The Ministry of Energy has demanded Rs1.54 trillion in power subsidies for the next fiscal year, a colossal amount that is 70% more than this year’s revised budget, aimed at reducing circular debt to a level agreed with the International Monetary Fund (IMF).
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SECMC owes $60 million in payments to CMEC, a vendor of SECMC for coal mining in Thar Block II. SECMC has been unable to clear the dues since May 2022 due to LC restrictions. Even a letter from Sindh’s Power Minister Imtiaz Sheikh has failed to wake the policymakers on this critical matter, sources familiar with the matter revealed. Sources said that credit letter limitations have ended up being unfavorable for the economy. Policymakers can’t arrange among fundamental and extravagance imports, resultantly taking cost for the main requirements including power…
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Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior International Monetary Fund (IMF) official said. The Saudi economy grew 8.7 per cent last year,
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Pakistan’s overall oil sales plunged 47 per cent year-over-year to 1.171 million tonnes in April, while the total sales shrank by 24pc to 13.970m tonnes in the July-April period of FY23.
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Economic Survey of Pakistan is a yearly flagship publication of the Ministry of Finance which highlights the trend of macro-economic indicators, development policies, strategies, as well as sectoral achievements of the economy.
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