Strauss demands England improvements


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Public resources programme: World Bank likely to approve $600m The World Bank is likely to approve $600 million for ‘Pakistan Public Resources for Inclusive Development Multiphase Programmatic Approach: Phase 1 – Federal’ with the objective of increasing the level and quality of spending on inclusive development. Official documents reveal that the federal government program is estimated at $ 1,624 million over 5 years and aligned to fiscal and primary balance targets agreed under the International Monetary Fund’s Extended Fund Facility (EFF) and the government’s Medium Term Fiscal Framework (MTFF). Of this, the World Bank’s contribution to the program will be $600 million. The baseline for the expenditure framework is the enacted budget for fiscal year 25, following the government budget classification and the preliminary program expenditure framework constitutes selected budget heads of implementing agencies that are central to the results area and Disbursement-Linked Indicators (DLI...
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Oil & Gas Development Company (OGDC), being state-owned with 85% govt ownership, is the largest E&P company in Pakistan. Company’s revenue mix comprises of 56%/47%/10% Gas/Oil/LPG, where-in estimated total production life currently stands at a little over ~14 years. Our investment thesis for growth is anchored upon the following key drivers; i) markedly improved cashflows over the past twelve months, reflected in higher payouts and accelerated E&P operations, ii) significant stake in Reko Diq (8.33%) to yield results post FY27, and iii) potential for sizeable wild-cat discovery in Abu Dhabi offshore block-5 in the upcoming year, iv) strong 2P reserve position and substantial recoverable reserve life. In summary, we have a Dec’25 target price of PkR355/sh on the stock, which offers a 68.11% upside from current levels. Additionally, OGDC’s 2P reserves stand at 721mn boe (Oil 125; Gas 596), translating into an indicative reserve value of PkR460/share. Path to circular debt res...
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LESSON 1: STANDARD 1: PROFESSIONALISM Knowledge of the Law B. Independence and Objectivity c. Misrepresentation D. Misconduct LOS 3a: Demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity. vol 1, pp 55-208 LOS 3b: Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards. vol 1, pp 55-208 LOS 3c: Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.vol 1, pp 55-208 Standard I(A): Knowledge of the Law The Standard Members and candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their profe...
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