Pakistan
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Why is electricity so expensive in Pakistan? | The Express Tribune
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[ad_1] Energy Minister Awais Leghari revealed during a meeting of the Senate Standing Committee on Energy, chaired by Mohsin Aziz, that a unit of electricity from an Independent Power Producer (IPP) that cost Rs. 3 in 2016 is now priced at Rs. 285. That reflects a 9600% increase in eight years. The meeting addressed the…
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PM Shehbaz promises the nation to reduce electricity prices in Pakistan | The Express Tribune
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[ad_1] Listen to article Prime Minister Shehbaz Sharif announced on Friday that reducing electricity prices was a top priority for the PML-N government and its allies. He emphasised that providing relief to electricity consumers was a key agenda for PML-N President Muhammad Nawaz Sharif and his administration. In his remarks at a Cabinet meeting, the Prime Minister…
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Fitch upgrades Pakistan credit rating
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[ad_1] The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. — Reuters Fitch Ratings has upgraded Pakistan’s credit rating, attributing the development to improved external funding prospects following a new International Monetary Fund (IMF) bailout. Although still below investment grade, analysts suggest that the upgrade…
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China approves use of local coal for three Pakistan power plants | The Express Tribune
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[ad_1] China has approved the conversion of three coal-fired power plants in Pakistan from imported coal to local coal, a significant move aimed at reducing energy costs. Sources confirmed that Finance Minister Muhammad Aurangzeb and Energy Minister Owais Leghari, currently visiting China, facilitated the agreement. The plants affected include the 1,320 MW Sahiwal Coal Power…
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China and Saudi Arabia expected to roll over $9 billion debt for Pakistan | The Express Tribune
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[ad_1] Pakistan is anticipated to secure a rollover of $9 billion in debt from China and Saudi Arabia for the fiscal year 2024-25. In addition, Pakistan is seeking funding for the Diamer-Bhasha Dam project. Sources from the Ministry of Economic Affairs indicate that Pakistan expects a $500 million facility from the Islamic Development Bank for…
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Pakistan secures $400 million loan from ADB for flood recovery | The Express Tribune
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[ad_1] The Asian Development Bank (ADB) has approved a $400 million concessional loan to support the reconstruction of houses and community infrastructure in Sindh province which was severely affected by the 2022 floods. The Sindh Emergency Housing Reconstruction Project aims to rehabilitate damaged homes and community infrastructure, with a focus on enhancing climate resilience. The initiative…
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IMF to discuss $7 billion bailout for Pakistan in August | The Express Tribune
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[ad_1] The International Monetary Fund (IMF) Executive Board is expected to convene in mid-August to discuss the $7 billion bailout package for Pakistan. A staff-level agreement between Pakistan and the IMF was reached on July 12. Sources inside the Ministry of Finance indicate that the IMF board is expected to give its final approval within…
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Gold prices in Pakistan soar to new high | The Express Tribune
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[ad_1] Gold prices have hit a record peak in the local market, sparking interest among investors and traders. Globally, the price of gold per ounce increased by $60, reaching $2,470. This significant rise was mirrored in the local market, where the price per tola soared by Rs4,600 to Rs254,000, setting a new high. In Karachi,…
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ADB forecasts high inflation for Pakistan in current fiscal year | The Express Tribune
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[ad_1] The Asian Development Bank (ADB) has predicted that inflation in Pakistan will remain high in the current fiscal year. The bank’s latest Asian Development Outlook report raised its economic growth forecast for developing Asia and the Pacific from 4.9% to 5%, but Pakistan faced a more challenging outlook. The ADB forecast that Pakistan’s inflation rate, which had…
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IMF forecasts 3.5% growth for Pakistan in FY25, slightly below govt’s target | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has forecasted that Pakistan’s economy will grow by 3.5% in the fiscal year 2024-25 (FY25). This projection falls slightly below the Pakistani government’s target of 3.6%, which was announced in the latest budget, and comes amidst a backdrop of sluggish global economic activity. According to Pakistan’s economic survey,…
