Category: Shortcode

Pakistan is presently in the midst of one of the worst economic crises in its history. High inflation, large twin deficits, dwindling forex reserves, fast weakening currency, and elevated Eurobond yields were all symptoms of an economy in severe distress. This is the consensus of this open letter written to all the politicians and the authorities by the country’s eminent economist, former and present heads of prestigious institutions, and technocrats. Pakistan’s external and fiscal finances are crumbling under the overwhelming weight of energy costs. The share of imports, which was…

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Sazgar Engineering Works Limited will roll out the first batch of locally-assembled units of Great Wall Motor’s Haval, the H6 1.5T and 2.0T, this month. The SUVs have been priced at Rs7.425 million and Rs8.499 million, respectively. A senior official of the company said the new SUV will be competing with KIA Sportage, Hyundai Tucson, Oshaan X7, MG HS and Cherry Tiggo 8 in Pakistan. “Haval is the number one SUV in China and number three in the world,” Head of Marketing Sazgar Engineering Abuzer Butt told Business Recorder. “Right…

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Federal Minister for Finance and Revenue Miftah Ismail Wednesday welcomed Pak-Iran cooperation in the energy and trade sectors, saying the government was determined to strengthen ties with the Islamic republic in all areas. In an exclusive interview with an Iranian news agency, Miftah Ismail said the Pakistan government under Prime Minister Shehbaz Sharif was ready to enhance relations with Iran in all sectors, especially bilateral trade. The previous government, he said, had proposed to increase the bilateral trade volume up to $500 million or euros by trading in local currencies.…

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Top functionaries of the Petroleum Division have proposed an LPG pipeline having capacity 12,000 tonnes per day from Karachi to the north of the country, terminating at Lahore in the first phase and Rawalpindi in the second phase with offtakes at various load centres such Bahawalpur, Multan and Lahore, a senior official at Energy Ministry told The News. “At each offtake point, storages are to also be constructed to minimise the requirement of storages at import terminals.” The Petroleum Division to this effect will soon move a summary to the…

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Saudi Arabia has reportedly offered Liquefied Natural Gas (LNG) to Pakistan on commercial basis in addition to activating an agreement on financing and providing supplies of crude oil and petroleum products signed between Saudi Fund and GoP. Saudi Arabia has sent this offer to Pakistan in draft minutes of the upcoming meeting of the Joint Working Group under the umbrella of the Saudi Pakistan Supreme Coordination Council (SPSCC). According to the draft minutes sent by Saudi side prior to the meeting of SPSCC, the two sides agreed to follow up…

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