Year: 2021

Some economic indicators worsen

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Some of the major fiscal and external sector economic indicators of Pakistan deteriorated in the first half of current fiscal year, but authorities believe that economic recovery will still continue, albeit, at a slower pace. The finance ministry on Tuesday released its monthly Economic Updates and Outlook report for January. The ministry used a mix of five and six-month indicators. The monthly bulletin showed that Pakistan’s budget deficit widened over 21% in absolute terms, exports decreased 4.8%, foreign investment dipped 72% and agriculture sector credit shrank 2.4%. On the other…

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Audit of inefficient plants halted

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ISLAMABAD: After an exercise of around six months, an energy audit of inefficient power plants has come to a halt as textile and other industries have obtained a stay order from Sindh High Court. In July last year, the Cabinet Committee on Energy (CCOE) had authorised National Energy Efficiency & Conservation Authority (NEECA) to conduct energy efficiency audit of captive power plants. The government has also recently decided to disconnect gas supply to captive power plants and shift them on the national grid. Following decision of CCOE, NEECA started the process of…

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Govt hopes to seek $12b from World Bank

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Pakistan expects to secure around $12 billion loans from the World Bank Group over a period of five years under a new partnership strategy, which the Washington-based lender may approve by May this year. Minister for Economic Affairs Makhdoom Khusro Bakhtiar and World Bank Country Director Najy Benhassine discussed the development priorities of Pakistan for the next five years, according to a handout issued by the ministry after the meeting. A senior ministry official said that there were no firm financial commitments by the World Bank at this stage. He…

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SHC seeks reports on action against vegetable farming with sewage

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The Sindh High Court (SHC) on Monday directed the deputy commissioners of the Malir and Korangi districts to submit progress reports with regard to action against persons involved in farming vegetables through sewage. Petitioner Mehmood Akhtar Naqvi had submitted that several people were involved in vegetable farming through sewerage water in the Korangi, Malir, Landhi and Surjani Town areas. He submitted that due to vegetable farming through sewage, the lives of the citizens were at risk of several diseases and the government functionaries were not taking action against such persons.…

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World Bank preparing new Country Partnership Framework for Pakistan

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ISLAMABAD: The World Bank (WB) is preparing a new Country Partnership Framework (CPF) for the next five years from fiscal year 2022 to 2026 with possible portfolio of $10 to $12 billion for different sectors of economy of Pakistan. The Pakistani authorities are expecting that the World Bank Group will extend lending of around $12 billion for five years period under the CPF. “Although, the WBG has not officially communicated the exact size of portfolio but it should be around $12 billion,” a top official of the PTI led government…

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