Category: Shortcode

IMF raises questions on SIFC creation

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IMF-board

ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan against creating a group of preferred investors or distortions in the country under the Special Investment Facilitation Council (SIFC) and to ensure transparency and accountability in its business deals. Deputy Chairman Planning Commission Dr Jehanzeb Khan told economists and journalists that the visiting fund mission had raised questions as to the need for creation of another institution like SIFC and whether this would lead to the distressed sale of assets and advised against preferred investors. They want that “transparency and accountability should be…

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Power adjustment: Govt seeks Rs1.25 per unit hike for Q1

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power-sector

ISLAMABAD: The government has requested an increase of Rs1.25 per unit on account of quarterly adjustment for the first quarter of the ongoing fiscal year (July-September 2023) to recover Rs22.56 billion from the consumers. The National Electric Power Regulatory Authority (NEPRA) on Tuesday reserved its decision with regard to quarterly power adjustment. The power distribution companies (XWDISCOs) filed a request with the NEPRA for adjustments on account of various charges for the 1st quarter of the fiscal year 2023-24 July-September 2023, in line with the notified mechanism in this regard.…

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China fuels increase in global oil demand: IEA

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Atomic-energy

PARIS: World oil demand will rise slightly more than expected this year as China’s appetite for the fossil fuel hit a record and the Israel-Hamas war did not hit supply flows, the International Energy Agency said Tuesday. The Paris-based organisation said global demand is forecast to hit an all-time high in 2024, although it will grow at a sharply slower pace. “World oil demand continues to exceed expectations,” the IEA said in its monthly oil market report. The IEA said demand from China, the world’s top importer of crude and…

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CM directs development of Chaukhandi Graveyard as Archaeological ParkEncroachments around the graveyard to be removed.

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Maqbool-Baqar

KARACHI (Nov 14): Caretaker Sindh Chief Minister Justice Maqbool Baqar has invited proposals for the establishment of an Archaeological Park at Chaukhandi Graveyard meanwhile he ordered the removal of encroachment around the graveyard and organization of from the would be removed from the graveyard to organise a fundraising musical evening at the site. He issued these orders during his visit to Chaukhudi Graveyard to witness its plight and chalk out a plan to restore the archaeological site on Tuesday. During his visit, Secretary Local Govt Manzoor Shaikh, Secretary Culture Aleem…

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Oil industry seeks revision of exchange rate formula for imports

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oil-gas.

ISLAMABAD: The oil industry is pressing the government to change the way it calculates the exchange rate for petroleum imports, saying the current formula exposes the private sector to huge losses due to exchange rate fluctuations. The industry has asked for a revision based on the ground realities so that it is not exposed to perpetual suffering due to the existing methodology for adjusting exchange losses and gains. The industry wants a consultative session with government functionaries to improve the existing pricing formula in a way that does not continue…

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