The deadlock on the timeline of implementing the qualitative and quantitative conditions contained in the Memorandum of Economic and Financial Policies (MEFP) remains a hurdle in the successful completion of the 6th review under the $6 billion Extended Fund Facility (EFF). This was revealed by a senior official in the Ministry of Finance while talking to Business Recorder on condition of anonymity.…
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Full throttled economic activities during the post corona and artificial intelligence era will open new avenues of employment for the nations fully prepared to cash out the emerging opportunities, said Engineer Ahmad Hasan, Chairman FCCI Standing Committee on CPEC and Research & Development.� Presenting the agenda during the first meeting of the committee here on Tuesday,he explained in detail the…
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In this regard an agreement was signed between the Ministry of Economic Affairs, Pakistan and Germany’s Federal Ministry for Economic Cooperation and Development. The signing was witnessed by Omar Ayub Khan, Federal Minister for Economic Affairs. Speaking on the occasion, the minister appreciated Germany’s enhanced bilateral economic cooperation with Pakistan. He said both countries were long-standing development partners and congratulated…
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Indian Oil Corp, the country’s biggest state-owned refiner, has been running its nine refineries at an average run rate of around 90% in October, company officials said Oct. 26. In September, IOC recorded an 82% average run rate for its nine refineries compared with 83% a year ago month. They said the higher runs were on account of an improvement…
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During the entire pandemic period Pakistan has maintained some economic activities and now it is making good recovery as the global economy is taking a liftoff. This unexpected global recovery is creating nightmares for the energy sources and is disrupting its entire supply chain, including the downstream. As a result of the revival, shortages and price hikes are becoming rampant,…
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Political as opposed to economic compulsions of a sitting government are understood only by those who have been in government – a reality rudely brought home to Prime Minister Imran Khan after his 2018 electoral win. This has been acknowledged by the Prime Minister in public statements, maintaining that he and his team were inexperienced, though half of the members…
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With cancellation of LNG cargoes which were due in the country after November 19 and failure in arranging eight LNG cargoes for December and January, the gas crisis will certainly touch a new high in the peak winter season and this situation has virtually rung the alarm bells for the industrial sector. Now the government is making its mind to…
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The government has so far released funds amounting to Rs1,624.770 million to execute seven ongoing and six new petroleum-related projects under the Public Sector Development Programme (PSDP 2021-22) aimed at accelerating oil and gas exploration activities and achieving self-sufficiency in the energy sector. According to the official data as of September 3, an amount of Rs1,624.770 million has been authorized/disbursed…
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Pakistan’s total petroleum products off-take rose 17 per cent on a year-on-year basis to 1.99 million tonnes in October 2021, compared with 1.70 million tonnes sold in the same period of the last year, the official data showed. “Growth was witnessed in all the three major fuels, supported largely by recovering economic activity. The total sales grew 22 per cent…
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In a shocking development, two LNG trading companies, GUNVOR and ENI, have willfully defaulted on their commitment for the current month of November, 2021 to provide Pakistan two LNG cargoes for mammoth monetary gains up to 200 percent profit in the international spot market. Under the term agreements with Pakistan LNG Limited (PLL), Italy-based ENI was to deliver the LNG…
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