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Pakistan's inflation rate fell to 4.86% in November, marking the lowest level in over six years, according to the Pakistan Bureau of Statistics. This decline offers the central bank an opportunity to consider further interest rate reductions, contrasting with a 7.17% increase in October and a median forecast of 5.1% from a Bloomberg survey.
BYD has launched its Sealion 07 EV in Norway, marking the company's seventh model available in the country. Priced at NOK 469,900 ($42,150), the Sealion 07 is the first to utilize BYD's latest e-Platform 3.0 Evo, following its recent debut in Germany.
Many island nations face challenges similar to those in Pakistan, where the shift to renewable energy raises questions about the viability of traditional state-run grids. As solar power adoption grows, the national grid risks instability and financial strain, prompting calls for modernization and market reforms. Despite efforts to promote solar energy, concerns about affordability and the shrinking customer base for the grid persist, highlighting the complex dynamics of energy transition in emerging markets.
Pakistan is experiencing a significant surge in solar energy adoption, with imports of solar equipment from China reaching $1.7 billion in the first nine months of the year. This investment could generate 17 gigawatts of power, representing over a third of the country's total capacity, as solar panels are deployed on rooftops and farms. However, this rapid expansion poses challenges for the national grid.
A €350 million program aimed at assisting vulnerable nations with climate disaster costs has only disbursed €5.2 million in two years. Launched at the 2022 UN climate talks, the Global Shield has faced delays, with only Ghana receiving funding for drought insurance, raising concerns about developed nations" commitment to climate finance.
Pakistan is set to reduce power prices at electric vehicle (EV) charging stations to boost demand and support the decarbonization of its transport sector. Power Minister Awais Leghari announced that the government is working on a pricing structure that will apply to all charging and battery swapping stations for small cars, two-wheelers, and three-wheelers.
Pakistan's stock market is projected to rise significantly by the end of 2025, with analysts forecasting an increase of at least 27%. The KSE-100 Index is expected to reach 127,000 points, reflecting a 34% gain, driven by economic improvements under an IMF loan program and currency stabilization. Arif Habib Ltd. anticipates the index will hit 120,000 points, marking a 27% increase.
Pakistan's Finance Minister Muhammad Aurangzeb announced discussions with the IMF regarding a $7 billion bailout reform agenda, emphasizing that no new taxes will be imposed. The talks, which are unusual so soon after the IMF's approval of the bailout, focused on reforms in taxation, the energy sector, privatization of loss-making state-owned enterprises, and public finance. The first review of these reforms is scheduled for the first quarter of 2025.
Pakistan's Finance Minister Muhammad Aurangzeb announced that the government will not impose additional taxes through a mini-budget for the current fiscal year, as it is on track to meet its tax collection target. The goal is to achieve 13 trillion rupees ($47 billion) by June.
The IMF concluded unscheduled talks with Pakistani authorities regarding a $7 billion bailout, emphasizing the need for economic reforms to mitigate vulnerabilities. This visit, occurring shortly after the IMF board's approval, aimed to strengthen the foundation for sustainable growth ahead of the first review of the Extended Fund Facility in early 2025.
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