Business News
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Pakistan-Saudi Arabia talks on Reko Diq mining project near completion: Petroleum minister | The Express Tribune
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[ad_1] Pakistan is nearing the conclusion of negotiations with Saudi Arabia on the massive Reko Diq copper-gold mining project, one of the world’s largest untapped resources, according to Petroleum Minister Dr Musadik Malik. In a statement made on Wednesday, Dr Malik revealed that discussions with Saudi Arabia also include potential collaborations on water infrastructure projects,…
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ML-1 financing under scrutiny | The Express Tribune
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[ad_1] ISLAMABAD: Cabinet members have expressed reservations regarding the acquisition of foreign currency debt from China for the implementation of Phase 1 of the Main Line-1 (ML-1) project. Sources told The Express Tribune that the Ministry of Railways had presented a proposal to the cabinet concerning the Financing Commitment Agreement between the National Railway Administration…
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OGRA swings into action to protect refineries | The Express Tribune
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[ad_1] ISLAMABAD: The fuel regulator has temporarily halted some oil marketing companies (OMCs) from importing High-Speed Diesel (HSD) to address concerns raised by oil refineries about an excessive stock of the fuel, which they warn “may lead to the collapse of the country’s supply chain.” In an emergency meeting on Wednesday, the Oil and Gas…
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IMF links bailout package to $12b debt rollover | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has demanded of the Pakistan government to get $12 billion loan rolled over by next week to secure the bailout package. Besides, the fund has also asked the country to meet the revenue shortfall in the month of September. According to finance ministry sources, the ministry held a…
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Sindh seeks to procure double cabins for Rs2bn
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[ad_1] A representational image of double cabin vehicles. — Reuters KARACHI: As the cash-strapped country struggles to cut government expenditures amid fiscal constraints, Sindh seeks to procure 138 double cabin vehicles worth Rs2 billion for assistant commissioners (ACs), exposing how bureaucracy continues to squander already scarce national funds. The federal government is currently pressing ahead…
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Aurangzeb meets foreign investors | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb met with a delegation of international investors, led by JP Morgan Pakistan CEO Amin Mohammad Khowaja, to explore fixed income investment opportunities in the country. According to a press release issued by the Finance Ministry, during the meeting, the minister highlighted the significant strides Pakistan has made in…
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Centre, provinces owe Rs2.56 trillion to DISCOs | The Express Tribune
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[ad_1] ISLAMABAD: The federal and provincial governments collectively owe more than Rs2.56 trillion in unpaid bills to the electricity Distribution Companies (DISCOs) across the country, official documents available with The Express Tribune revealed on Wednesday. There are 12 DISCOs across the country – Faisalabad Electric Supply Company (Fesco); Gujranwala Electric Power Company (Gepco); Hazara Electric…
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No loadshedding due to power generation shortfall: NA told
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[ad_1] Federal Law Minister Azam Nazeer Tarar speaks during the National Assembly session in Islamabad on September 4, 2024. — Screengrab via Geo News As the incumbent government faces scrutiny due to soaring electricity prices and issues involving independent power producers (IPPs), Federal Law Minister Azam Nazeer Tarar has said that no loadshedding is being carried out in…
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Not on IMF agenda, but Pakistan hopes to secure bailout | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Tuesday that the government was at the “advanced stages” of getting assurances about external financing but he again did not give a firm timeframe to conclude the pending $7 billion deal with the International Monetary Fund (IMF). The statement came the day the IMF released its executive…
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Pakistan ‘striving’ to meet IMF terms amid resistance to tax reforms
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[ad_1] Finance Minister Muhammad Aurangzeb calls on Prime Minister Muhammad Shehbaz Sharif in Islamabad. — Online/File Hoping that Pakistan will no longer have to rely on the lender of last resort for external funding in the future, Prime Minister Shehbaz Sharif has said that the government is actively taking measures to meet the International Monetary…
