Category: Shortcode

Prime Minister Shehbaz Sharif on Wednesday approved, in principle, to abolish the China-Pakistan Economic Corridor (CPEC) Authority subject to consent by China – a decision that the government says will help fast-track the implementation of the multi-billion-dollar project. The decision was made on the basis of a summary that the planning and development ministry had moved two months ago to wrap up the body that had remained controversial since its inception. “This is in the interest of CPEC that the authority should be dissolved to ensure fast implementation of its…

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Pakistan’s external debt has skyrocketed to almost Rs60 trillion, sending a wave of concern across financial and economic circles. The situation at the internal financial front is not rosy either with the domestic loan hitting the Rs31 trillion mark. Given the current financial mess, it seems that the IMF tranche will only end up adding more to the pile of unbearable debts, which might take years to repay. If the country continues to borrow loans at the current pace, it might find itself in a serious situation previously faced by…

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Factories in China’s southwest have shut down after reservoirs used to generate hydropower ran low in a worsening drought, adding to economic strains at a time when President Xi Jinping is trying to extend his position in power. Companies in Sichuan province – including makers of solar panels, cement and urea – closed or reduced production after they were ordered to ration power for up to five days, according to news reports Wednesday. That came after reservoir levels fell and power demand for air conditioning surged in scorching temperatures. Leave…

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Pakistan may seek a 15-year LNG contract with Qatar on a G2G (government to government) basis — two cargoes in a month with a reopening price clause after 11 years — during the forthcoming visit of Prime Minister Shehbaz Sharif, a senior official of the coalition government has told The News. “The likely dates for the visit of the premier are August 23-24, but these are yet to be finalised,” the official said, adding that Pakistan was also likely to offload PIA shares to hand over the management of the…

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Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the downward spiral in international oil prices and continuous appreciation of Pak Rupee over the past couple of weeks should be transferred to the end consumers in full with immediate effect. This is the only swift measure that the government of Pakistan can take to provide some relief to the business, industrial and trade community to reduce their cost of doing business to some extent, he added. FPCCI Chief has noted with a sigh of relief that rupee has appreciated by…

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