Category: News & Announcement

ISLAMABAD: A special meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday cleared a cumulative bailout package of almost Rs300 billion for the power sector to settle immediate liabilities besides allowing compensation against foreign exchange loss to oil marketing companies (OMCs). The ECC also approved a board resolution of the Karachi Port Trust for extension in the existing free period from five working days to 15 working days for cargo/containers landing with effect from March to April 30. Under the power sector bailout package, about Rs200bn Islamic…

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ISLAMABAD: Ministry of energy has sought an immediate release of Rs108.7 billion on account of receivables to Pakistan State Oil (PSO) to protect the state-owned firm against an international default, and avert an impending energy supply chain disruption in the country, it was learnt on Thursday. The petroleum division of the energy ministry forwarded the proposal to the Economic Coordination Committee of the cabinet, requesting immediate settlement of dues as PSO is facing severe cash flow constraints due to coronavirus-sparked lockdown. It requires Rs81.3 billion up to April 30, 2020…

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ISLAMABAD: The Asian Development Bank (ADB) has repurposed $50 million from the National Disaster Risk Management Fund (NDRMF) to support the government’s preventive and response efforts to fight the outbreak of the coronavirus disease (COVID-19) in the country. The funds, which form part of the ADB’s series of support for Pakistan’s fight against COVID-19, will help procure medical equipmentand supplies to strengthen hospitals, diagnostic laboratories, isolation units, and other medical facilities in the country. The funds include reallocation of $30 million of previously approved but unutilized resources from the ADB…

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The saga involving the National Electric Vehicle (EV) Policy of Pakistan took another turn with an inter-ministerial meeting to smoothen its implementation. The meeting has decided that the EV policy will focus on two-wheelers and three-wheelers instead of cars. According to the information available, the meeting was chaired by Abdul Razak Dawood, Adviser to Prime Minister for Commerce, Investment and Industries and Production and amongst those in attendance were Federal Minister for Science and Technology and Advisers to Prime Minister on Climate Change and Institutional Reforms and Austerity. The main…

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A historic production cut agreement between OPEC and its allies, known as OPEC+, hit a roadblock after Mexico refused to agree to its share of the cuts after a marathon meeting between the oil-producing nations that lasted more than nine hours. The other members of OPEC+, led by Saudi Arabia and Russia, earlier in the day agreed to cuts that would take 10 million barrels per day offline as the coronavirus pandemic saps demand for crude. A statement released by OPEC following the meeting outlined details of the cuts but…

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