Month: March 2024

Pakistan loses $4bn annually due to climate change, says TIP report

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Climate-Talks

Pakistan loses $4bn annually due to climate change, says TIP report ISLAMABAD: Pakistan annually loses $4 billion due to climate change-induced events, says a report released by Transparency International Pakistan (TIP). The TIP on Thursday released its report “Financing Climate Action: Enhancing Effectiveness and Transparency in Pakistan’s Climate Governance Frameworks”. According to a TIP press release, the report is an assessment of existing frameworks driving climate governance in Pakistan with an aim to identify areas of improvement and implementation gaps, specifically focusing on transparency, inclusiveness and effectiveness of the country’s…

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Eyebrows raised over massive tariff hike sought by gas firms

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Gas-tariff

Officials termed the projections in the petitions as highly exaggerated that need to be rationalized ISLAMABAD: The new government functionaries have raised eyebrows over petitions of gas companies submitted to Ogra, seeking up to 380 percent hike in gas tariff for the next financial year 2024-25 applicable from July 1, 2024. Officials termed the projections in the petitions as highly exaggerated that need to be rationalized. According to well-placed official sources in the Energy Ministry, Sui Southern has asked for an increase in gas price by Rs274.4 per MMBTU, but…

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Power, gas theft: FIA asked to launch ‘massive’ crackdown

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gas-prices

ISLAMABAD: Interior Minister Mohsin Naqvi on Thursday directed the Federal Investigation Agency (FIA) to launch a massive crackdown across the country on electricity and gas thieves.The interior minister after presiding over a meeting tweeted that there will be no discrimination during the campaign. “All responsible will be put behind bars”, he said, adding that this proactive initiative aims to curb the rampant theft of essential utilities, ensuring fair distribution and access for all citizens.Meanwhile, the minister also issued directions to the FIA to take action against human smuggling.The FIA officials…

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MYT components and other adjustments: Six Discos seek Rs5 raise in tariff

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power-sector

ISLAMABAD: Six power Distribution Companies (Discos) have sought increase in tariff of about Rs5 to recover about Rs750 billion, from their consumers for the year 2024-25 under indexation of Multi-Year Tariff (MYT) components and other adjustments.According to the petitions, filed with the National Electric Power Regulatory Authority (NEPRA), Quetta Electric Supply Company (QESCO) has submitted revenue requirement of Rs236.945 billion, Gujranwala Electric Power Company (GEPCO), Rs376.204 billion at tariff rate of Rs3.31 per unit, Multan Electric Power Company (MEPCO), Rs160.823 billion, Tribal Areas Electric Supply Company (TESCO), Rs92.079 billion, Sukkur…

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Economic indicators improve on $3b IMF SBA

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IMF-board

Research house says indicators suggest that overheated economy has stabilised KARACHI:Pakistan’s economic indicators have significantly improved under the ongoing International Monetary Fund (IMF) Stand-By Arrangement (SBA) of $3 billion, suggesting that economic activities have stabilised and are ready to enter a growth phase ahead of the new loan package from the lender.In its latest monthly update released on Thursday, Topline Research reported that the country’s key economic indicators, including the current account deficit (CAD), debt and liabilities, foreign exchange reserves, inflation reading, and rupee-dollar parity, improved in February 2024.The report…

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