
Pakistan Railways offers major discount in train fares on Eid Al-Adha
ISLAMABAD: Pakistan Railways has announced a major discount in train fares during three days of Eid Al-Adha besides running five special trains ahead of the festival, Pakistani state media reported on Monday, citing the railways minister.
Eid Al-Adha is one of the two most important festivals of the Islamic calendar. Muslims mark the festival by slaughtering animals such as sheep and goats, and sharing their meat among family, friends and the poor.
The Pakistani government has announced a four-day holiday on Eid Al-Adha from June 6 till June 9, and hundreds of thousands of Pakistanis will be traveling to their hometowns to celebrate the occasion among their loved ones.
'Pakistan Railways will… offer a 20 percent discount on fares during the three days of Eid-ul-Azha,' the Pakistan Television (PTV) reported on Monday, citing Railways Minister Hanif Abbasi.
The announcement came hours after the first Eid special train left the southern port city of Karachi for Lahore on Monday. The second train will leave Quetta for Peshawar at 10am today, Tuesday, while the third will leave from Lahore to Karachi via Multan at 5pm.
The fourth train will depart from Karachi to Rawalpindi at 8pm on Tuesday, while the last special train will leave Karachi for Lahore at 8pm on June 4.
Abbasi shared that the department's revenue had reached Rs83 billion ($294 million) due to improved operations over the last four months, according to the broadcaster.
He said a new passenger train will operate between Punjab's Lahore and Narowal district, starting June 15.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arab News
10 hours ago
- Arab News
Pakistan plans to finalize Roosevelt Hotel privatization structure at next cabinet committee meeting
KARACHI: Pakistan is expected to finalize the transaction structure for the privatization of the Roosevelt Hotel in New York at the next meeting of the Cabinet Committee on Privatization, the government said in a statement on Saturday. Located in Midtown Manhattan, the hotel is owned by Pakistan International Airlines Investment Limited (PIAIL) and occupies a full city block on Madison Avenue and 45th Street. It has also remained one of Pakistan's most high-profile yet politically sensitive overseas assets. 'The base price and expected proceeds from the privatization of the Roosevelt Hotel will depend on the transaction structure and final terms approved by the government,' the Privatization Commission said in an official handout. 'The transaction structure is expected to be finalized at the next meeting of the Cabinet Committee on Privatization.' The statement informed no base price had yet been set for the property, rebutting some local media reports that claimed the government had fixed a $100 million floor. It also pointed out such a value could only be determined at the time of bidding, adding that the deal's potential value would depend on the transaction structure and final terms approved by the cabinet committee. Over the past two decades, successive Pakistani governments have floated plans to sell, lease or redevelop the property, but no proposal has advanced beyond early-stage planning. Earlier this month, Muhammad Ali, the prime minister's adviser on privatization, told Arab News that the government had completed the hotel's baseline valuation and appointed US-based consultancy JLL to conduct market sounding. 'We just need to get approval from the cabinet committee on the structure, and we'll move ahead,' he said.


Arab News
12 hours ago
- Arab News
Pakistan tops global emerging market rankings in sovereign risk improvement — Bloomberg Intelligence
KARACHI: Pakistan has recorded the world's sharpest decline in sovereign default risk over the past year, topping Bloomberg Intelligence's Global Emerging Market (EM) Rankings for credit risk improvement, according to new data cited by a senior finance official on Saturday. The data, published by Bloomberg's research arm, showed that Pakistan's credit default swap-implied probability of default fell from 59 percent to 47 percent over the past 12 months, a drop of 11 percentage points. The change marks the biggest reduction among tracked emerging markets, outpacing countries like Argentina, Tunisia and Nigeria, as default risk rose in others such as Egypt, Gabon and Turkiye. Credit default swaps (CDS) are insurance-like financial contracts that allow investors to hedge against the risk of a government failing to repay its debt. Issued and traded by large financial institutions, these contracts pay out in the event of a default. The higher the cost of a CDS, the greater the perceived risk. Bloomberg Intelligence uses CDS pricing to assess a country's sovereign risk in its Global EM Rankings. 'Pakistan stands out globally as the most improved economy in terms of reduction in sovereign default risk,' said Khurram Schehzad, adviser to the finance minister, in a social media post. 'This is a resounding signal to global investors: Pakistan is not only back on the map— it is moving forward with stability, credibility, and reform at its core,' he added. Bloomberg Intelligence is a highly regarded financial data and media company widely used by global investors, analysts and institutions. The improvement in Pakistan's risk profile comes after the South Asian nation narrowly avoided a sovereign default in 2023. With dwindling reserves and mounting debt repayments, Islamabad secured a short-term bailout from the International Monetary Fund (IMF) with the support of key allies including Saudi Arabia, the United Arab Emirates and China. Since then, Pakistan has undertaken a series of IMF-recommended structural reforms and fiscal adjustments aimed at stabilizing the economy. Credit rating agencies such as Standard & Poor's and Fitch have acknowledged the progress with improved outlooks, while the government has prioritized timely debt servicing and macroeconomic discipline. Schehzad attributed the improved outlook to 'macroeconomic stabilization, structural reforms, successful IMF engagement and timely debt repayments,' noting that investor confidence had begun to return.


Arab News
a day ago
- Arab News
Pakistan eyes $700 million in freight earnings by expanding shipping fleet — maritime ministry
KARACHI: The state-run Pakistan National Shipping Corporation (PNSC) is set to buy at least 24 more vessels in the next three years to generate an estimated $700 million in freight earnings, the maritime ministry said on Friday. Pakistan currently owns 10 ships including five double-hull Aframax oil tankers and as many Supramax and Panamax bulk carriers. 'The national carrier is now targeting to increase its cargo handling to 52 percent by volume and 43 percent by value (excluding containerized cargo) within three years,' the ministry said in a statement. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the three-year plan in a meeting held in Islamabad to discuss the government's business strategy to revitalize the maritime and logistics sectors. The move is part of Prime Minister Shehbaz Sharif's strategy to renew and expand Pakistan's aging shipping fleet in a phased manner to enhance cargo capacity, fuel efficiency and compliance with International Maritime Organization standards, including those governing carbon emissions and ballast water management. The plan, if implemented, would boost the revenues of the national flag-carrier, whose income from shipping business declined 18 percent to Rs25 billion ($88.5 million) in July–March this year compared to the previous one, according to PNSC's financial results posted on the Pakistan Stock Exchange website. Muhammad Arshad, the ministry spokesman, told Arab News that Pakistan's current fleet will be more than doubled with the induction of 13 vessels in the first year. Eight vessels will be bought in the second year and three in the third, which would take the total to 34 vessels in Pakistan's fleet by 2028. 'PNSC currently manages approximately 11 percent of the country's cargo by volume and 4 percent by value,' the ministry said. During the meeting, the minister proposed deepening collaboration between the PNSC, Karachi Shipyard & Engineering Works and local industries for the local manufacturing of modern cargo vessels, oil tankers and container carriers. 'This initiative is expected to create skilled employment, strengthen local supply chains, boost industrial activity and rejuvenate Pakistan's shipbuilding sector, positioning the country as a regional maritime hub,' it said. The cash-strapped country plans to finance its modernization efforts without burdening the treasury through leveraging public-private partnerships, maritime leasing models and tapping into global green shipping funds. The government is trying to revive Pakistan's debt-ridden economy with the help of the International Monetary Fund and has set a tax revenue target of Rs14.3 trillion ($50 billion) for the next financial year starting July. Last week, the prime minister directed the authorities to lease new vessels to expand the PNSC's fleet with an aim to reduce the $4 billion annual foreign exchange burden on sea-based trade. Pakistan looks to bolster its maritime trade capacity and reduce reliance on foreign shipping lines, which officials say significantly contributes to the country's widening trade deficit and puts pressure on foreign exchange reserves.