ISLAMABAD, March 24: Climate-related disasters have led to significant economic losses, exceeding $4.3 trillion, and have claimed over two million lives globally between 1970 and 2021, according to the World Meteorological Organization (WMO). On the occasion of World Meteorological Day, observed on March 23, WMO Secretary-General Professor Celeste Saulo highlighted that while economic costs continue to rise, the death toll from these disasters is decreasing. “We are better at saving lives than ever before,” Saulo remarked. The WMO also pointed out that the world has just experienced the hottest decade on record, and 2024 is expected to be the first…
Author: Ahmad Mukhtar
Islamabad, March 22: The International Monetary Fund (IMF) has agreed in principle to grant partial relaxations to the Federal Board of Revenue’s (FBR) request to lower the Withholding Tax (WHT) rates on property purchases by two percent, effective from April 2025. However, the withholding tax rates on property sales will remain unchanged. Additionally, the IMF has approved a reduction in the Federal Excise Duty (FED) on property buyers, while the duty on sellers will remain the same. The IMF has also agreed to cut the FBR’s tax collection target for March 2025 by Rs60 billion due to the increased number…
ISLAMABAD, March 22: World bank Officials discussed with Government officials, the efficient electricity transmission from north to south, and support the integration of large-scale renewable energy sources into the grid. They also discussed enhancing the stability and performance of the national transmission network. Federal Minister for Energy, Sardar Awais Ahmed Khan Leghari, met with Najy Benhassine, World Bank Country Director, along with World Bank Group experts and IFC Country Manager Zeeshan Sheikh to discuss the initial feasibility of the Matiari-Moro-Rahim Yar Khan Transmission Line project. This project is a critical part of Pakistan’s energy infrastructure, aimed at enhancing the stability…
ISLAMABAD, March 22: The Senate Standing Committee on Industries and Production has called upon officials from the Competition Commission of Pakistan (CCP) and representatives from the Pakistan Sugar Mills Association (PSMA) to investigate the factors affecting the pricing of sugar and to provide a detailed explanation regarding the recent increase in sugar prices. This decision was made during a meeting on Friday, chaired by Senator Aon Abbas, where the committee discussed the composition of the Sugar Advisory Board (SAB) and its role in determining sugar prices nationwide. The committee chairman expressed concerns about the continued absence of the Secretary of…
ISLAMABAD, March 22: Finance Minister Muhammad Aurangzeb has expressed confidence that Pakistan will soon receive positive news from the International Monetary Fund (IMF), stating that negotiations are in the final stages and there are no major obstacles remaining. In a press briefing following an event marking “World Day for Glaciers,” the minister reassured the public that Pakistan is on track to meet the IMF’s economic discipline targets. He highlighted that the discussions with the global lender are progressing smoothly and are expected to conclude shortly. Aurangzeb also stressed the importance of addressing climate change to avoid economic setbacks, emphasizing that…
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…
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…
