‘Significant progress’ in IMF review triggers bull run at Pakistan stock market

ISLAMABAD: Pakistan’s government on Saturday pledged to promote electric vehicles (EVs) across all segments of transport, with Prime Minister Shahbaz Sharif calling for a national policy on the subject to be finalized in consultation with stakeholders.

The move comes amid a steady rise in EV adoption in a market long dominated by Japanese automakers such as Suzuki, Toyota and Honda. Increasingly, Chinese and Korean brands are entering the space, with electric vehicles becoming more and more visible in cities like Islamabad, Lahore and Karachi.

The government is hoping to ride this momentum to cut fuel imports and reduce emissions.

“Priority measures will be taken for the promotion of electric motorcycles, scooters, three-wheelers, cars and buses,” the prime minister said while chairing a meeting in Lahore to discuss the adoption of EVs.

The draft Electric Vehicles Policy 2025 was reviewed at the meeting, with Sharif calling for its urgent finalization “in consultation with all stakeholders” before being presented to the cabinet.

“Charging stations and battery-swapping stations must be ensured,” he said during the meeting. “Industries will also be facilitated to increase the manufacturing capacity of two- and three-wheelers.”

While EVs offer a way to reduce the country’s petroleum import bill and carbon footprint, the lack of infrastructure, frequent power outages and limited financing options remain key impediments to their widespread adoption and scale-up.

Yet industry experts believe existing players in Pakistan’s auto market will face stiff competition from various EV brands, with many seeing electric vehicles as poised to consolidate their place in the domestic market.

ISLAMABAD: Around 700 army personnel have been killed in various militant attacks over the past two years, Pakistan’s Defense Minister Khawaja Muhammad Asif said on Saturday, accusing India of supporting terror outfits in the country. 

Pakistan has witnessed a surge in militant attacks since November 2022 in its northwestern Khyber Pakhtunkhwa (KP) and southwestern Balochistan provinces bordering Iran and Afghanistan. In KP, the Pakistani Taliban or Tehreek-e-Taliban Pakistan (TTP) outfit has carried out some of the deadliest attacks against law enforcers. 

In Balochistan, separatist ethnic Baloch militant groups demand independence from the state, accusing Islamabad of denying locals a share in the province’s mineral resources. Islamabad denies the allegations.

“In the past two years, 700 of our soldiers have been martyred,” Asif told lawmakers during a televised parliamentary session. “Our civilians have been martyred. Several districts of a province of ours are being targeted by terrorism.”

The minister said that militant outfits such as the TTP or the separatist Baloch Liberation Army are “agents of India,” alleging that they were fighting New Delhi’s war on Pakistani soil. 

“Any person who even has a speck of sympathy toward them is not a Pakistani,” Asif said, vowing that Islamabad would win its war against militancy. 

India and Pakistan have traded allegations of supporting militant groups for years. New Delhi blames Islamabad for supporting militant outfits who carry out attacks in Indian-administered Kashmir, an allegation that Pakistan has always rejected. 

The two countries engaged in a military confrontation for days last month after India attacked Pakistan with missiles, accusing it of supporting an April 22 attack in the Pahalgam tourist resort in Indian-administered Kashmir. 

Pakistan denied the allegations and called for an international, credible probe into the incident. 

The defense minister expressed solidarity with Iran over Israel’s recent attacks against it, vowing to extend support to the neighboring country.

“In this hour of trial, we are with them in every way,” Asif said. “Whatever help they need at the international level, at the United Nations or any other institution or at the Islamic conference, we will defend their interests there.”