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On June 20, after multiple rounds of talks failed to produce a deal, crisis-hit Pakistan officially sought Washington’s help to get favorable treatment from the International Monetary Fund for a bailout from the country’s disastrous fiscal situation – at a potential price of tilting away from its relationship with China. The request to the IMF came against the backdrop of rapidly falling foreign exchange reserves (less than US$9 billion), a free-falling rupee (Rs215:US$1) and China’s refusal to provide any additional financial help to what had previously been described as its…

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The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF team would start a staff mission on May 18 with the Pakistani authorities in Doha, Qatar. The IMF and the country’s economic team led by Finance Minister Miftah Ismail had…

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International brands including Coca Cola and PepsiCo called on Monday for a global pact to combat plastic pollution that includes cuts in plastic production, a key growth area for the oil industry. World officials will meet at a United Nations Environment Assembly conference (UNEA 5.2) later this year to start negotiations on a treaty to tackle a plastic waste crisis that is choking landfills, despoiling oceans and killing wildlife. It remains unclear whether any deal will focus on waste management and recycling or take tougher steps such as curbing new…

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Due to delay in execution, slow progress on projects, and cost overrun, the Planning Commission has recommended barring the National Highway Authority (NHA) from submitting new projects and has directed it to bring its business plan as its throw forward has reached Rs. 907 billion. The current pace of approving new projects of the National Highway Authority is not sustainable, and the ongoing or new schemes cannot be completed on time with the available funding, an official source told ProPakistani. The Transport and Communication section of the Planning Commission has…

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