Pakistan Business Council (PBC) has recommended further reduction in the Policy Rate from the current 11 percent to 7 percent in order to boost economic activities in the backdrop of ailing economy because of the COVID-19 pandemic. In its latest report ‘COVID-19 Crisis: Business Response & How to Sustain Employment in Pakistan’ issued here on Thursday, the business advocacy body…
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ISLAMABAD: The government is moving to place coal pricing within the purview of Oil and Gas Regulatory Authority (Ogra) as it plans to revisit the imported coal supply agreement in a bid to cut prices. Currently, pricing of petroleum products, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) falls within the domain of Ogra and coal pricing would be…
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ISLAMABAD: The federal government reacted strongly to a law proposed by the Sindh government to provide economic relief to its people and warned the provincial government not to trespass the centre’s domain. An official said the provincial government had proposed an ordinance to waive full electricity bills with monthly consumption of less than 260 units and for gradual discount for…
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DUBAI: Opec and it allies held talks on Thursday on record oil output curbs of 15 million to 20m barrels per day (bpd), or 15 to 20 per cent of global supplies, to support prices hammered by the coronavirus crisis, Opec and Russian sources said. They said the cuts included contributions of up to 5m bpd from producers outside their…
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ISLAMABAD: A special meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday cleared a cumulative bailout package of almost Rs300 billion for the power sector to settle immediate liabilities besides allowing compensation against foreign exchange loss to oil marketing companies (OMCs). The ECC also approved a board resolution of the Karachi Port Trust for extension in the…
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ISLAMABAD: Ministry of energy has sought an immediate release of Rs108.7 billion on account of receivables to Pakistan State Oil (PSO) to protect the state-owned firm against an international default, and avert an impending energy supply chain disruption in the country, it was learnt on Thursday. The petroleum division of the energy ministry forwarded the proposal to the Economic Coordination…
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ISLAMABAD: The Asian Development Bank (ADB) has repurposed $50 million from the National Disaster Risk Management Fund (NDRMF) to support the government’s preventive and response efforts to fight the outbreak of the coronavirus disease (COVID-19) in the country. The funds, which form part of the ADB’s series of support for Pakistan’s fight against COVID-19, will help procure medical equipmentand supplies…
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The saga involving the National Electric Vehicle (EV) Policy of Pakistan took another turn with an inter-ministerial meeting to smoothen its implementation. The meeting has decided that the EV policy will focus on two-wheelers and three-wheelers instead of cars. According to the information available, the meeting was chaired by Abdul Razak Dawood, Adviser to Prime Minister for Commerce, Investment and…
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A historic production cut agreement between OPEC and its allies, known as OPEC+, hit a roadblock after Mexico refused to agree to its share of the cuts after a marathon meeting between the oil-producing nations that lasted more than nine hours. The other members of OPEC+, led by Saudi Arabia and Russia, earlier in the day agreed to cuts that…
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Karachi, 09 April 2020: Responding to the unprecedented challenges faced by the nation by the Corona Virus (COVID-19), JS Bank has established a 110 Million Rs fund in association with key partners to help address the impact of the pandemic during the month of April. Based on a pledge matching initiative wherein JS Bank equally matched all support pledges made by…
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