Author: Admin

Shehbaz Sharif Invites U.S. International Development Finance Corporation to Expand Financing in Energy, Mining and IT Sectors

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Shehbaz-Sharif

WASHINGTON: Prime Minister Shehbaz Sharif on Friday invited the U.S. International Development Finance Corporation (DFC) to enhance its financing portfolio in Pakistan, particularly in the energy, mines and minerals, agriculture, and information technology sectors. The prime minister extended the invitation during a meeting with DFC Chief Executive Officer Benjamin Black on the sidelines of the inaugural meeting of the Board of Peace. He highlighted Pakistan’s improving macroeconomic indicators, the government’s commitment to structural reforms, and the country’s increasingly attractive investment climate. Benjamin Black was accompanied by DFC’s Head of Investments…

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Ahsan Iqbal Warns of Rising Poverty and Inequality Over Seven Years, Calls for Export-Led Growth Strategy

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ahsan-iqbal

ISLAMABAD: Federal Minister for Planning and Development Ahsan Iqbal has revealed that Pakistan’s poverty rate has increased significantly under the 2024–25 estimates, with national poverty rising from 21.9 percent to 28.9 percent over the past seven years. Launching the Poverty and Inequality Estimates 2024–25 on Friday, the minister stated that rural poverty surged from 28.2 percent to 36.2 percent, while urban poverty climbed from 11 percent to 17.4 percent during the same period. “Poverty and economic inequality have increased over the last seven years due to irresponsibility and inconsistent economic…

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OGDC finds oil, gas in Tando Allah Yar

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New-OGDCL1

ISLAMABAD:Oil and Gas Development Company Limited (OGDC) on Thursday announced a gas and condensate discovery at its Dars West-3 well located in the Tando Allah Yar district of Sindh. According to a statement, the new development well was successfully tested in the C-Sands of the Lower Goru Formation. The well was drilled to a total depth of 2,100 metres and tested using the company’s in-house technical expertise. During testing, Dars West-3 flowed at a rate of 9.70 million standard cubic feet per day (mmscfd) of gas along with 580 barrels…

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IMF spox says EFF reforms helped stabilise Pakistan’s economy

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IMF

The International Monetary Fund (IMF) has said that Pakistan’s policy efforts under its Extended Fund Facility (EFF) programme have “helped stabilise the economy and rebuild confidence” with fiscal performance described as “strong”. Speaking at a weekly press briefing on Thursday, IMF Communications Director Julie Kozack said a staff team is expected to visit Pakistan from February 25 to hold discussions on the third review under the EFF and the second review under the Resilience and Sustainability Facility (RSF). Kozack noted that Pakistan currently holds a primary fiscal surplus of 1.3% of gross domestic product…

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OGDC Announces Oil and Gas Discovery at Baragzai X-01 (Slant) in Kohat

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oil

ISLAMABADOil and Gas Development Company Limited (OGDC), Pakistan’s leading exploration and production company, on Friday announced a significant oil and gas discovery at its exploratory well Baragzai X-01 (Slant), located in Kohat district of Khyber Pakhtunkhwa province.The discovery has been made over the Lumshiwal Formation within the Nashpa Exploration Licence. During Cased Hole Drill Stem Test (CHDST-04) conducted in the Hangu and Lumshiwal formations, the well produced 225 barrels of oil per day (BOPD) and 1.01 million standard cubic feet per day (MMSCFD) of gas through a 32/64’’ choke at…

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