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Banking giant HSBC on Wednesday said it would end financing for new oil and gas fields, a decision welcomed by environmentalists who nevertheless urged greater action from banks and government. In an annual update of its climate transition plans, the London-headquartered bank said it “will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure”. HSBC added in a statement that it was “committed to supporting and financing the transition to a secure net zero…

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The Power Division has expressed willingness to do away with the role of collection of taxes and surcharges on electricity except General Sales Tax (GST) to avert criticism of consumers due to heavy bills. This intention was conveyed by the Minister for Power, Khurram Dastgir Khan at a meeting of National Assembly Standing Committee on Power during discussion on a calling attention notice of Maulana Abdul Akbar Chitrali, MNA, regarding collection of TV fee on electricity bills of mosques across the country. The mover further argued that since mosques do…

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The government is likely to slightly increase prices of petroleum products to collect more revenue from oil consumers in the next fortnight from November 16 to 30, 2022. “Prices of petroleum products may be increased by Rs3 to Rs4 per litre,” an official of the Petroleum Division said. He added that the government was expected to adjust taxes on petroleum products to increase revenue collection in line with the commitment to the International Monetary Fund (IMF). It has already raised the petroleum levy on petrol and high octane blending component…

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On June 20, after multiple rounds of talks failed to produce a deal, crisis-hit Pakistan officially sought Washington’s help to get favorable treatment from the International Monetary Fund for a bailout from the country’s disastrous fiscal situation – at a potential price of tilting away from its relationship with China. The request to the IMF came against the backdrop of rapidly falling foreign exchange reserves (less than US$9 billion), a free-falling rupee (Rs215:US$1) and China’s refusal to provide any additional financial help to what had previously been described as its…

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The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF team would start a staff mission on May 18 with the Pakistani authorities in Doha, Qatar. The IMF and the country’s economic team led by Finance Minister Miftah Ismail had…

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