Food price hike in country lower than international market: govt
The Cabinet Division of the government released a statement on Sunday saying that the government is absorbing much of the food inflation internationally to protect Pakistani consumers. The statement said that except for wheat, the state has prevented the prices of basic food in the international market from impacting local consumers.
Gov’t likely to make another blunder in LNG procurement
Shahzeb Khanzada on his show on 20th has revealed that the government of Pakistan is on its way to buy two of the priciest LNG deliveries for September 2021. The prices are set at 34.67pc of Brent for delivery on 16th September, and 24.5pc of Brent for 26th of the same month. He said that even if this tender is not accepted by PSO, Pakistan would be at loss as alternatives are expensive.
Current account deficit soars to $773mn in July
Pakistan's current account deficit widens to $773 million in July 2021, compared to a surplus of $583 million posted one year ago. While the likely determinants of this fall are an increase in imports and increasing global commodity prices, the State Bank believes it is still in line with its projections.
It will take five to seven years to fix the energy crisis, Tarin
The Finance Minister of Pakistan Shaukat Tarin addressed the business community of Karachi tackling different suggestions made by them to increase the ease of doing business in Pakistan. He said that it will take 5-7 years to solve the power sector problems caused by previous governments.
T-bills bounce back as foreign investors show confidence
Pakistan's treasury bills and Pakistan Investment Bonds have made a recovery in the fiscal year 2022, meaning once again the inflows are greater than the outflows. T-bills and PIBs did really well during the FY20, till March 2020, when the pandemic began economic disruptions. However, even today, the investors are only eyeing the short-term T-bills.
Italy eyes economic opportunities in Pakistan
The Ambassador of Italy to Pakistan Andreas Ferrarese on Wednesday said that Italy wanted to start a new era of economic and trade cooperation with Pakistan through the transfer of technology. He said Pakistan was working to expand technical assistance in Agricultural items including dairy and livestock, olives, and the construction sector to the Italian market.
Steel rebar prices threaten PM’s Naya Pakistan Housing
The upwards rally of international steel prices continues to impact the steel manufacturing in Pakistan, as Amreli Steel announces a further increase in prices of steel rebars in Pakistan. This continuous increase in prices may deter PM Imran Khan's plans for the provision of low-cost housing to the poor of Pakistan.
Imran Khan congratulates Airlift for securing $85mn funding
The Lahore-based online shopping delivery firm Airlift Technologies Pvt. has secured the largest-ever round for a Pakistani startup in a Series B investment. Starting as a transit startup that was gaining fast traction in the country with 35 thousand rides a day, the company shifted to a shopping delivery service as the pandemic struck.
Governor Afghan central bank predicts economic turmoil
Acting Governor Central Bank of Afghanistan Ajmal Ahmady took to Twitter to talk about the situation of asset reserves of DAB. He revealed that the majority of Afghanistan's asset reserves are frozen by the US and the Taliban has access to only 0.1 to 0,2 per cent of the country's total international asset reserves. He said that this is "not much".
ECC green-signals a $400mn exploration attempt in Abu Dhabi
A consortium of four Pakistani state-owned companies namely MPCL, OGDCL PPL, and GHPL, will invest $400 million in exploration attempts in Abu Dhabi. The decision would allow these four companies to issue guarantees to the SPV in favor of Adnoc and SCFEA to qualify.
Pakistani bonds take a hit as Afghan refugee crisis looms
The fall of the Ashraf Ghani regime and the ascension of the Taliban has instilled fear of consequences among investors for the bordering Pakistan, as the country's dollar-based sovereign bonds became "biggest losers in Asia" on Monday.
Razaq Dawood hopeful that Pakistan’s exports will reach $50bn
Adviser for Commerce and Investment Razak Dawood is hopeful that Pakistan's exports will reach $50 billion by the end of the fiscal year 2023. He recognized export diversification, focus on non-traditional sectors, and increasing exports to new markets as major goals in the coming period.