Month: September 2024

DISCOs Suffer 16% Power Losses Amid Widespread Electricity Theft in FY 2023-24

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power-gride

ISLAMABAD: The National Assembly was informed on Thursday that Distribution Companies (DISCOs) across Pakistan recorded 16% electricity losses during the fiscal year 2023-24, amidst 84,362 reported incidents of power theft nationwide. Authorities arrested 291 individuals and dismissed 47 DISCO employees for their involvement in facilitating the theft. According to a written response presented during the Question Hour, DISCOs registered 7,068 cases of electricity theft and collected arrears amounting to Rs885.4 billion. In addition, the National Assembly was briefed on the three-year loss trends for K-Electric and Hyderabad Electric Supply Company…

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Pakistan Secures IMF Deal for $7 Billion Loan, Plans Stricter Tax Measures on Existing Filers

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pak-imf

ISLAMABAD: Pakistan announced on Thursday that it has resolved all outstanding issues with the International Monetary Fund (IMF), paving the way for a $7 billion loan approval later this month. Finance Minister Muhammad Aurangzeb confirmed that the IMF board is set to finalize the deal by September 25, 2024, marking the start of a 37-month program aimed at stabilizing the country’s economy. In parallel, the government is preparing new tax measures to boost revenue collection, focusing on existing income tax filers. The Federal Board of Revenue (FBR) is set to…

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NEPRA Fines K-Electric Rs10 Million for Safety Lapse

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circular-debt-K-electric-ceo

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs10 million for a safety lapse that led to the death of a person within its service area during the fiscal year 2022-23. NEPRA also directed KE to pay Rs3.5 million in compensation to the victim’s family and provide a job to the next of kin. KE was ordered to deposit the fine within 15 days and submit proof of compliance within two months. The ruling came after a show cause notice was issued to KE following 33…

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Major Cut in Fuel Prices: Rs47.54 per Litre Decrease Since May

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Petrol-price

Minister for Petroleum Division, Musadik Masood Malik, informed the National Assembly that since May, petroleum prices in Pakistan have dropped by Rs47.54 per litre. Malik explained that while Pakistan purchases fuel at international market rates, it benefits from discounts on the premium, particularly under an agreement with Kuwait for diesel. Malik also highlighted that friendly nations sometimes offer extended payment periods for fuel. He emphasized that fuel prices in Pakistan are directly tied to global markets and the exchange rate of the dollar to the rupee. Since the current government…

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FPCCI highly disappointed on monetary policy and cut in cut in interest rate only 2 percent

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state-bank

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation. While we appreciate the rate cut by 200 bps or 2 percent, this is too little, too late in the context of price data – domestically & internationally, he added. Mr. Atif Ikram Sheikh pointed out that core inflation clocked at 9.6 percent in Pakistan during August 2024 as per government’s own available data…

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