Category: Highlights

ISLAMABAD: China has again bailed out Pakistan as it agrees to immediately provide $1.5 billion financing line to repay the $2 billion Saudi Arabia debt, sources told The Express Tribune. Out of $2 billion, Pakistan is now set to return the $1 billion on coming Monday, said the sources in the finance ministry and the State Bank of Pakistan (SBP). The remaining $1 billion is due in January, they added. However, this time around, China has not given the loan from its State Administration of Foreign Exchange, commonly known as…

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Saxo Bank projects silver will soar to a record $50 an ounce in 2021, powered by loose Federal Reserve monetary policy and a weak dollar, and turbocharged by surging demand for the white metal in the solar energy sector. According to the Saxo Bank report, the “usual suspects” will continue to power silver upward, referring to the extraordinary monetary policy we’ve seen in response to the coronavirus pandemic in 2020. Saxo analysts expect the US dollar to continue to weaken even as the pandemic eases with the rollout of a vaccine next year. The…

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There is a very real danger that the coming winter months in Pakistan, and particularly in the north of the country, will be particularly cold ones with an insufficient supply of gas. This is chiefly because Pakistan LNG Limited failed to place tenders for gas supply in time to the international market. It is also now being forced to obtain LNG at far higher prices than would have been the case had it purchased this vital commodity in summer, when prices had fallen, and were at a far lower rate…

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ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar on Saturday underscored that the PTI government paid $10.4 billion on account of debt servicing of external public loans including principal payment of $8.5 billion and $1.9 billion in interest payments. The minister was responding to the reportage of the Annual Report on Foreign Economic Assistant (FEA) for FY19-20 which highlighted Pakistan’s increased reliance on foreign commercial loans. The country recorded total external loan inflows worth $10.7 billion in the year ended June 30, 2020. Additionally, the government raised $3.4 billion…

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ISLAMABAD: The circular debt of the Pakistan State Oil (PSO) has hit an alarming level as its receivables touched Rs318.9 billion. According to the PSO, the receivable against power sector is piling up to Rs196 billion. The receivable against the PIA and other government entities also recorded at Rs30 billion. Another Rs92.6 billion is receivable from the Sui Northern Gas Pipelines Limited (SNGPL). In a letter to Asad Hayauddin, secretary petroleum, Ministry of Energy (Petroleum Division), the PSO management said its circular debt touched an alarming level. The PSO has…

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