Corporate News

World Bank Urges Pakistan to Reform Fiscal Federalism and Tax System

The World Bank, in its report titled “Strengthening Fiscal Federalism in Pakistan,” said that Pakistan has made “meaningful” progress in fiscal federalism since 2010. However, the World Bank has called for sweeping reforms to Pakistan’s fiscal federalism framework, warning that the current system is weakening revenue collection, widening the federal fiscal deficit, and limiting efficient public spending. In its latest report, the lender said that fragmented taxation following the 18th Constitutional Amendment, delayed NFC Awards, underutilized agricultural and property taxes, and weak local governments have reduced fiscal efficiency. It recommended harmonizing the GST system, reforming the NFC formula, strengthening local governments, improving tax collection, and aligning expenditure responsibilities with available financial resources. The report also stressed reviving fiscal institutions to promote sustainable economic growth, better governance, and improved public service delivery across Pakistan.

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Pakistan Malaysia Trade Target USD 5 Billion

Federal Minister for the Board of Investment Qaiser Ahmed Sheikh attended the Malaysia–Pakistan Business Engagement 2026 as Guest of Honour at the High Commission of Malaysia. The event brought together public- and private-sector representatives, business leaders and investors to explore bilateral trade, investment and business-to-business collaboration. Malaysia’s High Commissioner, Ambassador Dato’ Mohammad Azhar Mazlan, highlighted Pakistan’s importance as a South Asian trading partner and expressed confidence that stronger commercial engagement and private-sector participation could increase bilateral trade from approximately USD 1.5 billion to USD 5 billion.

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SE Fruits IPO Investors Receive Refunds

SECP Pursues Action Over Discrepancies in SE Fruits IPO Prospectus

The Securities and Exchange Commission of Pakistan is pursuing regulatory action over material discrepancies in the IPO prospectus of SE Fruits and Vegetable Limited. The prospectus was based on information contained in the company’s audited financial statements. To protect investors, the SECP suspended further proceedings after the book-building process. The company later voluntarily withdrew its IPO, saying it intends to resubmit at a later stage with enhanced disclosures. Subscription money has been refunded to investors. The case has also prompted calls for stronger audit oversight and more reliable disclosures in public offerings.

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Pakistan Returns to Governors’ Chair After 73 Years

Pakistan has been nominated to chair the Boards of Governors of the World Bank Group and the International Monetary Fund in 2027, marking the country’s first appointment to the role since 1953. Federal Minister for Economic Affairs and Pakistan’s WBG Governor Ahad Khan Cheema was formally announced as the incoming chair during the plenary session of the 2026 WBG–IMF Annual Meetings in Bangkok. The Boards of Governors are the institutions’ highest decision-making bodies, representing member countries and setting their broad direction. Pakistan’s chairmanship will provide an opportunity to contribute to global economic and development discussions and facilitate dialogue among member countries.

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