Port Qasim Electric Power Company Ltd (PQEPC), which runs a $1.9 billion power plant of 1,320 megawatts on imported coal, has served a formal notice of payment default on the Central Power Purchasing Agency (CPPA). The total verified due amount that the state-backed, sole electricity purchaser owes the independent power producer (IPP) amounted to Rs77.3bn or $263.5 million as of May 15, accordi
The International Monetary Fund (IMF) remains in touch with Pakistan’s authorities in order to pave the way for a board meeting before a financing programme expires at the end of June, the IMF mission chief for Pakistan said. Ordinarily, a board meeting on a review of the programme would require a prior staff-level agreement, which in Pakistan’s case would unlock $1.1 billion in financing for t
Highlighting fiscal risks at the end of the current fiscal year, the Ministry of Finance (MoF) on Tuesday wished the inflation peaking at 34-36 per cent this month would start descending owing to the ease in international commodity prices that would absorb the negative impact of currency depreciation. “The inflation may remain in the range of 34-36pc for May,” said the ministry in its monthly e
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index opened in the green on Monday and gained more than 300 points on expectations of an “investor-friendly budget” for the fiscal year of 2024, which will be presented on June 9. According to the PSX website, the index closed at 41,340.06 points, up 0.92 per cent or 375.52 points. “The market rose on expectations of an investor-friendly
After much dilly-dallying, Pakistan has made its first purchase of Russian crude oil — at a “discounted” price. With Russia looking for new outlets for its crude oils and Pakistan looking for cheaper crude to overcome its acute balance of payments crisis, the deal serves both countries well. With a multipolar world in the making, and Pakistan’s traditional allies from China, Iran, Türkiye and e