Category: Shortcode

Power bills: Miftah says IMF not likely to give any relief

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ISLAMABAD: Former finance minister Miftah Ismail has claimed that without seeking permission from the International Monetary Fund (IMF), the incumbent government could not extend relief to masses who are feeling the heat of the inflated electricity bills. Following mass protests against the exorbitant electricity bills across the country, the former minister said the caretaker government would seek IMF approval before providing relief to electricity consumers, who are using 200 to 300 units monthly. On June 30, Pakistan and the IMF had reached staff-level agreement on $3 billion stand-by arrangement. Speaking…

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Prominent services firms to take part in Beijing fair

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BEIJING:Pakistan’s prominent service-oriented companies will participate in the 2023 China International Fair for Trade in Services (CIFTIS), scheduled to take place in Beijing from September 2 to 6, to showcase their accomplishments. “For the first time, Pakistan’s embassy in Beijing have invited the National Logistics Cell (NLC), Pakistan International Airlines (PIA) and National Bank of Pakistan (NBP) to set up their stalls, highlighting the incentives and an investment-friendly environment in Pakistan,” Pakistan Embassy Commercial Counsellor Ghulam Qadir told APP on Friday. He revealed that a couple of information technology companies…

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Public anger against inflated electricity bills prompts PM to call emergency meeting

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People in different parts of the country on Saturday expressed despair and anger at unprecedentedly high electricity bills with some threatening demonstrations and even a civil disobedience campaign if the extra taxes weren’t deducted. The severe reaction led caretaker Prime Minister Anwaarul Haq Kakar to call an emergency meeting at the Prime Minister’s House tomorrow (Sunday). “In the meeting, a briefing will be taken from the ministry of power and distribution companies and consultations will be held regarding giving maximum relief to consumers regarding electricity bills,” the premier said on…

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Status quo in KE board re-composition case

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KARACHI: In an “updated disclosure” following the Aug 21 order by the Grand Court of the Cayman Islands, K-Electric Ltd said on Thursday there’s been no change in the status of a case currently in the Sindh High Court (SHC) against the Infrastructure and Growth Capital Fund (IGCF) SPV-21 Ltd. The latest regulatory filing by the power utility follows the Cayman Islands court order telling Al Jomaih Power Ltd and Denham Investments Ltd — which control 46.2 per cent shareholding in KES Power that, in turn, owns majority shares in…

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Surplus power generation: Consumers to pay over Rs124bn capacity charges

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LESCO wants to recover the highest amount of Rs28.906bn followed by Multan Electric Supply Company ISLAMABAD: Consumers will pay capacity charges of over Rs124 billion for the surplus power generation during the last quarter of fiscal year 2022-23 in the coming months. The XWDISCOs are seeking approval of the regulator for the recovery of capacity charges as well as others from the consumers. As per official figures, the Lahore Electric Supply Company (LESCO) wanted to recover the highest amount of Rs28.906 billion on account of capacity payment from the consumers…

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