The Private Power and Infrastructure Board (PPIB) — a one-window facility of the federal government — on Wednesday announced the $2 billion financial closing of the country’s largest Thar coal-fired power project, currently operational at Thar, by Shanghai Electric Corporation, China. In a statement, the PPIB said the financial close agreement was signed by PPIB Managing Director Shah Jahan Mir
Finance Minister Dr Shamshad Akhtar said on Wednesday that public-sector dominance in the insurance sector should be reduced by privatising State Life Insurance Corporation. Addressing the International InsureImpact Conference 2023 organised by the Securities and Exchange Commission of Pakistan (SECP), she said competition should be enhanced in insurance by offering a “level playing field” to p
The global ratings agency Fitch on Wednesday maintained Pakistan’s long-term foreign currency issuer default rating at ‘CCC’ and noted that it expects general elections to take place as scheduled and produce a coalition government “along the lines of Shehbaz Sharif’s government”. The unchanged credit rating is based on the last month’s IMF staff-level agreement on the first review of Pakistan’s
The Asian Development Bank (ADB) on Wednesday said Pakistan’s overall recovery was still constrained by moderate confidence and high inflation was eroding the purchasing power of its population. In its December 2023 ‘Asian Development Outlook’, the Manila-based lending agency expected Pakistan’s inflation rate to ease from an average of 28.5pc in July-October, owing to fiscal consolidation an
The prices of major petroleum products — petrol and high-speed diesel (HSD) — are set to fall by over Rs10 per litre each on Dec 15 for the next fortnight mainly because of a decline in the international market. Informed officials said the international prices of both HSD and petrol had declined over the past fortnight by almost 5pc while the rupee had also gained marginally against the US doll