Day: May 18, 2024

IMF Pressures Pakistan on Power Rates Amid Expected Rupee Devaluation

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New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistan to base the next increase in power tariffs on an anticipated further devaluation of the rupee rather than assuming the current stable value of the local currency. This recommendation could exacerbate the already significant burden on electricity consumers, as the government had previously planned a rate hike of up to Rs7 per unit based on a stable exchange rate, according to sources in the Ministry of Energy. During a recent meeting with the National Electric Power Regulatory Authority (NEPRA), the IMF…

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Government Reviews K-Electric Model for DISCOs Privatization

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circular-debt-K-electric-ceo

ISLAMABAD: The federal government is examining the K-Electric (KE) privatization model while considering various options for the privatization of other power distribution companies (DISCOs). A committee formed by the prime minister recently held extensive deliberations to determine the most suitable model for the power sector, focusing on privatization and concession models. The discussion aimed to address critical issues and identify the best path forward. Committee members acknowledged the need to explore different models for private sector participation and privatization to ensure sustainable and efficient electricity distribution. They reached a consensus…

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Government Seeks to Shift Cost of Defaulters’ Bills to Paying Consumers

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KE’S- 7-YEAR- INVESTMENT-ROADMAP

ISLAMABAD: Struggling to recover over Rs1.3 trillion in outstanding dues from chronic private defaulters, the government has proposed an immediate additional cost of Rs1.45 per unit to be charged to paying power consumers for three months, aiming to raise an additional Rs52 billion. At a public hearing led by National Electric Power Regulatory Authority (Nepra) Chairman Waseem Mukhtar, the Power Division requested this additional cost under the quarterly tariff adjustment (QTA) for the third quarter of the fiscal year 2023-24 (January-March). This would apply nationwide, including K-Electric, ahead of the…

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WAPDA Chairman Visits Diamer-Bhasha Dam Site

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Bhasha-Dam

GILGIT: WAPDA Chairman, retired Lt Gen Sajjad Ghani, visited the Diamer-Bhasha Dam site on Friday to review the ongoing construction activities and assess the progress of the work. During the visit, Mr. Ghani was informed that work is actively underway at 14 key sites of the project, which is located across the Indus River, 40 km downstream of Chilas town in Gilgit-Baltistan. He inspected various components including the diversion canal, guide wall, diversion tunnel, upstream and downstream coffer dams, permanent bridge, and the left and right abutments of the main…

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Karachi German Consul General Assured to Prioritize Visas to Businessmen Atif Ikram Sheikh

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Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has said that the German Consul General in Karachi, H. E. Rüdiger Lotz, has apprised the business, industry and trade community from the apex platform of FPCCI that the business visas will be given priority in the visa issuance to Pakistani citizens as economic relations top the agenda. It is pertinent to note that top German diplomats visited FPCCI Head Office in Karachi to attend a high-profile, interactive session with the business community. Saquib Fayyaz Magoon, SVP FPCCI, invited the business community and…

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