Pakistan and the IMF are likely to go an extra mile to finish the seventh review under the bailout programme, the central bank chief said on Monday, indicating the ongoing talks could last longer than expected to cover the budgetary procedure. “Talks may continue beyond May 25 for a few more days, but the IMF will hopefully see a positive…
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The war in Ukraine has jolted energy markets— driving oil and gas prices to their highest levels in over a decade and leaving governments scrambling to secure energy supplies. In the months since Russia’s invasion, policymakers have faced a hard truth: energy policy is security policy, and it has been neglected for far too long. Government priorities feature prominently in…
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Fauji Oil Terminal and Distribution Company (FOTCO) has plans to invest in developing six buffer storage tanks to address ship traffic congestion at Port Qasim and handle additional cargoes. “We have already pitched this plan to Oil and Gas Regulatory Authority (OGRA) seeking finalisation of pricing mechanism,” Adnan Samdani, General Manager of FOTCO told The News in an exclusive interview…
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Is the China-Pakistan Economic Corridor (CPEC) going as planned? Since it was launched in 2013, the flagship project of the Belt and Road Initiative (BRI), has been under the watchful eye of regional and global powers, and an occasional target for terrorists. Pakistan has hinged its economic progress on the rapid implementation of CPEC. Initially valued at $47 billion, the…
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Two refurbished units commissioned with USAID’s grant Islamabad, May 23, 2022: Pakistan Water and Power Development Authority (WAPDA) has successfully commissioned generating units No. 5 and 6 of the Mangla Hydel Power Station, recently refurbished with the financial support of United States Agency for International Development (USAID). With refurbishment, installed generation capacity of each unit has increased to 135 (Mega…
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Amid rising oil consumption and import bill owing to higher international prices, the government is examining the possibility of fuel conservation through reduced working days a week. It hopes to save an estimated annual foreign exchange of up to $2.7 billion. The estimates are based on three different scenarios in terms of working days and fuel conservation prepared by the…
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Marred by unusual low inflows in summer months, Tarbela Dam on Indus River may hit rock bottom early next week, further worsening the water shortage in the plains. Given the present pattern of low flows into Indus River, it is feared that the water level at Tarbela Dam may attain dead level by May 25, 2022. Such an eventuality will…
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World Bank (WB) has warned the government that Pakistan will lose a part of FY 23 funds from International Development Association (IDA) for not completing Prior Actions (PAs) under second Resilient Institutions for Sustainable Economy (RISE-II). The Bank conveyed this message to Finance Minister Miftah Ismail in a letter dated subsequent to his recent meeting with the Bank’s Vice President…
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The enthusiasm with which the federal government has declared a ban on luxury imports to deflate the import bill is absent in their ‘weak-kneed stance’ on reversing the fuel subsidies, which is equally critical not only to ease pressure on the economy, but also for the resurrection of a half-dead IMF loan programme. Will this import ban deliver the same…
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The International Monetary Fund (IMF) has estimated that Pakistan requires Rs1,416 billion in subsidies for keeping the POL prices unchanged on an annual basis at the prevalent existing prices in the international market, so Islamabad will have to reverse fuel subsidies for achieving fiscal prudence. On electricity, the government requires subsidy of Rs139 billion on per annum basis. The IMF…
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