Category: Shortcode

Pakistan Secures IMF Deal for $7 Billion Loan, Plans Stricter Tax Measures on Existing Filers

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pak-imf

ISLAMABAD: Pakistan announced on Thursday that it has resolved all outstanding issues with the International Monetary Fund (IMF), paving the way for a $7 billion loan approval later this month. Finance Minister Muhammad Aurangzeb confirmed that the IMF board is set to finalize the deal by September 25, 2024, marking the start of a 37-month program aimed at stabilizing the country’s economy. In parallel, the government is preparing new tax measures to boost revenue collection, focusing on existing income tax filers. The Federal Board of Revenue (FBR) is set to…

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NEPRA Fines K-Electric Rs10 Million for Safety Lapse

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circular-debt-K-electric-ceo

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs10 million for a safety lapse that led to the death of a person within its service area during the fiscal year 2022-23. NEPRA also directed KE to pay Rs3.5 million in compensation to the victim’s family and provide a job to the next of kin. KE was ordered to deposit the fine within 15 days and submit proof of compliance within two months. The ruling came after a show cause notice was issued to KE following 33…

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Major Cut in Fuel Prices: Rs47.54 per Litre Decrease Since May

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Petrol-price

Minister for Petroleum Division, Musadik Masood Malik, informed the National Assembly that since May, petroleum prices in Pakistan have dropped by Rs47.54 per litre. Malik explained that while Pakistan purchases fuel at international market rates, it benefits from discounts on the premium, particularly under an agreement with Kuwait for diesel. Malik also highlighted that friendly nations sometimes offer extended payment periods for fuel. He emphasized that fuel prices in Pakistan are directly tied to global markets and the exchange rate of the dollar to the rupee. Since the current government…

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Saudi Aramco says will launch first branded gas station in Pakistan by year end

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Aramco-new

ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May. Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants. “We…

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Government Expands Probe into IPPs Amid Resistance from Power Producers

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Power-generation

ISLAMABAD: The government has intensified its investigation into the operations of Independent Power Producers (IPPs) as some plant owners resist efforts to renegotiate their contracts. These producers argue they are merely fulfilling the terms of their agreements. The probe is focused on reducing capacity payments, a significant financial burden that the government is aiming to alleviate. Background discussions with officials from the power sector reveal that the investigators are scrutinizing data and documents collected from various IPP offices and plants. Reports suggest that several IPP owners are reluctant to terminate…

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