Category: Shortcode

Proposal to Dissolve CPEC Authority Under Review, Senate Panel Briefed

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Senate-Panel

ISLAMABAD: The Senate Standing Committee on Planning, Development, and Special Initiatives was informed on Friday that the government is considering a proposal to dissolve the China-Pakistan Economic Corridor (CPEC) Authority. Planning Ministry Secretary Awais Manzur Sumra revealed that the authority is currently non-functional, and the prime minister has suggested forwarding the matter to the federal government’s rightsizing committee. The ministry has also recommended initiating the repeal of the CPEC Authority Act. The committee, chaired by Senator Quratul Ain Marri, also approved a private member’s bill to include representatives from the…

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Nepra Announces Dual Relief for Power Consumers

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Nepra-Price

ISLAMABAD: In a rare move, the National Electric Power Regulatory Authority (Nepra) approved dual relief measures for electricity consumers on Friday, offering both a negative fuel cost adjustment (FCA) and significant discounts on incremental winter consumption. Nepra announced a reduction of Rs1.14 per unit in the monthly FCA for October 2024, which will be reflected in December bills. However, with the expiration of the Rs1.28 per unit negative FCA from November, the net relief will effectively be 14 paise lower. Additionally, Nepra extended the government’s winter relief package—offering 25% discounts…

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PM Shehbaz Sharif Orders Crackdown on Petrol Smuggling, Commends Economic Reforms

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Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has called for stringent measures to curb petroleum product smuggling as part of efforts to safeguard Pakistan’s revenue and boost economic recovery. Chairing a review meeting on the country’s economic conditions and Federal Board of Revenue (FBR) digitization initiatives, the premier emphasized the urgency of addressing this persistent issue. Sharif highlighted the positive impact of recent actions against smuggled fuel, noting that petroleum sales reached a 25-month high of 1.58 million tonnes in November 2024, a 15% year-on-year increase. He attributed this milestone to effective…

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Nepra Approves Transition to SOFR for 59 IPPs with Two Formula Options

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Nepra

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved two formulas to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) for 59 Independent Power Producers (IPPs), effective July 1, 2023. This transition aligns with global changes as LIBOR ceases publication after September 30, 2024. ECC and Nepra DecisionsThe Economic Coordination Committee (ECC) of the Cabinet, in a February 2024 decision, approved the shift from LIBOR to SOFR. Borrower companies with debt repayment schedules registered with the State Bank of Pakistan (SBP) must…

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Saudi Arabia Extends $3 Billion Debt for Another YearPakistan Faces $13 Billion Repayments to Key Creditors by Mid-2025

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saudi-pak

ISLAMABAD: Saudi Arabia has rolled over a $3 billion deposit for Pakistan, extending its maturity by another year. This marks the third consecutive extension since the deposit was initially placed in 2021. The Saudi Fund for Development (SFD) announced the extension on Thursday, the deadline for repayment, underscoring the strong bilateral ties between the two nations. The rollover comes as Pakistan grapples with a precarious economic situation, compounded by insufficient non-debt inflows and mounting external obligations. The Finance Ministry has indicated that an additional $2 billion Saudi deposit maturing in…

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