Day: September 29, 2021

 The Khyber Pakhtunkhwa government will participate in the Dubai International Expo in the United Arab Emirates with the aim to attract maximum foreign investment to the province and to highlight the positive image of the province at the international level. A meeting to discuss arrangements and preparations for participation in Dubai Expo was held under the chairmanship of Chief Minister Khyber Pakhtunkhwa Mahmood Khan here on Tuesday. Additional Chief Secretary Shahab Ali Shah, Principal Secretary to the Chief Minister Amjad Ali Khan, Secretary Industry Humayun Khan, Director General Culture and…

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The first phase of power sector subsidy reforms is now only a matter of government’s notification before it gets implemented. Nepra issued its determination on the Ministry of Energy’s request to incorporate modifications in discos’ tariffs, as a first step towards rationalizing the ever-growing untargeted power sector subsidies. Recall that the authorities had principally agreed to undertake a comprehensive subsidy reform in a phased manner, under the IMF program. The first phase was a prior action and got delayed but is now back on track. The first phase is “aimed…

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State Bank of Pakistan (SBP) announced revised prudential regulations for consumer financing designed to moderate imports and demand that could possibly have a negative impact on growth. This concern was reflected in the most recent Monetary Policy Statement stated 20 September 2021: “since its last meeting in July, the Monetary Policy Committee noted that the pace of the economic recovery has exceeded expectations. This robust recovery in domestic demand, coupled with higher international commodity prices, is leading to a strong pick-up in imports and a rise in the current account…

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The Economic Coordination Committee (ECC) of the Cabinet is to give its verdict on legality of longstanding dispute on sales tax collection on subsidy being provided by the federal and provincial governments to consumers, well-informed sources in Nepra told Business Recorder. Distribution Companies (Discos), being licencees of Nepra, are bound to charge the tariff determined by the latter and notified by federal government. Nepra determines tariff for Discos on “cost of service “basis and Government of Pakistan further subsidize the tariff determined by Nepra. This is the tariff which is finally…

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