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In Brief
ECONOMY
Pakistan's trade deficit increases by 16 per cent in first four months of FY27
On 07 November, The Express Tribune reported that Pakistan's trade deficit rose 16 per cent to nearly USD 15 billion in the first four months of this fiscal year, after imports hit USD 26 billion amid continued sluggish export growth. As per the Pakistan Bureau of Statistics (PBS), the gap between imports and exports widened to USD 14.6 billion during July to October, USD 2 billion or 16 per cent more than the same period last year. The PBS said cumulative exports during July to October increased to USD 11.4 billion, a rise of just USD 890 million or 8.5 per cent over the same period last year. The government has tried everything in its toolkit to lift exports to reduce dependence on foreign creditors. For this fiscal year, the government has retained PKR 88 billion in subsidies in the budget to provide cheaper loans, mostly to large exporters. Exports have traditionally remained in the vicinity of USD 2.5 billion to USD 3 billion a month, and even a devaluation of PKR 100 against the dollar could not give them a major boost. (“Trade gap widens 16% to $14.6b,” The Express Tribune, 07 November 2026)
Short-term inflation rises to 12.31 per cent year-on-year in week ending 05 November
On 06 November, Dawn reported that Short-term inflation rose to 12.31 per cent year-on-year in the week ending 05 November. The index, comprising 51 items whose prices are collected from 50 markets in 17 cities, is calculated weekly to track changes in the prices of essential commodities and services. Short-term inflation has remained in the double digits for several consecutive weeks, largely on the back of persistent increases in petroleum and diesel prices. The Pakistan Bureau of Statistics data showed that of the 51 essential items monitored during the week, the prices of 21 commodities increased, while those of 10 items declined. Meanwhile, the prices of 20 items remained unchanged from the previous week. The Sensitive Price Index (SPI), which tracks short-term inflation, increased slightly by 0.29 per cent week-on-week, reflecting price fluctuations in both food and non-food items. (“Short-term inflation surges to 12.31pc due to costly food LPG,” Dawn, 06 November 2026)
Mismanagement in energy sector costs PKR 3.5 trillion to government in Pakistan, LEI report finds
On 06 November, Dawn reported that Pakistan is wasting PKR 3.5 trillion annually, more than three times the federal development budget, on unnecessary, rising energy-sector imports due to mismanagement, delays in adopting building codes, and failure to implement an indigenisation plan for energy materials and equipment that used to be produced locally. LUMS Energy Institute (LEI) reported that despite generation capacity exceeding 36,000MW, Pakistan’s base electricity load of about 8,000MW did not grow between 2015 and 2023, particularly in the four winter months, even as the country’s population grew. National Grid Pakistan highlighted that most of the capacity addition was made for ‘cooling buildings’ that remained unutilised for most of the year, resulting in higher capacity payments and circular debt. Conversely, the country imports USD 2.7 billion worth of liquefied natural gas (LNG) for four winter months for space and water heating as most of the electricity capacity remains unused. The LEI reported that the federal government had approved an energy conservation building code in 2023 which could have reduced cooling load by 51 per cent, but the provincial governments of Punjab, Sindh and Balochistan have not yet even adopted these codes. (“Govt wastes Rs35tr yearly on energy imports,” Dawn, 6 November 2026)
Pakistan's external debt nearly doubles with USD 135.1 billion over the decade
On 06 November, Dawn reported that Pakistan’s total external debt almost doubled to USD 135.1 billion over the decade ending in 2025, according to the World Bank’s International Debt Report 2026. The report noted that Pakistan’s external debt increased from USD 68.673 billion in 2015 to USD 135.107 billion in 2025. This included public and publicly guaranteed debt of USD 107.076 billion, private non-guaranteed debt of USD 17.58 billion and short-term debt of USD 10.45 billion. Of the public and publicly guaranteed debt, USD 56.83 billion was owed to multilateral creditors, USD 42.43 billion to bilateral creditors and USD 7.8 billion to private creditors. China was Pakistan’s largest individual creditor, with USD 22.4 billion outstanding, followed by the World Bank with USD 19.2 billion and the Asian Development Bank (ADB) with USD 16.83 billion. (“Country’s external debt nearly doubles in a decade,” Dawn, 06 November 2026)
Cyber Emergency Team warns of increased use of AI and automated bots in cyberattacks
On 06 November, Dawn reported that the National Cyber Emergency Response Team (NCERT) has warned of an increased use of artificial intelligence (AI) and automated bots to carry out credential-based and coordinated cyberattacks. NCERT warned banks that they could face attacks targeting core banking systems, digital banking platforms, payment systems and customer-facing applications, with potential scenarios including the disruption of online services, automated credential attacks, and manipulation of displayed account balances. In terms of critical infrastructure, NCERT warned that third-party service providers, connected IoT (Internet of Things) devices, vulnerabilities in industrial control systems and insecure remote access may expose oil and gas facilities, water utilities, power generation and distribution networks, manufacturing, transportation and other essential services. NCERT cited recent incidents in Europe, where supermarket refrigerators and freezers were targeted in cyberattacks, as examples of the physical and commercial consequences of attacks against connected operational systems. NCERT recommended that financial institutions check their core banking security, APIs, third-party integrations, payment gateways and digital banking applications. It further urged them to use multi-factor authentication and protection against automated login attempts, while enforcing integrity checks between consumer-facing applications and core banking records. The team also suggested monitoring bot-driven attempts, potential service disruption and abnormal API activity. (“Banks utilities among services put on alert against AI-enabled cyberthreats,” Dawn, 06 November 2026)
Power Authority announces revision of special electricity tariff
On 07 November, Dawn reported that the National Electric Power Regulatory Authority (NEPRA) announced a controversial revision of a special electricity tariff introduced as an incentive to revive industrial activity, while approving an additional burden of PKR 2.37 per unit on electricity consumers for November. All four members of the regulator unanimously held the Power Division and its subordinate entities responsible for failing to fulfil their legal obligations within the prescribed timelines, pushing NEPRA into an unprecedented deadlock and potentially increasing costs for electricity consumers across the country. The revised incremental rate of PKR 25.30 per unit proposed by the Ministry of Energy (MoE), and allowed by the honourable Chairman and Member (Law), is based on the generation mix apparently assumed at the design stage of the package, with updated fuel prices. However, Member Tariff and Member Development, in a joint dissenting note, maintained that even the proposed revised rate of PKR 25.30 per unit was a random number unsupported by evidence. They said NEPRA’s own institutional calculations put the marginal cost at PKR 31.83 per unit rather than PKR 25.30. (“NEPRA raises industrial tariff to Rs 25.30 per unit despite dissent,” Dawn, 07 November 2026)
EXTERNAL
Relations with Pakistan remain vital, says Turkmenistan ambassador
On 07 November, The News Pakistan reported that Turkmenistan’s Ambassador to Pakistan Atadjan Movlamov had stated ties with Pakistan were significant for the two countries as well as the entire region. Movlamov said the TAPI gas pipeline project for transporting natural gas from the Galkynysh field in Turkmenistan to Pakistan was at the heart of the project. This field is believed to contain approximately 27 trillion cubic metres of natural gas, being a major resource for supporting regional energy security and economic development. According to the ambassador, this pipeline could aid in supporting industrial growth, generating new economic opportunities, improving energy security and diversifying energy supplies. It could also improve energy cooperation and create greater economic interdependence among participating countries. Additionally, Movlamov stated that proposed infrastructure projects like the Turkmenistan- Afghanistan-Pakistan (TAP) electricity transmission project could open up fresh opportunities for investment and economic integration. It could also help Pakistan in strengthening its energy and telecommunications infrastructure. (“Turkmenistan stresses TAPI pipeline’s potential for energy security,” The News Pakistan, 07 November 2026)
Pakistan and Russia to sign memorandum on combating money laundering
On 07 November, The News Pakistan reported that the National Accountability Bureau (NAB) in Pakistan and the Prosecutor General’s Office of the Russian Federation had signed a MoU on improving joint efforts in dealing with corruption and money laundering. The NAB Chairman, Lt. Gen(rtd) Nazir Ahmed and Russian Prosecutor General Aleksandr Vladimirovich Gutsan jointly signed the MoU, which provides for a detailed framework to cooperate through a variety of methods, including sharing information on legal systems, mutual consultation on legal matters and exchange of experience and expertise. Joint international conferences and workshops, alongside coordinated efforts on tracing and recovering assets from money laundering, are amongst the proposed activities. Additionally, the two institutions agreed to participate in joint initiatives towards encouraging anti-corruption awareness in youngsters. (“Pakistan, Russia sign MoU to combat corruption, money laundering,” The News Pakistan, 07 November 2026)
Pakistan and UK to enhance counterterrorism cooperation
On 06 November, Dawn reported that Pakistan and the UK had agreed to expand cooperation across multiple areas, including counterterrorism, anti-narcotics, immigration and cybercrime. The Pakistani interior ministry issued a statement that delegation-level talks were held between Pakistani Interior Minister Mohsin Naqvi and British Minister of State for Security Dan Jarvis. The ministry informed that both countries agreed to finalise, at the earliest, an MoU on anti-narcotics cooperation between Pakistan’s Anti-Narcotics Force (ANF) and the UK’s National Crime Agency (NCA). Naqvi informed that Pakistan had curbed about 330 cases of narcotics smuggling to the UK in the past few years, and hailed progress made under the UK-Pakistan Serious Crime and Law Enforcement Project. Jarvis appreciated the Federal Investigation Agency (FIA) for curbing illegal immigration, and stated both the UK and Pakistan wished to expand cooperation across domains. The two countries further agreed to convene a meeting soon of the working group established between their interior ministries. (“Pakistan, UK agree to expand cooperation on counterterrorism, narcotics,” Dawn, 06 November 2026)
Turkish vessel to dock in Karachi for offshore gas and oil exploration
On 06 November, Dawn reported that a Turkish seismic vessel would be in Karachi between 17 and 20 November and begin offshore gas and oil exploration. The Petroleum Division made the announcement of the vessel which belongs to the Turkish Petroleum Offshore Company(TPOC). The company had previously entered into partnership agreements with local state-owned enterprises in Pakistan, namely OGDCL, PPL and Mari Energies for three blocks. TPOC also possesses a 25 per cent interest and operatorship in the Eastern Offshore Indus-C block in the Arabian Sea offshore Pakistan, which holds an estimated 1.5 to 2 trillion cubic feet of gas. Petroleum Minister Ali Pervaiz Malik held a meeting with TPOC officials, where he described the arrival of the vessel as a new chapter in the longstanding friendship and cooperation existing between Pakistan and Turkey. Malik also stated the Pakistani government would fully support and facilitate the offshore exploration initiative and commencement of operations. The project manager of TPOC also thanked Pakistan for its support. (“Turkish vessel to arrive in Karachi between Nov 17-20 to begin offshore gas, oil exploration,” Dawn, 06 November 2026)
CDF Munir holds talks with Sudan's Interior Minister on greater bilateral cooperation
On 06 November, Dawn reported that CDF Asim Munir and Sudan Interior Minister Lieutenant General(Police) Babiker Samra Mustafa Ali had discussed methods towards enhancing bilateral cooperation. Inter-Services Public Relations (ISPR) issued a statement that Lt. Gen. Ali called on CDF Munir during his visit to Pakistan. The statement further informed that matters of common interest and changing regional and global dynamics were discussed. Additionally, it stated that both sides agreed to expand ties, particularly in the fields of counterterrorism, institutional cooperation and security. According to ISPR, Ali had appreciated Pakistani efforts in promoting regional peace and stability. Meanwhile, Munir reaffirmed Pakistan’s wish to expand bilateral engagements with Sudan. Ali also met with Pakistani Foreign Minister Ishaq Dar, who reaffirmed Pakistani support for Sudanese sovereignty and territorial integrity. (“CDF Munir, Sudan’s interior minister discuss avenues to enhance bilateral cooperation: ISPR,” Dawn, 06 November 2026)
POLITICS & GOVERNANCE
Talks on petroleum levy nearing conclusion, says JI deputy chief
On 06 November, Dawn reported that Jamaat-i-Islami (JI) deputy chief Liaqat Baloch said negotiations with the government over the petroleum levy had reached their final stage, urging Prime Minister Shehbaz Sharif to ensure an agreement and provide sustainable relief to consumers. Baloch warned that JI could launch a protest march if relief was not delivered. A joint technical committee has been formed to finalise proposals, with JI calling for the gradual abolition of the levy. The party said it had pursued negotiations in good faith but was still awaiting government directives to conclude the process. (“Talks with govt on petroleum levy in final stages: Jamaat-i-Islami,” Dawn, 06 November 2026)
PPP’s Bilawal urges federal government to engage stakeholders amid political divisions
On 06 November, Dawn reported that PPP Chairman Bilawal Bhutto-Zardari urged the federal government to engage political, social and provincial stakeholders rather than confront them, warning that the economic fallout of the US-Israeli war on Iran would persist even if the conflict ended. He called for prioritising public hardships and keeping dialogue open with PTI and other opposition parties. Bilawal defended the imposition of governor’s rule in Khyber Pakhtunkhwa, citing rising terrorism and the provincial government’s alleged failure to address it, while reiterating that elected governments were generally better equipped to tackle security challenges. He also urged opposition parties to participate in the Parliamentary Committee on Electoral Reforms, arguing that electoral grievances should be addressed through parliamentary dialogue. (“Bilawal urges federal govt to engage all political forces instead of ‘fighting everyone’,” Dawn, 06 November 2026)
ENVIRONMENT
Thousands seek treatment across Punjab due to air pollution
On 07 November, The Express Tribune reported that severe smog and air pollution across Islamabad and Punjab’s major cities, including Lahore and Rawalpindi, had triggered respiratory illnesses and other health problems. Nearly 2,961 patients with smog-related symptoms visited Rawalpindi’s three allied hospitals over 48 hours, most of them elderly. Air quality indices reached 530 in Lahore, 719 in Multan, 600-660 in Gujranwala and 678 in Jhang, while Islamabad recorded 187 and Rawalpindi 179. Authorities attributed pollution to industrial emissions, brick kilns, vehicles, crop-residue burning and other sources, and announced enforcement measures against polluters. Health officials advised residents, particularly children and those with respiratory conditions, to limit outdoor exposure and wear masks. (“Air pollution reaches alarming levels,” The Express Tribune, 07 November 2026)
POK
“Gilgit-Baltistan” launches online tax exemption system for traders
On 06 November, The Express Tribune reported that “Gilgit-Baltistan” Chief Minister Amjad Hussain Azar launched the “Gilgit-Baltistan” Traders’ Registration and Tax Exemption System (GB-TERS), an online platform enabling eligible local traders to access tax exemptions on goods imported from China through Sost Dry Port. The scheme provides exemptions from sales tax, income tax and federal excise duty, subject to an annual ceiling of PKR 4 billion. It follows a September 2025 agreement reached after a 68-day traders’ protest disrupted trade along the Karakoram Highway. The platform aims to improve transparency and simplify registration, while the chief minister also proposed establishing a trade-free zone in Gilgit. (“Gilgit-Baltistan launches online system for tax exemptions on goods from China,” The Express Tribune, 06 November 2026)
Editorials/Opinions
Economy
Ishrat Husain, “Exchange rate’s woeful tale,” Dawn, 07 November 2026
"The preoccupation of exchange rate fundamentalists in Pakistan with a single, partial indicator — Real Effective Exchange Rate (REER) — is astonishing. As Nadeem ul Haque argued in an illuminating article, fixing or deliberately boosting exchange rates effectively ended with Bretton Woods’ collapse in the 1970s. Research has since confirmed that the exchange rate is a market price — the price of one currency in terms of another, determined by underlying economic conditions — and not a policy tool."
https://www.dawn.com/news/2042777/exchange-rates-woeful-tale
Editorial, “The debt burden,” Dawn, 07 November 2026
“The debt spike describes an economy that invests, produces and earns too little to service what it owes. Debt has become the main constraint on our fiscal and economic prospects. Servicing debt eats up meagre financial resources, which should be expanding productive capacity for exports, and makes faster growth harder to reach. That leads to more borrowing."
https://www.dawn.com/news/2042781/the-debt-burden
Society
Editorial, “Modern child labour!,” The Express Tribune, 06 November 2026
"The National Cyber Crime Investigation Agency's (NCCIA) raid on a call centre on Sharea Faisal, Karachi for alleged cyber fraud, which led to the arrest of 273 employees, has drawn increased attention to the employment structure of call centres in general. The operation targeted an alleged international financial fraud network and resulted in the seizure of hundreds of laptops and phones, and the detention of every employee present, including more than 100 women and dozens of minors. While the scale of the operation is staggering, the large number of minors employed at the company beggars belief."
https://tribune.com.pk/story/2639030/modern-child-labour
On Afghanistan
Raashid Wali Janjua, “Enabling terrorism,” Dawn, 07 November 2026
“Insurgencies militarise society and spawn a conflict economy that empowers splinter insurgent groups with their own set of interests and objectives. These militant groups thrive in a governance vacuum as well as the ideological confusion in post-conflict societies. The TTP is amongst the classic examples of insurgency-begotten militancy and terrorism. Afghanistan is a quintessential case study of an insurgency-wracked nation that has given rise to other insurgencies and waves of terrorism."
https://www.dawn.com/news/2042775/enabling-terrorism
Health
Editorial, “Polio’s other victims,” Dawn, 05 November 2026
“For decades, Pakistan has vowed to eradicate polio. Billions have been spent on logistics and awareness drives. Yet the virus remains endemic. Among the factors contributing to its spread is the state’s failure to change a narrative that casts polio vaccinators and those guarding them as objects of suspicion. A day after the abduction of four polio workers in KP’s Tank district, unidentified gunmen killed two policemen while another was injured in Mohmand on Tuesday. They were on their way to guard a polio team in the ongoing vaccination drive in 97 high-risk areas. Such unfortunate incidents show that even basic protection is a tall order. From countering anti-vaccination propaganda and delivering the drops to the provision of airtight security, the fight against polio entails many challenges."
https://www.dawn.com/news/2042255/polios-other-victims
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