Pakistan Economy Thread
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Brigadier
Pakistan among top five countries with most investment in 1HCY20: WB
Pakistan has become one of the five countries in the world with the most investment in the first half-year of 2020 for the first time, according to a World Bank (WB) report released Tuesday.
“Pakistan had the fourth-highest investment commitments – a new entrant to the top five countries this year—with $1.9 billion of investment commitments, accounting for 0.69% of the GDP,” the Private Participation in Infrastructure (PPI) 2020 Half Yearly Report said.
The report had termed the current year’s PPI unprecedented because of Covid-19 which brought many sectors, including infrastructure, to a near standstill.
According to the report, the Thar power plant in Pakistan and the pipeline in Mexico were the only two megaprojects around the world to reach financial closure in the first half-year of 2020.
The coal power project was developed under the umbrella of the China-Pakistan Economic Corridor (CPEC). It is part of an effort by the government to improve energy security and reduce the average cost of power generation by transitioning from oil to coal.
The report added that the South Asian Region (SAR) region had the second highest 1HCY20 investment level at $4.9 billion, driven by Pakistan $1.9 billion, India $1.8 billion, and Bangladesh $1.2 billion
Pakistan has become one of the five countries in the world with the most investment in the first half-year of 2020 for the first time, according to a World Bank (WB) report released Tuesday.
“Pakistan had the fourth-highest investment commitments – a new entrant to the top five countries this year—with $1.9 billion of investment commitments, accounting for 0.69% of the GDP,” the Private Participation in Infrastructure (PPI) 2020 Half Yearly Report said.
The report had termed the current year’s PPI unprecedented because of Covid-19 which brought many sectors, including infrastructure, to a near standstill.
According to the report, the Thar power plant in Pakistan and the pipeline in Mexico were the only two megaprojects around the world to reach financial closure in the first half-year of 2020.
The coal power project was developed under the umbrella of the China-Pakistan Economic Corridor (CPEC). It is part of an effort by the government to improve energy security and reduce the average cost of power generation by transitioning from oil to coal.
The report added that the South Asian Region (SAR) region had the second highest 1HCY20 investment level at $4.9 billion, driven by Pakistan $1.9 billion, India $1.8 billion, and Bangladesh $1.2 billion
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Brigadier
’s monthly exports to cross $400mn mark first time...
Pakistan’s exports to the US during the months of October and November 2020 stood at $430 million and $437 million, respectively.
The announcement was made by Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood, who encouraged exporters to opt for aggressive marketing.
“I am glad to share that exports of Pakistan to US during the months of October and November 2020 stood at $430 million and $437 million, respectively,” shared Dawood in a tweet post on Tuesday.
“This is the first time that our exports to the US have crossed $400 million mark in a month. It is a great achievement by our exporters and I encourage them to market their exports to the US aggressively in order to capture a greater share of the market,” he said
Pakistan’s exports to the US during the months of October and November 2020 stood at $430 million and $437 million, respectively.
The announcement was made by Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood, who encouraged exporters to opt for aggressive marketing.
“I am glad to share that exports of Pakistan to US during the months of October and November 2020 stood at $430 million and $437 million, respectively,” shared Dawood in a tweet post on Tuesday.
“This is the first time that our exports to the US have crossed $400 million mark in a month. It is a great achievement by our exporters and I encourage them to market their exports to the US aggressively in order to capture a greater share of the market,” he said
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Brigadier
Cutlery export increases 23.8pc in 4MFY21
ISLAMABAD: Cutlery exports from the country witnessed an increase of 23.82 per cent during the first four months (July-Oct) of the current financial year (FY21) as compared to the corresponding period of last fiscal year.
ISLAMABAD: Cutlery exports from the country witnessed an increase of 23.82 per cent during the first four months (July-Oct) of the current financial year (FY21) as compared to the corresponding period of last fiscal year.
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Brigadier
Pakistan Rises 31 Places on Trading Across Border Index Beating India And Bangladesh
Pakistan has considerably improved its implementation of the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) from 34 percent in June 2018 to 79 percent in November 2020, stated the Federal Board of Revenue (FBR) in a press release.
Due to the improvement in the implementation of the TFA, Pakistan has advanced by thirty-one positions in the Trading Across Border Index, which has tangibly contributed to Pakistan’s rise (from the 136th position to the 108th position) in the Global Fund’s Annual Ease of Doing Business 2020 Report.
Pakistan has considerably improved its implementation of the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) from 34 percent in June 2018 to 79 percent in November 2020, stated the Federal Board of Revenue (FBR) in a press release.
Due to the improvement in the implementation of the TFA, Pakistan has advanced by thirty-one positions in the Trading Across Border Index, which has tangibly contributed to Pakistan’s rise (from the 136th position to the 108th position) in the Global Fund’s Annual Ease of Doing Business 2020 Report.
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Brigadier
Pakistan registers current account surplus for fourth straight month
ISLAMABAD - Federal Ministers rejoiced on Thursday over Pakistan’s current account witnessed a surplus for the fourth consecutive month in October, rising to $382 million or 1.6 per cent of the gross domestic product (GDP).
“In October, the current account surplus rose further to $382 million from $59 million in September, on the back of a sustained increase in remittances and smaller trade deficit.
This is the fourth successive monthly surplus. Since July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4 billion deficit recorded in the same period last year,” the State Bank of Pakistan (SBP) said on Twitter on Thursday. According to the SBP, Pakistan’s trade deficit in October had narrowed by 20 per cent to $1.49 billion from $1.86 billion in September.
Meanwhile, remittances during the month recorded at $2.284 billion unchanged from the previous month. The country’s current account has been helped by a significant increase in remittances during the current fiscal year.
ISLAMABAD - Federal Ministers rejoiced on Thursday over Pakistan’s current account witnessed a surplus for the fourth consecutive month in October, rising to $382 million or 1.6 per cent of the gross domestic product (GDP).
“In October, the current account surplus rose further to $382 million from $59 million in September, on the back of a sustained increase in remittances and smaller trade deficit.
This is the fourth successive monthly surplus. Since July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4 billion deficit recorded in the same period last year,” the State Bank of Pakistan (SBP) said on Twitter on Thursday. According to the SBP, Pakistan’s trade deficit in October had narrowed by 20 per cent to $1.49 billion from $1.86 billion in September.
Meanwhile, remittances during the month recorded at $2.284 billion unchanged from the previous month. The country’s current account has been helped by a significant increase in remittances during the current fiscal year.
Nice video. That is one of many supercriticial coal power plants China built in Pakistan as part of CPEC.
Supercritical coal power plants are more efficient than older coal power plants like 41%-44% vs 33% for older types.
This means you can generate same power with less coal and less emissions.
This is just one of many facilities. These will make Pakistan less dependent on oil which has had highly volatile prices over last decades. Pakistan is making this transition many decades after most of the world switched from oil in the late 1970s. Most countries had stopped burning oil for generating electricity by the early 1990s the latest. Saudi Arabia gave Pakistan a deal they couldn't refuse, so Pakistan kept burning oil. But because of this lack of plant upgrade, last decade's historic high oil prices impacted Pakistan's economy real hard. Electric grid sector was in a pinch because they also did not have capital to upgrade facilities.
Coal prices are typically less volatile and Pakistan even has some limited coal resource. But AFAIK Pakistan coal is limited to brown coal and not enough extraction yet. Brown coal does not burn clean and is not appropriate for burning close to populated areas.
These plants will likely burn coal from Indonesia, South Africa, or Australia. It doesn't need to be the highest grade of coal but it needs to be black coal. So middle of the grade. This also requires the construction of rail infrastructure to transport coal from port facilities to the power plant's location or rail cars and locomotives to do it.
Pakistan also has some natural gas resource and this is used for peaking power generation. This was the major source of new generation prior to CPEC but there are limits to extraction and there are low remaining reserves so capacity cannot be expanded much. As Pakistan's gas production falters gas has been imported by boat as LNG. Pakistan has a country with huge gas reserves right next door, Iran, but for political reasons pipelines were never built.
Supercritical coal power plants are more efficient than older coal power plants like 41%-44% vs 33% for older types.
This means you can generate same power with less coal and less emissions.
This is just one of many facilities. These will make Pakistan less dependent on oil which has had highly volatile prices over last decades. Pakistan is making this transition many decades after most of the world switched from oil in the late 1970s. Most countries had stopped burning oil for generating electricity by the early 1990s the latest. Saudi Arabia gave Pakistan a deal they couldn't refuse, so Pakistan kept burning oil. But because of this lack of plant upgrade, last decade's historic high oil prices impacted Pakistan's economy real hard. Electric grid sector was in a pinch because they also did not have capital to upgrade facilities.
Coal prices are typically less volatile and Pakistan even has some limited coal resource. But AFAIK Pakistan coal is limited to brown coal and not enough extraction yet. Brown coal does not burn clean and is not appropriate for burning close to populated areas.
These plants will likely burn coal from Indonesia, South Africa, or Australia. It doesn't need to be the highest grade of coal but it needs to be black coal. So middle of the grade. This also requires the construction of rail infrastructure to transport coal from port facilities to the power plant's location or rail cars and locomotives to do it.
Pakistan also has some natural gas resource and this is used for peaking power generation. This was the major source of new generation prior to CPEC but there are limits to extraction and there are low remaining reserves so capacity cannot be expanded much. As Pakistan's gas production falters gas has been imported by boat as LNG. Pakistan has a country with huge gas reserves right next door, Iran, but for political reasons pipelines were never built.