Year: 2022

The current account deficit (CAD) sharply widened to $15.2 billion in the first 11 months of the outgoing fiscal year compared to just $1.183bn in the corresponding period last year. The State Bank of Pakistan’s (SBP) latest data showed that the CAD was more than doubled when compared with $618 million in April. The May deficit was even higher than March’s $1.015bn. The economy has been trapped by a soaring CAD and falling foreign exchange reserves amid the sharp devaluation of the rupee shattering the external account of the economy…

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Textile sector has urged the government to reset energy prices before June 30, 2022, the date on which existing tariffs were scheduled to lapse, as a late change could affect the pricing for the new orders, causing losses to exporters. The All Pakistan Textile Mills Association (APTMA) made this appeal to Prime Minister Shahbaz Sharif in a letter, suggesting local energy prices should be determined after taking into account the regional ones. According to APTMA, the gas and electricity price agreement is scheduled to lapse on June 30, 2022 and…

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The 20th World Wind Energy Conference WWEC2022 was opened yesterday in Rimini, discussing a broad variety of the aspects of wind power utilisation, and with a special focus on how to shape a renewable future in peace. On the occasion of the WWEC2022, the World Wind Energy Award 2022 has been given to Hans-Josef Fell and Heinrich Bartelt, announced during today’s morning session. In light of their complementary but indispensable contributions, the award has been given equally to Hans-Josef Fell for his political achievements and Heinrich Bartelt for his decades…

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Pakistan’s largest vertically-integrated oil refining company and one of the nation’s biggest oil marketing companies, announced today that it is collaborating with Unilever’s flagship ice cream and frozen dessert brand Wall’s to improve service offerings and facilitate customers at the forecourts.Cnergyico is always looking for ways to enhance customer experience at its retail outlets. Through product diversification, the company seeks to offer a one-stop solution to its valued customers who want to refuel their vehicles and make convenience store purchases. Now, with the summer season at its peak, Cnergyico’s retail…

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Prime Minister Shehbaz Sharif Tuesday said Finance Minister Miftah Ismail had informed him that Pakistan could receive up to $2 billion from the International Monetary Fund (IMF). “Miftah Ismail in a message said we will hopefully be receiving $2 billion instead of $1 billion from the IMF,” the premier said, adding that he had told the minister that the ‘real goal’ was to achieve self-reliance which was ‘easier said than done’. Shehbaz was addressing the ‘Turnaround Pakistan’ conference organized by the Ministry of Planning and Development in Islamabad. The prime…

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