Month: March 2024

February Economic Update and Outlook

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The February 2024 Economic Update and Outlook uploaded on the Finance Division website on the last day of the month presented the customary dichotomy between the analysis and the statistical data. Examples abound, so to speak: (i) the analysis referred to the caretaker government taking steps to reduce unproductive expenditure. This claim is easily disproved by the data at the end of the report which reveals that in spite of a 5.9 percent decline in Public Sector Development Programme in the first half of the current year against the comparable…

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Energy Summit Highlights Insurance’s Impact on Sustainable Energy Investment

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energy-summit

At the Energy Summit held in Karachi, industry leaders underscored the pivotal role of insurance in driving investment and innovation within Pakistan’s energy sector. Addressing critical challenges and exploring opportunities for sustainable development, experts emphasized the importance of insurance coverage in mitigating risks and promoting long-term confidence among investors. Chairman of Lockton MENA, Ata Khatib, highlighted the indispensable nature of insurance in compliance with international standards, providing assurance to foreign investors and lenders. Insurance coverage enhances investor confidence and ensures project bankability, crucial for financing renewable energy projects. Dr. Jason…

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Shell Pakistan Reveals PAT Rs 5.8 billion, Eyes Growth Amidst Strategic Changes

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shell

Pakistan Limited (SPL) revealed its financial results for the fiscal year ending December 31st, 2023, showcasing a remarkable turnaround with a profit after tax of Rs 5.8 billion. This marks a notable shift from the previous year’s loss of Rs 72 million. The positive financial trajectory comes amidst strategic changes, including the pending sale of Shell Petroleum Company Limited’s majority interest in SPL to Wafi Energy LLC. The completion of this transaction awaits regulatory approvals and other formalities. SPL expressed appreciation for the government’s recent initiatives to bolster industry margins…

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Murad, World Bank forge partnership for water management reforms

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murad-ali

Sindh Chief Minister Syed Murad Ali Shah convened with a high-powered delegation from the World Bank to deliberate on crucial reforms aimed at bolstering the Karachi Water Board and enhancing the province’s irrigation system. Led by Water Global Director Saroj Kumar Jha and World Bank Country Director Najy Binhassine, the discussion underscored the pressing need for sustainable water management in the face of severe scarcity, particularly in Sindh. The meeting, held at the CM House and attended by key officials including Chief Secretary Dr Fakhre Alam and Mayor Karachi Murtaza…

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Economy on a knife-edge after election

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economy

With ballot-box rigging, arbitrary arrests, politicization of the judiciary, media censorship, and endless internet blackouts, democracy has become a distant memory in Pakistan. The elections held on February 8, after two extremely turbulent political years, were a sad illustration of this. A lacklustre campaign didn’t discourage people from showing up at the ballot box in greater numbers than predicted. This was testimony to their stake in the democratic process, indicating they felt their vote mattered. The turnout defied the narrative that the election outcome was a forgone conclusion. When the…

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