Month: March 2024

Caretaker Finance Minister Urges IMF Agreement Amid High Inflation

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IMF-board

Dr. Shamshad Akhtar, the outgoing Caretaker Finance Minister, is advising the incoming government to maintain fiscal prudence and swiftly negotiate a new agreement with the International Monetary Fund (IMF) to implement vital reforms, as inflation stands at approximately 29 percent. In her departure note included in the Ministry of Finance’s Monthly Economic Update & Outlook for February 2024, Akhtar stressed the importance of sustaining the gains made during the caretaker administration’s six-month tenure. She urged the new government to prioritize completing the last IMF review and promptly reaching an agreement…

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NEPRA Receives K-Electric’s Fuel Charges Adjustment Request for January 2024

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The National Electric Power Regulatory Authority (NEPRA) has received a Fuel Charges Adjustment (FCA) request from K-Electric for January 2024 on a provisional basis, offering three potential scenarios for adjustment, according to sources familiar with the matter. The proposed adjustments range from Rs 3.34 per unit to Rs 8.78 per unit. Caretaker Prime Minister Anwar ul-Haq Kakar recently instructed NEPRA to address pending issues concerning K-Electric, including the determination of a multi-year tariff. Concerns raised by Saudi investors regarding previous investments were highlighted during meetings between Saudi Arabia’s Minister for…

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PSO Seeks Power Division’s Help in Recovering Rs30.8bn from Hubco

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Pakistan State Oil (PSO) has reached out to the Power Division seeking assistance in recovering a long-pending amount of Rs30.8 billion from Hub Power Company (Hubco), according to reliable sources. The outstanding amount pertains to Residual Fuel Oil (RFO) supplies made by PSO to Hubco over a considerable period. As of February 26, 2024, the total outstanding amount, including Late Payment Surcharge (LPS), has escalated to Rs30.8 billion, with the principal amount standing at Rs18.1 billion and the accumulated LPS at Rs12.7 billion. PSO’s Chief Financial Officer, Gulzar Khoja, highlighted…

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Gas Shutdown in Sindh

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SSGC

In an official statement released on Thursday, the Sui Southern Gas Company (SSGC) declared a temporary cessation of gas supplies to industries and compressed natural gas (CNG) stations across Sindh for a 48-hour period, commencing from Saturday morning. The decision, attributed to low pressure and shortages within the gas system, aligns with the approved gas sales agreement for industrial clients, sanctioned by both the Oil and Gas Regulatory Authority (OGRA) and the Economic Coordination Committee (ECC) of the cabinet. This agreement grants SSGC the authority to manage gas distribution in…

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Study Finds K-Electric Misses $250 Million Savings Due to Neglecting Renewables

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A recent study conducted by Renewables First and the Policy Research Institute for Equitable Development has revealed that K-Electric Ltd., Pakistan’s sole vertically integrated power utility, could have saved approximately $250 million over the past two years if it had prioritized investment in renewable energy sources instead of extending contracts for aging and inefficient thermal power plants. Despite operating in a region abundant with wind and solar potential, K-Electric has only added 100 megawatts of solar power to its total generation capacity of 2,132 megawatts in the last two decades.…

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