Year: 2023

SIFC focuses on 5 sectors for investment

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PFCCI-1

KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy sectors. At a meeting held at Corp Commander Office V on Tuesday, Special Assistant to Caretaker Prime Minister Dr Jehanzaib Khan and the SIFC’s director-general also shared with businessmen and economic experts of Karachi and Sindh details of the potential projects. This was a follow-up meeting after two separate meetings the army chief held…

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IMF doesn’t proscribe targeted subsidies for poor, says PM Kakar

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IMF-board

ISLAMABAD: Targeted power subsidies for disadvantaged socioeconomic classes using around 200 units of electricity were not discouraged or curtailed by the government or the International Monetary Fund (IMF), Caretaker PM Anwaarul Haq Kakar said. In an interview with Dawn News English Spotlight programme, broadcast on Tuesday, the caretaker PM was asked about the interim government’s relief proposals to the Fund and their subsequent rejection. In response, emphasised the need to support tax-paying economic classes, saying that they had an agreement with the lender to not give any incentives to economic classes which…

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New power bills proposal sent to IMF

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IMF-demand

ISLAMABAD: After the rejection of the first one, the caretaker government has sent a fresh proposal to the International Monetary Fund (IMF) that the additional money allocated for the independent power producers (IPPs) could be adjusted to provide relief to the consumers, who were protesting against the exorbitant rise in their electricity bills. Finance ministry sources said under the new plan, an amount of over Rs15 billion would be allocated back to IPPs after receiving instalments from the bills. The sources added that the finance ministry officials would discuss the…

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PSA calls for continued support of net metering

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solar-energy

LAHORE: The Pakistan Solar Association (PSA) has issued a resounding call to action, urging authorities and stakeholders to maintain their support for net metering as a critical element of the nation’s sustainable energy future. Net metering stands as a cornerstone in the shift toward clean and affordable energy, aligning Pakistan with the global transition to solar power. The PSA has expressed concerns about potential changes in the net metering policy, citing capacity charges of Independent Power Producers (IPPs) as the driving factor behind the proposed alterations. The association deems this…

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Solar panel imports: Rs73bn illicit fund transfers detected

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renewable-energy

KARACHI: Directorate of Post Clearance Audit (South), Karachi has unearthed a complex web of deceit and fiscal fraud involving fictitious solar panel companies, which reportedly transferred Rs 73 billion out of Pakistan. According to details, the Directorate during the sectoral audit of solar panel imports assigned by the Federal Board of Revenue (FBR), identified significant irregularities and violations in the operations of various importers. As a result, two FIRs have been lodged against two companies. The charges included over-invoicing, obstruction to audit, and using illicit funds to finance imports, ultimately…

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