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Discos seek Rs4.66/unit hike for November


December 20, 2023

ISLAMABAD: Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of …

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World Bank approves $350m in financing to support fiscal, competitive reforms in Pakistan


December 20, 2023

The World Bank’s board of executive directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation in Pakistan on Tuesday. Najy Benhassine, World Bank’s country director for Pakistan, in a statement highlighted that this project completes the initial phase of “tax, energy and business climate reforms” aimed at improving fiscal revenues and stimulating competition and investment. …

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Shares at PSX lose nearly 400 points


December 20, 2023

Bears continued their dominance on the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday, with analysts attributing the sell-off to pre-election uncertainty and high leverage costs. According to the PSX website, the KSE-100 index plunged by 1484.58 points at 1:40pm to sink to 61,345, down 2.21 per cent from the previous close of 62,833.03. The index managed to recover …

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Regional exports swell over 16pc


December 19, 2023

ISLAMABAD: The first five months of the current fiscal year witnessed a double-digit growth of 16.3 per cent in exports to nine regional countries, mainly driven by an increase in shipments to China, data compiled by the State Bank of Pakistan showed on Monday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives …

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Loan inflows remain below quarter of projection


December 19, 2023

ISLAMABAD: Despite the International Monetary Fund (IMF) onboard, Pakistan received about $4.285 billion in foreign loans, less than one-fourth of the annual budget estimate in the wake of poor credit rating and adverse conditions in the global financial markets. In its monthly report on Foreign Economic Assistance (FEA), the Economic Affairs Division (EAD) on Monday said the country received just …

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Cotton production crosses 8m bales after three years


December 19, 2023

LAHORE: Cotton arrivals crossed eight million bales on Dec 15, showing an increase of 63 per cent over and above the total production of the last crop year, reveals the fortnightly data released by the Pakistan Cotton Ginners Association (PCGA) on Monday. A total of 8.02 million bales of cotton had been ginned across the country by Dec 15 compared …

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Current account turns positive on back of falling imports


December 19, 2023

KARACHI: The State Bank of Pakistan (SBP) on Monday reported the first current account surplus for the ongoing fiscal year in November. Despite low inflows and higher outflows for debt servicing, the current account was in surplus by $9 million in November compared to a deficit of $157m noted in the same month last year. However, the current account deficit …

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Bears in action as shares at PSX plunge over 2,300 points


December 19, 2023

The Pakistan Stock Exchange (PSX) witnessed accelerated selling pressure on Tuesday as the benchmark index shed more than 2,300 points. According to the PSX website, the bourse stayed flat for 10 minutes after the opening bell. At 10:49am, the market began its gradual slide with the KSE-100 index plunging by 1186.19 points to sink to 64,018.48 from the previous close of …

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Agriculture: Low-cost innovative methods of farming


December 18, 2023

In the face of rising global challenges like climate change and water scarcity, agriculture needs sustainable and innovative practices to secure our food supply and conserve precious water resources. One such practice that has gained prominence in rice-cultivated areas in recent years is “zero tillage,” a technique that transforms farming and helps conserve water, making it a beacon of hope …

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Navigating Pakistan’s energy transition


December 18, 2023

Amidst the challenges of soaring energy prices, escalating impacts of climate change, and economic hurdles, Pakistan confronts a complex trilemma encapsulated by the three interlinked challenges of energy, environment, and economy. Presently, the country is grappling with inflated energy costs due to imported fuels, worsening local air pollution, economic instability, and challenges in delivering reliable electricity to a burgeoning population. …

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