Rising | Pakistan

ISLAMABAD: Showing cautious optimism over Pakistan’s short-term economic outlook, the finance ministry on Tuesday warned that rising global oil prices due to the US-Israel war on Iran posed risks to the country’s import bill and macroeconomic conditions in the long-term. “Rising global oil prices and potential supply chain disruptions may exert pressure on industrial input costs”, said the Ministry of Finance in its Monthly Economic Update and Outlook, with the estimated rate of inflation growing by up to 8.5 per cent for the month. It said the near-term outlook for the country’s economy remained cautiously optimistic despite emerging geopolitical risks. Recent data indicated improving momentum in the industrial sector, with higher imports of textile machinery, transport and construction-related inputs, likely to translate into higher domestic industrial activity. The finance ministry said the government was actively pursuing prudent measures, including maintaining adequate petroleum reserves, managing energy...

THATTA/LARKANA: Rising pressure of floodwaters on the Baghar Ochto protective dyke of Indus River has triggered fresh fears of flooding in Mangli area near Ghorabari as Chhachh Lake in the riverine area has already overflowed and submerged several villages. Entire settlements of Ramzan Mallah, Usman Khaskheli, Urs Mallah, Allah Dino Mallah, Haroon Mallah, Ghulam Mallah, Haji Shahdad Khaskheli, Haroon Khaskheli, and Suleman Mallah have been encircled by water, cutting off their road access to nearby towns. The villagers are now using boats to receive food and other essentials. As the lake swells with Indus waters, reverse flow has begun, inundating vast tracts of the riverine belt. The Ghar Marhu canal, which irrigated hundreds of thousands of acres through Udero Lal Barrage on the river, was blocked near the GBU dyke last week in a desperate attempt to preempt damage from the rising floodwaters. But preparedness on ground remained questionable. Near Isa Khaskheli village, the irrigation department has set up ...