Author: Admin

Country does need new IMF programme: PM

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pak-imf

ISLAMABAD: The federal cabinet has abolished the National Commission for Child Welfare and Development (NCCWD), the National Child Protection Centre (NCPC) and the implementation of the National Line of Action and decided to include employees of these departments in the surplus pool. While speaking to the participants of the meeting, Prime Minister Shehbaz Sharif also highlighted the importance of a new International Monetary Fund (IMF) programme for the revival of the economy. The finance minister is leaving for Washington to attend the World Bank and the IMF spring meetings where…

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Azerbaijan seeks to resume LNG supply

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Azer-baijan

Pakistan has already inked deal for buying one LNG cargo per month ISLAMABAD: Azerbaijan has emphasised that Pakistan should resume imports of liquefied natural gas (LNG) from the Central Asian nation to meet its growing domestic consumption needs. Earlier, during the tenure of the Pakistan Democratic Movement (PDM) government, the two sides signed an agreement for import of at least one LNG cargo per month. It was not based on the controversial “take-or-pay” clause rather it was a commercial deal that could better suit Pakistan. However, Islamabad imported only a…

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Refineries demand full recovery of forex losses

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oil-refining

Draw govt’s attention towards forex burden, LC confirmation costs ISLAMABAD: Oil refineries have called on the government to make full recovery of the actual currency exchange losses and the confirmation cost of Letters of Credit (LCs). Pakistan’s oil refineries are currently grappling with substantial currency exchange losses in the import of crude oil, compounded by a significant financial burden from the LC confirmation charges. They have requested the government to ensure the full recovery of actual exchange losses and LC confirmation costs. In a letter sent to the Ministry of…

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Fines imposed on five power firms for ‘illegal loadshedding’

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power-breakdowns

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday imposed a fine of Rs50 million each on five power distribution companies including K-Electric for carrying out commercial-based excessive loadshedding in violation of laws penalising honest consumers. It is for the first time the regulator has moved from issuing warnings against collective punishments in the power sector which started more than a decade ago in Karachi and was adopted by public sector companies with the tacit approval of the federal government and penalised power companies for revenue-based loadshedding. In its…

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Energy sector circular debt surges to Rs5.5tr

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power-subsidy

ISLAMABAD: Despite massive repetitive price shocks to consumers and countrywide drive against theft and billing defaults, the World Bank has found power and gas circular debts increasing by an average of Rs135 billion to Rs5.5 trillion (about 5.1pc of GDP) by end-January this year and wants the government to do more to recover true cost of supply. “The government has engaged in comprehensive power sector reforms to contain the accumulation of circular debt, but more needs to be done”, said the World Bank in its latest update on circular debt.…

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