Day: June 24, 2022

Pakistan Economy: Trapped Between China and US

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On June 20, after multiple rounds of talks failed to produce a deal, crisis-hit Pakistan officially sought Washington’s help to get favorable treatment from the International Monetary Fund for a bailout from the country’s disastrous fiscal situation – at a potential price of tilting away from its relationship with China. The request to the IMF came against the backdrop of rapidly falling foreign exchange reserves (less than US$9 billion), a free-falling rupee (Rs215:US$1) and China’s refusal to provide any additional financial help to what had previously been described as its…

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The World Is Failing In Both Energy Affordability And Climate Goals

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Global energy investment is on the rise and expected to grow by 8 percent annually this year, pushed up by record spending on clean energy, the International Energy Agency (IEA) said in its new report World Energy Investment 2022. On the face of it, that’s great news for global energy supply and climate goals. But in reality, the rising trend is a function of galloping inflation, a deepening divide between developed and emerging economies’ investment trends, and an increase in coal investments as the biggest economies in Asia prioritize energy…

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Pakistan fails to attract bidder for three LNG slots

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Amid widespread electricity shortages, Pakistan failed to find a bidder for three LNG slots and received the highest-ever rate for another slot for the last week of July as European customers lap up spot market quantities to compensate for Russian supply disruption. State-run Pakistan LNG Ltd (PLL) floated a tender on June 16 for four cargos — one each in the first and second weeks, and two in the last week, of July. No bidder came up for July 2-3, July 8-9 and July 25-26 delivery windows. This was the…

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Difficult Times Ahead’ For Country, Warns PM Shehbaz

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| Shehbaz Sharif tells senators PTI govt violated agreement with IMF | Says conditions for deal with IMF finalisedbut ‘positive results will take some time’ | Directs FIA to investigate poor quality of work on Murree Expressway| Stresses use of modern technology in mining sector ISLAMABAD    –    Prime Minister Shehbaz Sharif said Thursday that the coalition government is committed to steer the country out of the difficult economic situation and vowed to prioritise steps aimed at bringing prosperity and development. Addressing the senators of Pakistan Muslim League-Nawaz (PML-N), the prime…

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Sale of over 66pc KES Power stake in K-Electric: Shanghai Electric must get the green light within three months, PM tells Khaqan

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Prime Minister Shahbaz Sharif has directed the task force on KE headed by former Prime Minister Shahid Khaqan Abbasi to resolve all outstanding issues of KE within three months, aimed at giving green signal for sale of over 66 percent shares of KES Power to Chinese firm M/s Shanghai Electric Power, well-informed sources told Business Recorder. A high-level delegation of KE comprising its shareholders from Kuwait and Saudi Arabia who are making efforts for years to get the issues of power utility resolved was in federal capital to muster support for…

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