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To manage external financing requirements of $34 billion, Pakistan will explore options to secure debt rescheduling from bilateral non-Paris Club countries, and optimise programme loans and budgetary support from multilateral creditors during the current fiscal year. Besides, Islamabad will also request the IMF to provide upfront provisions for releasing tranches under the existing Extended Fund Facility (EFF). The bilateral donors will also be asked to augment financial support in the wake of pressing external financing requirements, especially from Muslim countries. “We have conveyed our message loud and clear that Pakistan…

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The industrial power tariff relief package for incremental consumption that was extended by the PTI government on August 16, 2021, has pushed some industrial units, installed much before 2019-20, to the verge of collapse. It is because these have become non-competitive because the same tariff i.e., Rs12.96 per unit, is being extended to new industrial units on their whole monthly consumption of electricity not on the incremental units as they have no reference year for the record of their routine consumption of the electricity in their preceding years. The PTI…

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In a bid to provide relief to the business community, Finance Minister Ishaq Dar Sunday announced that the pending payments of letters of credit (LCs) worth $50,000 will be cleared this week. Addressing a press conference, Dar revealed that the decision to provide relief has been taken after consultations with the State Bank of Pakistan (SBP) Governor Jameel Ahmed. The finance minister said that next month, before leaving for Washington to meet the International Monetary Fund (IMF) officials, the SBP chief will pass on these instructions to clear LCs as…

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Prime Minister Shehbaz Sharif on Saturday directed the authorities concerned that uninterrupted gas supply to consumers should be ensured in the winter season. He passed the directive while chaired a meeting in Lahore on Saturday regarding the supply of gas. Finance Minister Ishaq Dar, Minister for Petroleum Musadik Malik, Adviser to the PM Ahad Cheema and other officers attended the meeting. The representatives of Sui Northern Gas and Sui Southern Gas Pipelines attended the meeting and PM ordered the supply of gas to domestic consumers according to their needs. It…

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The Sui Southern Gas Company (SSGC) has repaired a gas pipeline damaged during excavation for laying water piped in the Block 15 of Gulistan-eJauhar on Friday. However, residents complained of delay in response by the utility service. The residents of Gulistan-eJauhar Block 15 were forced to take to the streets due to the negligence of gas company in repairing a faulty pipeline in their area. Taking notice of the protest, a team of SSGC rushed to the spot and immediately repaired the faulty pipeline. According to residents, the gas line…

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