Year: 2023

Pakistan’s businesses urge more help for crisis-hit economy after IMF deal

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Islamabad/New Delhi: Pakistan’s prime minister Shehbaz Sharif has vowed to turn round the country’s crisis-hit economy as he faces hotly contested elections this year, after the government secured a crucial $3 billion IMF rescue financing deal to avert the threat of default. Pakistan and the IMF on Friday reached a preliminary agreement for a nine-month, short-term loan package after months of tense negotiations, helping avert an imminent default after the country’s foreign reserves fell precariously low. The IMF’s board is expected to approve the deal by the middle of this…

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Abu Dhabi launches solar-powered rest areas for delivery riders

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Three solar-powered rest areas for delivery riders have been launched in Abu Dhabi to offer crucial respite from the intense summer heat. The emirate’s Joint Committee for Traffic Safety has joined forces with the Ministry of Human Resources and Emiratisation and food delivery company Talabat to provide shelter for workers while supporting the county’s green goals, under the Summer Together campaign. The shelters – built locally by Smart Energy Solutions – are air-conditioned and include seating, water dispensers and mobile charging facilities. They operate 24 hours a day and are equipped with rechargeable batteries,…

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Pakistan’s benefits on URAL stand at $7-8 million/100,000 tonnes

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ISLAMABAD: Pakistani’s maximum benefit on Russian crude would stand at $7-8 million/100,000 tonnes compared to Middle Eastern oil, translating to Rs1.30/litre discount on petrol for consumers, an Energy Ministry official told The News. The discount could further increase to Rs1.60/litre petrol for the end consumers, in case National Refinery Limited, Pakistan Refinery Limited, and PARCO refined URAL, the official added. “The ultimate benefit for end consumers is too low against the government’s high hopes from the heavy Russian crude, which is being refined by the decades old Pakistan Refinery Limited,”…

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Power sector circular debt tops Rs2.64tr

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ISLAMABAD: The power sector circular debt has reached a staggering amount of Rs2.646 trillion by the end of May 2023, registering an increase of Rs394 billion from July 2022 to May 2023, according to a report by the Ministry of Energy. The mounting debt has become a major concern for the government and power sector policymakers, as it indicates monthly inefficiencies in the energy system, particularly in generation and distribution, resulting in an additional burden of Rs35.82 billion ($132.2 million) each month. This comes despite the government’s implementation of a…

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Federal Government’s Controversial Attempt For NEPRA’s Regulatory Capture through an Ordinance to be moved for approval by Acting President of Pakistan

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Exclusive report by Energy Update The outgoing federal government has moved an ordinance in haste related to amendments in the NEPRA Act during the times when the president of the Pakistan is on the holy journey for the performance of Hajj and in his absence making efforts to get ordinance passed through acting president. In general the proposed amendments, if approved and enacted will results into the regulatory capture as it takes away independence of regulator and creates inefficient environment for power sector and compromise the transparent and independent functioning…

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