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Pakistan now has $7.91 billion in foreign reserves, up $17 million.

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8 months ago

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The overall value of the nation’s liquid foreign reserves, as disclosed by the SBP, was $13.15 billion. There were $5.24 billion in net foreign reserves held by commercial banks.

The rise in reserves was announced by the central bank without explanation.

“SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million during the week ended on March 8, 2024,” the statement stated.

Pakistan’s central bank had $54 million less in reserves last week.

The sources claimed that at the IMF’s initial meeting with representatives of the Finance Ministry, the organization expressed concerns over the subsidised gas supply to fertilizer companies.

The foreign lender made a demand to stop giving the fertilizer companies gas at a discounted price. The group also voiced their worries over rising commodity costs in Pakistan in spite of global stability.

According to the sources, the IMF team also received updates on circular debts in the energy sector, tariff outlooks, cost-side reforms, tax administration, tax policy, and the development of the Bilateral Investment Plan (BISP) from the relevant officials during the meeting.

The IMF group also requested that Pakistani authorities impose taxes on the industrial, retail, and real estate industries.

Meanwhile, during the first round of negotiations for the second review of the SBA program, Pakistan was given a “do more” ultimatum by the International Monetary Fund (IMF).

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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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2 days ago

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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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2 days ago

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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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