Category: Shortcode

Despite sharp tariff rise, circular debt soars to Rs2.31tr

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tariff-rise

Debt swells due to inefficiency, theft and losses faced by power distribution firms ISLAMABAD: The power sector circular debt jumped to Rs2.31 trillion by the end of June 2023 after revenue gains from a massive increase in electricity prices were lost to the inefficiencies, theft and losses faced by power distribution companies. Official statistics showed that during fiscal year 2022-23, which ended in June, the Pakistan Democratic Movement (PDM) government failed to bring about any improvement in the “acute” power sector situation. There was a gross increase of Rs789 billion…

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Pakistan celebrates 76 years of independence

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Pakistan-celebrates

President, PM urge nation to follow Quaid’s golden principles President Dr Arif Alvi and outgoing prime minister Muhammad Shehbaz Sharif in their separate messages on Independence Anniversary extended heartfelt congratulations to the entire nation The nation is celebrating its 76th Independence Anniversary today (Monday) with utmost national fervour. The day dawned with a 31-gun salute at the federal capital and a 21-gun salute at the provincial headquarters. Special prayers were offered in mosques for peace, solidarity and prosperity of the country. A one-minute silence was observed throughout the country with…

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China says bond with Pakistan strong

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China-says

Any attempt to disrupt Sino-Pak bond will fail: Beijing China reaffirmed its unwavering commitment to its strong friendship with Pakistan and the China-Pakistan Economic Corridor (CPEC), declaring that any attempt to disrupt these bonds would be unsuccessful. The Chinese Foreign Ministry’s spokesperson, Wang Wenbin, delivered this resolute message during a routine media briefing. “No attempt to sabotage the friendship between China and Pakistan and the China-Pakistan Economic Corridor will succeed.” This statement comes a day after terrorists targeted a military convoy safeguarding Chinese workers on their way to a port…

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K-Electric sees no impact of inflation on power bills

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NEPRA

Officials say company will increase renewable energy, Thar coal-based production KARACHI: Officials of K-Electric (KE), which supplies electricity to Karachi and its adjoining areas, have given assurances to consumers that their monthly power bills will remain stable around current levels even if inflation spikes unpredictably in the coming years. The company has devised a business strategy to increase the share of low-cost renewable energy to 28%, add cheaper Thar coal-based production and cut reliance on expensive imported sources till 2030. This news may provide some relief to consumers after the…

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Plan to reduce gas circular debt shared with IMF

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Ishaq-Dar

ISLAMABAD: Pakistan has shared with the International Monetary Fund (IMF) a plan for containing gas sector circular debt (CD) estimated to have risen to Rs1.6 trillion. “The proposed plan is a mix of non-cash book adjustments and tariff rationalisation that could be implemented only after the concurrence of the IMF”, said a government official, adding that the plan was subject to change with input from the IMF and the World Bank and its implementation would be gradual over a couple of quarters of the current year. The plan was finalised…

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