Category: News & Announcement

The tariff regime of public utilities has completely unnerved the people of Pakistan and despite a stupendous increase in utility bills, it appears that further increases are expected. If such a thing happens then the majority of the people will completely lose their ability to pay. The situation is critical as IMF is breathing down the neck and is insisting on further increase in tariffs. The choice is hazardous as the political dispensation is already pushed far enough and may not be able to withstand another wave of inflation that…

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ISLAMABAD: The Public Accounts Committee (PAC) on Monday was informed that that country’s circular debt of the power sector had reached at Rs2.3 trillion till now and the record increases witness in circular debt of Rs1.139 trillion, which is almost double in last two years of the PTI government. It was informed that an increase of Rs116 billion was witnessed in last three months, while in first six months of fiscal year 2018-19, it was increased by Rs288 billion and Rs198 billion in last six months of the fiscal year…

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ISLAMABAD: While disregarding the directives of the prime minister for reducing the power tariff for industrial sector, especially for Small and Medium Enterprises (SMEs) by 50 percent, the ECC on Monday decided to partially reduce the power tariff in the range of 25 to 30 percent. The ECC left its final approval with the cabinet that is scheduled to meet on Tuesday (today) under the chairmanship of Prime Minister Imran Khan for the final decision. The ECC has also directed the Power Division to fine-tune categories of its different slabs…

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ISLAMABAD: The government on Thursday approved a fertiliser subsidy of Rs5.4 billion for farmers, two days after a ruckus in the federal cabinet over increasing inflation and the lack of a coordinated response to tackle it. The Economic Coordination Committee (ECC) of the cabinet approved a subsidy of Rs1,000 per 50kg bag of di-ammonium phosphate (DAP) fertiliser, according to a statement issued by the Ministry of Finance. The Rs5.4 billion subsidy has been worked out on the basis of 30% outreach to the farmers and the federal government will bear…

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ISLAMABAD: Pakistan has decided to seek rollover of a $3 billion Chinese trade finance facility that it has actually used to repay maturing debt and is not in a financial position to return the money when the facility expires after six months. The State Bank of Pakistan (SBP) has fully tapped the $3 billion or 20 billion Chinese yuan in the additional trade finance facility available under the China-Pakistan currency swap arrangement, showed financial accounts of the SBP for fiscal year 2019-20. Sources said Pakistan largely utilised the Chinese trade…

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