Year: 2023

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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electricty

• 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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Pakistan needs energy reforms to break free of debt: US official

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imf-1

WASHINGTON: Pakistan needs to undertake energy reforms and opt for renewable energy sources, said a senior US official, stressing that reforms suggested by the International Monetary Fund (IMF) would help Islamabad break the “vicious circle of debt and international financing”. Principal Deputy Assistant Secretary Elizabeth Horst, who heads the Bureau of South and Central Affairs at the State Department, emphasised the need to implement reforms to meet future challenges. Caretaker Prime Minister Anwaarul Haq Kakar is expected to discuss the economic crisis with US and IMF officials when he meets…

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