Baluchistan has a huge potential for solar energy generation, and to tap this unexplored potential, the Government of Pakistan is in talks with Saudi Arabia for investment in the solar energy sector in Baluchistan. According to Power and Petroleum Minister, Omer Ayub Khan, talks are underway to attract investment worth $4 billion to uplift the energy sector in Baluchistan.
The top International Monetary Fund (IMF) official in Islamabad has confirmed Pakistan had met the final precondition for the seventh and eighth review under a $6 billion loan program. Pakistan met the last condition by increasing the petroleum development levy (PDL) on July 31. The PDL was raised by Rs10 on petrol and by Rs5 each on HSD, kerosene and light diesel oil (LDO).
Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to unavailability of raw material amid import restrictions and exchange rate volatility. The freefalling of rupee has had a cascading effect on industries that rely on imports to complete finished goods as the central bank delayed clearance of letters of credit with banks facing a shortage of dollars, affecting their ability to import materials.
Pakistan’s top performing startup, Airlift, announced on Tuesday that it had permanently shut operations in the country after day-to-day running finances dried up and an attempt to raise fresh funds failed last week. The grocery delivery startup had raised the largest financing of $85 million in the country’s history in the Series B funding round in August 2021.
Moody’s Investors Service – one of the world’s top three credit rating agencies – on Thursday downgraded Pakistan’s outlook from stable to negative. The decision to change the outlook to negative is driven by Pakistan’s heightened external vulnerability risk and uncertainty around the sovereign’s ability to secure additional external financing to meet its needs, the rating agency said in its report.