Just before the end of its tenure, the caretaker government allowed a cost escalation of about 30pc to “ongoing contracts” of hundreds of development projects, financed under the Public Sector Development Programme (PSDP) of the federal government. The country’s large development portfolio has always been subject to time and cost overruns, leading to repeated revisions in financial costs, besid
Prime Minister Shehbaz Sharif has directed authorities to ensure foolproof security for workers of the Reko Diq gold and copper mining project and for the logistics and transport from the project’s site to Gwadar port. Mr Sharif issued the directive while chairing a meeting on the Reko Diq project in Lahore, the PM Office said in a statement on Sunday. A delegation from the Canadian mining c
Pakistan Stock Exchange (PSX) on Wednesday extended its bull-run for the third successive day as the International Monetary Fund (IMF) and Islamabad reached a staff-level agreement following the final review under a $3 billion standby arrangement. Earlier, trading kicked off with optimism that the staff-level agreement would pave the way for the release of last loan tranche of $1.1 billion in M
Pakistani currency on Wednesday hit a new five-month high at Rs278.41 against the US dollar in the inter-bank market, maintaining its winning streak for the sixth successive working day in the backdrop of a staff-level agreement with the International Monetary Fund (IMF) that would clear the way for the release of last tranche of $1.1 billion. According to State Bank of Pakistan’s (SBP) data, t
The Oil and Gas Regulatory Authority on Wednesday increased the tariff on imported liquefied natural gas up to 2.6% per million British thermal units for the two public gas utilities, namely Sui Northern Gas Pipelines Limited and Sui Southern Gas Company with retrospective effect from March 1, 2024. In a statement, the regulator said that the increase in monthly re-gasified LNG rates was due to