Cricket is not Cricket without Shahid Afridi

Pakistan State Oil Ltd (PSO) held its analyst briefing earlier today to discuss 9MFY25 financial results and future outlook: ·         PSO reported net sales of PkR2,336bn during 9MFY25, down 13%YoY, primarily due to lower average fuel prices and a 7% YoY decline in delivered volumes to 5.3mn tons. ·         However, Unconsolidated net profit rose 14%YoY to PkR15.3bn (vs. PkR13.4bn in 9MFY24), supported by lower finance costs and higher other income.   ·         On a consolidated basis, profitability declined 42%YoY to PkR10.7bn, as falling oil prices and weak refinery margins weighed on overall earnings. ·         Company expanded its footprint by commissioning 67 retail outlets during the period, bringing country-wide total to 3,641 outlets. ·         Company’s future initiatives include: i) EV charging stat...

Pakistan to secure $2bn commercial financing this month: Aurangzeb Finance Minister Mohammad Aurangzeb informed the National Assembly Standing Committee on Finance on Thursday that Pakistan will return to commercial financing, aiming to secure $2 billion this month to boost forex reserves to $14 billion. Half of this will be guaranteed by Asian Development Bank and Asian Infrastructure Investment Bank. He stated that while monetary policy falls under the State Bank’s domain, he expects a rate cut in the upcoming meeting, with inflation likely to enter single digits next fiscal year. Aurangzeb said that the government would move towards downsizing and rightsizing in Utility Stores Corporation and Passco. “I want to make it clear that the government will move towards downsizing and rightsizing these SOEs, he told the panel. Federal Secretary Finance Imdadullah Bosal informed the committee that the government has approved a 10 percent salary increase for all public sector employees and a...

• The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery. • Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience. • The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion. Washington, DC – May 9, 2025: Today, the Executive Board of the International Monetary Fund (IMF) completed the first revie...