The government is reviewing the proposed 460-kilometre Rohri-Multan section of Pakistan’s delayed ML-1 railway project, estimated to cost over Rs450 billion. A high-level committee led by Planning Minister Ahsan Iqbal withheld approval after noting that locomotives, coaches and operating expenses were excluded from the estimate. An independent third-party cost review has been ordered. Financing options under consideration include the PSDP, foreign funding, public-private partnerships, commercial bank loans and domestic capital markets.

Moody’s Ratings upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings from Caa1 to B3, citing stronger foreign exchange reserves, improved governance, lower domestic borrowing costs and sustained macroeconomic stabilization. The agency maintained a stable outlook, expecting governance reforms to help preserve gains in Pakistan’s external position and strengthen fiscal indicators.

Trump Announces Three-Day Tariff Pause After US-Canada Trade Breakthrough

US President Donald Trump has paused new 50% tariffs on approximately $20 billion worth of Canadian imports for three days after announcing a preliminary trade deal with Canada. Canadian Prime Minister Mark Carney said substantial progress had been achieved, although key negotiations remain unfinished. The proposed agreement includes broader access for American goods, economic security commitments and digital trade alignment. The suspended tariffs would have applied even to qualifying goods under the US-Mexico-Canada Agreement.