Category: Highlights

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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SCCI Files Petition Against IPP Contracts in Peshawar High Court

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power-subsidy

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has filed a writ petition in the Peshawar High Court, challenging the agreements with Independent Power Producers (IPPs). The petition calls for a forensic audit of all IPP contracts, aiming to address the issue of excessive payouts and bring relief to power consumers. The plea opposes the renewal of existing IPP agreements and the signing of new contracts, urging the court to implement recommendations from the Senate Standing Committee on Power regarding the excess profits made by IPPs reliant on RFO…

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Inauguration of Suki Kinari Hydropower Project Likely to Be Postponed Until COD

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Suki-Kinari

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has recommended postponing the inauguration of the 884 MW Suki Kinari Hydropower Project until the achievement of its Commercial Operation Date (COD), sources told Business Recorder. The project company reported that the Reliability Run Test (RRT), required under the Power Purchase Agreement, began on August 30, 2024. However, after nearly completing the 168-hour continuous test, one of the four power generation units tripped, halting the process. The test was restarted on September 6 and is expected to conclude by September 13. The…

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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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Towards Green Energy: Leveraging CPEC for Pakistan’s Climate Goals

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New-CPEC

Pakistan faces immense challenges in addressing its climate crisis, with the World Bank estimating a need for $348 billion by 2030 to meet climate adaptation and mitigation goals. Of this, $152 billion is allocated for adaptation and resilience, while $196 billion is needed for decarbonization. The nation’s 2021 Nationally Determined Contributions set an ambitious goal of reducing projected emissions by 50%, with 15% coming from domestic resources and 35% contingent on international support. Key to this effort is Pakistan’s green energy transition, requiring $101 billion by 2030, with an additional…

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