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By month’s end, the IMF Board will accept the staff-level agreement: Aurangzeb

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During a keynote speech at a recent ceremony, he declared that the agreement reached with the International Monetary Fund (IMF) at the staff level is anticipated to get approval from the IMF Executive Board by the conclusion of this month. After obtaining this approval, the topic of climate money will be addressed.

Aurangzeb stated that climate financing will be addressed once the deal is approved by the IMF Executive Board. He stated that these deliberations will occur with the IMF and the World Bank during the annual conference in October.

“Pakistan is among the countries impacted by climate change,” he stressed, highlighting the importance of tackling environmental concerns in addition to managing population growth.

Aurangzeb emphasised the formidable obstacle presented by Pakistan’s burgeoning population, characterising it as a “population bomb” that has already detonated. He emphasised the necessity of implementing efficient strategies to alleviate the consequences of both population expansion and climate change.

“Pakistan needs to develop robust strategies for securing climate change funding from the IMF and World Bank,” he stated.

The finance minister identified numerous crucial sectors that necessitate enhancement to strengthen the country’s economic status, including the budget, tax policies, energy industry, and quality of life. He stressed that the ministries of finance and climate change, along with the IMF and the World Bank, are working closely together to improve the oversight of climate change initiatives.

Aurangzeb emphasised the need for enhanced monitoring of climate change programmes in partnership with the IMF and World Bank. He advocated for the formulation of significant climate change measures to mitigate its negative impacts and emphasised the crucial contribution of the private sector in enhancing Pakistan’s economy.

Aurangzeb emphasised the government’s dedication to developing efficient climate change funding strategies, including assistance from the IMF and World Bank. He implored all parties involved to contribute to the collective endeavour to tackle these urgent challenges.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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