K-Electric Ltd CEO Moonis Alvi said on Tuesday the unusually high loss that the vertically integrated power utility recorded in the first nine months of 2022-23 constitutes no more than a “blip” in the long run. Speaking to economist Ali Khizar on his YouTube channel, Mr Alvi said the company’s lenders, including those from Europe and China, knew in advance about the loss. “The substantial part
Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy. Musadik Malik was visiting the United States for talks with corporations as well as with the government, which has led global efforts to choke off Russia’s oil exports that help fund its invasion of Ukraine. Mr Malik confi
Pakistan could default without an International Monetary Fund (IMF) bailout as its financing options beyond June are uncertain, the credit ratings agency Moody’s Investor Service said on Tuesday. “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, told Bloomberg, a
Amid continuous delays to the staff-level agreement with International Monetary Fund (IMF), the government on Tuesday said arrangements had been made to meet external obligations of $3.7 billion by end-June. In a statement, the Ministry of Finance said $3.7bn had to be repaid during the remaining period of the current fiscal year ending June 30. “This should not be any cause of concern as arran
After rallying for 13 sessions in a row, the Pakistan Stock Exchange on Monday came under selling pressure as bears took charge of the trading floor. Arif Habib Ltd said the benchmark index of the bourse lost 474.53 points in intraday trading owing to the negative news flow regarding the revival of the International Monetary Fund loan programme. The negative trigger created disappointment am