Taxpayers

The new rules introduce a more technology-based approach to tax return examination in Pakistan. Taxpayers will have an opportunity to explain or correct identified discrepancies before further legal or penal proceedings are considered.

However, taxpayers should regularly check their IRIS accounts, maintain accurate financial records and respond to electronic notifications within the prescribed deadlines to avoid potential complications.

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The major achievement includes securing 3,927 kanals of Pakistan Railways land across Islamabad, Rawalpindi, Jhelum, Chakwal and Murree, valued at Rs118 billion.

NAB also helped resolve a long-standing mining lease dispute in Gilgit-Baltistan, securing access to 27.4 million tonnes of Pozzolan deposits worth an estimated Rs123 billion for the Diamer-Bhasha Dam project.

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The programme, titled Public Resource for Inclusive Development, is being implemented under the World Bank’s Multiphase Programmatic Approach (MPA), covering the federal government and all four provinces.

First Phase Receives $700 Million Approval

The initial phase includes $600 million for the federal government and $100 million for Sindh. However, implementation of the federal component has progressed slowly, with the World Bank maintaining a moderately satisfactory rating in its April and October 2026 assessments.

The programme became effective on May 14, 2026, and Pakistan received an advance disbursement of $164.5 million on June 29.

Despite these developments, the government intends to proceed with the remaining financing rather than abandon the programme.

Concerns Over Tariff and Fiscal Reforms

Pakistan’s implementation of the National Tariff Policy has raised questions about compliance with the World Bank’s reform commitments.

The government increased import taxes in June 2026 and subsequently approved additional customs duty through the Economic Coordination Committee (ECC) in October to protect a tyre manufacturer. These decisions have prompted concerns about consistency with the policy’s objective of reducing trade barriers and encouraging liberalisation.

Implementation of the National Fiscal Pact has also attracted attention. The agreement requires the federal government to reduce spending on responsibilities assigned to provincial governments following the 18th Amendment.

However, federal approval of Rs87 billion for a project in Sindh in June has raised questions about adherence to the agreed division of financial responsibilities.

More Funding Planned for Provincial Governments

The World Bank’s financing programme is divided into four overlapping phases. Following the initial allocations, a $200 million operation is being processed for Khyber-Pakhtunkhwa, while Punjab and Balochistan are expected to receive funding in subsequent phases.

Sindh’s allocation focuses on improving provincial revenue collection, particularly through agricultural income taxation and property taxes.

Focus on Tax Collection and Public Spending

Broadening Pakistan’s tax base is one of the programme’s major objectives. The World Bank will support provincial governments in improving agricultural income tax and property tax collection through digital land records, improved property valuations and better tax information systems.

The programme also aims to strengthen General Sales Tax on Services collection through greater integration of digital data.

Another important area is public expenditure management. Proposed reforms include improving budget monitoring, expanding electronic procurement systems and reducing inefficient government spending.

Electricity subsidies are also targeted for reform through a welfare-based system designed to direct financial assistance towards deserving residential consumers.

Improvements in Data and Statistical Systems

The initiative will support institutional reforms at the Pakistan Bureau of Statistics (PBS), including the establishment of a Governing Council and Users’ Council.

It also proposes creating a National Data and Statistics Hub to improve information sharing between federal and provincial institutions.

These measures are intended to strengthen government planning, fiscal management and public service delivery.

Conclusion

Pakistan’s decision to pursue the full $1.7 billion World Bank financing programme reflects its intention to continue with economic and fiscal reforms despite implementation delays.

The programme covers tax mobilisation, provincial financial management, electricity subsidy reforms, public expenditure efficiency and improvements in statistical infrastructure.

However, progress will depend on the government’s ability to fulfil its commitments under the National Tariff Policy and National Fiscal Pact. Effective implementation of these reforms will be essential to strengthening public finances, improving economic management and supporting sustainable growth in Pakistan.

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The revision was introduced through S.R.O. 2086(I)/2026, dated November 5, 2026, under the authority granted by the first proviso to clause (46) of Section 2 of the Sales Tax Act, 1990.

Which Steel Scrap Transactions Are Covered?

The revised valuation applies to remeltable iron and steel scrap classified under Pakistan Customs Tariff (PCT) heading 72.04.

However, the amendment is limited to specific transactions involving direct supplies from manufacturer-cum-exporters of recycled copper who are authorised under the Export Facilitation Scheme (EFS) to registered steel melters.

Therefore, the revised valuation should be considered in the context of the particular suppliers, buyers and transactions identified in the notification.

Minimum Valuation Increased by Five Percentage Points

Under the previous arrangement, the minimum supply value for the specified scrap category was set at 55% of the benchmark value applicable to steel bars. Following the latest amendment, this percentage has been raised to 60%.

The change replaces the existing 55% figure with 60% against serial number 5 of the relevant valuation table.

For illustration, if the applicable benchmark value of steel bars is Rs200,000 per metric tonne, the minimum taxable value would increase from Rs110,000 to Rs120,000 per metric tonne.

This represents a 9.09% increase in the prescribed minimum valuation, although the change in the benchmark percentage is five percentage points.

How Is the Steel Bar Benchmark Determined?

The reference value used for calculating the minimum supply value is linked to the average retail prices of steel bars published monthly by the Pakistan Bureau of Statistics (PBS).

The relevant prices are collected for six major cities:

• Lahore
• Karachi
• Peshawar
• Quetta
• Rawalpindi
• Islamabad

A deduction of Rs1,500 per metric tonne is applied to the benchmark value before the prescribed percentage is used to calculate the minimum taxable supply value.

With the revised percentage, the minimum value of qualifying scrap supplies will now be calculated at 60% of the adjusted steel bar benchmark.

Background of the Latest Amendment

The revised valuation is part of an existing framework introduced through S.R.O. 2402(I)/2025, dated December 10, 2025. This notification established minimum supply values for locally manufactured steel products for sales tax assessment on an ad valorem basis.

Later, through S.R.O. 1829(I)/2026, dated October 15, 2026, the FBR included the specified category of remeltable iron and steel scrap in the valuation table and prescribed a minimum value of 55% of the steel bar benchmark.

The latest notification, S.R.O. 2086(I)/2026, has now revised that percentage to 60%.

Impact on Sales Tax Calculations

The increase does not represent a change in the statutory sales tax rate. Instead, it modifies the minimum taxable value used to calculate sales tax on the specified supplies.

As a result, businesses involved in the covered transactions may face a higher taxable base, potentially increasing the amount of sales tax payable even though the applicable tax rate remains the same.

Registered steel melters and authorised recycled-copper exporters should review their valuation practices, accounting records and sales tax invoicing procedures to ensure compliance with the revised requirement.

Conclusion

The FBR’s latest amendment raises the minimum valuation of specified remeltable iron and steel scrap from 55% to 60% of the adjusted steel bar benchmark. The measure specifically concerns direct supplies made by authorised recycled-copper exporters to registered steel melters.

Businesses operating within this supply chain should take note of the revised valuation and incorporate the new benchmark into their sales tax calculations to maintain compliance with the applicable provisions of the Sales Tax Act, 1990.

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The strong registration numbers highlight the growing role of digital business services, expanding investment opportunities and the increasing importance of technology-driven enterprises in Pakistan’s economy.

Digital Registration Continues to Gain Popularity

The SECP reported that almost all newly established businesses completed their registration through its online eZfile portal. Approximately 99.9% of companies were incorporated digitally, demonstrating the growing preference for online registration services.

The eZfile platform is integrated with various federal and provincial government departments, making the company registration process more accessible and convenient for entrepreneurs.

Private limited companies represented the largest category of new registrations. A total of 2,773 companies, accounting for 55.4% of all incorporations, were registered under this structure.

Single-member companies also recorded significant numbers, with 2,079 registrations, representing 41.6% of the total.

Other business structures included:

• Limited liability partnerships: 105 registrations.

• Section 42 not-for-profit companies: 39 registrations.

• Public companies: 4 registrations.

• Foreign companies: 2 registrations.

• Trade organizations: 1 registration.

These figures indicate that private limited and single-member companies remain the preferred choices for individuals and businesses entering Pakistan’s formal corporate sector.

Punjab Accounts for the Largest Share of New Businesses

Punjab maintained its position as the leading province for new company registrations, contributing 2,663 companies, or 53.2% of the national total.

Islamabad Capital Territory ranked second with 934 newly registered companies, representing 18.7%. Sindh followed with 751 registrations, accounting for 15% of the total.

The remaining registrations were distributed across other regions:

• Khyber Pakhtunkhwa: 382 companies (7.7%).

• Gilgit-Baltistan: 162 companies (3.2%).

• Balochistan: 111 companies (2.2%).

Punjab’s substantial contribution reflects its large business base and entrepreneurial activity. Islamabad’s strong performance also highlights the growing interest in establishing businesses within the federal capital.

Information Technology Emerges as the Leading Sector

The information technology industry attracted the highest number of new business registrations in October, with 991 companies entering the sector.

This development reinforces the growing significance of Pakistan’s digital economy, particularly in software development, IT services, technology solutions and other digital business activities.

Trading secured the second position with 767 new companies, while the services sector recorded 594 registrations.

Other notable sectors included:

The figures demonstrate that business activity is expanding across multiple industries. Alongside technology and trading, construction, tourism, e-commerce and education continue to attract entrepreneurs and investors.

Chinese Investors Dominate Foreign Participation

Foreign investment interest was another important feature of the October registration data.

According to the SECP, 173 foreign investors participated in newly incorporated companies during the month. Chinese nationals accounted for the overwhelming majority, with 129 investors.

Germany contributed six investors, followed by the United States with five and the United Kingdom with three.

Other participating countries included Turkey, Canada, Brazil, Afghanistan, Nigeria, Hong Kong, the United Arab Emirates and the Netherlands, each contributing two investors.

An additional 14 investors came from other countries.

Of the 173 foreign participants, 168 were individuals, while five represented corporate entities.

The significant presence of Chinese investors highlights the continued business engagement between Pakistan and China and the potential for further cooperation in commercial and investment activities.

Women’s Participation in Corporate Leadership Remains Limited

The SECP’s statistics also provide insight into gender representation across Pakistan’s newly registered companies.

Although women participated as shareholders, directors, chief executives and ultimate beneficial owners, their overall representation remained considerably lower than that of men.

The reported figures show the following distribution:

Women’s representation was highest among shareholders and directors, at 13% in both categories.

However, their participation declined to 8% among chief executives, suggesting that women remain underrepresented in top executive positions.

The figures point to the need for greater opportunities for women entrepreneurs, improved access to business financing and stronger representation in corporate decision-making.

What Do These Figures Mean for Pakistan’s Economy?

The registration of more than 5,000 companies in a single month is a positive indicator of entrepreneurial interest and the continued expansion of Pakistan’s formal business environment.

The dominance of information technology suggests that digital businesses are becoming an increasingly attractive option for entrepreneurs. Meanwhile, the substantial number of registrations in trading, construction, services and tourism reflects opportunities across traditional and emerging industries.

The high percentage of online incorporations also demonstrates how digital government services can simplify business procedures and encourage more entrepreneurs to formalize their operations.

At the same time, the concentration of foreign participation among Chinese investors highlights the importance of strengthening international investment relationships and diversifying foreign business participation.

Greater inclusion of women in corporate leadership is another area where Pakistan has considerable room for improvement.

Conclusion

Pakistan’s corporate registration figures for October 2026 present an encouraging picture of business activity, with 5,003 new companies added to the country’s growing corporate landscape.

Punjab remained the leading contributor, while information technology emerged as the most popular sector for new business formation. Chinese investors accounted for the largest share of foreign participation, and digital registration continued to dominate the incorporation process.

While these developments indicate growing entrepreneurial confidence, improving access to investment, encouraging women-led businesses and supporting emerging industries will be essential for sustaining long-term corporate growth.

As Pakistan’s business environment continues to evolve, the increasing number of registered companies could contribute to greater economic activity, employment opportunities, innovation and investment in the years ahead.

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Speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), Langrial discussed the government’s efforts to improve tax administration, simplify business procedures, and address concerns raised by the industrial community.

FBR Plans Better Support for Industrialists

To improve coordination with businesses, the FBR chairman announced plans to establish a dedicated facilitation office at KATI. The authority also intends to extend its help desk services beyond Karachi to Sukkur.

He further assured industrial representatives that issues involving raw material imports, border trade, and taxation procedures would be discussed with relevant stakeholders.

The FBR also plans to strengthen the Track and Trace System through greater cooperation with the pharmaceutical industry, potentially adopting an approach similar to DRAP’s existing model.

Delayed Tax Refunds Remain a Major Concern

One of the biggest issues raised by KATI representatives was the delay in tax refunds. According to KATI President Sheikh Umer Rehan, billions of rupees belonging to industrialists remain tied up in pending claims, creating serious working capital difficulties.

He urged the FBR to speed up refund payments, particularly for export-oriented businesses and regular taxpayers. He also called for reducing unnecessary audits and documentation requirements that delay legitimate claims.

Rehan stressed that greater automation could make tax procedures more transparent, reduce direct interaction with officials, and minimize opportunities for corruption.

Industry Seeks Stronger Government Coordination

KATI also proposed establishing a joint committee with the FBR to ensure that industrial taxation problems are addressed without unnecessary delays.

Rehan highlighted the importance of closer cooperation between government institutions and the business community, noting that effective implementation of digital taxation, faceless assessment, and other reforms could broaden the tax base and improve revenue collection.

Can Tax Reforms Boost Industrial Growth?

The government’s stated intention to abolish the super tax could provide additional financial breathing space for businesses. However, industrialists are also looking for practical improvements in refund payments, import procedures, and tax administration.

For Pakistan’s industrial sector, reducing the tax burden is only one part of the solution. Businesses also need predictable policies, easier access to working capital, and transparent regulatory procedures.

If the proposed reforms are implemented effectively, they could improve business confidence, support industrial investment, and strengthen the country’s export potential. The real impact, however, will depend on how quickly the government translates its assurances into tangible relief for the business community.

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The Federal Board of Revenue (FBR) has moved thousands of taxpayers from active to inactive status after they failed to submit their income tax returns by the October 31, 2026 deadline. The decision took effect immediately after the expiry of the extended filing period and has raised concerns among taxpayers and tax professionals.

According to tax experts, the action has also affected some individuals who submitted applications on October 31 requesting additional time to file their returns. Despite seeking an extension, these taxpayers reportedly found their status changed to inactive.

Taxpayers Face Consequences for Late Filing

The FBR’s latest move highlights the importance of meeting income tax return deadlines. Taxpayers who are no longer included in the Active Taxpayer List (ATL) may face higher withholding tax rates on certain financial transactions.

Individuals affected by the decision may need to complete their outstanding tax filing requirements and verify their status to determine the steps required for reactivation.

The situation has also raised questions about how extension requests submitted close to the deadline are processed and whether taxpayers who applied within the prescribed period should have received additional time.

FBR Struggles to Meet Revenue Collection Targets

The enforcement action comes at a time when the FBR is facing difficulties achieving its revenue collection goals for the current fiscal year.

During the first four months of FY2026-27, from July to October, the tax authority collected approximately Rs4.06 trillion. Although this represented a 6% increase compared with the same period last year, collections remained Rs124 billion below the assigned target.

The revenue increase stood at Rs220 billion year-on-year, significantly lower than the 17.4% growth rate required to remain on track with the annual collection target.

October Revenue Performance Remains Below Expectations

The FBR’s performance in October also reflected the ongoing revenue shortfall.

The authority collected Rs974 billion during the month against its target of Rs1.132 trillion, leaving a gap of Rs158 billion.

Compared with October of the previous fiscal year, revenue increased by only Rs23 billion, representing growth of 2.5%.

These figures indicate that the pace of revenue growth remains below the level required to achieve the government’s fiscal objectives.

Government Sets Rs15.263 Trillion Tax Target

For FY2026-27, the government has established an ambitious tax collection target of Rs15.263 trillion for the FBR under its programme with the International Monetary Fund (IMF).

Meeting this target will require stronger revenue growth, improved tax compliance and effective enforcement measures.

The latest action against non-filers appears to be part of broader efforts to encourage timely return submissions and expand the number of active taxpayers.

What Should Affected Taxpayers Do?

Taxpayers whose status has changed to inactive should check their latest ATL position and review their income tax filing records. Those who submitted extension applications should also verify whether their requests were formally approved.

Completing the required filing procedures and checking the applicable reactivation requirements can help taxpayers address their inactive status and avoid potential complications in future financial transactions.

Conclusion

The FBR’s decision to deactivate thousands of taxpayers following the October 31 deadline underscores the government’s continued focus on tax compliance. However, the reported impact on taxpayers who requested filing extensions has created additional concerns about the handling of such applications.

At the same time, the revenue collection figures show that the FBR continues to face a considerable challenge in meeting its FY2026-27 targets. Improving compliance, addressing administrative issues and increasing revenue growth will remain important factors in achieving the government’s tax collection objectives.

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Issued on October 28, 2026, through BPRD Circular No. 03, the handbook covers commercial banks, digital banks, microfinance banks, exchange companies, electronic money institutions, payment service providers and private credit bureaus.

Key Licensing Requirements

The new framework outlines eligibility criteria, capital requirements, application fees and approval procedures. Applicants must demonstrate financial strength, transparent ownership, legitimate funding sources and compliance with regulatory standards.

Application processing fees range from Rs 200,000 to Rs 5 million, depending on the type of institution. Complete applications that meet the prescribed requirements generally receive decisions within six to eight weeks, although processing times may vary.

Locally incorporated commercial banks must maintain minimum paid-up capital of Rs 20 billion. Digital banks face separate capital requirements based on their licence category and operational stage.

The handbook also establishes governance standards and disqualifies certain individuals, including specified public office holders, from obtaining licences or acting as sponsor shareholders.

Impact on Pakistan’s Financial Sector

The consolidated framework provides clearer guidance for businesses seeking to enter Pakistan’s financial services industry. It also reinforces the SBP’s focus on financial stability, transparency, consumer protection and regulatory compliance.

For prospective investors and fintech companies, understanding the updated requirements will be essential before applying for a licence.

Source: State Bank of Pakistan, BPRD Circular No. 03, October 28, 2026.

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Under the new rules, the Faceless Assessment Unit will handle different assessment proceedings, including amendments to tax assessments, provisional assessments and the implementation of appellate decisions. Officers can also issue notices, request supporting evidence and impose applicable penalties under the law.

Taxpayers will be able to submit responses and relevant documents through the FBR’s IRIS portal. The procedures also allow online hearings, technical assistance and physical verification where necessary.

In a separate notification, the FBR introduced Rule 33U through SRO 1904(I)/2026, specifying eligibility conditions and documentation requirements for tax credits under Section 64D of the Income Tax Ordinance, 2001.

With the October 31 deadline approaching and no further extension confirmed in the information provided, taxpayers should ensure timely return submission, maintain accurate records and respond promptly to any official notices.

The new framework represents another step towards digital tax administration in Pakistan, although its effectiveness will depend on implementation and compliance by both taxpayers and tax authorities.

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Pakistan has approved significant changes to its anti-money laundering and counter-terrorism financing framework, increasing the cash transaction reporting threshold from Rs2 million to Rs3 million and extending regulatory oversight to the virtual assets sector. The government has also approved the inclusion of piracy-related offences in the country’s anti-money laundering legislation.

The decisions were taken during the 19th meeting of the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT), chaired by Finance Minister Muhammad Aurangzeb at the Finance Division.

The measures aim to strengthen the country’s financial monitoring system, improve regulatory coordination and address emerging risks associated with digital financial activities and unlawful transactions.

Cash Transaction Reporting Limit Increased by 50%

One of the key decisions is the revision of the Currency Transaction Report (CTR) threshold from Rs2 million to Rs3 million. This represents an increase of Rs1 million, or 50%, in the reporting limit.

Under the revised threshold, banks and other reporting entities will apply the updated limit when reporting qualifying currency transactions to the Financial Monitoring Unit (FMU) under the Anti-Money Laundering Act (AMLA).

The NEC is authorised to establish reporting thresholds for financial institutions and other relevant entities. These limits are formally notified through the official gazette.

The change adjusts the threshold used for currency transaction reporting. However, it should not be confused with the separate requirement to report suspicious financial activity, which remains an important component of the country’s anti-money laundering framework.

PVARA to Receive AML-CFT Regulatory Responsibilities

Another major development is the approval to include the Pakistan Virtual Assets Regulatory Authority (PVARA) in Schedule IV of the AMLA.

This amendment will bring PVARA within the legal framework for overseeing anti-money laundering and counter-terrorism financing requirements in the virtual assets sector.

Virtual assets, including cryptocurrencies and other digitally represented assets, present regulatory challenges because transactions can cross national borders and involve complex financial arrangements. Effective supervision is therefore important for identifying potential financial crimes and improving compliance with applicable regulations.

With PVARA included in the framework, the authority will perform AML-CFT regulatory functions for its sector alongside established institutions such as the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR).

The move represents a further step towards incorporating virtual asset activities into Pakistan’s broader financial oversight system.

Piracy to Be Included as a Predicate Offence

The NEC has also approved the addition of Section 28 of the Pakistan Maritime Zones Act, 2023, to Schedule I of the AMLA.

This change brings piracy within the list of predicate offences associated with money laundering legislation. A predicate offence is an underlying crime that can generate proceeds subsequently concealed, transferred or otherwise dealt with through money laundering.

Section 28 addresses piracy-related conduct, including unlawful violence, detention or seizure committed for private purposes against ships, aircraft, individuals or property. It also covers knowing participation in or facilitation of such activities.

Including piracy in the relevant schedule expands the legal basis for addressing financial proceeds connected with these offences under the anti-money laundering framework.

The decision also reflects the importance of linking investigations into underlying criminal activities with efforts to trace and address the financial gains derived from them.

Financial Monitoring Unit to Strengthen Its Analytical Capacity

During the meeting, the NEC reviewed progress on decisions made at its previous session and examined the implementation of measures designed to improve Pakistan’s AML-CFT system.

The committee discussed the performance and institutional capacity of the Financial Monitoring Unit, which plays a central role in receiving and analyzing financial intelligence.

The FMU receives Currency Transaction Reports and Suspicious Transaction Reports from reporting entities. It can also request relevant records and information from individuals and institutions, and share its findings confidentially with investigating and prosecuting agencies as well as foreign financial intelligence units.

The committee also explored the potential use of artificial intelligence (AI) and machine learning to improve the analysis of financial transactions.

These technologies could help financial authorities identify unusual transaction patterns, process large volumes of data and strengthen the identification of potentially suspicious activity. Their effectiveness, however, depends on the quality of available data, appropriate safeguards and the capacity of institutions to use analytical tools responsibly.

Finance Minister Calls for Better Coordination

Finance Minister Muhammad Aurangzeb stressed the need to improve the operational and analytical capabilities of the FMU.

He called for a structured implementation plan with clearly defined timelines to ensure that institutional improvements translate into practical results.

The finance minister also emphasised closer cooperation between relevant institutions, regular monitoring and consistent follow-up to support effective enforcement of anti-money laundering rules.

The meeting brought together senior government and regulatory officials, including the federal minister for law and justice, the governor of the State Bank of Pakistan, the finance secretary, the chairman of the SECP, the director general of the AML-CFT Authority and representatives of other relevant institutions.

What These Changes Mean for Pakistan

The latest decisions cover three important areas: financial transaction monitoring, virtual asset regulation and the treatment of proceeds linked to piracy.

For banks and other reporting entities, the revised CTR threshold changes the monetary limit used for currency transaction reporting. Institutions will need to follow the applicable requirements as formally notified and implemented.

For businesses operating in the virtual assets sector, PVARA’s inclusion in the AMLA framework establishes a clearer statutory basis for the authority’s AML-CFT regulatory role. The practical impact will depend on the applicable rules, regulatory instructions and implementation arrangements.

The inclusion of piracy-related offences, meanwhile, broadens the scope of crimes covered by the relevant anti-money laundering provisions.

Taken together, these measures form part of Pakistan’s continuing efforts to strengthen financial transparency, improve institutional coordination and address risks arising from both conventional and emerging financial activities.

Conclusion

Pakistan’s decision to raise the Currency Transaction Report threshold to Rs3 million, incorporate PVARA into the AML-CFT framework and add piracy as a predicate offence marks a series of changes to the country’s financial oversight regime.

The next stage will depend on effective implementation, clear regulatory guidance and cooperation among financial institutions, enforcement agencies and regulators. Strengthening the FMU’s analytical capacity, including through the responsible use of AI and machine learning, will also be important in translating these policy decisions into effective financial monitoring.

As Pakistan’s financial sector evolves, the successful implementation of these measures will be central to maintaining regulatory compliance and addressing money laundering and terrorism financing risks.

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Pakistan is stepping up efforts to strengthen its economy by expanding technology exports, attracting foreign remittances and introducing reforms aimed at reducing its dependence on external financing. The government has set ambitious targets of $5.5 billion in information technology (IT) exports and $44 billion in workers’ remittances for the fiscal year 2026–27, highlighting the growing importance of foreign exchange earnings in the country’s economic strategy.

Federal Finance Minister Muhammad Aurangzeb has stressed that Pakistan must move towards an export-oriented economy that creates jobs, encourages private investment and delivers sustainable improvements in living standards. Addressing a policy dialogue at the Lahore University of Management Sciences (LUMS), he said the country could no longer afford to rely on short-term economic expansion that repeatedly leads to balance-of-payments difficulties.

Government Focuses on Exports to Strengthen the Economy

Pakistan’s dependence on imported goods and energy has historically increased pressure on its foreign exchange reserves whenever domestic demand rises. As imports grow faster than exports, the country faces greater financing requirements, often forcing the government to introduce stabilization measures.

Aurangzeb believes that increasing export earnings and improving productivity are essential to breaking this cycle. Rather than relying on consumption-led growth, Pakistan needs to strengthen industries that can compete internationally and generate a consistent supply of foreign exchange.

The IT sector presents an important opportunity in this regard. Software development, freelancing, digital marketing and other technology-based services can generate export revenue without requiring the same level of physical infrastructure and imported inputs as many traditional industries.

Reaching the $5.5 billion target will require greater investment in digital infrastructure, technical education, reliable internet access and international market development. Supporting technology companies and independent professionals in receiving payments from overseas clients will also be important.

Remittances Remain a Vital Source of Foreign Exchange

Alongside technology exports, the government is targeting $44 billion in workers’ remittances during FY2027. Money sent home by overseas Pakistanis plays a major role in supporting household consumption and strengthening the country’s external financial position.

Remittance inflows provide foreign currency that can help finance imports and meet international payment obligations. They also support millions of families by contributing towards education, healthcare, housing and everyday expenses.

To achieve the target, Pakistan will need to maintain the confidence of its overseas workforce and encourage the use of formal banking and digital payment channels. Efficient transfer services, competitive transaction costs and greater engagement with expatriate communities could help sustain inflows.

However, remittances alone cannot replace the need for a stronger export sector. Long-term economic stability will require Pakistan to increase its own productive capacity and generate more foreign exchange through goods and services.

Improved Reserves Offer Some Economic Relief

The finance minister has highlighted improvements in Pakistan’s foreign exchange reserves, saying they are now sufficient to cover more than three months of imports. This compares with earlier periods when reserves were reportedly enough for only around two weeks of imports.

Aurangzeb also pointed to improvements in the country’s credit rating since April 2025 and renewed efforts to access international financial markets.

Pakistan has pursued different financing options, including a private placement completed in April 2026 and plans to raise funds through Panda bonds. The government has also reported strong demand for its Eurobond offering, with investor orders reaching twice the amount offered.

These developments suggest that international investors are showing renewed interest in Pakistan’s financial prospects. Nevertheless, sustained confidence will depend on the government’s ability to maintain economic discipline, meet its financial obligations and implement reforms consistently.

Structural Reforms Needed Beyond the IMF Programme

Pakistan’s current IMF programme is scheduled to end in October 2027. According to Aurangzeb, continuing economic reforms beyond that point will be critical to preventing another period of financial instability.

The country has repeatedly experienced economic crises when rising imports and financing needs outpace foreign exchange earnings. Stabilization programmes can help address immediate pressures, but they cannot deliver lasting results without improvements in the underlying economic structure.

The government is therefore working to expand the tax base, improve revenue collection and reduce barriers facing exporters. The finance minister also referred to tax-related measures intended to support export-oriented businesses, including the abolition of the super tax as described in his remarks and changes to tax slabs.

Exporters are also being offered financing facilities at an interest rate of 4.5%, according to the minister. Such support could help businesses manage working capital requirements, expand production and explore new international markets.

The effectiveness of these initiatives will depend on their implementation and whether businesses experience a consistent, predictable policy environment.

Lower Electricity Costs Could Help Industries Compete

Energy prices remain a major concern for Pakistani manufacturers. High electricity tariffs and fuel expenses increase production costs, making it difficult for domestic companies to compete with international rivals.

Aurangzeb has emphasized the need to make energy more affordable and mentioned discussions about supplying surplus electricity to industrial consumers at approximately Rs23 per unit.

Lower electricity costs could provide relief to export-oriented industries, particularly manufacturers that rely heavily on power for production. Reduced operating expenses may help companies improve pricing, increase output and create additional employment opportunities.

However, affordable electricity must be supported by reforms that improve the efficiency and financial sustainability of the energy sector. Without addressing underlying costs and operational weaknesses, tariff reductions could create additional pressures elsewhere in the economy.

Targeted Relief Replaces Broad Subsidies

The government is also attempting to make public assistance more efficient by directing subsidies towards specific groups rather than providing generalized relief.

Aurangzeb said fuel assistance had been extended to motorcyclists, three-wheeler users and owners of vehicles with engine capacities below 800cc. He reported that approximately 12 million unique individuals had benefited directly, with the wider number of beneficiaries, including family members, estimated at between 40 million and 50 million.

Targeted subsidies can help protect lower-income households from rising fuel and transportation costs while limiting unnecessary government expenditure.

For a country facing significant financing requirements, directing support towards those most in need can be more sustainable than subsidizing consumption across the entire population. Effective implementation and transparent monitoring will remain essential to ensuring that assistance reaches the intended recipients.

Population Growth Could Put Pressure on Future Development

Pakistan’s economic challenges extend beyond exports and public finances. Rapid population growth is increasing demand for jobs, schools, hospitals, housing and other essential services.

The finance minister cited an annual population growth rate of approximately 2.55% and warned that the population could eventually reach 390 million if the trend continues.

Such growth would require a substantial expansion in economic opportunities and public services. Without corresponding improvements in productivity and employment, the country could face greater pressure on household incomes and government resources.

Aurangzeb referred to Bangladesh, Indonesia and Iran as examples of countries that have reduced their population growth rates to below 1%.

Greater investment in education, public awareness and women’s empowerment could help Pakistan address its demographic challenges. Improving access to education and healthcare, alongside voluntary family-planning services, would also support more informed decisions at the household level.

Increasing Women’s Participation Could Boost Productivity

Women’s participation in the workforce represents another opportunity for Pakistan to strengthen economic growth. Aurangzeb put the female labour force participation rate at approximately 22.7%, highlighting the potential for improvement.

When more women can access education, training and employment, households gain additional earning opportunities and businesses benefit from a broader pool of talent.

Improving women’s participation requires action on several fronts, including safer transport, suitable workplace arrangements, childcare facilities, professional training and equal access to employment opportunities.

A larger and more skilled workforce could help Pakistan improve productivity and support the expansion of technology, manufacturing and service industries.

Energy Security Remains a Priority Amid Global Uncertainty

International conflicts and disruptions to energy markets continue to pose risks for Pakistan, particularly because of its dependence on imported fuels.

Aurangzeb said the country had avoided major fuel shortages despite regional instability and that arrangements were in place to meet energy requirements until November. He also stressed the importance of securing sufficient natural gas and LNG supplies ahead of winter.

Reliable energy supplies are essential for industrial production, household consumption and economic activity. Disruptions can increase costs, affect manufacturing output and add to inflationary pressures.

Pakistan therefore needs careful procurement planning, diversified energy sources and more efficient energy consumption to reduce its exposure to global shocks.

Sustainable Growth Must Improve Living Standards

Aurangzeb has argued that even annual economic growth of 7% to 8% would not be enough if it failed to generate employment, raise incomes and improve people’s quality of life.

This highlights the difference between headline economic growth and meaningful improvements in living standards. Sustainable development requires businesses to expand, workers to become more productive and households to benefit from better employment opportunities.

Private investment will be particularly important in creating jobs and increasing productive capacity. For this to happen, investors need predictable policies, competitive energy costs, access to finance and fewer unnecessary regulatory obstacles.

The government must also balance its growth ambitions with fiscal discipline to avoid creating new financial pressures.

Conclusion

Pakistan’s targets of $5.5 billion in IT exports and $44 billion in remittances for FY2027 reflect an effort to build a more resilient economy based on foreign exchange earnings, private investment and structural reform.

Improvements in reserves and renewed investor interest provide encouraging signs, but sustaining these gains will require more than short-term financing measures. Pakistan must strengthen its export industries, improve energy affordability, broaden its tax base and invest in human capital.

The scheduled end of the IMF programme in October 2027 will be an important milestone, but the real measure of success will be the country’s ability to maintain stability without repeatedly relying on emergency external financing.

Ultimately, Pakistan’s economic future will depend on turning these targets into lasting improvements in productivity, employment and household incomes. Consistent reforms and a competitive business environment will be essential if the country is to achieve sustainable growth and avoid the recurring economic crises of the past.

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Pakistan’s Federal Board of Revenue (FBR) has introduced a new electronic auction system for selling seized and confiscated goods, aiming to establish a more transparent and structured process for disposing of such items. Under the revised framework, bidders must pay a minimum one-time registration fee of Rs25,000, while online bidding will remain open for 72 hours.

The changes have been introduced through SRO 1889(I)/2026, issued on October 22, 2026, amending the Sales Tax Rules, 2006. The notification outlines procedures for registering bidders, determining the value of goods, conducting online auctions, collecting payments and releasing sold items.

Who Can Participate in the Online Auctions?

Under the new rules, individuals possessing a valid Computerized National Identity Card (CNIC) or National Identity Card for Overseas Pakistanis (NICOP) can apply for registration through the FBR’s electronic auction platform.

Applicants must pay a one-time registration fee of at least Rs25,000. Once approved, each participant will receive a unique identification number, with registration confirmation sent through their registered email address or mobile phone number.

The authorized officer may verify the information submitted by applicants and reject an application if valid reasons exist. Any rejection must be supported by written grounds, including non-compliance with applicable procurement requirements.

Which Goods Will Be Sold Through the System?

The electronic auction mechanism will cover confiscated goods and seized items that have been cleared for disposal through an adjudication order.

Officials responsible for holding these goods must upload detailed inventories, photographs and relevant documentation to the online platform. They are also required to ensure the safe custody of the items and arrange inspections for interested bidders.

Before an auction is announced, the authorized officer must confirm that the goods can legally be sold. This includes checking for court-imposed restrictions, pending stay orders, applicable release or redemption options and other legal requirements.

Goods covered by an active judicial stay cannot be auctioned until the relevant restriction is lifted or otherwise ceases to apply.

How Will Reserve Prices Be Determined?

The FBR has established a valuation mechanism to determine the minimum prices at which auction lots can generally be sold.

A valuation committee comprising an additional commissioner, deputy commissioner and assistant commissioner of Inland Revenue will recommend the reserve price for each lot. Technical or valuation experts may also be consulted when necessary.

The committee may consider several factors when assessing the value of goods, including their age, physical condition and remaining shelf life. Depending on the nature of the items, the assessment may rely on sales tax invoice prices from the previous three tax periods, printed retail prices, customs-assessed values or prevailing market quotations.

If goods fail to sell in three consecutive auctions, the committee may reduce the reference reserve price by up to 10% at a time.

Online Bidding to Remain Open for 72 Hours

Auction notices will be published on the electronic platform, providing information about the available goods, reserve prices, inspection procedures, applicable taxes and duties, and the conditions governing delivery.

The online bidding period will run for 72 hours from the receipt of the first bid. During this period, the platform will display the highest valid offer and maintain records of bids, including their timestamps and bidder identification details.

After bidding closes, the authorized officer will process the highest offers and decide whether to accept or reject them. The rules require the highest qualifying offer to be accepted within 72 hours after the bidding period ends, subject to the applicable conditions.

Lower Offers May Be Accepted in Certain Cases

Generally, successful bids must meet or exceed the reserve price established for the relevant goods.

However, the rules provide an exception under which the Commissioner Inland Revenue may approve an offer below the reserve price, provided it is at least 80% of that price. Such approval may be considered after taking into account factors such as the physical condition and remaining shelf life of the goods.

This provision offers some flexibility in cases where the condition or marketability of auctioned items may affect their value.

Successful Bidders Must Pay Within Seven Days

Participants whose bids are accepted must pay the entire accepted amount within seven days of receiving the electronic acceptance notification.

The payment must also cover all applicable taxes, duties, fees and other charges associated with the purchase. Payments will be made through electronically generated challans and designated payment channels.

The FBR has made full payment verification a condition for releasing auctioned goods. Once the amount has been received and verified, an electronic release order will be issued to the custodian, allowing the goods to be handed over to the successful bidder.

Penalties for Failure to Complete Payment

Bidders who fail to pay within the prescribed deadline may face several consequences. Authorities can cancel the sale, confiscate bid security where applicable, offer the goods to the next highest valid bidder or arrange a fresh auction.

The rules also allow defaulting participants to be suspended from future auctions for up to six months after being given an opportunity to present their case. Other suspension periods may apply where specified under the relevant procurement rules.

These provisions are intended to discourage unsuccessful payment commitments and help ensure that auction proceedings are completed efficiently.

FBR Retains Powers to Cancel Auctions and Recover Goods

The revised framework gives the Commissioner Inland Revenue authority to cancel, suspend or recall auction proceedings and disqualify bidders in appropriate circumstances.

Where fraud, misrepresentation or a loss of government revenue is established, authorities may also recover goods even after they have been delivered to a purchaser.

Certain prohibited items, including arms and ammunition, narcotics and counterfeit goods, will generally remain outside the auction process unless the FBR issues specific directions permitting their disposal.

How Will Auction Revenue Be Distributed?

The rules also establish an order for distributing the proceeds generated through the sale of seized and confiscated goods.

First, the proceeds will be used to meet lawful expenses incurred in conducting the sale. Applicable taxes, duties, penalties, surcharges and other government dues will then be settled.

Any remaining amount payable to the original owner will be handled in accordance with section 40F of the Sales Tax Act, 1990.

What the New Rules Mean for Prospective Buyers

The electronic auction system introduces a formal online process for individuals interested in purchasing goods seized or confiscated by the authorities. Participants will have access to auction information through the electronic platform and will be able to submit bids without relying exclusively on conventional auction procedures.

However, prospective buyers should carefully review the terms of each auction, inspect goods where possible, consider the applicable taxes and charges, and ensure that funds are available before bidding. The seven-day payment deadline leaves limited time for arranging the full purchase amount after a bid is accepted.

Overall, the new framework establishes detailed procedures for registering bidders, valuing goods, conducting auctions and completing sales. Its practical impact will depend on how effectively the FBR implements the system and ensures compliance with the prescribed rules.

This article is based on the provisions described in SRO 1889(I)/2026. Readers should consult the official notification for the complete legal text and applicable conditions.

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In its October 2026 Regional Economic Outlook, the IMF reported that Pakistan’s inflation reached 11.1% in August, driven by rising food and energy prices. The Fund also expects imports to increase and remittance growth to moderate, potentially putting additional pressure on the country’s foreign exchange position.

The IMF cautioned that prolonged regional tensions could make oil imports more expensive and force Pakistan to consider further interest rate increases. Higher borrowing costs could also increase the government’s debt burden and limit spending on development.

Despite these challenges, Pakistan’s economic activity remained broadly resilient during the first half of 2026. However, limited fiscal space leaves the government with fewer options to provide widespread financial relief.

The IMF recommends prudent monetary and fiscal policies, improved tax collection and targeted assistance for vulnerable households.

Conclusion Pakistan’s economic outlook remains uncertain as geopolitical tensions threaten price stability and external financing. Strong economic management and structural reforms will be essential to control inflation and strengthen the country’s financial resilience.

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Pakistan’s Federal Board of Revenue (FBR) has introduced a new compliance requirement for the steel industry, directing registered manufacturers to install digital production monitoring systems by December 30, 2026. The initiative aims to strengthen oversight of steel production, improve transparency in product movement and reduce the risk of tax evasion.

The directive, issued under Sales Tax General Order (STGO) No. 29 of 2026, applies to steel manufacturers operating under the Sales Tax Act, 1990, and the Sales Tax Rules, 2006.

Which Steel Businesses Must Comply?

The new requirement covers three major categories of steel manufacturers:

• Steel melters: Businesses producing billets, ingots and other primary steel materials.
• Steel re-rollers: Units processing semi-finished steel into products such as bars, rods and reinforcing steel.
• Composite manufacturing units: Facilities carrying out multiple stages of steel production.

All registered manufacturers falling within the order’s scope must ensure that their production facilities and active manufacturing lines are equipped with the prescribed monitoring technology before the deadline.

How Will the New Monitoring System Work?

Under the FBR’s instructions, manufacturers will be required to use electronic systems that track production and record the movement of finished goods.

The technology will identify products, count output, verify dimensions and measure weight. Dispatches will also be documented through integrated weighbridges, capturing information such as vehicle registration numbers, estimated shipment weights and other relevant dispatch details.

By collecting this information electronically, the FBR will be able to compare reported production with actual shipments and investigate differences that could indicate unreported output or irregularities.

The system is intended to provide tax authorities with a clearer picture of manufacturing activity and the movement of steel products throughout the supply chain.

Installation Through FBR-Approved Vendors

Steel manufacturers must obtain and install the required equipment through vendors authorized by the FBR. The order identifies ISSM Labelling Solutions and Obsidian among the approved providers.

Businesses will also be responsible for keeping the systems operational and ensuring that the collected information is transmitted securely and continuously to the FBR’s Central Control Unit.

Simply installing the equipment will not be sufficient. Manufacturers must maintain its proper functioning and comply with the reporting and data-transmission requirements specified in the order.

Strict Rules for Equipment Failures and Operational Changes

The new framework introduces specific reporting obligations for manufacturers.

Any system breakdown, equipment damage or suspected tampering must be reported to the relevant authorities within one hour. Businesses must also provide 30 days’ advance notice of changes that could affect their production lines or dispatch arrangements.

These provisions are intended to help the FBR maintain uninterrupted monitoring and identify potential gaps in production records.

Steel Dispatches Without Digital Records Prohibited

One of the most significant provisions of the order concerns the movement of steel products. Manufacturers covered by the directive will not be permitted to remove or supply specified goods unless their production and dispatches have been recorded through the approved monitoring system.

Traditional documentation alone will not meet the new requirements. The FBR has clarified that manual registers, privately installed cameras and independent weighbridge records cannot replace the prescribed electronic monitoring arrangements.

This makes digital traceability a central part of the compliance process for affected steel businesses.

FBR to Monitor Implementation Across the Industry

The FBR has instructed Chief Commissioners Inland Revenue to identify operational steel manufacturing facilities, supervise the installation process and ensure that businesses follow the new rules.

Manufacturers that fail to install or operate the required equipment, remove goods without proper electronic records, conceal production facilities or interfere with monitoring devices may face legal action under the applicable sales tax legislation and rules.

The potential consequences make timely preparation essential for businesses that fall within the scope of the order.

What Should Steel Manufacturers Do Before the Deadline?

With December 30, 2026, set as the compliance deadline, affected businesses should begin reviewing their existing production and dispatch procedures.

Manufacturers should confirm whether their facilities fall under the order, contact an authorized vendor, assess the equipment required for each active production line and make arrangements for installation and testing. They should also establish internal procedures for reporting technical failures, notifying authorities about operational changes and maintaining reliable electronic records.

Early preparation can help businesses avoid last-minute installation difficulties and reduce the risk of disruption to their operations.

Conclusion

The FBR’s new production monitoring requirement represents a significant compliance development for Pakistan’s steel industry. By requiring electronic tracking of manufacturing output and dispatches, the tax authority aims to improve reporting accuracy, strengthen enforcement and discourage the movement of unrecorded goods.

For registered steel melters, re-rollers and composite manufacturers covered by the order, December 30, 2026, is the key deadline. Businesses should take the necessary steps to install and operate the approved systems, understand their reporting obligations and ensure that steel production and dispatches are properly recorded.

Compliance will be important not only for meeting the FBR’s requirements but also for maintaining smooth business operations under the updated regulatory framework.

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OpenAI is expanding its advertising operations to Pakistan and 25 additional countries, marking another major step in the company’s efforts to grow its business and diversify its revenue sources. With this latest expansion, ChatGPT advertising is now available across 89 markets worldwide.

The move reflects OpenAI’s growing focus on advertising as a source of income as the company continues to expand its artificial intelligence services and prepares for the possibility of a future initial public offering (IPO).

ChatGPT Ads Arrive in Pakistan

Pakistan is among the newly added markets where advertisers can reach ChatGPT users through the platform’s advertising services. The expansion also includes countries across Latin America, Europe, the Middle East, Africa and Asia.

Several countries joining the rollout include Bangladesh, Cambodia, Nigeria, South Africa, Serbia and Ukraine. In Latin America, new markets include Argentina, Chile, Colombia and Peru, following earlier advertising launches in Mexico and Brazil.

The expansion provides businesses in these countries with another digital channel to promote their products and services to potential customers.

Which ChatGPT Users Will See Ads?

OpenAI has clarified that advertising will be limited to ChatGPT’s Free and Go subscription tiers. Users subscribed to Plus, Pro and Enterprise plans will continue to enjoy an advertising-free experience.

This approach allows OpenAI to introduce an additional revenue stream while maintaining its existing premium subscription offering for customers who prefer not to see advertisements.

For users in Pakistan, the introduction of ads represents a potential change to the experience available on eligible plans. The precise advertising experience may depend on how the company implements its rollout in each market.

OpenAI’s Advertising Business Continues to Grow

The international expansion follows significant growth in OpenAI’s advertising operations. According to the reported figures, the company’s advertising business reached an annualised revenue run rate of $1 billion in August.

OpenAI also reported that more than 100,000 advertisers had run campaigns on ChatGPT since the company began testing advertisements on its Free and Go plans in the United States earlier in the year.

These developments suggest that the company sees advertising as an increasingly important part of its long-term business strategy.

How Can Businesses Advertise on ChatGPT?

Businesses in newly supported markets can access ChatGPT advertising through technology partners or OpenAI’s self-service Ads Manager platform.

The availability of these options could make it easier for advertisers to explore campaigns on the platform, depending on local access and eligibility requirements.

For companies seeking new ways to connect with online audiences, ChatGPT advertising could become another option alongside established digital advertising channels.

Advertising and OpenAI’s Potential IPO

OpenAI’s expansion into more advertising markets comes as the company looks for ways to strengthen its financial position ahead of a potential IPO.

Developing advertising services alongside subscriptions and other commercial offerings could help the company diversify its revenue sources. However, the expansion alone does not confirm that an IPO will take place or establish a timeline for such a move.

OpenAI has also been exploring additional advertising-related capabilities, including AI-powered advertising tools and business-sponsored agents, as part of its broader efforts to develop its commercial platform.

What This Expansion Means for Pakistan

The arrival of ChatGPT advertising creates new opportunities for businesses interested in reaching audiences through AI-powered platforms. It also introduces the possibility that users of the free service will encounter sponsored content while interacting with ChatGPT.

At the same time, users who prefer an ad-free experience can continue to use eligible paid subscription plans, including Plus and Pro.

As the rollout develops, advertisers and users in Pakistan will be watching to see how the new system works, what advertising options become available locally and how the company balances commercial growth with the quality of the ChatGPT experience.

Conclusion

OpenAI’s decision to extend ChatGPT advertising to Pakistan and 25 other countries marks a significant expansion of its advertising business. With 89 markets now included, the company is positioning ChatGPT as not only an AI assistant but also a platform for digital advertising.

The development could create new opportunities for advertisers while changing how some free-tier users experience the service. Its longer-term impact will depend on advertiser adoption, user response and OpenAI’s ability to balance revenue growth with user trust.

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During a high-level consultation chaired by Federal Commerce Minister Jam Kamal Khan at the Ministry of Commerce, exporters called for stronger bilateral trade arrangements to help Pakistani products compete more effectively in global markets. The meeting brought together representatives from different industries, senior government officials and policymakers to discuss the challenges facing the country’s export-oriented businesses.

Trade Agreements Seen as Key to Export Growth

Exporters stressed that India and Bangladesh benefit from preferential trade arrangements in several markets, giving their products a competitive advantage. They urged the government to identify these markets and explore opportunities for negotiating improved trade terms for Pakistani goods.

Better market access could help Pakistani businesses attract international buyers, expand their customer base and strengthen the country’s position in global supply chains. Industry representatives also emphasized the importance of diversifying export destinations and reducing dependence on a limited number of markets.

High Energy Costs Put Pressure on Industries

One of the major concerns raised by exporters was the increasing cost of energy and industrial production. Rising electricity and gas prices, along with the levy on gas supplied to captive power plants and provincial infrastructure charges, are putting additional pressure on manufacturers.

Higher operating expenses make it difficult for Pakistani companies to offer competitive prices in international markets. Exporters therefore called for measures to reduce the cost of doing business and create a more supportive environment for industrial growth.

The government acknowledged these concerns, with the commerce minister recognizing that energy prices, freight charges, taxation and changing international trade conditions were affecting export performance.

Delayed Tax Refunds and Banking Restrictions Remain Challenges

Exporters also highlighted delays in tax refunds, which can restrict cash flow and make it harder for businesses to finance production and fulfil new orders.

Officials from the Federal Board of Revenue discussed initiatives aimed at improving refund processing and expanding digital invoicing. However, business representatives emphasized the need for practical improvements that allow companies to receive their outstanding refunds without unnecessary delays.

Banking regulations and international payment settlement requirements were other important issues discussed during the consultation. Exporters called for greater flexibility in payment timelines, particularly when shipping delays and disruptions in global logistics affect their ability to complete transactions.

Improving these processes could help businesses manage working capital more effectively and maintain stronger relationships with overseas customers.

Shipping Disruptions and Port Efficiency Under Scrutiny

International shipping delays and rising transportation expenses are creating additional difficulties for Pakistani exporters. Delays in the movement of goods can increase costs, disrupt delivery schedules and weaken the confidence of international buyers.

Industry representatives called for better port facilitation and more effective coordination among the relevant authorities. They also stressed that export growth requires reliable logistics infrastructure and regulations that can accommodate disruptions in international trade.

EXIM Bank Financing Offers Encouragement

Exporters welcomed the financing initiative introduced by the Export-Import Bank of Pakistan, describing it as a positive step towards improving access to financial resources.

Affordable and accessible export financing can help businesses purchase raw materials, invest in equipment, increase production and enter new markets. For smaller exporters in particular, suitable financing arrangements can play an important role in supporting expansion.

Nevertheless, industry representatives stressed that financing support must be accompanied by improvements in energy costs, taxation, logistics and market access to deliver stronger results.

Livestock and Meat Exporters Face Market Access Barriers

The livestock and meat industry also raised concerns about difficulties in accessing Gulf markets. Foot-and-mouth disease, international sanitary requirements and border restrictions continue to create obstacles for businesses seeking to increase exports.

Commerce Minister Jam Kamal Khan highlighted the government’s interest in developing the livestock sector through disease control, better breeding practices, investment and the promotion of value-added products.

Plans for a dedicated board led by the private sector were also discussed as part of efforts to support livestock development and improve the sector’s export potential.

Addressing animal health requirements and strengthening compliance with international standards will be essential if Pakistan wants to expand its meat and livestock exports.

Mineral and Surgical Instruments Sectors Seek Modernization

Representatives from the mineral sector highlighted restrictions affecting mining explosives and concerns over withholding taxes. These issues, they argued, can affect production activities and increase the financial burden on businesses.

Meanwhile, representatives of the surgical instruments industry called for greater investment in technology, workforce training and industrial modernization.

Pakistan’s surgical instruments sector has opportunities to strengthen its international position, but maintaining competitiveness requires continuous improvements in product quality, manufacturing processes and compliance with global standards.

Investment in advanced machinery and skilled workers could help local manufacturers move towards higher-value products and meet the changing requirements of international customers.

Government to Prepare Recommendations for the Prime Minister

During the meeting, the commerce minister stressed the need to move beyond general discussions and develop specific, workable solutions for exporters.

Minister of State for Finance and Revenue Bilal Azhar Kayani also encouraged government departments to document industry concerns and provide clear responses. The objective is to turn the issues raised by businesses into actionable recommendations for consideration by Prime Minister Shehbaz Sharif.

The Ministry of Commerce is expected to consolidate sector-specific and broader business concerns before presenting its recommendations. Further consultations were scheduled for October 21 to review unresolved issues and finalize proposals.

What Pakistan Needs to Strengthen Its Export Competitiveness

Pakistan’s ability to compete with India and Bangladesh will depend on more than negotiating better trade agreements. Although improved market access is important, exporters also need a business environment that supports efficient production, timely payments and consistent product quality.

Several measures could help achieve this goal:

• Negotiate better market access: Identify markets where competitors receive preferential treatment and explore mutually beneficial trade arrangements.
• Reduce production costs: Review energy tariffs and other industrial charges that increase the cost of locally manufactured goods.
• Speed up tax refunds: Improve administrative processes so exporters can access their funds more efficiently.
• Improve trade finance: Expand access to suitable financing and streamline banking procedures for international transactions.
• Strengthen logistics: Improve port operations, shipping coordination and payment flexibility during supply chain disruptions.
• Invest in technology and skills: Encourage modern manufacturing, workforce development and higher-value production.
• Meet international standards: Strengthen quality assurance, animal disease control and regulatory compliance to improve access to demanding export markets.
• Expand export destinations: Develop new markets and reduce reliance on a narrow range of products and buyers.

Conclusion

Pakistan’s exporters are calling for a coordinated strategy to address the structural problems that limit their ability to compete internationally. Better trade agreements with key markets could create new opportunities, but their benefits will remain limited unless businesses can also operate with manageable production costs, reliable logistics and efficient financial systems.

The government’s upcoming policy recommendations will be an important opportunity to translate industry concerns into concrete reforms. If trade negotiations are combined with improvements in taxation, energy pricing, financing, technology and regulatory procedures, Pakistan could strengthen its export base and create better opportunities for sustainable industrial growth.

Ultimately, improving export competitiveness requires consistent cooperation between the government and the private sector, with a shared focus on productivity, innovation, market diversification and long-term economic development.

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Pakistan is preparing to take a significant step toward strengthening its position in the global digital landscape, with the country expected to become the first signatory of the Digital and AI Compact at the Global AI and Digital Summit 2026 in South Korea. The development highlights Pakistan’s growing focus on artificial intelligence, digital transformation, and international cooperation in emerging technologies.

Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja has travelled to South Korea to represent Pakistan at the international gathering. The summit will bring together representatives and policymakers to discuss the future of artificial intelligence, digital development, and equitable access to technology.

Pakistan to Present Its Vision for AI and Digital Transformation

A key part of Pakistan’s participation will be the presentation of its national roadmap for digital transformation and artificial intelligence. During a dedicated session on the Digital and AI Compact, Minister Shaza Fatima is expected to outline the country’s plans for adopting emerging technologies and expanding digital services.

Pakistan’s participation reflects its efforts to strengthen its digital infrastructure, encourage technological innovation, and improve access to modern digital solutions. Artificial intelligence is increasingly influencing industries, public services, education, healthcare, and economic development, making international collaboration an important part of national technology planning.

By presenting its priorities at the summit, Pakistan will have an opportunity to communicate its ambitions for building a more connected and technologically advanced society.

Meetings with Google and World Bank Officials

Alongside the summit proceedings, the IT minister is scheduled to hold important bilateral meetings with senior representatives of Google and the World Bank.

Her planned meeting with Google’s vice president is expected to focus on areas of mutual interest and potential cooperation. Discussions with the global technology company could provide an opportunity to explore ways to support Pakistan’s digital ecosystem and technological development.

The minister will also meet the World Bank’s vice president to discuss possible collaboration in digital and technology-related sectors. Such engagement could help identify opportunities for supporting digital infrastructure, expanding access to technology, and promoting sustainable digital development.

These meetings demonstrate the importance of partnerships between governments, international financial institutions, and global technology companies in advancing digital transformation.

Digital Inclusion Remains a Key Priority

An important theme of the summit will be ensuring that the benefits of digital technology reach people across different communities. Minister Shaza Fatima is expected to participate in discussions on fair access to the internet and digital services, with particular attention to digital inclusion.

For Pakistan, improving connectivity and widening access to digital opportunities remain important challenges. Affordable internet access, digital literacy, and the availability of reliable online services can help individuals, businesses, students, and communities participate more effectively in the digital economy.

Artificial intelligence also presents opportunities to improve productivity, support innovation, and enhance public service delivery. However, these benefits depend on responsible adoption, appropriate infrastructure, and access to the skills required to use emerging technologies effectively.

Why the Digital and AI Compact Matters for Pakistan

Becoming the first country to sign the Digital and AI Compact, if completed as anticipated, would represent a notable moment in Pakistan’s international digital engagement. It could strengthen the country’s visibility in discussions about the future of AI and digital cooperation.

The broader significance will depend on how Pakistan translates its commitments into practical initiatives. Effective implementation, investment in digital skills, stronger infrastructure, and cooperation with international partners will be essential to achieving meaningful results.

The summit also provides an opportunity for Pakistan to learn from international experiences and contribute to discussions about making artificial intelligence and digital services more accessible.

A Step Toward a More Connected Future

Pakistan’s participation in the Global AI and Digital Summit 2026 reflects its ambition to play a more active role in the evolving global technology landscape. The expected signing of the Digital and AI Compact, together with planned discussions involving Google and the World Bank, places digital transformation and international collaboration at the center of the country’s agenda.

While international commitments can open new doors, long-term progress will depend on turning policy goals into measurable improvements for citizens and businesses. With sustained investment, effective implementation, and a strong focus on digital inclusion, Pakistan has an opportunity to expand its technological capabilities and build a more inclusive digital economy.

The summit could therefore serve as an important platform for advancing Pakistan’s digital ambitions and strengthening its engagement with the global AI community.

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Pakistan’s federal government is considering major changes to the country’s tax administration, including the possibility of establishing a new tax collection agency or further restructuring the Federal Board of Revenue (FBR). The move comes amid concerns over revenue performance and the limited results of previous reform efforts.

Prime Minister Shehbaz Sharif has directed the FBR to prepare a comprehensive reform plan by October 19, covering human resources, institutional restructuring, and administrative improvements. The proposals are expected to help the government determine how Pakistan’s tax collection system can become more effective.

Government Explores Options for Tax Administration Reform

The idea of creating a separate national tax collection agency was discussed during a high-level government meeting held last Saturday. Following the meeting, FBR Chairman Rashid Langrial instructed officials to prepare recommendations for consideration by the prime minister.

However, the government has not yet made a final decision. Discussions are still at an early stage, and officials are examining different approaches to improving the existing system before determining the next course of action.

According to reports published by The Express Tribune, the FBR is working on proposals in line with the prime minister’s instructions. The board has indicated that the current emphasis remains on strengthening existing operations through staffing changes, improved technology, and more efficient administrative procedures.

The FBR has also dismissed speculation that tax collection responsibilities could be handed over to a private company.

What Could a New Tax Agency Mean for the FBR?

One proposal under consideration involves establishing a separate tax collection organisation while allowing the FBR to continue operating alongside it. Under this arrangement, employees who do not move to the new institution could remain in their existing positions until retirement.

Such a change would require significant legal and administrative adjustments. Establishing a new agency with powers currently held by the FBR could involve amendments to the Federal Board of Revenue Act, 2007, as well as changes to other relevant tax laws.

The final structure will depend on the government’s assessment of the available options and the recommendations submitted by the FBR.

Previous Reform Efforts Have Yet to Resolve Key Challenges

Pakistan has attempted to modernize its tax administration several times over the past two decades. These initiatives have included transforming the Central Board of Revenue into the FBR, reorganizing employee service structures, and introducing changes to the institution’s operational framework.

In 2024, the government also launched a transformation programme worth more than Rs55 billion to improve the tax system. An earlier proposal under the caretaker government sought to separate Customs operations from Inland Revenue functions.

Despite these efforts, concerns about revenue collection and the country’s narrow tax base remain central to the government’s economic agenda. The latest discussions reflect another attempt to address longstanding structural challenges within the tax administration.

Pakistan Faces Pressure to Increase Tax Revenue

The proposed reforms come at a time when Pakistan is under pressure to strengthen public finances and improve domestic revenue generation.

The country’s tax-to-GDP ratio stood at 10.3% in the previous fiscal year, while the FBR collected more than Rs1.1 trillion less than its original annual target. These figures highlight the gap between the government’s revenue ambitions and actual collection performance.

For the current fiscal year, the government has set an ambitious tax collection target of Rs15.263 trillion. Achieving this goal would require revenue growth of more than 17%, placing additional pressure on the tax administration to improve compliance and collection efficiency.

Expanding the number of taxpayers, reducing tax evasion, improving documentation of economic activity, and making tax procedures more transparent are among the broader issues facing Pakistan’s revenue system.

Technology and Administrative Changes Could Play a Key Role

Whether the government establishes a new agency or restructures the FBR, the effectiveness of the reforms will depend on their implementation.

Better digital systems could help identify undeclared economic activity, improve monitoring, and reduce opportunities for errors or manipulation. Clearer accountability mechanisms and more efficient internal processes could also support better performance.

At the same time, institutional restructuring alone may not be sufficient to address the country’s revenue challenges. Sustainable improvements will also depend on broader tax policy, compliance, public confidence, and the government’s ability to bring more economic activity into the documented tax system.

October 19 Deadline Could Shape the Next Phase

Prime Minister Shehbaz Sharif is expected to review the FBR’s reform proposals on October 19. The review could help clarify whether the government intends to retain the existing institutional structure with significant changes or move towards creating a separate tax collection agency.

For now, the proposal remains under consideration, and no final policy decision has been announced.

The outcome could have important implications for Pakistan’s tax administration, government revenue, and the way individuals and businesses interact with the tax system. The key question is whether the proposed changes will deliver lasting improvements in tax collection, institutional accountability, and compliance.

Ultimately, the success of the reform process will be measured not simply by the creation of a new organization or changes to the FBR’s structure, but by its ability to produce more consistent revenue growth and a more transparent, efficient tax system.

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Pakistan’s agricultural sector could see significant changes under a new proposal by the Securities and Exchange Commission of Pakistan (SECP) to establish a national agricultural spot market. The proposed initiative aims to create a more organized system for buying and selling agricultural commodities while helping farmers secure better prices, reduce crop wastage and obtain financing through formal channels.

The planned digital marketplace would bring farmers, commodity buyers, warehouse operators and banks onto a common platform. By introducing transparent trading procedures and modern storage arrangements, the initiative seeks to address some of the longstanding problems affecting Pakistan’s agricultural supply chain.

SECP Introduces a New Vision for Agricultural Markets

SECP Chairman Dr Kabir Ahmed Sidhu presented the proposal at the Pakistan Institute of Development Economics’ international conference, “Mission 100 Billion Dollars.”

The proposed system would rely on digital trading, standardized commodity grading and electronic warehouse receipts to improve the efficiency of agricultural transactions. Rather than depending entirely on traditional market arrangements, farmers could access a more transparent mechanism for finding buyers and negotiating prices.

Under the suggested framework, provincial authorities would continue regulating agricultural markets, while the SECP would help develop the technological systems needed to support the initiative.

The proposal reflects an effort to modernize agricultural commerce and establish stronger links between farming, financial services and commodity markets.

Reducing Agricultural Waste Could Deliver Major Economic Benefits

Crop losses after harvesting remain a significant challenge for Pakistan. Inadequate storage, inefficient transportation and limited access to suitable facilities can force farmers to sell produce quickly or allow crops to deteriorate before reaching consumers.

According to figures presented by the SECP chairman, post-harvest losses are estimated at between 20 and 40 per cent. With crop production valued at approximately Rs8.8 trillion, these losses represent a substantial economic burden.

Agriculture accounts for around 23.44 per cent of Pakistan’s gross domestic product, making improvements in this sector important for rural livelihoods and overall economic performance.

Sidhu estimated that reducing crop losses by just one percentage point could preserve approximately Rs88 billion in economic value.

Expanding storage facilities and improving supply chain management could therefore help farmers retain more of their produce, reduce unnecessary waste and increase the availability of agricultural commodities in domestic markets.

Limited Storage Capacity Remains a Major Concern

Pakistan’s existing warehouse infrastructure is considerably smaller than the volume of agricultural commodities produced each year.

The SECP chairman cited approved warehouse capacity of approximately 326,000 metric tonnes, compared with annual production of around 55.7 million metric tonnes of dry agricultural commodities suitable for conventional storage.

This imbalance highlights the need for investment in modern warehouses, temperature-controlled storage and more efficient distribution networks.

Better storage facilities would allow farmers to preserve crop quality for longer periods. They could also help stabilize supplies, reduce seasonal pressure on prices and improve the reliability of agricultural exports.

Encouraging private investment in storage infrastructure could be an important part of addressing this challenge.

Digital Warehouse Receipts Could Open New Financing Opportunities

One of the most important elements of the proposed marketplace is its plan to introduce electronic warehouse receipts.

Under the proposed arrangement, farmers would store their produce in approved warehouses and receive electronic documents confirming the quantity and ownership of their stored commodities. These receipts could then be presented to banks as collateral for loans.

This mechanism could give farmers greater financial flexibility after harvesting. Many producers need immediate cash to repay existing debts, cover household expenses or prepare for the next growing season. As a result, they may have little choice but to sell their crops when market prices are relatively low.

Access to loans against stored produce could reduce this pressure and allow farmers to make selling decisions based on market conditions rather than urgent financial needs.

The system could also help connect agricultural production with formal banking services, although its success would depend on reliable warehouse operations, appropriate lending arrangements and effective protection against fraud.

Wheat, Rice, Maize, Cotton and Sugar in the Initial Phases

The SECP has proposed introducing the digital marketplace in stages, initially focusing on wheat, rice, maize, cotton and sugar.

Standardized grading and quality assessment would help ensure that commodities are evaluated according to consistent requirements. Transparent bidding would allow buyers to compete for available produce, potentially improving price discovery.

Digital records of transactions and commodity inventories could also make it easier to monitor market activity and reduce opportunities for manipulation.

The proposal further calls for the registration of traders and commission agents to improve accountability across the trading process.

However, digital systems will need to be supported by reliable payment arrangements, clear rules for resolving disputes and practical procedures for moving commodities between markets and storage facilities.

Better Price Discovery Could Strengthen Farmers’ Bargaining Power

Farmers often have limited access to information about prevailing prices in different markets. This can weaken their negotiating position, particularly when they depend on intermediaries to sell their produce.

A nationwide digital platform could help address this information gap by making bids and trading activity more transparent.

With access to a broader pool of buyers, farmers could potentially identify more competitive offers and make better-informed selling decisions. Standardized quality assessments could also help buyers distinguish between different grades of produce and pay accordingly.

Nevertheless, better prices would not be guaranteed automatically. The actual benefits would depend on the number of active buyers, the competitiveness of bidding, transportation costs and farmers’ ability to access the platform.

Ensuring that smallholders can participate on fair terms will be essential to achieving the proposal’s intended goals.

Coordination and Infrastructure Will Be Critical

Establishing a national agricultural spot market will require cooperation among provincial governments, financial institutions, warehouse operators, traders and technology providers.

Provincial differences in agricultural market regulations, licensing requirements, fees and commodity transportation procedures could create implementation challenges if they are not addressed effectively.

The country will also need sufficient certified warehouses, dependable quality inspection services and secure electronic recordkeeping systems.

Farmer awareness will be another important consideration. Training and accessible digital services could help rural communities understand how to use the platform, obtain financing and participate in competitive trading.

Without these supporting measures, the marketplace may struggle to deliver its full potential.

SECP Also Targets Broader Financial Market Reforms

In addition to the agricultural initiative, the SECP chairman discussed plans to expand participation in Pakistan’s capital markets.

The regulator aims to increase the stock market investor base to 2.5 million through measures that include financial education campaigns for young people and simpler procedures for opening investment accounts.

The SECP also highlighted the importance of investor protection, dependable financial reporting and stronger supervision of audit firms. An independent legal framework for overseeing audit firms was discussed as a way to improve corporate disclosures and reinforce confidence in the financial system.

These measures form part of a broader effort to encourage financial inclusion and improve transparency across Pakistan’s markets.

Conclusion

The proposed national agricultural spot market offers Pakistan an opportunity to improve agricultural trading through digital technology, better storage and stronger connections with the banking sector.

By enabling farmers to store their crops, access financing and participate in more transparent bidding, the initiative could help reduce post-harvest losses and improve their ability to negotiate competitive prices.

However, achieving these outcomes will require more than a digital platform. Investment in warehouses, effective regulation, reliable payments and inclusive access for small-scale farmers will be equally important.

If implemented successfully, the proposal could contribute to a more efficient agricultural supply chain, stronger rural incomes and a more resilient economy. The key challenge will be ensuring that the planned reforms translate into practical, measurable benefits for farmers throughout Pakistan.

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