ISLAMABAD: The Public Accounts Committee (PAC) on Monday was informed that that country’s circular debt of the power sector had reached at Rs2.3 trillion till now and the record increases witness in circular debt of Rs1.139 trillion, which is almost double in last two years of the PTI government. It was informed that an increase of Rs116 billion was witnessed…
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ISLAMABAD: While disregarding the directives of the prime minister for reducing the power tariff for industrial sector, especially for Small and Medium Enterprises (SMEs) by 50 percent, the ECC on Monday decided to partially reduce the power tariff in the range of 25 to 30 percent. The ECC left its final approval with the cabinet that is scheduled to meet…
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ISLAMABAD: Combined receivable of the Sui Southern Gas Company (SSGC) against the Pakistan Steel Mills (PSM) and K-Electric has swelled to Rs154 billion. A sub-committee met under Khawaja Asif on the implementation on Monday. The committee examined the audit paras of the Petroleum Division for financial year 2004-2005 to 2009-2010. The committee was apprised that receivable of Rs54 billion against…
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ISLAMABAD: Global trader Vitol on Monday placed the best offers for four of six cargoes of liquefied natural gas (LNG) sought by Pakistan in December, a source at Pakistan’s procurement body said. Vitol offered 16.9720%, 16.5513%, 15.9759% and 15.8761% of the price of Brent crude – known as a slope rate – for four deliveries in December, said the source…
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ISLAMABAD: Protesting over the inordinate delay in price notification of liquefied natural gas (LNG), Pakistan State Oil (PSO) has warned the government of disruption in the gas supply chain in coming winters. The “situation is seriously affecting the LNG supply chain in the country as PSO and other stakeholders in the LNG supply chain will not be able to claim…
Read MoreThe Federal Board of Revenue’s provisional revenue collection stood at Rs1,337 billion during July-October (2020-21) against the assigned target of Rs1,322 billion for the first four months of the current fiscal year, reflecting an increase of Rs15 billion. According to the updated data of provisional revenue collection figures compiled by the FBR here on Monday, the FBR has collected taxes…
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ISLAMABAD: Prime Minister Imran Khan has approved the formation of a working group of experts for reforming Pakistan’s international investment regime. The group, an initiative of Special Assistant to the Prime Minister (SAPM) on National Security Moeed Yusuf, is to “conduct analysis through intellectual input and undertake original research’ for the Strategic Policy Planning Cell,” according to a notification to…
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ISLAMABAD: With the International Monetary Fund (IMF) reportedly insisting on politically challenging contractionary monetary and fiscal policies as prior second tranche release conditions, the Khan administration appears to be caught between a rock and a hard place. Sources on condition of anonymity told this newspaper that negotiations with the Fund for the resumption of the stalled extended Fund facility include:…
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The Cons-umer Price Index-based inflation of October 2020 increased by 1.70 percent over September 2020, and increased by 8.91 percent over corresponding month of the last year i.e. October 2019 as a result of increase in food items including sugar, pulses, chicken, and wheat flour. According to the data released by the Pakistan Bureau of Statistics (PBS) month-on-month basis, the…
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On Monday, on market close, PKR continued to gain value. It went up against USD in both interbank and open markets. It also gained value against Euro, AED and SR in open market. INTER-BANK MARKET RATES: In the interbank market, on market close, Pakistan Rupee gained 20 paisas for buying and 15 paisas for selling against USD over last Thursday’s…
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