New Delhi, June 3 (IANS) Pakistan is facing an acute energy crisis-cum-financial crunch that is getting worse and is likely to deteriorate further if the China-Pakistan Economic Corridor’s (CPEC) second phase is carried out as proposed, according to an article in Asia Times.Pakistan’s power sector circular debt stood at 1.89 trillion rupees ($6.7 billion) as of February, up nearly 200 billion rupees in just two months. Of that total, 543 billion rupees trace directly to CPEC power projects, …
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Islamabad, April 7 (IANS) Poverty in Pakistan is structural and not cyclical with the tariffs paid by the people of the country today not being the price of electricity but recovery of past multi-billion dollar policy errors, a report has highlighted. According to Pakistan’s Ministry of Planning, Development and Special Initiatives, around 50 million Pakistanis were living below the poverty line in 2018. By 2024, the number had increased to roughly 70 million.”In 2018, the average electricity ta…
New Delhi, March 12 (IANS) Pakistan’s economy could come under pressure if global oil prices surge to $130 per barrel amid escalating tensions in the Middle East, according to a report.As per Arab News, the concerns by economists and industry experts follow a recent spike in crude prices above $110 per barrel after hostilities involving the United States, Israel, and Iran raised fears of disruptions to shipments through the Strait of Hormuz, a key waterway that carries nearly one-fifth of the …