Month: January 2024

Energy sector: Circular debt jumps to over Rs5.725trn

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Power-generation

ISLAMABAD: Pakistan’s energy sector circular debt has jumped to Rs 5.725 trillion as of November 2023, of which share of power sector stood at Rs 2.703 trillion whereas contribution of gas sector at Rs 3.022 trillion, sources close to caretaker Minister for Power and Petroleum told Business Recorder. The caretaker minister has prepared an innovative plan to reduce circular debt of energy sector, which has been shared with caretaker Finance Minister Dr. Shamshad Akhtar. According to the main features, the plan will be restricted to public sector companies only, budget neutral…

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RLNG price cut by 8pc for January

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LNG-import

ISLAMABAD: With system losses touching a massive 14.5 per cent, the Oil and Gas Regulatory Authority (Ogra) on Thursday notified up to 8pc reduction in the sale price of regasified liquefied natural gas (RLNG) for two Sui gas companies — SSGCL and SNGPL — for the current month with effect from Jan 1 owing to lower international prices. The RLNG sale price for Karachi-based Sui Southern Gas Company Ltd has been cut at the transmission stage by 7.8pc to $12.229 per million British thermal unit (mmBtu) from $13.264 per mmBtu…

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IMF debt dilemma looms after Pakistan election

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IMF-board

Baqir served as governor of the State Bank of Pakistan (SBP) from 2019 till 2022 LONDON: The International Monetary Fund (IMF) faces tough choices on how to deal with Pakistan after the February 8 general election and how to assess the country’s debt situation, former central bank governor Reza Baqir said. The government secured a $3 billion loan programme with IMF in July that helped pull the cash-strapped nation back from the brink of a sovereign debt default. However, the programme was a nine-month standby arrangement, set to expire this…

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Ban on plastic bags being enforced across Sindh, claim officials

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plastic-bags

They said Sepa’s regional and district officers visited markets and bazaars to reprimand vendors dealing in banned plastic bags On the directives of caretaker environment minister Arshad Wali Muhammad, the Sindh Environmental Protection Agency (Sepa) has started implementing the ban on non-degradable plastic bags in the province, while action is also being taken against hospitals violating environmental laws, officials said on Thursday. They said that Sepa’s regional and district officers visited markets and bazaars to reprimand vendors dealing in banned plastic bags, and asked them to replace the prohibited bags…

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Pakistan, Dubai ink $3 billion pacts at Davos

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Pakistan-Dubai

ISLAMABAD: Pakistan and Dubai on Thursday inked two agreements worth over $3 billion on cooperation in railways, economic zones and infrastructure projects. According to an official press release, the inter-governmental framework agreements were signed to strengthen relations in the marine and logistics sectors, including the establishment of a dedicated freight corridor and economic zone near Karachi. “The rail-based dedicated freight corridor (DFC) was planned to run from Karachi Port on the Arabian Sea, passing through Karachi to the Pipri Marshalling Yard, approximately 50 kilometres away. This will reduce traffic congestion…

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