Year: 2021

Devaluation drives up debt

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A steep fall in the value of Pakistani rupee against foreign currencies since July 2018 caused an addition of Rs2.9 trillion or one-fifth to the public debt during the past three years, the Ministry of Finance said on Thursday. The official reaction to media reports on the record surge in public debt, based on State Bank of Pakistan’s debt bulletin, came the day the rupee closed at nearly the lowest level in a year – Rs167 to a dollar. During intra-day trading, the Pakistani currency at one point touched Rs168.…

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Nepra reserves judgement on Rs1.26 per unit increase for KE

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The National Electric Power Regulatory Authority (Nepra) on Thursday reserved its judgement about Rs1.26 per unit additional charge to consumers on account of monthly fuel price adjustment and quarterly adjustment for April-June 2021. At a public hearing presided over by Nepra chairman Tauseef H Farooqui, the regulator took up two separate petitions of K-Electric (KE) for additional charge to consumers including 55 paisa per unit on account of fuel cost adjustment (FCA) for July and 71 paisa per unit for quarterly adjustment for April-July 2021. The KE representatives told the…

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Pakistan gets EETL notice to give up sovereign right to take over its ship

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In what appears to be increasing mess in liquefied natural gas (LNG) business, Pakistan on Thursday got one-day notice from Engro Elengy Terminal Limited (EETL) to give up its sovereign right to take over its ship and commit full “take or pay” for larger capacity as the government received more expensive bids for five LNG cargos in October and November. On top of that, the country would be facing about 300 to 600 million cubic feet of gas shortage in coming winter. In case the government decides to retain Engro’s…

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First CPEC power transmission project gets under way

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The first China-Pakistan Economic Corridor (CPEC) project in the power evacuation and transmission sector, the 660kV High-Voltage Direct Current (HVDC) Matiari-Lahore transmission line, started commercial operations on Wednesday on its scheduled date. On the first day, the project saved the country from a major breakdown by protecting the transmission, dispatch and distribution systems from a possible cascading effect due to tripping at Jamshoro. “It is a matter of great importance that the country finally succeeded in having the first and the biggest HVDC transmission line to evacuate 4,000 megawatts from…

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Demand-side pressure’ drives Pakistani rupee to 12-month low

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Pakistan’s rupee dropped to a one-year low, closing in on the 167 level against the US dollar in the inter-bank market, as demand-side forces continued to put pressure on the currency on Wednesday. As per the State Bank of Pakistan (SBP), the currency closed at 166.87 against the dollar in the inter-bank market, registering a depreciation of Rs0.48 or 0.29%. This is the currency’s lowest level since August 28, 2020 when it closed at 167.43 against the USD. The rupee has lost over 5% since July 2021 alone, and has…

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