Month: August 2023

PSO posts Rs4.6bn loss in 4QFY23

Admin
Pak-state

KARACHI: The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23, down 93.4pc from the preceding fiscal year, the company told investors on Wednesday. The company also announced a final cash dividend of Rs7.50 per share. According to AKD Securities, the…

Read More

Pakistan’s economic problems a hurdle to joining BRICS

Admin
President-of-Brazil

Many countries interested in becoming part of emerging economies’ bloc JOHANNESBURG: The 15th BRICS Summit kicked off on August 22 in Johannesburg, South Africa. The theme of this year’s event is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” “The meetings being held from August 22 to 24 are very important where some key decisions are expected to be announced. I think the most essential thing that the summit is likely to discuss is the expansion of BRICS,” said Amjad Zarin, Associate Professor at Riphah…

Read More

CPEC firms ask govt to ensure timely payments to operationalise powerhouses

Admin
CPEC-Project

ISLAMABAD: The CEPC firms in the power sector here on Wednesday urged the government to ensure their timely payments against sale of electricity to the Central Power Purchase Agency (CPPA) as they have started injecting their equities to make the powerhouses operational. This issue was agitated by Chinese enterprises during a media interaction arranged by Infodor Salon on the CPEC energy sector. The CPEC power projects are partially paid by the government off and on against the invoices they generate and according to estimates their overdue payments have now exceeded…

Read More

Pakistan, IMF hold virtual talks on energy sector

Admin
IMF-board

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday held virtual talks on the overall losses of energy sector, especially in the context of reducing the circular debt during the current fiscal year. The government demonstrated its commitment to adjust fuel price and quarterly tariff with the objectives to erase accumulation of circular debt. The circular debt continues to rise in power sector and currently stands at Rs2.5 trillion. The government has shared the revised Circular Debt Management Plan (CDMP) with the IMF, for which the baseline tariff was…

Read More

SIFC identifies 20 projects to woo foreign investors

Admin
SIFC-identifies

ISLAMABAD: The much-trumpeted Special Investment Facilitation Council (SIFC) has so far identified and approved 20 projects for attracting multibillion-dollar investments from the Gulf states and others, out of which nine have been converted to the required template. It has also been considered to hold a study to explore the availability of lithium in Pakistan and joint investment in Afghanistan. The SIFC also decided to implement a plan for legislation for corporate contracts and cooperative farming on private land, such as provincial legislation to safeguard land rights and dispute resolution, establishing…

Read More