Day: October 14, 2022

The coalition government is likely to jack up the per litre prices of all petroleum products except the petrol for the remaining fifteen days of October,2022 it was learnt on Thursday. According to sources in oil industry, the price of high-speed diesel (HSD) is expected to witness Rs 11.57/litre increase while Kerosene oil price is likely to be increased by Rs 4.52/litre, and light diesel oil (LDO) price may find Rs 7.48/litre hike. However, petrol price is estimated to be reduced by Rs 10.78/litre, they added. According to the working…

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Pakistan will ask China in the upcoming Joint Coordination Committee (JCC) meeting of CPEC to move towards the bidding process of the much-awaited ML-1 (Mainline-1) for the construction of a rail-line from Karachi to Peshawar. Pakistan will also inform the Chinese side about the devastating effects of severe floods causing $32 billion to $34 billion losses with the request to find out ways and means for extending financial help in this hour of need, preferably through grants. Against the outstanding repayments of over Rs260 billion by the Chinese power producers,…

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The National Assembly was informed on Thursday that a process has been started to prepare a National Adaptation Plan for building resilience to climate change. During a question hour’s session of the National Assembly, Minister for Climate Change Sherry Rehman told the House that the aim is to reduce vulnerabilities to climate impacts by creating comprehensive medium- and long-term plans including the integration of adaptation measures into national policy. The Minister for Climate Change said Pakistan has been using nature-based solutions and ecosystem system-based adaptation in its national efforts to…

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Securities and Exchange Commission (SECP) has reportedly sought explanation from Karachi Electric (KE) on purported deal of sale of shares of KES to Sheryar Chishiti, who owns M/s Daewoo in Pakistan. Background interaction with senior officials in Power Division, SECP and KE indicate that they are not aware of the deal of KES stakes through British court, but strong rumours have already been circulating in the market. Last month, Attorney General Office wrote a letter to Power Division that KE management has sought a few weeks’ time for definitive comments…

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Pakistan’s precarious financial situation, persisting for the last many decades, has landed it into a deep debt trap where an overwhelming part of tax revenue is consumed in debt servicing alone. This is done at the expense of developmental and social protection reforms, which are eventually ignored. Pursuant to section 13(i) and (r) of Fiscal Responsibility and Debt Limitation Act, 2005 (as amended up to 2022), the Ministry of Finance has published Annual Debt Review for FY 21-22, which provides details about the debt statistics, maps them against the latest…

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