Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming years, Energy Minister Khurram Dastgir Khan told Reuters on Monday, as it seeks to ease a crippling foreign-exchange crisis. A shortage of natural gas, which accounts for over a third of the country’s power output, plunged large areas into hours of
The International Monetary Fund (IMF) and Pakistan resumed their virtual talks on Tuesday as the government responded to the draft of the Memorandum of Economic and Financial Policies (MEFP) shared by the Fund. Memoranda of Economic and Financial Policies are prepared by the member country. A memorandum describes the policies that a country intends to implement in the context of its request fo
For ensuring the timely realisation of export proceeds, the State Bank of Pakistan (SBP) has decided to initiate necessary action in all those cases where full or partial proceeds are not realised within the prescribed period. In a circular issued on Tuesday, the central bank directed banks [authorised dealers] to adopt the following procedure at the time of conversion of export proceeds into
Despite a steep fall in sales amid plant closure, Indus Motor Company (IMC) has increased the prices of various Toyota vehicles for the second time in less than a month by Rs200,000-Rs890,000. The company said that economic uncertainties and the extremely volatile rupee have adversely impacted the cost of manufacturing, making it difficult for the company to hold the current indicative selling
Higher exchange rates attracted extensive dollar selling especially from exporters which enabled the rupee to recover Rs9.24 against the greenback during the last 11 days. The US currency peaked at an all-time high at Rs276.58 on Feb 3 against the rupee mainly due to extreme volatility in exchange rates stemming from the government’s attempt to manage the exchange parity artificially low which