Jul-Mar period: Budget deficit widens to Rs1.652trn

 Pakistan’s budget deficit has widened to Rs1.652 trillion in the first three quarters of the current fiscal year (July-March 2021), despite Rs413 billion budget surplus by the provinces, according to the Finance Ministry. A summary of consolidated federal and provincial fiscal operations for July-March 2021 uploaded by the Finance Ministry on its website, revealed that fiscal deficit as percentage of GDP increased to 3.6 percent of the GDP following total expenditure of Rs6.644 trillion against the total revenue of Rs4.992 trillion. Primary balance, however, was surplus Rs451.812 billion. The government…

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Middle East Energy 2021′ Sheds Extensive Light On UAE’s Great Strides In Transition To Clean Energy

DUBAI, (UrduPoint / Pakistan Point News / WAM – 05th May, 2021) Renewable & Clean Energy will debut as the theme for middle East Energy’s inaugural virtual focus week on 17 May 2021, as research from Informa Markets revealed 83 GW of renewable and clean energy capacity, mainly solar and wind power, is planned across the Middle East and North Africa (MENA) region within the next 20 years, and more than AED55 billion of solar power projects are expected to become operational by 2026. The figures were highlighted as the…

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ECC approves payment of the first installment to IPPs

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved payment of Rs90 billion to 35 independent power producers (IPPs) in addition to  giving K-Electric (KE) a last chance to settle Rs212bn payments and ink an agreement for additional power intake from the national grid on timely payments. The ECC meeting, presided over by Minister for Finance and Revenue Shaukat Tarin, also approved lowering taxes on Chinese investors of hydropower projects in Azad Jammu & Kashmir (AJK), exempting the import of oxygen and related equipment from duties and taxes…

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Pakistan won’t shun IMF, but wants space: Tarin

Finance Minister Shaukat Tarin on Wednesday said Pakistan will not be exiting the International Monetary Fund’s (IMF) programme, whose “strict conditions” also come with a “political cost”. Addressing a news conference here, Tarin said while the country would not leave the programme, the government would seek “space” from the international financial institution given the current situation of Covid-19, state-run Radio Pakistan reported. He said: “We have already held some good talks with the IMF and the World Bank.” He also discussed the way forward to take the economy towards growth.…

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World’s Best Islamic Financial Institutions 2021

The last year wasn’t an easy year for anyone. Lockdowns dampened economic activity to the point that GDP fell nearly everywhere. Major markets in the Middle East and other places where energy is a crucial contributor to the economy faced an additional challenge in the significant decline in the price of oil. That might have wrought a great deal of damage to Islamic financial institutions (IFIs). Yet banks and other financial entities that operate according to Shariah law performed well overall, according to data from S&P Global. Net profits for…

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Chevron Hokkaido Deal Marks Asia-Pacific LNG Shift

U.S. oil major Chevron (NYSE: CVX) last month signed a liquefied natural gas (LNG) supply and purchase agreement with Hokkaido Gas for a half million tons of LNG from its global portfolio spread over a period of five years, starting from April 2022. Chevron said its new partnership will broaden its customer base in Japan, a market that is foundational to its overall LNG business. The new deal typifies how LNG markets in the Asia-Pacific region, home to around two-thirds of global LNG demand, are still undergoing systematic changes amid a prolonged…

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Commentary: Oil and gas is not the sunset industry you think it is

Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity. It also thrives on a large shipping industry and is one of the main shipping bunkering stations in the world, given its strategic location. But that may change as the…

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IEA: Mineral supplies for electric cars ‘must increase 30-fold’ to meet climate goals

At least 30 times as much lithium, nickel and other key minerals may be required by the electric car industry by 2040 to meet global climate targets, according to the International Energy Agency (IEA). These metals are among a handful that are considered vital in the manufacture of solar panels, wind turbines and other clean energy technologies. Overall, the Paris-based organisation says the production of these key minerals may need to quadruple over the next two decades to achieve the Paris Agreement target of limiting warming to “well below” 2C, or expand by as…

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LPG sector seeks probe into imports

The local liquefied petroleum gas (LPG) industry has called for formation of an inquiry commission to probe the windfall gains reaped by LPG importers, which have caused losses worth billions of rupees to the local industry and the national exchequer due to disparity in taxes. The industry has also urged the prime minister to take notice of the situation and form a commission, like in the case of oil crisis, to investigate the gains made by the LPG importers. They said that the National Accountability Bureau (NAB) and the Federal…

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Stocks end higher on IPPs dues release hints

Stocks on Wednesday barreled ahead for second day on reports that renegotiation of IMF program and release of private power producers’ dues were in the offing, dealers said. Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 0.85 percent or 380.02 points to close at 44,943.61 points. Participation improved to 259.86 million shares from 221.50 million on Tuesday. Amreen Soorani at JS Global Capital said the government had reportedly decided to soon pay Rs90 billion to IPPs that fall under 1994 Policy (and before) under the first payment while the reported…

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