Category: Recent Post

Independent Power Producer (IPP) PakGen Power Limited and the Central Power Purchasing Agency (Guarantee) Limited have signed the “PPA Amendment Agreement”. The government and around two-dozen IPPs are said to have initialled the agreements. PakGen Power Limited, a public listed company, informed this to Pakistan Stock Exchange (PSX) on Tuesday. Different arbitration disputes have been resolved through the signing of this settlement consisting of the following points: (i) the company has waived off interest on interest and in return would get payments based on First In First Out (FIFO) principle;…

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Pakistan on Tuesday shared with the World Bank a revised outline of the Circular Debt Management Plan that seeks rationalisation of taxes, negotiated takeover of old independent power plants (IPPs) and closure of all old public sector plants to increase electricity tariffs, but slightly lower than that committed with the lenders under the IMF programme. This was the takeaway of a virtual meeting newly appointed federal Minister for Finance and Revenue Shaukat Tarin-led team of economic ministers and officials had with Managing Director (Operations) of the World Bank Axel van…

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Someone must have been telling lies about Joseph K., for without having done anything wrong he was arrested one fine morning.” Thus begins Franz Kafka’s novel The Trial, one of the most important works of European literature. There are days when the Byco management and shareholders must find themselves relating well with the tribulations of the fictional Joseph K. In recent months, Byco has found itself in the news for all the wrong reasons, and it usually stands accused of doing something that it later transpires it had never come even…

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Pakistan has not yet made any formal request to the IMF for re-negotiating conditions of the IMF programme or extending the time-frame beyond September 2022 under the $6 billion Extended Fund Facility (EFF). The IMF’s Resident Chief in Pakistan, Teresa Daban Sanchez, stated this during a webinar organized by the Pakistan Institute of Development Economics here on Monday. The IMF programme, she said, was for three years period and there was plenty of room for implementing the required reforms. The reforms are required to be calibrated in the context of…

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In a public hearing organised by Oil and Gas Regulatory Authority (Ogra) on petitions for grant of licences for construction and establishment of two LNG re-gasification terminals at Port Qasim Karachi, all the stakeholders have supported the issuance of licences and unanimously asked the authority to expedite the process of grant of licences to private investors. Oil and Gas Regulatory Authority (Ogra) on Monday held public hearing on petitions for grant of licences for construction and establishment of an LNG re-gasification terminal including all allied facilities at Port Qasim, Karachi.…

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