ISLAMABAD, March 22: Despite Deputy Prime Minister Ishaq Dar’s recent statement capping sugar prices at Rs164 per kilogram, consumers continue to face high prices, with the average national price ranging from Rs164 to Rs180 per kg. In Rawalpindi sugar price is Rs 178-180 per kg, even Peshawar even higher than that. He is in Saudi Arabia, to perform Omara with Prime Minister delegation, which he went just after announcing the sugar prices. Prime Minister Shahbaz Sharif and Ishaq Dar met, higher officials of Saudi Arabia during their visit. However, their orders are still waiting to see implementation. Rauf Ibrahim, the…
Author: Ahmad Mukhtar
Islamabad, March 22: Pakistan’s two major stakeholders in the petroleum sector—the Oil and Gas Regulatory Authority (Ogra) and the country’s five oil refineries—are currently in a dispute, each accusing the other of neglecting their operational and regulatory duties, which has led to foreign exchange losses for the country. At the heart of the conflict is the low capacity utilization of local refineries, which is partly attributed to the unchecked import of refined petroleum products. This is despite previous collective decisions made by the oil industry, the regulator, and the government. Interestingly, the law stipulates that no oil import can take…
Islamabad, March 22: Inflation, as measured by the Sensitive Price Index (SPI), recorded a decline of 1.2% year-on-year for the week ending March 20, primarily due to a drop in the prices of perishable goods. This marks the third consecutive week of decline in SPI-based inflation. On a week-on-week basis, the SPI decreased by 0.35%, according to official data released on Friday. The overall short-term inflation rate has slowed in part due to the high base of last year. Additionally, prices for most items remained stable, except for wheat flour. Inflation had peaked at a record 48.35% year-on-year in early…
Islamabad, March 22: A new United Nations report has raised alarming concerns about the rapid melting of glaciers and the consequences this will have on the global ecosystem, as well as the billions of people who rely on freshwater sources from these glaciers. Released by UNESCO on March 22 to mark World Water Day, the World Water Development Report 2025 highlights how accelerating glacier melt threatens freshwater availability, particularly in regions that depend on these water sources. The report reveals that 25 countries, home to a quarter of the world’s population, face extreme water stress each year. Furthermore, around four…
ISLAMABAD, March 22: Pakistan is working on establishing specialized electricity tariffs to attract cryptocurrency mining and blockchain-based data centers, with the goal of utilizing surplus power at marginal costs while fostering growth in the digital asset industry. Sources informed told media that the power division is consulting with various stakeholders to create an appealing tariff structure for these emerging sectors. Importantly, the plan does not involve subsidies but aims to absorb surplus electricity and reduce capacity payments. Current estimates suggest that bitcoin miners spend as much as 60-70% of their earnings on electricity, making Pakistan’s abundant surplus electricity an attractive…
ISLAMABAD, March 21: Starlink has received a temporary No Objection Certificate (NOC) to operate in Pakistan, marking a significant milestone for the country’s internet services and technology infrastructure. This decision, announced by the Ministry of Information Technology, came after consultations with various security and regulatory bodies. The initiative is in line with the directives of Prime Minister Shehbaz Sharif, who had emphasized the importance of improving the country’s internet systems. Starlink, a satellite-based internet provider owned by tech mogul Elon Musk, utilizes Low Earth Orbit (LEO) satellites to deliver internet services globally. The company had applied for permission to operate…
ISLAMBAD, March 21: ECC approved Rs 5.6 bln for ads payments due towards Ministry of Information and also nodded approval for a brand new 1000 bed hospital in Islamabad. The Economic Coordination Committee (ECC) of the Cabinet convened today under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended by key ministers, including Minister for Power Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Mr. Ali Parvez Malik, Federal Minister for Board of Investment Qaiser Ahmed Sheikh, the Chairman of SECP, and senior officials from various relevant ministries and divisions. Grant for Ads…
Islamabad, March 21: On Friday, Finance Minister Muhammad Aurangzeb referred to climate change as an “existential threat” that could undermine the government’s efforts to achieve its economic sustainability objectives. Aurangzeb made these comments during his address at a high-level event organized by the Ministry of Climate Change & Environmental Coordination in celebration of World Day of Glaciers. He highlighted the government’s ongoing efforts to turn around the economy, including structural reforms, and expressed confidence that these measures would place the country’s economy in a strong position. He added that while Pakistan has already attained macroeconomic stability, the country’s economic growth…
Islamabad, March 21: The Indus River System Authority (IRSA) has scheduled back-to-back meetings of its technical and advisory committees on March 25 and 26 to finalize water estimates and provincial shares for the upcoming Kharif season, amid ongoing concerns about the filling capacity of Tarbela Dam. These meetings are being held at a critical juncture, as both the Tarbela and Mangla dams are at their dead level, meaning there is no water storage available. The provinces are facing a 51 percent water shortage at rim stations, with actual shortages at canal heads expected to exceed 60 percent. This shortage is…
Karachi, March 21: Private sector lending in Pakistan has significantly slowed down, raising concerns about the country’s economic growth and revenue generation, both of which are already underperforming. Despite a 1,000 basis point reduction in interest rates, there is little interest from either borrowers or banks in long-term lending. A key driver of growth, also reflects the government borrowing is crowding out the private sector lending. This hurts the growth in medium term. According to data from the State Bank of Pakistan (SBP), lending to the private sector has dropped sharply to Rs563 billion as of March 7, 2025, down…
