Month: May 2023

Pakistan faces default by October without IMF bailout, says former finance minister

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Miftah Ismail says IMF programme is “essential” for Pakistan if it is to avoid default KARACHI: Pakistan faces default by October this year without a bailout from the International Monetary Fund (IMF), former finance minister Miftah Ismail said on Thursday. Ismail, who was finance minister from September to October last year, said the delay in the IMF programme had pushed the country’s economy into “current troubles”. “It is clear that Pakistan would default without an IMF programme in the last quarter of this financial year, if not by the end…

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Costly electricity affecting consumers’ affordability, consumption pattern: survey

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Power Tariff Reduction

ISLAMABAD: High power tariffs are adversely affecting consumers’ affordability and their consumption patterns. The trend is ultimately causing a sharp decline in the recoveries of distribution companies (DISCOs). Besides, the low recoveries can lead to difficulties in paying for power purchases from the generation companies, maintaining distribution networks and servicing debts. These factors further hinder the ability of DISCOs to invest in infrastructure upgrades, provide quality services and improve the overall reliability of electricity supply. These are some of the findings of a nationwide survey conducted by the Institute of…

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OGRA Webinar on LNG

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LNG-1

slamabad. The Oil & Gas Regulatory Authority on 18th of May 2023 conducted the 1st Session of the knowledge sharing Webinar on LNG. The participants included Ministry of Energy, Engro Elengy Terminal Limited, Pakistan Gasport Consortium Limited, Tabeer Energy Private Limited, Energas Terminal Private Limited, Port Qasim Authority and Karachi Port Trust. The session started with the recitation of the Holy Quran followed by the National Anthem.Chairman OGRA Mr. Masroor Khan gave the opening remarks highlighting the importance of LNG sector in the energy mix of Pakistan. He pointed out…

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Russian cargo vessel arrives at KPT

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KPT

KARACHI: Before the arrival of Russian crude oil, a container vessel Crystal St Petersburg on its maiden call reached Karachi Port in just 21 days. The vessel took berth at Karachi International Container Terminal (KICT) on Thursday. Minister for Maritime Affairs Syed Faisal Sabzwari welcomed the vessel along with Karachi Port Trust (KPT) chairman Syedain Raza Zaidi and Consul General of Russia Andrey Viktorovich Fedorov. According to KPT’s press release, Mr Sabzwari termed the occasion a landmark achievement of the government which has given the trading community to have direct…

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