Islamabad | ReNews Pakistan

Pakistan and Türkiye have signed a preliminary agreement to jointly explore and develop antimony, copper, gold, silver, molybdenum and other critical minerals across approximately 499 square kilometres in Balochistan, marking another step towards expanding bilateral cooperation in mineral resources and attracting foreign investment into Pakistan's mining sector.

The Pakistan Mineral Development Corporation (PMDC) and Türkiye's MTA International Company (MTAIC) signed a term sheet in Islamabad on October 16, 2026, outlining the framework for a proposed joint venture covering Exploration Licence EL-318 in Pishin district.

The exploration area spans 498.82 square kilometres and will be assessed for its potential to support mineral exploration, mining, processing and commercial development.

Under the proposed arrangement, PMDC, MTAIC and an entity designated by the Balochistan government will establish a joint venture company in Pakistan.

MTAIC will serve as the project operator, contributing modern exploration technology and international technical expertise to identify and evaluate mineral resources within the licensed area.

Exploration activities are planned in accordance with the internationally recognised Joint Ore Reserves Committee (JORC) standards, which provide a framework for reporting mineral exploration results, resources and reserves.

The proposed project places particular emphasis on antimony, a strategically important mineral used in defence applications, batteries, electronics, metal alloys and flame-retardant materials.

With global demand for critical minerals increasing, the partnership is intended to strengthen Pakistan's position in international mineral supply chains while creating opportunities for foreign direct investment, technology transfer and employment generation.

The signing ceremony took place at PMDC headquarters in Islamabad, with Türkiye's Ambassador to Pakistan, Dr Irfan Neziroglu, attending as chief guest.

PMDC Managing Director and Chief Executive Officer Engr. Asad Ahmad and MTAIC General Manager Dr Nail Yildirim signed the preliminary agreement in the presence of senior representatives from both organisations.

According to PMDC, the collaboration is expected to combine Pakistan's geological knowledge and experience in mineral development with Türkiye's exploration capabilities.

The proposed investment could support economic activity in Balochistan through technical training, employment opportunities and the development of mineral-related infrastructure, subject to subsequent project implementation.

Both parties aim to finalise definitive agreements by December 31, 2026.

However, the actual size and commercial viability of any mineral deposits, along with the final investment commitments, will depend on detailed exploration findings and the completion of legally binding agreements.

The partnership also reflects the broader economic cooperation framework between Pakistan and Türkiye, under which both countries have identified mining and critical minerals as areas for greater bilateral engagement.

Islamabad | ReNews Pakistan

Pakistan and the Asian Development Bank (ADB) have agreed to strengthen their development partnership, with particular emphasis on advancing the Main Line 1 (ML 1) Railway Upgradation Project and expanding cooperation across key development sectors.

The ADB has reaffirmed its commitment to accelerating its institutional processes related to ML 1, while Pakistan has called for the early completion of the project's feasibility study and the commencement of procurement procedures.

Separately, Pakistan and the World Bank have renewed their commitment to accelerating the implementation of the country's 10-year Country Partnership Framework (CPF) and improving the delivery of measurable development outcomes.

Federal Minister for Economic Affairs Ahad Khan Cheema held separate meetings with ADB President Masato Kanda and World Bank Managing Director of Operations Anna Bjerde in Bangkok, Thailand, on October 15, on the sidelines of the 2026 World Bank Group and International Monetary Fund Annual Meetings.

The discussions focused on Pakistan's development priorities, international financing, infrastructure improvement, private-sector investment and the timely implementation of major projects.

During his meeting with ADB President Masato Kanda, the minister discussed opportunities for strengthening cooperation under the bank's Country Partnership Strategy (CPS) 2026 to 2030.

He welcomed the approval of the new strategy, describing it as an important framework for making development cooperation more strategic and focused on measurable outcomes.

The ML 1 Railway Upgradation Project featured prominently in the discussions. Cheema appreciated the ADB's leading role in advancing the project and stressed the need to complete the feasibility study and begin the procurement process at the earliest possible stage.

ADB President Masato Kanda reaffirmed the bank's continued engagement with Pakistan and assured support for fast-tracking its institutional processes concerning ML 1.

The ML-1 project is intended to modernise Pakistan's principal railway corridor between Karachi and Peshawar, improve passenger and freight services, strengthen railway infrastructure and enhance transport connectivity between major commercial and industrial centres.

Beyond railway modernisation, the proposed upgrade is considered important for improving logistics, reducing transport constraints and supporting the movement of industrial and commercial goods across the country.

The project's potential economic benefits could extend to logistics facilities, industrial infrastructure, freight handling and commercial development connected with the railway network. However, these outcomes will depend on financing arrangements, final project approvals and implementation.

The minister also emphasised the importance of private-sector-led economic growth and requested an expansion of the ADB's non-sovereign operations in Pakistan.

He called for a stronger permanent operational presence of the bank in the country to facilitate investment transactions and develop a pipeline of public-private partnership projects.

The Pakistani delegation also highlighted the need for affordable development financing and greater flexibility in the ADB's lending framework to support the country's development priorities.

Both sides agreed to work closely to accelerate project implementation and achieve sustainable development outcomes.

In a separate meeting, Federal Minister Ahad Khan Cheema and World Bank Managing Director of Operations Anna Bjerde discussed implementation of Pakistan's Country Partnership Framework for 2026 ,2035.

The 10 year framework is designed to support long term improvements in human development, climate resilience, clean energy, water and sanitation, public resource management and productive private investment.

Announced in January 2025, the framework envisages approximately $20 billion in planned World Bank financing over the decade, with an emphasis on delivering sustained development outcomes rather than relying on fragmented, short-term interventions.

During the meeting, Cheema reiterated the government's commitment to translating the framework's priorities into practical development results.

He called for enhanced technical and financial assistance, integrated development programmes and digital monitoring systems to track project performance and measure impact.

The minister stressed the need for stronger project preparation through dedicated Project Readiness Facilities, predictable financing arrangements and improved implementation support to accelerate project approvals and execution.

He also highlighted government efforts to address administrative and institutional bottlenecks in project planning and implementation.

The discussions covered cooperation in human development, climate resilience, water and sanitation, economic transformation and sectors offering substantial employment opportunities.

Islamabad | ReNews Pakistan

The Federal Board of Revenue (FBR) has once again extended the deadline for filing income tax returns for Tax Year 2026 until October 31, providing additional time for eligible taxpayers, including property owners, real estate investors and individuals required to declare their immovable assets in wealth statements.

The extension is particularly relevant to taxpayers who are required to disclose details of residential and commercial properties, plots, houses, apartments, agricultural land and other assets as part of their annual tax documentation.

According to Circular No. 04 of 2026,27, issued by the FBR on October 15, the deadline for filing income tax returns has been extended from October 15 to October 31, 2026.

The extension applies to taxpayers who were originally required to submit their returns by September 30 and whose filing deadline had previously been extended until October 15.

The revenue authority exercised its powers under Section 214A of the Income Tax Ordinance, 2001, to grant the additional time following requests from various trade bodies and tax bar associations.

The decision also carries significance for Pakistan's real estate sector, where property ownership, investment transactions, rental income and the disclosure of immovable assets form part of the tax documentation requirements applicable to many taxpayers.

Individuals required to submit wealth statements alongside their income tax returns must disclose their assets and liabilities in accordance with the relevant tax rules.

For property owners, such declarations may include residential plots, commercial properties, houses, apartments, agricultural land and other immovable assets, along with relevant financial information.

Taxpayers earning taxable rental income or income from property transactions are also required to report such income where applicable under the prevailing tax laws.

Accurate documentation of property ownership, acquisition costs, declared asset values and sources of investment is important for maintaining consistency between tax records and supporting financial documents.

The requirements vary according to the taxpayer's legal status, income and applicable provisions of tax law. Ownership of property alone does not necessarily mean that every individual is subject to identical filing obligations.

According to the available figures, more than 6.9 million income tax returns had been submitted to the FBR by October 15, 2026.

The returns include submissions from salaried individuals, business owners, professionals and other non-salaried taxpayers. Reports also indicate that approximately 4.5 million returns were submitted by individuals outside the salaried category, although the precise official breakdown requires separate confirmation.

The increasing number of tax returns reflects wider participation in the filing process. However, the total number of returns should not be interpreted as the number of property owners, since the figures cover taxpayers from different economic and professional categories.

For real estate investors and property owners, timely filing of income tax returns is particularly important because the taxpayer's filing status may affect the withholding tax rates applicable to certain property purchases, sales and transfers.