External debt servicing costs $7bn in six months of fiscal year

KARACHI: The country paid over $7 billion in external debt servicing for the first half of fiscal year 2020-21 (1HFY21) which looks significantly higher when compared with the foreign exch­ange reserves of the State Bank of Pakistan (SBP). The country paid $3.55bn in external debt servicing for the second quarter of the current fiscal (2QFY21) — slightly higher than first quarter (1QFY21) payment of $3.51bn, the central bank reported on Wednesday. The cumulative two quarters (half year) payment as debt servicing reached $7.06bn, indicating that the total debt servicing could…

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13 years on, Neelum-Jhelum surcharge set to go

ISLAMABAD: Having collected about Rs100 billion, the government has decided in principle to finally do away with Neelum-Jhelum surcharge, currently applied to all electricity consumers at the rate of 10 paisa per unit, after 13 years. A summary to this effect is expected to be approved by the Economic Coordina­tion Committee (ECC) of the Cabinet in its meeting on Friday that is also expected to provide tax relaxations to Chinese companies involved in development of hydropower projects in Azad Kashmir. To be presided over by Finance Minister Dr Hafeez Shaikh,…

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The Auto Industry Bets Its Future on Batteries

As automakers like General Motors, Volkswagen and Ford Motor make bold promises about transitioning to an electrified, emission-free future, one thing is becoming obvious: They will need a lot of batteries. Demand for this indispensable component already outstrips supply, prompting a global gold rush that has investors, established companies and start-ups racing to develop the technology and build the factories needed to churn out millions of electric cars. Long considered one of the least interesting car components, batteries may now be one of the most exciting parts of the auto industry. Car manufacturing hasn’t fundamentally…

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Sindh province in Pakistan is rich in wind energy reserves

Ruichen Hong, a scholar of Green BRI Centre, has said that Dawood Wind Power Station not only can improve energy situation in Pakistan, but also brings benefits to the Pakistani society. Hong, in an interview, said many countries of the Belt and Road Initiative (BRI) were among the world’s major energy producing and consuming countries. Meanwhile, they are mostly developing countries, with the requirement to continue expanding its energy markets, according to a report published by China Economic Net (CEN) here on Monday. Power shortages have been a major constraint…

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Left for dead: Are oil and gas stocks preparing to soar in 2021?

When the pandemic hit last year, it destroyed oil and gas stocks. But their prices have gradually been climbing and 2021 looks to offer a more prosperous outlook for the sector. Many people see the death of oil as a welcome solution to combating climate change. But this is not a realistic view. We are hugely reliant on oil. Not just for heating our homes, running our cars, and delivering goods around the globe. Oil powers the modern industrial world. Why do we need oil? Oil is a vital ingredient…

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