LAHORE: The annual average capacity surplus of Pakistan’s power sector is likely to increase 15% against projected demand because of over-commitment of power generation projects. The surplus will translate into annual average of more than 4,000 megawatts, according to a report launched by the Energy Institute of Lahore University of Management Sciences (LUMS). The report, titled “Pakistan’s Electricity Outlook 2020-25”, critically…
Read MoreDay: January 31, 2020
IMF to hold talks from February 3 under $6 billion EFF
Pakistan and International Monetary Fund (IMF) will hold talks starting from February 3 for the second review under the US$6 billion Extended Fund Facility (EFF). This was confirmed by IMF Resident Representative Teresa Daban Sanchez here on Thursday. She said, “The IMF and Pakistani teams are already conducting preparatory work on the issues pertaining to the second review and the…
Read MoreCircular debt: Competitive bidding to be arranged for raising Rs200 bn from banks
ISLAMABAD: The Power Division will arrange open competitive bidding to raise Rs200 billion under Sukuk-II from banks or consortium of banks at lowest interest rate and the amount will be utilised for partial cash settlement of the circular debt that has risen to Rs1.7 trillion in toto, which is 4 percent of GDP of Pakistan. “Yes, we are going to…
Read MorePak Suzuki raises prices of Cultus variants
Pak Suzuki raises prices of Cultus variants KARACHI: Barely a month after it raised prices for some of its variants, Pak Suzuki Motor Company Limited has now hiked the price tag for its Cultus variants following some technological improvements. According to a notice sent by the company to its dealers on Thursday, the Japanese car assembler increased the price of Cultus…
Read MoreOgra suggests hike in diesel, LDO prices
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to increase the prices of diesel and Light Diesel Oil (LDO) by Rs2.47 and Rs1.1 a litre respectively for February. However, it recommended a reduction of Re0.06 and Re0.66 a litre in the prices of petrol and kerosene respectively. Interestingly, the Brent Oil price on the international market has reduced…
Read MoreForex reserves rise to $18.362bln
KARACHI: The total liquid foreign exchange reserves of the country rose to $18.362 billion from $18.271 billion during the week ended January 24, the central bank reported on Thursday. The foreign exchange reserves of the State Bank of Pakistan increased $184 million, or 1.56 percent to reach $11.915 billion, compared with $11.731 billion in the previous week, it added. The…
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