Month: May 2021

Stocks end higher on IPPs dues release hints

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Stocks on Wednesday barreled ahead for second day on reports that renegotiation of IMF program and release of private power producers’ dues were in the offing, dealers said. Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 0.85 percent or 380.02 points to close at 44,943.61 points. Participation improved to 259.86 million shares from 221.50 million on Tuesday. Amreen Soorani at JS Global Capital said the government had reportedly decided to soon pay Rs90 billion to IPPs that fall under 1994 Policy (and before) under the first payment while the reported…

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Govt to take over K-Electric if utility refuses to sign PPA

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The Economic Coordination Committee (ECC) here on Wednesday made the government intention clear of taking over K-Electric if the utility company continues to avoid signing power purchase agreement (PPA). Regarding the power purchase agreement with K-Electric, the cabinet member said that after repeated failure of Power Division to sign agreement with the power utility, the ECC constituted a four member committee head by Finance Minister Shaukat Tarin comprising Minister for Planning and Special Initiatives Asad Umar, Minister or Industries and Production Hammad Azhar and SAPM on Power Tabish Gauhar to…

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Pakistan vaccinates over 200,000 people in a day: Asad

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In a positive sign, the number of registrations for the coronavirus vaccine have been increasing significantly as over 200,000 people got vaccinated against the virus on Tuesday, said Federal Minister for Planning and Development Asad Umar. Taking to Twitter on Wednesday, the federal minister noted that the number of registrants of the coronavirus vaccines in the country has exceeded the five million mark. He also urged people who are 40 or above to get themselves vaccinated against the coronavirus, adding that people should continue observing coronavirus safety protocols. Pakistan is…

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Payment to 12 IPPs withheld for NAB cases

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Economic Coordination Committee of the Cabinet (ECC) has approved payment of first installment to 35 Independent Power Producers (IPPs) out of total 47 whereas payment to the remaining 12 IPPs (under Power Policy 2002) may be withheld owing to the NAB investigation. Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting on Wednesday. Power Division presented a summary before the ECC regarding release of first installment of payment to IPPs. Secretary Power Division briefed the Committee about the recommendations of the sub-committee constituted during ECC last week. “The…

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CPEC western routes to be completed in three years

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The western alignment routes of the China-Pakistan Economic Corridor (CPEC) will be completed in around three years while the country is entering the second phase of CPEC that primarily focuses on agriculture and mass industrialisation, said CPEC Authority Chairman Asim Saleem Bajwa.  Speaking to businessmen at the Karachi Chamber of Commerce and Industry (KCCI), he said that work on the western alignment was underway on the route from Islamabad to Dera Ismail Khan and from Dera Ismail Khan to Zhob.  “We have presented a roadmap to China and they have approved it,” he said, adding that…

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