Pakistan

Pakistan has achieved a significant milestone as its three main reservoirs—Mangla, Tarbela dams, and Chashma Barrage—have simultaneously reached their maximum capacity within a single day, marking a historic moment. This achievement, which took place on August 17th, has led to a combined water storage of 13.443 million acre-feet (MAF), raising hopes for strong crop yields during the ongoing Kharif season and the upcoming Rabi season.

The Sensitive Price Indicator (SPI)-based inflation for the week ending August 16, 2023, rose by 0.78 percent compared to the previous week, with a year-on-year increase of 27.57 percent, as reported by the Pakistan Bureau of Statistics (PBS).

Imports within the petroleum group observed a decline of 44.89 percent during the initial month (July) of the current fiscal year 2023-24 (FY24), compared to the same period in the previous year. This information was provided by the Pakistan Bureau of Statistics (PBS), which reported that these imports amounted to $791.434 million, in contrast to the $1.436 billion recorded in July 2022.

In July 2023, Pakistan’s Real Effective Exchange Rate (REER) experienced a notable increase, surging by 3.86 percentage points to reach 91.59. The latest monthly data provided by the State Bank of Pakistan (SBP) reveals a substantial rise from the previous month’s figure of 87.73 in June 2023.

The Pakistan Army has achieved a successful operation to rescue six foreign climbers who were trapped on the treacherous Concordia peak. The rescue effort was prompted by a distress call from the stranded climbers, consisting of four British nationals, one Polish climber, and their local guide.

Developing strategic energy plans and monitoring mechanisms led by experts is crucial to achieve equitable energy access and eliminate energy poverty, stated Former Ambassador Naghmana Hashmi.