The <keyword id="3001" type="General" weightage="80" keywordseo="pakistan" source="Orion">Pakistan</keyword> government on Tuesday announced plans to reduce energy consumption nationwide whereby it proposes to close markets by 8:30 pm and wedding halls by 10 pm, in view of the rising circular debt in the energy sector. "The plan will change the overall lifestyle and habit pattern of the nation and save us Pkr 60 billion," Pakistan Defence Minister <keyword id="1998417" type="General" weightage="50" keywordseo="khawaja-asif" source="Orion">Khawaja Asif</keyword> was quoted as saying by Dawn newspaper during a press conference. Addressing the presser alongside other key ministers, Asif said that the production of fans run on electricity will be halted in Pakistan by July. "Inefficient fans use around 120-130 watts of electricity. Across the globe, fans are available that use 60-80 watts," he said. This development comes as a Pakistan media report said this policy is aimed at saving energy as the government resolves to reduce circular debt in the energy sector. The power division in Pakistan has said that the circular debt which stood at Pkr2.253 trillion by end of September last year had now reached Pkr2.437 trillion, the Dawn report said citing media reports. The Pakistan Defence Minister said that Prime Minister <keyword id="11977746" type="General" weightage="50" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> has directed to decrease the usage of electricity used by all federal government departments by 30 per cent. <keyword id="2093498" type="General" weightage="50" keywordseo="pm-sharif" source="Orion">PM Sharif</keyword> also directed against unimportant usage of electricity in offices. This follows warnings from observers and experts about the alarm bells that Pakistan is dangerously close to default. On Sunday, former finance minister <keyword id="1741315" type="General" weightage="50" keywordseo="miftah-ismail" source="Orion">Miftah Ismail</keyword> said "if Pakistan does default, God forbid - which, I believe can be avoided - it would take six months at the minimum to recover." "What would happen if such a thing happens to pass is that we will have to go back to the International Monetary Fund and other lenders, and will have to request them that we will pay any amount due to them this year in the year that follows," he said in an interview with The Express Tribune newspaper. The Pakistan Finance Ministry last week forecasted that inflation will stay high as it warned that the cash-strapped nation is staring at 'severe headwinds' in the current fiscal year, the Dawn newspaper reported. "For FY23, economic growth is likely to remain below the budgeted target due to devastation caused by floods. This combination of low growth, high inflation, and low levels of official foreign exchange reserves are the key challenges for policymakers," said the alert issued by Pakistan Finance Ministry in its Monthly Economic Update and Outlook. According to the economic outlook, Pakistan's overall fiscal deficit stood at 1.5 per cent of GDP during July-October 2022-23 as compared to 0.9 per cent of GDP last year. The Dawn report said the fiscal deterioration was because of higher expenditure growth on the back of higher markup payments while the government is facing the challenge of providing relief to people in flood-hit areas. (ANI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/inflation-in-pakistan-climbed-to-24-5-in-dec/articleshow/96708021.cms">Inflation in Pakistan climbed to 24.5% in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ntpc-starts-blending-green-hydrogen-with-piped-natural-gas-in-surat/articleshow/96712471.cms">NTPC starts blending green hydrogen with piped natural gas in Surat</a>

Markets to close by 8.30 pm, wedding halls by 10 pm in Pak's new energy conservation plan

<keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s exit from the Financial Action Task Force's (FATF) grey list has brought little cheer to the country's economic managers even as estimates suggest that the cumulative real GDP losses for the country due to the blacklisting had soared to $38 billion. The severe floods and rising political uncertainty have caused the country's economic situation to deteriorate further in the last few months. Ishaq Dar, the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister of the country, who replaced <keyword id="1741315" type="General" weightage="50" keywordseo="miftah-ismail" source="Orion">Miftah Ismail</keyword> a month ago has had little impact on the situation. Local newspaper <keyword id="59588" type="General" weightage="80" keywordseo="dawn" source="Orion">Dawn</keyword> in its report said that forex reserves held by the country's central bank were close to nil. Of the total amount, $2.3 billion has been credited by China, $3 billion was deposited by Saudi Arabia and $1.2 billion came from the International Monetary Fund (IMF). The rest is also based on borrowings from commercial banks, the newspaper said, adding that Pakistan seems to be isolated. Though the South Asian nation has managed to avert an immediate default, its foreign exchange reserves continue to remain below the $8 billion mark. While Pakistan would require about $32 billion for debt repayment in the current financial year, on October 21, the country's foreign currency reserves stood at $7,439.9 million, a fall of $157 million compared to $7,597.2 million held by the State Bank of Pakistan on October 14. After the initial recovery soon after Dar assumed charge, the Pakistani currency is once again on a slide. On Monday, however, it managed to gain more than Rs 2 a dollar. It traded at about 220.5 to a US dollar on Monday after Friday's close of Rs 222.47. An analyst dealing with South Asia said that the economic crisis will linger "until bold reforms are implemented." "But that is not going to be the case and now with general elections inching closer, policies may be more towards populism. We saw how Miftah Ismail (Pakistan's former finance minister) was removed despite being able to steer away from a default," he told India Narrative. After Moody's, rating agency <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> too has downgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'. This will make borrowing even tougher. In its statement, Fitch said that the downgrade reflects further deterioration in Pakistan's external liquidity and funding conditions, and the decline of foreign exchange reserves. This is partly a result of widespread floods, which will undermine Pakistan's efforts to rein in twin fiscal and current account deficits. Fitch typically does not assign outlooks to sovereigns with a rating of 'CCC+' or below, it said in its statement. Earlier, Pakistan-based think tank Tabadlab said: "that FATF grey-listing, starting in 2008 and till 2019, may have resulted in cumulative real GDP losses of approximately $38 billion." The country had been put on the FATF grey list since June 2018. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/twitter-bosses-entitled-to-usd-122-million-in-golden-parachute-payouts/articleshow/95224235.cms">Twitter bosses entitled to USD 122 million in 'golden parachute' payouts</a>

Pakistan's forex reserves are close to nil, says local newspaper Dawn

<keyword id="3001" type="General" weightage="50" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9 per cent over five working days to 219.92 PKR to a dollar on expectation of significant foreign currency inflows. "The rupee remained the best performing currency on a week-on-week basis," The Express Tribune quoted Arif Habib Limited Head of Research Tahir Abbas as saying. Friday was the 11th consecutive working day for the Pakistan rupee when it maintained the winning streak since the current <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister Ishaq <keyword id="6771714" type="General" weightage="80" keywordseo="dar" source="Orion">Dar</keyword> announced his return to to the country by ending a five-year self-exile last month. Apparently, after taking over, Dar resumed his old policy of protecting the rupee against the onslaught of the US dollar. He found the rupee undervalued at July's all-time low of nearly 240 to a dollar and suspected the manipulation of the rupee value by commercial banks to serve vested interests. A probe in this regard is underway. Speculation is rife that the rupee will resume its downturn in the backdrop of strengthening US dollar against many major world currencies, bouncing back of global crude oil prices to above $90 per barrel, fears of recession in <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, drop in Pakistan's foreign currency reserves and no significant increase in the country's exports, according to experts. Earlier, the domestic currency remained highly volatile since March this year as it somersaulted from the world's best performing currency to become the worst and again became the best performing in the past seven days. Before Dar's return, the rupee lost almost 12 per cent in 15 successive working days to an all-time low of around 240 PKR in late July on increased risk of default on debt repayment, for instance, in the case of $1 billion Sukuk maturing on December 5, 2022. Dar also partially blamed his predecessor Miftah Ismail's policies for the mess in the domestic economy. Ismail, however, had been praised earlier for taking tough decisions to steer Pakistan away from the risk of default and persuade the IMF to resume its loan programme, The Express Tribune reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

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Markets to close by 8.30 pm, wedding halls by 10 pm in Pak's new energy conservation plan

ANI

Pakistan's forex reserves are close to nil, says local newspaper Dawn

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Pakistani rupee becomes 'world's best performing currency'

IANS