Author: Admin

ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) has approved the transaction structure for the planned privatisation of three major power distribution companies (DISCOs) — Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Power Company (FESCO) — as part of broader reforms in Pakistan’s power sector. The meeting, chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, reviewed key proposals aimed at improving efficiency, reducing losses, and strengthening financial sustainability within the electricity distribution system. According to an official statement issued on Friday, the committee…

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ISLAMABAD: The International Monetary Fund (IMF) has revealed that Pakistan’s gas sector circular debt surged to an estimated Rs3.442 trillion by early 2026, despite regular tariff increases aimed at curbing fresh debt accumulation. According to the IMF’s report on the Third Review under the Extended Fund Facility (EFF) and the Second Review under the Resilience and Sustainability Facility (RSF), periodic gas tariff adjustments in line with costs have helped prevent further accumulation of principal circular debt. However, mounting late payment surcharges on the existing debt stock continue to push the…

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ISLAMABAD: Muhammad Aurangzeb, Federal Minister for Finance and Revenue, has revealed that Pakistan spends nearly one-fourth of its total import bill on petroleum products, underscoring the country’s continued dependence on imported energy. In a written reply submitted during the National Assembly’s Question Hour on Friday, the minister stated that petroleum imports accounted for 22.2 percent of the country’s total imports during July–March of fiscal year 2025-26, making Pakistan’s external account highly sensitive to fluctuations in global oil prices. Aurangzeb informed the House that the government collected Rs1.342 trillion through petroleum…

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ISLAMABAD: The International Monetary Fund (IMF) has set Pakistan’s petroleum levy collection target at Rs1.73 trillion for fiscal year 2026-27, an increase of Rs259 billion over the current year, while also tightening conditions to ensure the Federal Board of Revenue (FBR) meets its revenue goals, according to the Fund’s staff-level report released on Friday. The report revealed that the federal and provincial governments will jointly undertake additional revenue measures worth Rs860 billion. Of this amount, the federal government will generate Rs430 billion through new taxation and enforcement measures, while provinces…

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KARACHI: Stakeholders in Pakistan’s renewable energy sector have called on the Engineering Development Board (EDB) to reduce taxes on lithium battery cells to encourage local manufacturing and accelerate the country’s transition toward clean energy. According to a statement issued on Friday, Irfan Allahawala, Chairman of the Pakistan Renewable Energy Development Forum, said lithium battery cells are currently subject to nearly 50 percent taxation, making domestic battery assembly commercially unviable. He noted that the heavy tax burden has significantly increased battery prices, creating a major obstacle to the wider adoption of…

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