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Articles for tag: Balochistan, exploration, Latest, lease, News, NRL, secures

October 31, 2023

News Desk

NRL secures exploration lease in Balochistan

Islamabad: National Resources Limited (NRL), a subsidiary of YB Pakistan Limited, Reliance Commodities (Pvt) Limited and Liberty Mills Limited, has been awarded a lease for mineral exploration in Chagai district, Balochistan. The NRL’s application for the lease, submitted in early 2022, has now been approved after all legal and procedural requirements have been completed. The awarded area spans 500 square kilometers in the Chagai region and NRL’s ambitious project aims to attract significant investment in the mining sector, providing direct and indirect employment opportunities, particularly in Balochistan. Keeping feasibility in mind, NRL also intends to refine the mined minerals locally

October 31, 2023

News Desk

SIFC faces obstacles in attracting FDI

Islamabad: Pakistan’s Special Investment Facilitation Council (SIFC) may fall short of its mission to attract significant foreign investment due to a lack of focus on structural issues, while the military’s involvement in economic matters threatens the nation’s stability, according to a recent report. by the Political Research Institute of the Market Economy (PRME). Involving the military in economic decision-making without the required expertise could not only destabilize the country but also lead to the failure of key initiatives, the report warned. The report, released on Monday, offers a comprehensive analysis of the drivers behind the establishment of the SIFC, its

October 31, 2023

News Desk

SBP maintains tight monetary policy

KARACHI: Pakistan’s central bank on Monday left its key policy rate unchanged at a record high of 22 percent ahead of the International Monetary Fund’s (IMF) first review of its $3 billion loan program. “The MPC (monetary policy committee) noted that the successful and timely completion of the upcoming IMF-SBA (standby arrangement) review would help free up other multilateral and bilateral financing,” the State Bank said in announcing the monetary policy. The bank said it would maintain “tight monetary policy” for now, but indicated that the policy rate had peaked at the current level. In its latest monetary policy statement

October 31, 2023

News Desk

Weekly inflation up 29.6%

KARACHI: Weekly inflation, as measured by the Sensitive Price Index (SPI), increased by 29.65% in the week ended October 26, 2023 compared to the same week last year, driven mainly by higher energy and food prices. The Pakistan Bureau of Statistics (PBS) reported that the biggest contributor to weekly inflation came from a 108.38% increase in natural gas prices in the first quarter of fiscal year 2023-24, followed by a 94.46% increase in the cost of cigarettes. . Chilli powder became expensive by 84.11%, Basmati rice (broken) became more expensive by 78.51%, wheat flour price increased by 77.49%, sugar by

October 30, 2023

News Desk

Potential areas for income

Islamabad: National growth has almost stagnated to the point that economic managers are extremely concerned about preventing financial bankruptcy due to domestic and international debt obligations. In order to get through this critical economic crisis, economic managers must turn their focus to formulating policies that could boost the state’s tax revenue. For the purposes of enhancing domestic resource mobilization in terms of revenue growth, we need to identify sectors of the economy that have been growing steadily for at least the last decade. In addition, sectors receiving windfalls due to currency devaluation and enhanced interest rates and enriched by increased

October 30, 2023

News Desk

Smog: Faced again with unsustainable management

Islamabad: Once again, the Punjab government is actively working to control smog and has mobilized relevant agencies and resources as a snap intervention. We face smog every year, but the relevant agencies work reactively rather than proactively addressing this persistent issue. Every year, as winter approaches and signs of smog appear, we begin our preparations and create an emergency situation for public and private sector agencies. Citizens suffer in between and no long term sustainable plan is visible as it is treated as a seasonal activity. All of the regulatory (EPA) and legal framework for smog control are in place,

October 30, 2023

News Desk

Can PIA prepare for privatization in dire straits?

Islamabad: In 1998, Air Lanka, the state-owned airline of Sri Lanka, was partially divested to Emirates with full management control, beginning a ten-year strategic partnership. A decade later, Emirates chose not to renew its management contract due to government intervention, selling back its 43.6% stake in Air Lanka to the Sri Lankan government. After Emirates pulled out, the profitable Sri Lankan airline accumulated losses exceeding $875 million under government administration over the next seven years. The Sri Lankan government took more than a decade until 2022 to overcome the situation by offering voluntary retirement packages and reducing operations. The government

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