Year: 2022

Govt fails to convince IMF over amnesty scheme

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The International Monetary Fund (IMF) is not convinced with the government’s justifications for a recently announced amnesty scheme and has doubts over the financial impact and financing sources of the prime minister’s relief package on electricity and petroleum prices. As a result, the Fund’s mission and the government authorities are unlikely to conclude the ongoing seventh review of the $6 billion Extended Fund Facility (EFF) shortly and may lead to the disbursement of about $1.9bn worth of two tranches close to the federal budget due in June, depending on the outcome of…

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High energy, food prices stoke inflation, threaten economic recovery

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 Finance ministry on Wednesday said Pakistan’s economy is also facing the inflation headwinds due to record high international energy and food prices. The recent developments in the international markets threaten the recovery of the global economy including Pakistan, the ministry said in a statement “Record high international prices of energy, food and other commodities combined with rising freight costs have hit Pakistan hard, with inflation rising to 12 percent in February 2022.” However, inflation is not just a Pakistan specific problem, inflation in the US, UK, EU and emerging markets…

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Finance Ministry rebuts int’l media news on Pakistan’s state of economy

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The Ministry of finance Wednesday rejected news items published in the international media about the state of Pakistan’s economy, terming them biased and one-sided as the views of the government or the independent assessments of its development partners including the IMF, World Bank and the Asian Development Bank, were not taken into account. “We note with concern that certain international publications have printed fabricated narratives on the state of the Pakistan’s economy and the popularity of the Imran Khan led PTI government,” the ministry said in a press release.The ministry…

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Asia Fuel Oil: 380-cst HSFO cash premiums hit a near 6-month high

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Petrol-Price

Asia’s cash premiums for 380-cst high-sulphur fuel oil (HSFO) surged to their highest level in nearly six months on Wednesday, lifted by steady cargo demand in the Singapore trade window, while residual fuel inventories in Fujairah dropped to a three-week low. The cash differentials for 380-cst HSFO were at a premium of $9.21 per tonne to Singapore quotes, a level not seen since late-September last year. They were at a premium of $7.18 per tonne a day earlier. “We expect some bullish impact on HSFO markets in the near to…

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Oil industry: OCAC asks Ogra to facilitate major shareholders

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The Oil Company Advisory Council (OCAC) has asked the Oil and Gas Regulatory Authority (Ogra) to pay attention to problems being faced by major shareholders of the oil industry. The industry says the Ogra should hold regular meetings with leading oil marketing companies (OMCs), on price differential claim (PDC), the IFEM, and other matters. “No meeting of the regulator was taken place with the major shareholders of the oil industry, on PDC, IFEM and other matters, and instead non-entity is being projected as a major player in the industry,” the…

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