Headlines

POL import invoice surges 95pc to $17bn in 10 months

Published

2 years ago

May 16, 2022

The imports of total petroleum group witnessed a rise of 95.84 per cent throughout the first ten months of the present fiscal 12 months (2021-22) as in comparison with the corresponding interval of the final 12 months.

Through the interval underneath evaluation, the overall imports of the petroleum group stood at $17.033 billion, as in opposition to the imports of $8.697 billion final 12 months, based on the most recent information issued by the Pakistan Bureau of Statistics (PBS).

Amongst petroleum commodities, the import of petroleum merchandise rose by 121.15 p.c, from $3.865 billion final 12 months to $8.549 billion throughout the interval underneath evaluation.

The imports of petroleum cured additionally elevated by 75.34 p.c, from $2.407 billion final 12 months to $4.221billion throughout July-April (2021-22) whereas the imports of liquefied pure fuel surge by 82.90 p.c from $2.026 billion to $3.705 billion.

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Equally, the import of liquefied petroleum fuel grew by 39.86 p.c, from $398.216 million to $556.962 million whereas the imports of all different petroleum group commodities elevated by 33.43 p.c, from $0.166 million to $0.221 million, the info revealed.

In the meantime, on year-on-year foundation, the petroleum group imports witnessed a rise 94.38 p.c throughout the month of April 2022 as in comparison with the identical month of final 12 months.

The petroleum imports throughout April 2022 had been recorded at $2223.517 million in opposition to the imports of $1143.906 million throughout April 2021.

On month-on-month foundation, the petroleum imports into the nation additionally elevated by 19.44 p.c throughout April 2022 when in comparison with the imports of $1861.556 million in March 2022, the info revealed.

It’s pertinent to say right here that the nation’s complete imports throughout July-April (2021-22) had been recorded at $65.492 billion as in comparison with the imports of $44.731 billion throughout the identical interval of final 12 months, displaying progress of 46.41 p.c.

The exports from the nation witnessed a rise of 25.46 p.c to $26.228 billion as in comparison with the exports of $20.905 billion final 12 months.

Based mostly on the info, the commerce deficit throughout the interval underneath evaluation was recorded at $39.264 billion, displaying a rise of 64.79 p.c over the deficit of $23.826 billion recorded throughout July- April (2020-21).

The imports into the nation elevated from $5.242 billion in April 2021 to $6.615 billion in April 2022, displaying progress of 26.19 p.c

The exports throughout April 2022 had been recorded at $2.873 billion in opposition to the exports of $2.218 billion in April 2021, the info revealed, a progress of 29.53 p.c.

Headlines

NEPRA decides to get better Rs 3/unit from industrial shoppers of KE in two months

Published

4 hours ago

November 30, 2023

Pakistaneo.com

ISLAMABAD: Nationwide Electrical Energy Regulatory Authority (NEPRA) on Wednesday issued a revised choice and introduced the restoration of Rs 3 per unit from the commercial shoppers of Okay-Electrical in two months.

In line with NEPRA choice, the Authority, pursuant to the Judgment of the Supreme Court docket of Pakistan dated 19th January, 2023, issued its choice within the matter on 31st October, 2023. The choice was intimated to the Federal Authorities for notification in mild of Part 31 of NEPRA Act. Nevertheless, subsequently, the ministry of power (MoE) vide letter dated 10.11.2023, submitted that the Authority determined immediate case on the request of Okay-Electrical to regulate the tariff for the interval July 2019 to December 2019. In view thereof, the MoE requested that management/ implementation interval could also be clarified within the topic choice, mentioned NEPRA choice.

As per NEPRA choice, the Authority considers that the tariff adjustment interval includes of six months i.e. July 2019 to December 2019, and restoration of the identical has already been delayed. Subsequently, it will be acceptable to implement the identical in a interval of two (02) months. Accordingly, the implementation interval shall be two (02) months from the date of notification of the mentioned choice, mentioned NEPRA decison.

NEPRA has forwarded the moment choice to the Federal Authorities for notification in mild of Part 31 of NEPRA Act, added NEPRA choice.

Earlier, the federal authorities introduced the commercial aid package deal for July-December 2019 and the package deal was relevant for peak hours and off-peak hours. Nevertheless, the federal government ended the concession for off-peak hours on 22 January 2020.

After the federal government’s choice, Okay-Electrical began to gather the subsidy quantity, whereas the subsidy assortment was stopped when it was challenged within the courtroom, and now NEPRA has issued a revised choice to get better Rs 3/unit from the commercial shoppers of KE in two months within the mild of the Supreme Court docket’s choice.

Headlines

Saudi Arabia extends $3bn lifeline to Pakistan for one more 12 months

Published

5 hours ago

November 30, 2023

Pakistaneo.com

Saudi Arabia has prolonged the time period of its $3 billion deposit with the State Financial institution of Pakistan (SBP) for one more 12 months, in a transfer that may assist Pakistan meet its exterior financing wants and help its financial restoration.

The SBP introduced on Wednesday that the Saudi Fund for Growth (SFD) had renewed the deposit settlement, which was on account of mature on December 5, 2023, for one more 12 months.

The deposit was first made in 2021 and rolled over in 2022 as an indication of the shut relationship between the 2 brotherly international locations.

The extension of the deposit time period is anticipated to ease the strain on Pakistan’s overseas trade reserves, which have been declining on account of debt repayments and decrease inflows from abroad traders.

Pakistan’s total overseas trade reserves stood at $12.302 billion as of November 17, of which $7.180 billion had been held by the SBP and $5.122 billion by the business banks8.

The nation faces a difficult exterior financing scenario, because it has to repay about $5 billion in exterior debt within the remaining months of the present fiscal 12 months.

The $3 billion rollover can also be seen as a constructive growth for the continued IMF programme, which requires Pakistan to safe financing commitments from its lenders and pleasant international locations.

The IMF’s government board is prone to approve the second mortgage tranche of $700 million for Pakistan in early December, after the completion of the primary evaluation of the $3 billion stand-by association.

Pakistan can also be anticipating to obtain about $1.2 billion in financing from the World Financial institution, Asian Growth Financial institution, and Asian Infrastructure Funding Financial institution earlier than the top of the 12 months. The federal government can also be hopeful of getting extra inflows from different pleasant nations to help the nation’s economic system.

Pakistan’s economic system has been combating low progress, excessive inflation, and forex depreciation in recent times. The nation was on the verge of default final 12 months, however averted it with the assistance of the IMF bailout and the help from Saudi Arabia and different allies. Nevertheless, the IMF programme has additionally imposed strict circumstances on Pakistan, resembling growing gasoline, power, and petrol costs, which have added to the woes of the frequent folks.

Headlines

Pakistan secures multi-billion greenback funding from Kuwait amid financial woes

Published

6 hours ago

November 29, 2023

Pakistaneo.com

Pakistan and Kuwait signed quite a few memorandums of understanding (MoUs) because the struggling South Asian nation seeks multi-billion greenback funding from the Gulf state.

The signing got here as caretaker Prime Minister Anwaar-ul-Haq Kakar visited the Gulf state on a two-day go to, the place leaders from each side agreed to bolster bilateral and financial ties, days after Islamabad signed a number of MoUs with the UAE to draw funding price billions.

A press release from the PM’s Workplace talked about that the interim premier and Kuwait’s First Deputy Prime Minister and Minister for Inside Sheikh Talal Al-Khaled Al-Ahmad Al Sabah underlined the significance of historic brotherly ties between the 2 international locations.

Throughout a gathering, they reaffirmed the will to strengthen the fraternal ties by reworking them right into a mutually rewarding financial partnership. Chief of Military Workers Basic Asim Munir was additionally current in the course of the assembly.

The leaders additionally witnessed the signing of seven agreements concluded to draw multi-billion {dollars} in funding from Kuwait in varied sectors of Pakistan — together with meals safety, agriculture, hydel energy, water provides, the institution of mining fund to assist mineral business, know-how zones growth, and mangrove preservation.

As well as, three MoUs within the fields of tradition and artwork, surroundings, and sustainable growth have been additionally signed. The leaders expressed nice satisfaction on the trajectory of relations, agreed to stay in shut contact, and take swift steps in additional strengthening and deepening Pakistan-Kuwait relations.

The prime minister termed these agreements with Kuwait one other milestone within the achievements that the Particular Funding Facilitation Council (SIFC) platform was bringing to the nation.

Pakistan’s financial system is in dire straits with its overseas reserves depleting rapidly amid much less inflows from abroad buyers. Based on a report by BMI Analysis, a Fitch Options firm, the Pakistani rupee (PKR) is anticipated to proceed its downward spiral and attain a historic low of 350 per greenback by the tip of 2024.

The nation was getting ready to default final yr, however it was averted after the Worldwide Financial Fund (IMF) authorised a short-term bailout with strict circumstances — pushing the inflation up as Pakistan underwent a number of structural reforms, which noticed a rise in gasoline, power, and petrol costs.