ISLAMABAD: The US Export-Import Bank has approved $1.25 billion in financing to back the mining of critical minerals at Pakistan’s Reko Diq project, marking one of the largest such commitments in the South Asian nation’s resources sector and underscoring a push by Washington to secure global supply chains.
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Pakistan slashes electricity prices by Rs15 per unit for industry, agriculture
ISLAMABAD: The government slashed electricity rates for industries and agriculture by about Rs15 per unit on excess consumption, aiming to spur production and ease operating costs amid broader pressures on energy prices.
IMF board unlocks $1.2 billion for Pakistan to back fiscal discipline, climate agenda
KARACHI: The International Monetary Fund approved a $1.2 billion disbursement to Pakistan under its bailout program, providing a financial boost as the South Asian nation grapples with the aftermath of devastating floods and pushes ahead with economic reforms.
Pakistan to sell surplus LNG on global markets from January to ease gas glut
LAHORE: Pakistan plans to start selling excess liquefied natural gas on international markets from Jan. 1 as it grapples with a supply glut that’s swelled circular debt in the gas sector and inflicted losses of about Rs1 trillion since 2018-19.
IMF set to approve $1.2 billion for Pakistan as board meets Monday
KARACHI: Pakistan is poised to secure $1.2 billion in fresh loans from the International Monetary Fund, with the lender’s executive board set to review the package on Monday, potentially unlocking financing critical to the cash-strapped nation’s economic stabilisation efforts.
OGDCL triples tight-gas study area, plans aggressive shale push
ISLAMABAD: State-owned Oil & Gas Development Co. is gearing up for a significant push into unconventional gas starting early next year, seeking to ramp up domestic output and ease the country’s heavy dependence on imported liquefied natural gas.
Saudi Arabia extends $3 billion deposit at Pakistan central bank for a year
KARACHI: Saudi Arabia agreed to roll over a $3 billion deposit held with Pakistan’s central bank for another year, providing a boost to the cash-strapped South Asian nation’s foreign exchange reserves amid ongoing economic pressures.
Pakistan starts new NFC round with wide gulf between federal, provincial priorities
ISLAMABAD: The government has convened the inaugural meeting of the 11th National Finance Commission on Thursday, kicking off what are expected to be contentious negotiations over the division of federal tax revenues between the central government and the provinces amid mounting fiscal pressures.
Trade gap widens 33 percent in November on export drop
ISLAMABAD: Trade deficit widened sharply to $2.86 billion in November, jumping 33% from a year earlier, as exports tumbled and imports climbed, according to data released Tuesday by the Pakistan Bureau of Statistics.
Inflation eases to 6.1 percent in November as food, energy pressures moderate
ISLAMABAD: Pakistan’s inflation cooled slightly to 6.1% in November, staying within the government’s forecast range as moderating fuel costs and improved crop supplies helped offset lingering pressures from floods and border disruptions.