Month: September 2024

IMF Pressures Punjab to Withdraw Electricity Subsidy by September 30th

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electricity-tariffs

ISLAMABAD: The International Monetary Fund (IMF) has imposed stringent conditions on Pakistan following Punjab’s decision to offer a significant electricity subsidy, which the IMF deemed “fiscally reckless.” The provincial government had introduced a subsidy ranging from Rs45 billion to Rs90 billion, providing Rs14 per unit relief for two months to consumers using 201 to 500 units. Government sources revealed that the IMF has mandated the withdrawal of this temporary subsidy by September 30th and prohibited any further provincial subsidies during the ongoing 37-month Extended Fund Facility (EEF) program. This directive…

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Dr Kaiser Bengali walks away in protest from federal govt’s austerity, rightsizing drives

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Kaiser-Bengali

Renowned economist, Dr Kaiser Bengali, has walked away from the present federal government’s ambitious drive to curtail its expenses by adopting austerity measures and rightsizing its operations.Dr Bengali has parted ways with three committees of the federal government formed for the purpose. These committees were formed for austerity, right-sizing, and slashing the government’s expenses.The prominent economist sent his resignation to Federal Finance Minister and Cabinet Division Secretary. The resignation shows his lack of confidence in the government’s efforts to cut down on its expenses.According to Dr Bengali, the federal government…

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Solar Conclave and Technology Excellence Awards

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Solar Conclave and Technology Excellence Awards September 3, 2024 Conference underlines maximum exploitation of solar power potential to ensure Pakistan’s energy security The concerned energy sector representatives have emphasised greater exploitation of Pakistan’s solar power potential to swiftly transition away from fossil fuel-based electricity production and end acute economic sufferings of masses due to heightened power tariff.They were speaking at a panel discussion held as part of Solar Power Conclave & Technology Excellence Awards-2024. The Energy Update organized the event in partnership with the Ministry of Energy (Power Division), Private…

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New Investment in Mining: Danish Group FL Smidth to expand their business to mining sector of Pakistan

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New-Project

In a significant development, Denmark has expressed its commitment to contribute to the modernization and investment in Pakistan’s mining industry Federal Ministers Dr Musadik Malik, Muhammad Aurangzeb, Abdul Aleem Khan, Jam Kamal Khan held a meeting with the delegation of FL Smidth headed by the CEO Mr. Mikko Keto including Chris Reinbold, president mining products, Iqrar Hussain, global key account project manager.Ambassador of Denmark to Pakistan H.E Jakob Linulf were also present. FLSmidth is a leading technology and service supplier to the global mining and cement industries.Its operations span the…

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PQEPC Explores Debt Restructuring and Thar Coal Conversion Amid Financial Struggles

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Power-sector

ISLAMABAD: Port Qasim Electric Power Company Limited (PQEPC) is actively exploring various options to address its financial difficulties, including debt restructuring, loan extensions, and converting its 1,320 MW coal-fired power plant to Thar coal. This comes amid concerns from the former Prime Minister of Qatar, Sheikh Hamad Bin Jasim Bin Jaber Al Thani, regarding unpaid dues to the company, according to well-informed sources. The company has held multiple meetings in Islamabad to discuss its financial woes, focusing on ways to alleviate the burden of debt and ensure timely payments. Discussions…

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