Pakistan remained in the grip of the foreign exchange crisis in 2022. Now, at the beginning of 2023, the situation has deepened further. On January 6, forex reserves held by the State Bank of Pakistan (SBP) plunged to $4.343 billion, enough to cover just three weeks of imports, after the country repaid $1bn commercial loans of two...
Category: Business
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Petrol price may rise by Rs8.98
The price of petrol is expected to go up by Rs8.98 per litre while the price of high-speed diesel (HSD) may rise by Rs1.06 per litre in the upcoming fortnightly revision of petroleum product prices. However, sources in the Petroleum Division said that the government could keep prices unchanged at current levels for January 16...
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Gwadar port starts receiving govt imports of bulk cargos
The Gwadar port has started receiving government imports of bulk cargos as three consecutive vessels carrying 90,000 MT urea have already arrived at the port and clocked the fastest discharge rate. This represents the efforts of the Ministry of Maritime Affairs, China Pakistan Economic Corridor (CPEC) Authority, Gwadar Port Authority (GPA), Trading Corporation of Pakistan...
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NEPRA approves increase in power tariff for K-Electric consumers
National Electric Power Regulatory Authority (NEPRA) on Friday issued a decision on the application regarding the uniform tariff, approving an increase in the price of electricity for K-Electric customers in Karachi. The price increase for different categories will range from Rs 1.49 to Rs 4.49, resulting in an additional burden of Rs16 billion for consumers....
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Car sales plunge 44pc in December on import curbs
KARACHI: Passenger car sales plunged 44 percent in December from a year earlier, industry data showed on Wednesday, a sign that import bottlenecks continued to weigh on the country’s fragile consumption. The passenger car sales dropped to 13,768 units in December 2022, against 24,471 units recorded in December 2021, as per data released by Pakistan Automotive Manufacturers...
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UAE provides much-needed economic relief to Pakistan
UAE President Sheikh Mohamed bin Zayed has agreed to roll over the existing loan of $2 billion and provide an additional $1 billion loan to Pakistan in a meeting with Prime Minister Shehbaz Sharif, Information Minister Marriyum Aurangzeb announced Thursday. The prime minister hold talks with the UAE president in Abu Dhabi today with a...
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Saudi Arabia mulls increasing investments, deposits to Pakistan
The Crown Prince of the Kingdom of Saudi Arabia (KSA) Mohammad bin Salman (MBS) on Monday ordered the Saudi Development Fund to study increasing Saudi investments and deposits in Pakistan to $15 billion. According to the KSA’s official news agency, the crown prince and premier MBS issued instructions to consider increasing the number of deposits in the State Bank...
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‘Massive investments’: Pakistan seeks $8bn in three years for flood recovery
Prime Minister Shehbaz Sharif on Monday said that Pakistan needs $8 billion from its international partners over the next three years to rebuild the country that is reeling from last year’s devastating floods. The PM is in Geneva along with a high-level delegation to co-chair the International Conference on ‘Climate Resilient Pakistan’, along with UN Secretary-General (UNSG)...
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Flour prices in Pakistan hit all-time high
All records of flour prices were broken as a 20 kg bag of flour reached Rs3,000 for the first time in the history of Pakistan. Flour prices in Pakistan hit all-time high. The citizens of Karachi are forced to buy the most expensive flour in the country. As per the report of the Bureau of Statistics, flour is being sold for...
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Privatisation of power distribution companies-II
In Germany, even local government manages power distribution. In India, DISCOs (distribution companies) are provincially managed where these are in the public sector as well. In Pakistan, both provinces and the federal government have played with the idea of provincialisation of DISCOs. In Sindh, there has been a particular interest in this respect. PPP-led provincial...