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Director General, Asian Development Bank (ADB), Eugene Zhukov here on Monday apprised the Federal Minister for Finance and Revenue, Miftah Ismail about the Country Partnership Strategy for Pakistan 2021-25, which is aligned with the government’s development vision. He was talking to finance minister during a meeting, which among others were also attended by Country Director ADB, Yong Ye, Secretary Finance, senior officers from Finance and Economic Affairs Divisions. Policy based programme for energy sector, women inclusive finance sector development, public-private partnership reforms and SOE sector development plan were also discussed.…

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K-Electric (KE) has sought immediate payment of Rs 25 billion from the federal government to clear outstanding amount of SSGC as the latter has threatened to encash bank guarantee of Rs 6 billion provided by former as security deposit in addition to immediately reducing gas supplies by 10 MMCFD on daily basis, which may increase load-shedding. This was the crux of two letters separately written by KE to Finance Minister, Dr. Miftah Ismail and Managing Director SSGC to Secretary Petroleum, Ali Reza Bhutta. KE’s Chief Regulatory Affairs and Government Relations…

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Pakistan will seek a deferred payment plan for liquefied natural gas bought under long term deals with Qatar, Finance Minister Miftah Ismail said on Saturday, as country faces a balance of payments crisis and falling foreign exchange reserves. “We’ve talked about a deferred payment plan … or at least I’ve requested this … and (Pakistan’s) petroleum minister is doing negotiations and is going to do the talks,” Miftah told Reuters in an interview. Global energy prices have risen to record levels in recent months amid reduced Russian supply and resurgent…

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Former federal minister and Pakistan Tehreek-e-Insaf (PTI) leader Umer Ayub said on Saturday that their government left had left the price of electricity at Rs 16 per unit that would shoot up to Rs 40 per unit next month, while the petrol price would soar to Rs 310 per liter. Addressing a press conference flanked by former finance minister Shaukat Tarin and former spokesperson for ministry of finance Muzzamil Aslam, he said that according to the Oil and Gas Regulatory Authority, the electricity bills of poor people will increase 400…

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Pakistan can achieve substantial savings due to policies favouring Hybrid Electric Vehicles (HEVs). The country can save approximately $779 million per annum if 40 percent of vehicles are converted into Hybrid Electric Vehicles (HEVs). Around 19 percent of total imports by Pakistan are petroleum products and it is the largest sector that consumes huge foreign exchange. According to an estimate, Pakistan imports $4.6 billion worth of petrol and diesel and $3.2 billion worth of crude oil for refineries. It is expected that in the financial year 2022 the imports will…

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