Category: Shortcode

Prime Minister Shehbaz Sharif on Sunday urged the authorities to expedite the Diamer Bhasha Dam project and have it completed by 2026 instead of its currently scheduled time of 2029. The newly elected prime minister issued the instructions during his visit to the site to inspect the project’s pace of work and activities. He was accompanied by other PML-N leaders, including Shahid Khaqan Abbasi, Marriyum Aurangzeb and Khawaja Asif. PM Shehbaz was briefed by Water and Power Development Authority (Wapda) Chairman retired Lt General Muzammil Hussain. He was informed of…

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Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports. Brent futures were up $1.35, or 1.30 per cent, at $110.19 a barrel. US West Texas Intermediate futures were $1.24 or 1.18pc higher at $105.48 a barrel at 1:06 p.m. ET (1706 GMT). Both contracts were on track for their first weekly gain in April. For several weeks, prices have been the most volatile since…

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Non-availability of required volume of fuel to power houses coupled with technical faults owing to non-maintenance of some power plants are the main reasons for forced outages of 7,140 MWs across the country. Prime Minister Shehbaz Sharif was informed about these facts during a Power Division briefing here on Thursday on the power generation situation in the country at a high-powered meeting also attended by Miftah Ismail and Shahid Khaqan Abbasi and relevant top officials. The premier took cognisance of the incompetence and bad governance of the last regime in…

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The International Monetary Fund (IMF) is willing to engage the new government and suggest roadmaps towards economic sustainability, and assist Pakistan in its efforts to head off a looming balance of payment (BoP) crisis, the Fund said on Thursday. “The IMF congratulates Mr Sharif on becoming Prime Minister and looks forward to working with his government and discussing policies that would support inclusive and sustainable growth,” said Esther Perez Ruiz, the IMF’s Resident Chief in Pakistan, while talking to The News. She said this while commenting on the possibility of…

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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $470 million on a weekly basis to reach a critical $10.85 billion, revealed central bank data on Thursday. This is the lowest reserve-level since June 2020. Total liquid foreign reserves held by the country stood at $17.03 billion as of April 8, said the SBP. The development means the rollover of a major syndicated loan facility from China has not yet happened. Meanwhile, net foreign reserves held by commercial banks stood at $6.18 billion, data showed. “During…

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