Honestly, it’s been a heavy weekend for the country. If you’ve been scrolling through social media or catching the headlines, you’ve probably seen the smoke rising over Karachi. A massive fire at the Gul Plaza shopping mall on MA Jinnah Road has dominated pakistan latest news today, leaving at least six people dead and dozens more injured. It started late Saturday night and, despite the desperate efforts of firefighters, it was still only about 30 percent contained by Sunday morning.
Tragedy has a way of stopping everything.
But beyond the immediate heartbreak in Karachi, there is a much bigger, quieter story unfolding in the halls of power in Islamabad and in the bank accounts of everyday citizens. We are seeing a weirdly optimistic—yet fragile—economic turnaround that the IMF is finally putting numbers to. It’s a mix of relief and "can we actually sustain this?"
The Karachi Mall Tragedy: What We Know Right Now
Let’s get the facts straight on the Gul Plaza fire. This isn't just another building fire; Gul Plaza is a massive hub with over 1,200 shops. When a short circuit reportedly sparked in one unit on Saturday night, the place was a tinderbox.
By Sunday, January 18, 2026, the death toll hit six. Rescue workers from the Edhi Foundation have been working through the night, but here’s the scary part: chunks of the building have actually collapsed. This makes it incredibly dangerous for rescuers to even get inside to see if anyone else is trapped. Prime Minister Shehbaz Sharif and President Asif Ali Zardari have both put out statements, urging the Sindh government to pull out all the stops for the survivors.
It’s a stark reminder of how thin our safety regulations are.
Why Pakistan Latest News Today Shows an Economic "Turnaround"
If you talk to someone on the street, they’ll tell you eggs and petrol are still too expensive. They aren't wrong. However, the latest data from the IMF and the Ministry of Finance paints a picture of a country that has finally stepped back from the edge of a total "Sri Lanka-style" collapse.
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The numbers are actually kind of shocking.
- Inflation is plummeting. After sitting at a soul-crushing 23.4% in 2024, it’s projected to average around 4.5% to 6% throughout 2026.
- Foreign reserves are up. We’re looking at about $17.8 billion by the end of this cycle. That’s roughly 2.7 months of "import cover"—not amazing, but a lot better than the "few weeks of cash" we had a year ago.
- GDP is growing. It’s slow—about 3.2%—but it’s movement.
The Islamic Development Bank (IsDB) Vice President, Dr. Rami Ahmad, just landed in Islamabad today, January 18. He’s here to sign deals worth over $603 million. This isn't just "free money"; it’s targeted at transport, education, and poverty projects. It’s part of the new "Uraan Pakistan" development plan.
Basically, the world is starting to trust Pakistan with its wallet again. Sorta.
The Catch Nobody Talks About
We’re stable, sure. But it’s a "stabilization path" that feels like a tightrope. The IMF recently released another $1.2 billion, but the conditions are brutal.
Tax revenue is expected to jump to 16.3% of GDP. That means more people are being brought into the tax net, and subsidies are being chopped. While the macro-economy looks "green" on a spreadsheet, the average household is still feeling the squeeze of high interest rates and a labor market that isn't creating enough jobs for the 245 million people living here.
Security and the Border: A Tough Week in Balochistan
Security is always a major part of the conversation when looking at pakistan latest news today. This weekend, the military confirmed they killed 12 terrorists in Kharan, Balochistan.
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It was a messy situation.
A group of about 15 to 20 militants attacked two banks and a police station, even taking hostages. The ISPR (the military's PR wing) reported that the hostages were rescued unharmed, but the intensity of the fight shows that the security situation in the southwest remains a powder keg.
Interestingly, while things are hot on the border, Interior Minister Mohsin Naqvi was busy meeting with US Chargé d’Affaires Natalie Baker on Saturday. They’ve agreed to a new deal where the US will provide modern equipment for our coastal guards and border security. It seems the US-Pakistan relationship is shifting back toward "security cooperation" after a few years of awkward silence.
A Historic Moment in Cricket (Yes, Really)
Let's pivot to something actually positive. If you’re a cricket fan, you might have missed a world record that was just broken right here on home soil.
In a President's Trophy match at the National Stadium in Karachi, Pakistan Television (PTV) defended a target of just 40 runs.
Think about that.
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The previous record had stood for 232 years—since 1794 at Lord's. PTV bowled out Sui Northern Gas for just 37 runs. Left-arm spinner Ali Usman was the hero, taking 6 for 9. It’s the kind of "only in Pakistan" sports story that reminds you why we love this game despite the chaos.
Looking ahead, the PCB just confirmed that Australia is arriving in Lahore on January 28 for a T20 series. This is the final warm-up before the T20 World Cup in February. Gaddafi Stadium is expected to be packed, even though Shaheen Shah Afridi is currently sidelined with a BBL-related injury.
What You Should Actually Do With This Information
Staying informed is one thing, but how does this affect your week?
First, if you're a business owner or looking to invest, keep a very close eye on the IsDB agreements being signed this week. The $603 million influx is going into specific sectors like transport and energy. There might be provincial contracts or supply chain opportunities opening up under the "Uraan" framework.
Second, the deportation of over 16,000 undocumented migrants this past week is causing major shifts in the informal labor market, especially in cities like Peshawar and Quetta. If you're in the construction or trade sectors, expect some volatility in labor availability.
Finally, keep your eyes on the inflation numbers. The "disinflation" trend is real, but the IMF warns it’s "fragile." If the global oil price spikes—which it might, given the tensions in Iran that the Foreign Office mentioned this week—those local prices will jump again instantly.
Actionable Insights for the Week:
- Monitor the KSE-100: With the IsDB visit and the IMF's latest positive outlook, the stock market might see a localized "relief rally."
- Safety Check: Given the Karachi fire, if you manage a commercial space, now is the time to audit your wiring and fire exits. Authorities are expected to go on a "crackdown spree" for building codes this month.
- Cricket Tickets: Grab your Lahore T20 tickets early. With Australia coming, they’ll sell out the moment they hit the portal.
Pakistan is in a weird spot. We’re grieving in Karachi, celebrating on the cricket pitch, and holding our breath over the economy. It’s a lot to process, but that’s basically just a Tuesday here, isn't it?