ISLAMABAD – The Economic Coordination Committee (ECC) on Wednesday approved a Rs194 billion financial package for power distribution companies (Discos), aimed at improving the sector’s financial health and addressing outstanding subsidy-related obligations.

According to official details, the package includes a Rs52 billion equity injection, the reallocation of Rs97.65 billion in subsidies, and the adjustment of Rs44.2 billion in arrears.

The ECC approved the transfer of Rs97.649 billion from the tariff differential subsidy allocation earmarked for K-Electric to the Inter-Disco Tariff Differential Subsidy, enabling the government to meet subsidy requirements across public-sector distribution companies.

The committee also approved the settlement of Tariff Differential Subsidy (TDS) arrears claims of Rs44.198 billion for the Tribal Areas Electricity Supply Company (Tesco), addressing pending subsidy obligations linked to the utility.

Officials said the measures are intended to provide financial support to distribution companies, improve subsidy management, and strengthen the balance sheets of utilities facing persistent losses due to low recoveries, electricity theft and high power generation costs.

ISLAMABAD – WASHINGTON and Tehran reported progress on multiple contentious issues following high-level negotiations in Switzerland, with both sides agreeing to continue technical discussions aimed at reaching a broader agreement in the coming weeks.

Speaking after the talks, US Vice President JD Vance said the discussions had resulted in understandings on several key issues, including the return of international nuclear inspectors, mechanisms governing Iran’s frozen assets and arrangements intended to preserve navigation through the Strait of Hormuz.

According to Vance, technical teams from both countries remained engaged after lengthy overnight negotiations and would continue working on the details of the preliminary understandings reached during the meeting.

He said the United States hoped inspections by the International Atomic Energy Agency (IAEA) could resume shortly, describing the development as a positive step towards a more comprehensive settlement.

The talks took place in Bürgenstock, Switzerland, where mediators sought to build on recent diplomatic efforts aimed at reducing regional tensions and establishing a framework for future negotiations.

Prime Minister Shehbaz Sharif welcomed the outcome of the meeting, saying the discussions had generated momentum towards a negotiated settlement between the two countries.

In a statement, he said participants had agreed to establish a high-level oversight mechanism and pursue a roadmap designed to facilitate a final agreement within the next two months.

The premier also acknowledged the role played by Qatar and Switzerland in supporting the diplomatic process, while reiterating Pakistan’s commitment to dialogue and peaceful conflict resolution.

Iran, however, offered a more cautious assessment of the discussions.

Foreign Ministry spokesman Esmaeil Baghaei said the nuclear issue had only been touched upon briefly and insisted that substantive negotiations on Tehran’s nuclear programme had not yet begun.

Nevertheless, he described the talks as productive and said the parties had agreed on several measures intended to create conditions for future negotiations.

Among the issues discussed were maritime security in the Strait of Hormuz, the possible release of Iranian assets held abroad and arrangements related to regional ceasefire efforts, particularly in Lebanon.

Baghaei said technical experts would continue consultations on the implementation of the understandings reached in Switzerland, expressing hope that all parties would demonstrate seriousness in moving the process forward.

The negotiations, facilitated by Pakistan and Qatar, concluded after nearly 18 hours of discussions, with both sides indicating a willingness to maintain diplomatic engagement despite persistent differences on key issues.

ISLAMABAD – A moderate earthquake measuring 5.4 on the Richter scale was felt in Islamabad and several cities across Khyber Pakhtunkhwa and Punjab on Monday, prompting residents to leave their homes and offices in panic.

According to the National Seismic Monitoring Centre, the earthquake originated in Afghanistan’s Hindu Kush region and occurred at a depth of 215 kilometres.

Tremors were reported in Islamabad, Peshawar, Buner, Bajaur, Faisalabad, Dera Ismail Khan, Khushab, Battagram, Mansehra, Swat, and Abbottabad, among other areas.

Residents in several cities rushed outdoors and recited prayers as the tremors were felt.

Authorities said there were no immediate reports of casualties or damage to property.

The latest earthquake comes days after similar tremors were recorded in various parts of the country, reflecting the region’s vulnerability to seismic activity due to its proximity to major tectonic fault lines.

Pakistan frequently experiences earthquakes, particularly in its northern and western regions, which lie along the boundary of the Indian and Eurasian tectonic plates.