Month: June 2022

Pakistan to default if subsidies not abolished till July: Miftah

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Finance Minister Miftah Ismail has said abolishing the subsidies on petroleum products till July was imperative to prevent the country from going bankrupt, hinting at another increase in the prices of fuel that whizzed past records earlier this month. Speaking to a private television channel, the finance minister said the International Monetary Fund (IMF) has asked the government to withdraw subsidies on petroleum products. Explaining the rationale behind the decision, he said the failure in increasing the prices would presage “destruction” as the global money lender would not ink a…

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Pakistan, ADB discuss Country Partnership Strategy

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Director General, Asian Development Bank (ADB), Eugene Zhukov here on Monday apprised the Federal Minister for Finance and Revenue, Miftah Ismail about the Country Partnership Strategy for Pakistan 2021-25, which is aligned with the government’s development vision. He was talking to finance minister during a meeting, which among others were also attended by Country Director ADB, Yong Ye, Secretary Finance, senior officers from Finance and Economic Affairs Divisions. Policy based programme for energy sector, women inclusive finance sector development, public-private partnership reforms and SOE sector development plan were also discussed.…

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China Sets New Deep Sea Energy Exploration Records

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China said this weekend it had recently set two world records in deep-sea energy exploration with its domestically developed technology as the world’s largest crude oil importer looks to boost its energy security by developing resources at home. China National Petroleum Corporation (CNPC) said on Saturday that it had set two world records in “sea land directional drilling crossing” and “deep-sea trench behind the channel,” according to a Chinese media report. A multi-functional modular seabed trencher developed in China has completed the laying of the first offshore pipeline project in…

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The World’s Top Coal Exporter Can’t Afford To Go Green

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How much will it cost to wean Indonesia off coal? This is a pressing question for world leaders and climate policy-makers around the world in the lead-up to this year’s COP27 climate summit, set to take place in Sharm el-Sheikh, Egypt this November. Just before the summit, in which the world’s premier politicians, scientists, policymakers, and industry leaders convene to set goals, broker deals, and make concrete agendas to meet the emissions standards set by the Paris climate agreement in 2015, G-20 leaders are meeting in Bali to try to…

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Europe’s Plan to Quit Russian Fuel Plunges Pakistan Into Darkness

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Europe’s campaign to quit Russian fuel is designed to punish Moscow for its invasion of Ukraine. It’s also wreaking havoc thousands of miles away from the conflict, plunging Pakistan into darkness, undermining one regime and threatening the stability of the country’s new leadership. A decade ago, the world’s fifth-most populous country took specific steps to insulate itself from the kinds of violent price spikes that are roiling the market today. It made a massive investment in liquified natural gas and signed long-term contracts with suppliers in Italy and Qatar. Now…

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