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·   GoP has reportedly finalized a PkR1.25tn borrowing agreement with commercial banks aiming to reduce the power circular debt burden. ·   The freshly acquired debt will be allocated towards: i) refinancing of PkR683bn PHPL liabilities, ii) PkR280bn to nuclear plants, iii) PkR220bn to LNG based plans, and iv) PkR5bn to state-owned power plants. ·   We anticipate authorities to amass annual savings of PkR220bn through this restructuring exercise. Authorities moving to settle power circular debt: GoP has reportedly finalized a PkR1.25tn borrowing agreement with commercial banks at financing rate of ~10.8% (KIBOR – 1%) aiming to reduce the power circular debt burden, as per newsflows. The initiative is part of a broader three-part strategy to eliminate PkR2.4tn in outstanding liabilities through fresh borrowing, budgetary allocations, and the already renegotiated IPP contracts. The restructuring plan is expected to provide fiscal relief by replacing higher-cost PHPL loans/p...
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NewsDaily

Govt reduces debt rollover risk Pakistan has met the International Monetary Fund (IMF) condition of increasing the maturity profile of its debt through retiring the short-term borrowing and the government also hopes to strike a $1 billion foreign commercial loan deal in April. The development came hot on the heels of some improvement in debt indicators, including the expected slowdown in the pace of debt accumulation to single digits after a long time. The debt office, which now directly reports to the finance secretary, has taken certain initiatives to reduce interest rate and debt refinancing risks. Against the IMF's condition of increasing the current average maturity time of debt from two years and eight months, the Finance Division managed to increase it to three years and three months by December, according to data compiled for the IMF review starting from Monday. The first formal programme review talks between Pakistan and the IMF will begin on March 3 and will continue til...
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Fire and Blood

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the maesters of the itadel who keep the histories of Westeros have used Aegon’s Conquest as their touchstone for the past three hundred years. Births, deaths, battles, and other events are dated either AC (After the Conquest) or BC (Before the Conquest). True scholars know that such dating is far from precise. Aegon Targaryen’s conquest of the Seven Kingdoms did not take place in a single day. More than two years passed between Aegon’s landing and his Oldtown coronation…and even then the Conquest remained incomplete, since Dorne remained unsubdued. Sporadic attempts to bring the Dornishmen into the realm continued all through King Aegon’s reign and well into the reigns of his sons, making it impossible to fix a precise end date for the Wars of Conquest. Even the start date is a matter of some misconception. Many assume, wrongly, that the reign of King Aegon I Targaryen began on the day he landed at the mouth of the Blackwater Rush, beneath the three hills where the city of King’s...
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