Month: October 2021

Inflation Higher than SA Countries: WB Projects Pak Inflation at 9pc in Current Fiscal Year

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While lowering down Pakistan’s GDP growth projection to 3.4 percent and keeping inflation at 9 percent for the current fiscal year, the World Bank has highlighted four major risks for Islamabad’s economy, including external pressures and increasing exposure to debt-related shocks. This was highlighted in the World Bank’s ‘Pakistan Development Update: Reviving Exports’, launched here at the WB office here on Thursday. Pakistan has envisaged a GDP growth rate target of 4.8 percent for the current fiscal year. Interestingly, the WB has again projected a GDP growth rate of 3.5…

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Higher Energy Uptake Seen Igniting FY22 GDP Growth

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Demand of high-speed diesel has increased by 26 percent whilst petrol consumption has risen by 14 percent during first quarter of FY(22). Similarly, electricity consumption has risen by 13 percent during this calendar year. All signs of robust economic growth that may be even higher than last year’s,” said Hamad Azhar Minister of Energy said in a tweet. This is a direct result of the concessional energy/power tariffs offered to commercial and industrial sectors. In Pakistan, petrol is being used mostly in cars and motorbikes, while diesel is used in…

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Finance Ministry says: Inflation Rate Rriven by Ronetary, Supply-Side Factors

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The Ministry of Finance on Thursday conceded that Pakistan’s inflation rate was mainly driven by monetary and supply-side factors such as domestic and international commodity prices, depreciating rupee-dollar exchange rate, seasonal factors and economic agents expectations. The Ministry of Finance stated that the recent surge in international oil prices, exchange rate depreciation and adjustments in administered prices are fueling price hikes. “The effect of these impulses may intensify the magnitude of prices and transportation cost,” the Ministry of Finance warned in its monthly economic report released here on Thursday. Dwelling…

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Qatar Firm Plans to Acquire Energas Terminal Stake

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Qasim Terminal Holding, a subsidiary of Qatar Energy, plans to acquire a stake in Energas Terminal Pvt, Bloomberg reported on Thursday. Energas’ terminal will be the country’s largest LNG terminal with a capacity to import one billion cubic feet of gas/year. Pakistan currently operates two LNG terminals, while Energas and Japan’s Mitsubishi Corp. are vying to build two more projects. Engro set up Pakistan’s first LNG terminal at Port Qasim, which has been handling LNG imports from Qatar since 2015. Qatar Petroleum is going to enter into partnership in setting up another…

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House Dems Say Big Oil Pays Lip Service On Climate

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Congressional Democrats accused the petroleum industry of paying lip service to climate change Thursday, releasing an analysis that showed little effort by oil majors to advance green policies in Washington. A memo prepared ahead of Thursday’s hearing with Big Oil chief executives said the industry — while professing to support the Paris Climate Agreement and carbon pricing — has done virtually no lobbying in Washington to enact policies consistent with those goals. “The companies appear to be using their praise of the Paris Agreement and carbon pricing to bolster their…

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