Category: Shortcode

‘For-sale’ PIA hit by worst-ever fuel crisis

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pia-move

• Over 75 flights scheduled for Sunday cancelled as PSO cuts supply• Spokesperson claims operation ‘partially restored’ as four international flights depart late at night• Employees’ rep sees airline’s ‘destruction’ as part of ‘planned conspiracy’ RAWALPINDI: Once a profitable entity and the pride of a nation, the national flag carrier’s fortunes plummeted to an all-time low on Sunday, when its operations ground to a halt yet again, due to a lack of fuel. While Pakistan International Airlines (PIA), suffering losses to the tune of Rs750 billion, is no stranger to…

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Govt set to ratify soaring gas charges before IMF review

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IMF-board

• Fixed monthly fee to jump from Rs10 to Rs400, consumer rates by 194pc• Special ECC meeting scheduled today to clear unprecedented hikes ISLAMABAD: Before seeking final dates for the second review of the ongoing IMF loan programme, the government has convened a special meeting of the Economic Coordination Committee (ECC) on Monday (today) to discuss and clear an unprecedented surge of 3,900 per cent in fixed monthly charges and a 194pc hike in consumer rates for natural gas. These price adjustments, set for cabinet’s ratification on Tuesday, aim to…

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Power generation rises, fuel cost falls

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power-sector

Pakistan produces 44,138 GWh in first three months of FY24 KARACHI: Pakistan’s power generation increased 7.4% to 44,138 gigawatt hours (GWh) in the first three months (Jul-Sept) of current fiscal year while the cost of fuel dropped 21.5% to Rs8.03 per unit. The cost fell in the wake of improvement in energy mix with higher production from low-cost sources and lower production from expensive sources. According to research houses, which cited the data provided by the National Electric Power Regulatory Authority (Nepra), the production stood at 41,081 GWh in the…

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From Libor to SOFR: DFIs anxiously waiting for transition

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power-sector

ISLAMABAD: Nearly a dozen Development Finance Institutions (DFIs) are anxiously waiting for transition from USD London Interbank Offer Rate (Libor) to Secured Over Night Financing Rate (SOFR) in the Pakistani energy sector, as a consensus has already evolved between the DFIs and concerned Pakistani entities, sources in PPIB told Business Recorder. The ten DFI comprising Asian Development Bank (ADB), British International Investment plc (BI), DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), US International Development Finance Corporation (DFC), Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC), Islamic Corporation…

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Cabinet members split over free electricity supply

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power-supply

Power Division seeks approval for halting facility, giving monetisation allowance ISLAMABAD: Though members of the cabinet have voiced concerns over supply of free electricity to the employees of Wapda and DISCOs, the ministries are divided over the proposal of discontinuing such services, which are blamed for the runaway circular debt. In a recent meeting of the cabinet, it was revealed that 189,000 employees of the Water and Power Development Authority (Wapda) and power distribution companies (DISCOs) were consuming free electricity. Of these, 14,000 are of officers’ grade and they will…

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