Category: News & Announcement

ISLAMABAD: The World Bank Board of Executive Directors Wednesday approved a $39.5 million project to help South Asia build resilience to climate threats and disasters by sharing regional data and knowledge, developing regional standards and guidelines for infrastructure, and promoting climate-resilient policies and investments.It will assess climate impacts in districts across Pakistan, Bangladesh and Nepal to support agriculture, livestock, water, and transport. The Climate Adaptation and Resilience for South Asia (CARE) Project will help develop a public platform to inform climate planning and investments, and fund innovative and disruptive technology…

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The coronavirus (COVID-19) has been evolving as a strain to the global economy including that of Pakistan. Therefore, to dampen the adverse effects of COVID-19 and to enable the banks/DFIs continue to fulfil their role in funding the real economy, following has been decided: 2. Rescheduling / Restructuring of Financing Facilities Regulation SE R-9 and ME R-5 of Prudential Regulations for SMEs Financing) Banks/DFIs, upon a written request of an obligor received before 30th June 2020, will defer repayment of principal loan amount by one year; provided that the obligor…

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KARACHI: Barring tractors, April proved to be one of the worst months for the entire auto sector as car production and sales were reduced to zero. The overall car production and sales during 10MFY20 plunged by 52 per cent year-on-year each to 88,628 and 86,330 units. Meanwhile, there was no production of heavy vehicles (trucks and buses) in April but data from the Pakistan Automotive Manufacturers Association (Pama) mentioned negligible sales of some assemblers. Some manufacturers also posted marginal sales in light commercial vehicles, pickups and jeeps during April despite…

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Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential — just as in the oil market — to turn gas prices negative. Qatar began in February redirecting LNG cargoes away from Asia, where the coronavirus was hobbling sales, and sending them instead to northwestern Europe. That quick fix didn’t last, as the pandemic soon engulfed Europe’s biggest economies and left Qatar struggling for places to park unsold…

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The Covid-19 has added to woes of the power sector that has faced a revenue hit of over Rs300 billion in the wake of the pandemic, which is said to have affected the entire energy chain due to circular debt. The power sector has suffered the revenue shortfall on account of a drop in electricity sales due to lockdown, freezing of power tariffs and putting off bill payments. The government has deferred any increase in electricity prices until June 2020 on account of fuel price and quarterly adjustments to provide…

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