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A Guyanese case study on oil


March 18, 2024

Guyana is the newest kid on the global energy bloc. The country’s growing oil assets, regarded by some as the find of the decade, are increasingly under the spotlight, giving rise to a new tug of war. As is always the case, attempts to grab the assets are on, both at the geopolitical and corporate levels. Guyana’s offshore oil sector …

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Irsa amendment row simmers


March 18, 2024

Prime Minister Shahbaz Sharif had to withdraw the notification for the appointment of Zafar Mahmood, a retired BS-22 bureaucrat and pro-Kalabagh Dam expert, as a non-member chairman of the Indus River System Authority (Irsa) following a strong reaction from Sindh given its major stakes in water distribution. Post-1947, irrigation water was allocated in the country through ad hoc arrangements. Following …

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The resolve to reform is needed


March 18, 2024

Finance Minister Muhammad Aurangzeb says his singular agenda is to focus on the implementation of much-needed reforms and to negotiate a new larger deal with the International Monetary Fund (IMF) to pull the economy out of the crisis. “No debates, no waste of time — just a steadfast commitment to implementation,” the former Habib Bank chief told Dawn soon after being sworn …

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SBP keeps policy rate unchanged at 22pc for sixth consecutive session


March 18, 2024

The State Bank of Pakistan (SBP) on Monday chose to maintain the status quo by upholding the key policy rate at 22 per cent for the sixth policy meeting in a row. The decision was the first under the newly elected government. It also comes ahead of the International Monetary Fund (IMF)’s last review due on March 14 -18 for …

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Stalled energy solution


March 18, 2024

The initial brouhaha notwithstanding, the Sindh government’s plan to produce gas and liquid fuels for urea production, electricity generation, and transport doesn’t seem to be getting anywhere even after the passage of several years and despite investor interest. Sindh Coal Authority officials blame the federal government’s failure to devise a policy to “support investment as a main impediment to any …

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Will AI save humanity? US tech fest offers reality check


March 17, 2024

AUSTIN: Artificial intelligence aficionados are betting that the technology will help solve humanity’s biggest problems, from wars to global warming, but in practice, these may be unrealistic ambitions for now. “It’s not about asking AI ‘Hey, this is a sticky problem. What would you do?’ and AI is like, ‘well, you need to completely restructure this part of the economy’,” …

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PSX stays bearish on IMF, policy rate uncertainty


March 17, 2024

KARACHI: Conditionalities before the start of the final review with the International Monetary Fund (IMF) and uncertainty about the possibility of a rate cut given the Ramazan-driven spike in inflation kept investors in a jittery mood as a result the benchmark KSE 100-share index closed the outgoing week in the red. Arif Habib Ltd (AHL) said the stock market remained …

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Food exports surge 35pc in February


March 17, 2024

ISLAMABAD: The export of raw food products recorded a growth of 35.38 per cent in February to $702.46 million, up from $518.87m over the corresponding month last year, forcing the local consumers to pay higher prices. With this growth, raw food exports increased for the seventh consecutive month during the current fiscal year despite the highest food inflation in the …

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Bidding deadline for airports’ outsourcing extended


March 17, 2024

RAWALPINDI: The government has decided to extend by two months the deadline for submission of bids for the outsourcing of management and operations of the country’s three major airports following the requests of foreign investors and recommendations of the Internat­ional Finance Corporation (IFC). The decision was taken at a meeting of the steering committee on outsourcing of Islamabad, Karachi and Lahore airports …

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Crisis-hit Sri Lankan economy rebounds as tourists return


March 17, 2024

COLOMBO: Sri Lanka’s economy rebounded stro­ngly in the fourth quarter of 2023 from the island nation’s unprecedented financial crisis as tourism arrivals rose, the government said on Saturday. Agriculture, industries and services boosted the expansion to 4.5 per cent in the December quarter compared to a 12.4pc contraction a year earlier, the census and statistics department said. It added however …

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