Month: June 2023

PM meets IMF chief, hopes for funds release at earliest

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PM-meets-IMF

PARIS: Prime Minister Shehbaz Sharif Thursday met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva and said in a tweet that Pakistan “keenly looks forward” to the lender’s Executive Board’s “approval for the 9th Review at the earliest”. “It was a pleasure to meet you and have a productive exchange of views on the IMF’s continued engagement with Pakistan,” he said in response to IMF MD’s tweet about her meeting with him. The premier said his government was fully committed to the ongoing Extended Fund Facility (EFF) that was…

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Part of Karachi port operations leased to UAE group for 50 years

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Karachi-Port

KARACHI: The UAE-based AD Ports Group has signed a 50-year concession agreement with Karachi Port Trust (KPT) to operate Karachi Gateway Terminal Limited (KGTL) and invest $220 million (Rs63.129 billion) for infrastructure development in the first 10 years of the deal, a statement said on Thursday. The development takes place when cash-strapped Pakistan looks for external financing to support its ailing economy. Under the agreement, a joint venture (JV) between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, has been formed to manage, operate and…

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Pakistan has to repay $10.35bn in debt servicing till Dec

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debt-servicing

ISLAMABAD: The risk of default on external debt repayments will emerge within the first six months (July-Dec), as Pakistan will have to repay $10.35 billion in foreign debt servicing till end of December 2023. In order to avert a balance of payment crisis, including repayment of external debt and obligations, Pakistan requires injections of $4 to $6 billion immediately in case there is no revival of the IMF programme by end of June 2023. The details available with The News revealed the country would have to repay $3.79 billion as…

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Govt report shines light on Pakistan’s natural gas issues

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gas-issues

ISLAMABAD: In the wake of increasing reliance on imported gas, Pakistan is left with no option but to go fresh long-term LNG import agreements at the GtG level with LNG-producing countries as the existing two import deals with Qatar may go in jeopardy in 2026 because of revision of the price cap clause that is due after 3 years. Under the agreements, Qatar, the LNG supplier, could demand in 2026 an increase in the LNG delivered price or just walk away from the existing contracts. The state-owned Pakistan State Oil…

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Emerging OMCs accuse OGRA of shirking regulatory responsibilities

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Oil-and-Gas

KARACHI: Emerging oil marketing companies (OMCs) have accused the Oil and Gas Regulatory Authority (OGRA) of deflecting from its responsibility to resolve the problems of the oil sector companies. Oil Marketing Companies Association of Pakistan (OMAP), the representative body of emerging OMCs in a letter written to the OGRA chairman on Thursday noted that the response of the regulator to their complaints has always been disheartening and contrary to the statutory role of OGRA. Empowered to regulate no less than $35 billion oil Industry, the letter said that emerging OMCs…

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