Month: August 2022

Saudi Arabia has reportedly offered Liquefied Natural Gas (LNG) to Pakistan on commercial basis in addition to activating an agreement on financing and providing supplies of crude oil and petroleum products signed between Saudi Fund and GoP. Saudi Arabia has sent this offer to Pakistan in draft minutes of the upcoming meeting of the Joint Working Group under the umbrella of the Saudi Pakistan Supreme Coordination Council (SPSCC). According to the draft minutes sent by Saudi side prior to the meeting of SPSCC, the two sides agreed to follow up…

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Prime Minister Shehbaz Sharif on Wednesday approved, in principle, to abolish the China-Pakistan Economic Corridor (CPEC) Authority subject to consent by China – a decision that the government says will help fast-track the implementation of the multi-billion-dollar project. The decision was made on the basis of a summary that the planning and development ministry had moved two months ago to wrap up the body that had remained controversial since its inception. “This is in the interest of CPEC that the authority should be dissolved to ensure fast implementation of its…

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Pakistan’s external debt has skyrocketed to almost Rs60 trillion, sending a wave of concern across financial and economic circles. The situation at the internal financial front is not rosy either with the domestic loan hitting the Rs31 trillion mark. Given the current financial mess, it seems that the IMF tranche will only end up adding more to the pile of unbearable debts, which might take years to repay. If the country continues to borrow loans at the current pace, it might find itself in a serious situation previously faced by…

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Factories in China’s southwest have shut down after reservoirs used to generate hydropower ran low in a worsening drought, adding to economic strains at a time when President Xi Jinping is trying to extend his position in power. Companies in Sichuan province – including makers of solar panels, cement and urea – closed or reduced production after they were ordered to ration power for up to five days, according to news reports Wednesday. That came after reservoir levels fell and power demand for air conditioning surged in scorching temperatures. Leave…

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