Year: 2024

Pakistan Faces $30bn Loss After Devastating Floods, Urges Swift Action on Reconstruction

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New-Project

ISLAMABAD: Federal Minister for Planning, Development & Special Initiatives, Ahsan Iqbal, chaired a high-level meeting to review the progress of post-flood reconstruction projects under the Resilient, Rehabilitation, and Reconstruction Framework (4RF). The meeting, attended by senior government officials and international representatives from the World Bank, ADB, UN, and EU, focused on assessing ongoing projects and the status of global financial pledges. Iqbal revealed that the 2022 floods caused $30 billion in economic losses, with recovery efforts requiring $16.2 billion. So far, international pledges total $10.9 billion, leaving a significant shortfall.…

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CCP Approves 11.9% Share Acquisition in SECMC by IEPWR

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New-SECMC

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for International Electric Power (Pvt) Ltd (IEPWR) to acquire 11.9% of the paid-up ordinary share capital of Sindh Engro Coal Mining Company (SECMC) Ltd under a Share Purchase Agreement (SPA). IEPWR, formed in March specifically for this transaction, is jointly owned by Liberty Power Holding, Soorty Enterprises, and Procon Engineering. SECMC is a prominent player in Pakistan’s coal mining sector, while the seller, Engro Energy Ltd, is a key subsidiary of Engro Corporation focusing on energy investments. The CCP’s competition…

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Unplanned Power Subsidies Threaten Pakistan’s $7bn IMF Bailout

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New-IMF

ISLAMABAD: Punjab’s unexpected power subsidies have become a key obstacle in securing Pakistan’s $7 billion bailout from the International Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a 37-month, $7bn Extended Fund Facility, but the deal is pending approval from the IMF Executive Board, which has yet to schedule a meeting. Dr. Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), emphasized the importance of transparency with the IMF regarding the subsidies. Both the federal and Punjab governments’ subsidies could undermine the conditions agreed…

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OMAP Urges Prime Minister’s Intervention to Address Petroleum Industry Challenges

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crude-oil

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on Prime Minister Shehbaz Sharif to urgently address the critical challenges facing the petroleum industry. In a letter dated September 5, 2024, OMAP Chairman Tariq Wazir Ali highlighted several pressing issues, including the impact of the zero-rated sales tax policy, which has resulted in Rs 65 billion of held funds, straining oil marketing companies’ (OMCs) cash flows. Additional concerns include delayed sales tax refunds, unresolved foreign exchange losses, and the smuggling of Iranian petroleum products, which are eroding industry profits…

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BMP Criticizes Escalating Power Tariffs, Warns of Economic Consequences

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Power-sector

LAHORE: The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has condemned the continuous increase in power tariffs under fuel adjustment charges, citing its detrimental impact on production costs and trade. BMP Chairman Mian Anjum Nisar emphasized that these hikes are making electricity unaffordable, potentially fueling power theft. In a meeting held on Sunday, Nisar urged the government to implement solid measures to alleviate the burden on small and medium enterprises (SMEs), including reducing fuel prices, slashing taxes and duties, and offering soft loans…

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