Archive · Business Recorder
The circus
Pakistan’s government appears to have discovered yet another way to discourage investment: persuade an industry to spend billions upgrading its facilities, then change the rules so that keeping them running becomes a loss-making proposition. And then have the audacity to thank the effected party, when it had literally dealt them a blow in the dark. The latest move to shift the burden of the petroleum levy onto refineries is more than another questionable pricing adjustment. It is a damaging signal about how Islamabad understands investment, risk and the sanctity of an agreement. Having spent c...
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