Pakistan on verge of discovering big oil and gas reserve: Imran Khan

Hindustan Times | Mar 22, 2019 at 8:48 PM
  • And there has been no official word from ExxonMobil and the international oil exploration company ENI which have been involved since January in drilling an ultra-deep well (230km inside the sea) for oil in what is known as Kekra-1 area.
  • Italy’s ENI and US oil major Exxon Mobil are jointly drilling for gas offshore in Pakistan’s Arabian Sea.
  • The prime minister believes that if big oil reserves are discovered, most of Pakistan’s economic problems will be addressed and then there will be no stopping the country’s progress.


Pakistani religious scholar attacked in Karachi

Xinhua News Agency | Mar 22, 2019 at 1:58 PM
  • The killed were Usmani’s guards including the police, while two other guards got injured.
  • Police cordoned off the area and launched a search operation on the adjoining areas to nab the militants.


Cash-strapped Pakistan to receive $ 2.1 billion loan from China by March 25

Hindustan Times | Mar 22, 2019 at 1:24 PM
  • Cash-strapped Pakistan will receive over USD 2 billion loan from its “all-weather” ally China by Monday to provide a boost to its ailing economy, the Finance Ministry has announced.
  • Pakistan has received USD 1 billion each from Saudi Arabia and the UAE, as part of the bailout packages by the two Gulf nations to help shore up Islamabad’s dwindling foreign currency reserves.
  • Islamabad is also in talks with the International Monetary Fund (IMF) for a bailout package.


Pakistan, Malaysia sign agreements for 5 ‘big projects’

Dawn | Mar 22, 2019 at 10:39 AM
  • Malaysia and Pakistan signed Memoranda of Understanding (MoUs) for five “big projects” on Friday, Finance Minister Asad Umar revealed during an informal discussion with journalists.
  • At the investment conference, Prime Minister Imran Khan on Friday praised his counterpart’s outspoken stance on issues affecting Muslim communities once again.
  • Earlier today, at the joint press conference following their meetings, Prime Minister Imran Khan appreciated his counterpart for taking a stand for Muslims a week after the Christchurch terror attacks.


Currency notes of Rs20 and above contain Braille features: SBP

Dawn | Mar 22, 2019 at 7:11 AM
  • The State Bank of Pakistan (SBP) said on Thursday that, except the currency note of Rs10, all other currency notes had specific features which could help visually impaired persons in recognising their genuineness and denominations.
  • This feature makes banknote denominations easily distinguishable by rubbing the thumb against these raised features.
  • Thus, a visually impaired person can easily infer the denomination of the banknotes by feeling the raised printing as well as its genuineness.


State Bank reserves jump $715m

Dawn | Mar 22, 2019 at 7:11 AM
  • The UAE had promised to deposit $3bn in the SBP account with the second tranche of $1bn landing on Mar 13.
  • This took the total foreign exchange reserves of the country to $15.7bn — a six-month high.
  • The total foreign liquid reserves stood at $14.92bn in September 2018.


Stocks extend losses into third day

Dawn | Mar 22, 2019 at 7:11 AM
  • Stocks continued to weaken for third day in a row with the KSE-100 index tumbling by 163.04 points (0.42 per cent) and settle at 38,384.72.
  • Selling pressure was seen across the board in banks, cement, steel, fertiliser and oil and gas marketing companies.
  • Sectors contributing to the index downside included fertiliser, lower by 47 points, power 36 points, oil and gas marketing companies 22 points, exploration and production 13 points and cement 12 points.


Foreign investors’ refund claims soar to Rs65bn

Dawn | Mar 22, 2019 at 7:11 AM
  • The unpaid income tax and sales tax refund claims of some 74 companies owned fully or partially by foreign investors have increased by a whopping 38.7 per cent in last one year from Rs47 billion in February 2018 to Rs64.8bn.
  • The outstanding income tax refunds of its member firms stood at Rs42bn and sales tax claims at Rs22.8bn.
  • Tetra Pak is owed Rs4.9bn, Engro Foods Rs4.7bn and Nestle Rs4.6bn.


Amid surging gas demand, LNG to dominate next ECC meeting

Dawn | Mar 22, 2019 at 7:11 AM
  • Expecting an additional gas demand of over 1.2 billion cubic feet per day (bcfd) by 2020 winters, the government has called a meeting of the Economic Coordination Committee (ECC) of Cabinet next week for dedicated discussions on the gas sector.
  • This comes in the aftermath of positive signals from Qatar for additional LNG supply of about 200 million cubic feet per day (mmcfd) to Pakistan at relatively lower rates than those charged under the existing long-term agreement of 15 years.
  • At least five major international and local firms are lobbying for government’s permission to set up next private sector terminal.


Pakistan has highest gender wage gap in world

Dawn | Mar 22, 2019 at 7:10 AM
  • There is a broad consensus that no country can progress without the full participation of women in public life.
  • Pakistan’s inclusive growth targets require women’s participation in the workforce to rise from current 26 per cent to 45pc.
  • Without increasing women’s participation, Pakistan cannot meet its development targets or reasonably expect to become a competitive state and society in the 21st century.