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The US dollar significantly outperforms the Pakistani rupee in the interbank market.

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5 months ago

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The US dollar appreciated by 15 paisas against the Pakistani Rupee in interbank trade on the initial business day of the trading week.

The current value of the US dollar has risen to Rs278.35. On Friday, the American currency concluded at a value of Rs278.20. The investors eagerly anticipate the forthcoming monetary policy of the Central Bank of Pakistan.

China and Pakistan have reached an agreement to enhance their collaboration in mining and facilitate the execution of a pact aimed at reinforcing mining growth and industrial cooperation, as stated in a joint declaration by both nations.

Shehbaz Sharif, the Prime Minister of Pakistan, traveled to Beijing from June 4 to 8 with the aim of enhancing collaboration within the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a crucial component of Beijing’s Belt and Road Initiative.

As per the joint statement released by China’s foreign ministry, the nations will facilitate Chinese enterprises’ investments in Pakistan’s mining sector and enhance the development of mining industry parks, which will include advanced processing of ores.

The statement declares that China will enhance collaboration with Pakistan in sectors such as maritime oil and gas resources as well as natural gas hydrates. Furthermore, China will actively promote the involvement of Chinese companies in the exploration and development of offshore oil and gas blocks in Pakistan.

Chinese investment and financial assistance provided to Pakistan since 2013 have greatly benefited the suffering economy of the South Asian nation. This includes the extension of loans, which has allowed Islamabad to fulfill its external finance requirements during a period of dangerously low foreign reserves.

Prime Minister was informed about the potential of clean and low-carbon energy during a meeting with the chief of POWERCHINA.

Beijing has allocated more than $65 billion for road, infrastructure, and development projects as part of the China-Pakistan Economic Corridor, which is a component of the Belt and Road initiative.

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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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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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