Day: September 4, 2023

Iran ready to support for energy needs of Pakistan

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Muhammad-Ali

Islamabad. Ambassador of the Islamic Republic of Iran to Pakistan H.E. Dr. Reza Amiri Moghaddam called on Caretaker Federal Minister for Power and Petroleum Muhammad Ali today in Islamabad. Both sides discussed areas of mutual interest and promotion of brotherly relations between two countries.The Energy minister welcomed the Iranian ambassador and expressed his resolve for further strengthening the ties. Ambassador extended his good wishes for the minister upon assuming new portfolio. Muhammad Ali remarked that Iran and Pakistan have huge potential for cooperation in energy sector. “We are keen to…

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COAS assures traders of ‘transparency’ in forex rate

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Asim-Munir

LAHORE: Chief of Army Staff (COAS) General Asim Munir on Sunday assured the business community of fostering transparency in dollar exchange and interbank rates. “The money exchanges would be brought under the purview of taxation, fostering transparency in dollar exchange and interbank rates,” the COAS said while talking to the business community at a meeting held at the Lahore Corps headquarters. The army chief highlighted the pivotal role of the Special Investment Facilitation Council (SIFC), emphasising its potential to attract substantial investments of up to 100 billion dollars from countries such…

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Free electricity quotas merely tip of iceberg

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power-tariff

• Power sector employees, govt officials using ‘free electricity’ worth Rs22bn yearly• Need stressed to review IPPs agreements as liabilities surge to Rs2tr LAHORE: The total cost of free electricity units being used by the state-owned entities in the country’s power sector alone ranges between Rs22 billion and Rs25bn per annum whereas the allowances being given to other government departments’ employees from grade 1 to 22 are also worth billions, leaving the government with no option but to pass on such a huge financial impact to consumers. However, highly-placed sources…

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Electricity issues cast dim light on engineering sector

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Power Tariff Reduction

• PIDE survey reveals 83pc firms link inability to meet targets with lack of power• 78pc companies say electricity scarcity hinders operational efficiency ISLAMABAD: Despite surplus power generation capacity, most of the country’s engineering firms have held electricity scarcity and its poor supply responsible for their inability to meet production goals and achieve operational efficiency, thus losing competitiveness, whereas 95 per cent firms reported no access to finance. This has been disclosed by the state-run Pakistan Institute of Development Economics (PIDE) in a study spearheaded by its vice chancellor, Dr Nadeemul Haque.…

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