Year: 2023

IMF EXPRESSES CONCERN OVER CIRCULAR DEBT IN GAS SECTOR

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The International Monetary Fund (IMF) has expressed concern over the circular debt in the gas sector of Pakistan, citing sources, ARY News reported on Thursday. Sources told ARY News that the IMF delegation visited the Petroleum Division and held talks with the senior officials. The Petroleum Division’s secretary briefed the IMF delegation regarding the measures taken by the federal government. “IMF delegation expressed reservations over the existing circular debt in the gas sector and stressed bringing immediate reforms to the energy sector,” said sources. The IMF officials insisted Petroleum Division’s…

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Explained: Pakistan economy on the edge of collapse — why India may be worried

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ECONOMY

Caught up in a vicious circle of debt, Pakistan has been spiralling deep into an economic crisis — reviving recent memories of Sri Lanka’s financial-cum-political crisis. With the Pakistani rupee falling to a record low and fuel prices shooting up, Pakistan has been struggling to fulfill the basic demands of its citizens, reports claim. But why is Pakistan in such a critical position? What is it doing to climb out of the hole and should India be worried? CNBC TV-18 takes a deep dive into the neighbouring country’s problems and the reverberations…

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PM inaugurates 1,100MW K-3 nuclear power plant

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Prime Minister Shehbaz Sharif on Thursday inaugurated K-3, the third unit of Karachi Nuclear Power Plant (Kanup), which will produce 1,100 megawatts of electricity. The project has been completed with assistance from China. In his address on the occasion, the prime minister said K-3 was a step forward in cooperation with Pakistan’s trusted friend China. He congratulated the scientists and workers of Pakistan and China who strove for completion of the project. He said the staff of Pakistan Atomic Energy Commission (PAEC), who contributed to the project, would be invited…

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Global Battery Demand Is Soaring, But Supply Is Lagging Behind

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There is an undeniable need for more electric batteries to be produced in line with the growing global demand for electric vehicles (EVs) and electronic devices. But companies are repeatedly falling behind on their production aims due to a multitude of challenges, from supply chain constraints caused by the Covid pandemic to lithium shortages in the face of rising demand. Costs have soared in recent years, in response to these challenges, and many once-promising startups have failed in their attempt to weather the storm and come out the other side…

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The U.S. Is Facing A Major Challenge As Petrodollar Loses Force

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On January 17, the Saudi minister of finance, Mohammed Al-Jadaan, announced that the Saudi state is open to selling oil in currencies other than the dollar. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Al-Jadaan told Bloomberg TV. If the Saudi regime does indeed embrace substantial trade in currencies other than the dollar as part of its oil-export business, this would signal a shift away from the dollar…

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