Connect with us

Business

Pakistan fails to secure LNG cargoes in first attempt in about a year

Published

on

  • Pakistan’s bid to purchase six shipments closed Tuesday.
  • No company responded to cash-strapped nation’s offer.
  • Inability to buy gas will aggravate energy shortages.

Crises-hit Pakistan has failed to secure liquified natural gas (LNG) from the spot market in its first attempt in about a year, as no supplier seems to budge to the cash-strapped nation’s offer, Bloomberg reported Tuesday.

Traders, on the condition of anonymity, told the publication that Pakistan LNG Limited’s (PLL) bid to purchase six shipments for October to December closed Tuesday with no companies responding to the offer.

Many overseas banks were not accepting letters of credit (LCs) from Pakistani financial institutions to procure LNG shipments, making suppliers reluctant to offer cargoes, the publication reported last week.

The $350 billion economy is struggling with a depreciating currency, political turmoil, and an increased risk of a default on its foreign debt.

To top it off, the International Monetary Fund (IMF) came down hard on the federal government’s recently presented budget, a sign that the June-end deadline to unlock the funds won’t be met.

Pakistan’s inability to buy gas will aggravate energy shortages in the country, increasing the frequency of blackouts and curbing the supply of fuel to industrial consumers.

The nation was hit hard by the energy crisis spurred by Russia’s invasion of Ukraine last year due to its high dependence on imports. Several similar tenders by Pakistan last year also failed to gain offers from suppliers.

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending