Express
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Only 10% IT graduates employable: SBP | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has raised concerns over Pakistan’s information technology (IT) sector, revealing that a mere 10 % of IT graduates possess the necessary skills to secure employment in the industry. The SBP’s half-year report on the country’s economic condition highlights the widening gap between academia and the IT industry,…
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Rupee continues to slide as FX reserves decline | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency faced further depreciation for the third consecutive working day, with the rupee sliding by 0.07% or Rs0.20 against the US dollar in the interbank market, reaching Rs285.82 on Friday. This decline comes as a result of reduced supplies of foreign currency, which has put pressure on the rupee. In the…
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Refineries warn of shutdown, seek incentives | The Express Tribune
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[ad_1] ISLAMABAD: Oil refineries have warned that they will shut down plants in the absence of a new refinery policy as they are suffering huge losses from furnace oil exports. Smuggled Iranian oil has pushed down demand for the locally produced petroleum products and oil marketing companies (OMCs) are hesitant to lift the stocks at…
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Rupee hits new 1-week low as downtick continues | The Express Tribune
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[ad_1] KARACHI: Taking cue from the open market, Pakistani rupee maintained its downtick in the inter-bank market for the second consecutive day on Thursday, dropping 0.08%, or Rs0.22, to a new one-week low at Rs285.62 against the US dollar. The currency came under renewed pressure after it slumped almost Rs7 to around Rs300/$ in the…
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Oct 2022 blackout blamed on NTDC | The Express Tribune
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[ad_1] ISLAMABAD: The country’s power watchdog has held the National Transmission Dispatch Company (NTDC) responsible for the partial blackout that occurred in the country in October last year. Sindh, Balochistan and some parts of Punjab were left without power on October 13, 2022 after a grid failure shut down a number of power stations one…
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Power supply to Karachi may be cut off | The Express Tribune
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[ad_1] ISLAMABAD: An official told a parliamentary panel on Wednesday that electric supply to Karachi might be shut down if the federal government did not pay subsidy to K-Electric (KE), a private company that supplies power to Pakistan’s economic hub. “The federal government provides a subsidy of Rs10 to Rs20 per unit to K-Electric to…
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Circular debt shoots up by ‘Rs500b’ | The Express Tribune
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[ad_1] ISLAMABAD: The parliamentary Public Accounts Committee (PAC) was informed on Wednesday that circular debt in the gas sector increased during the current year but efforts were afoot to bring it down. The committee which met with its chairman Noor Alam Khan in the chair, also sought details of perks provided to the top government…
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IMF sceptical about PSDP: report | The Express Tribune
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[ad_1] ISLAMABAD: A new report by the International Monetary Fund (IMF) has said Pakistan’s Public Sector Development Programme (PSDP) has become “unaffordable” due to limited fiscal space, as the government again proposes only Rs700 billion for the development budget for the next fiscal year. “The PSDP is unaffordable with currently approved projects likely to take…
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Rs9b released for equity injection into power plant | The Express Tribune
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[ad_1] ISLAMABAD: The federal government has released Rs9 billion for equity injection in an attempt to kick-start work on the stalled 660-megawatt Jamshoro coal-based power plant. A local bank had earlier refused to extend financing of Rs10 billion owing to the federal government’s reluctance to provide funds for equity injection. Pakistan has been paying commitment…
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Pakistan exports record volume of fuel oil | The Express Tribune
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[ad_1] As the economic crisis deepens in Pakistan, the typically import-reliant nation is witnessing a remarkable surge in fuel oil exports, reaching a record 164,000 tonnes last month, the highest volume since 2017. According to data from Kpler compiled by Bloomberg, the country did not record any fuel oil imports during March and April. The…
