Day: January 10, 2022

Home Made Machinery

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The government has launched an ambitious plan for transformation of the agriculture sector. It has embarked upon a short-term plan for the growth of agriculture sector, whereas long-term perspective plan is underway. Several measures have been adapted in this context. The State Bank of Pakistan has set the agriculture credit target of Rs1.7 trillion for the year 2022-23. Farm modernisation and mechanisation is a crucial element of the programme, considered essential for enhanced crop productivity and diversification, aiming at national food security. Therefore, to encourage manufacturing of affordable tractors domestically,…

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Prior IMF conditions: Domestic or geopolitical?

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The Khan administration has tabled two controversial bills in the two houses of parliament – 343 billion rupees money bill though its passage was required by a majority only in the lower house and the State Bank of Pakistan (SBP) amendment bill that envisages its autonomy – prior conditions imposed by the International Monetary Fund (IMF) and agreed on 24 November 2021 by the country’s economic team leaders – Shaukat Tarin, appointed Minister of Finance on 16 April 2021 and Dr Reza Baqir, Governor State Bank of Pakistan appointed on…

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How Indonesia, the world’s top thermal coal exporter, hit a supply crunch

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Indonesia, the world’s biggest thermal coal exporter, sent shockwaves through global energy markets this week by suspending exports of the fuel in January due to critically low coal supplies at domestic power plants. Indonesia, the world’s biggest thermal coal exporter, sent shockwaves through global energy markets this week by suspending exports of the fuel in January due to critically low coal supplies at domestic power plants. WHY DID INDONESIAN AUTHORITIES DECIDE TO ACT? Coal makes up around 60% of Indonesia’s energy mix and its energy ministry said by the start…

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34.8 bcm of Russian Gas Supplied Through Turk Stream in 2 years

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Total of 34.8 billion cubic meters (bcm) of gas was transported to Turkey and Europe in two years via the TurkStream pipeline. The pipeline was inaugurated on Jan. 8, 2020, by President Recep Tayyip Erdoğan and his Russian counterpart Vladimir Putin. Around 18 bcm of gas flowed to Turkey and 16.8 bcm to Europe via the TurkStream Natural Gas Pipeline, between Jan. 1, 2020, to Dec. 31, 2021. The TurkStream project has a total capacity of 31.5 bcm. The first line with a capacity of 15.75 bcm is designated for…

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Tax exemptions: Two AJK hydropower projects concerned at proposed withdrawal

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Two hydropower projects of cumulative capacity of 1824.7MW being established in Azad Jammu and Kashmir (AJ&K) have raised serious concerns on proposed withdrawal of tax exemptions including imposition of 17 percent GST on import equipment and machinery. Li Xiaotao, Chief Executive Officer, Azad Pattan Hydropower Project and Zhang Jun CEO/Team Leader Kohala Hydropower Project have written letters to Special Assistant to Prime Minister on CPEC Khalid Mansoor and conveyed their concerns over the proposed amendments through Finance Supplementary 2021-22. The 1124MW Kohala Hydropower Project in AJ&K is the largest foreign…

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