ISLAMABAD: The International Monetary Fund (IMF) has imposed stringent conditions on Pakistan following Punjab’s decision to offer a significant electricity subsidy, which the IMF deemed “fiscally reckless.” The provincial government had introduced a subsidy ranging from Rs45 billion to Rs90 billion, providing Rs14 per unit relief for two months to consumers using 201 to 500 units. Government sources revealed that…
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Renowned economist, Dr Kaiser Bengali, has walked away from the present federal government’s ambitious drive to curtail its expenses by adopting austerity measures and rightsizing its operations.Dr Bengali has parted ways with three committees of the federal government formed for the purpose. These committees were formed for austerity, right-sizing, and slashing the government’s expenses.The prominent economist sent his resignation to…
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Conference underlines maximum exploitation of solar power potential to ensure Pakistan’s energy security The concerned energy sector representatives have emphasised greater exploitation of Pakistan’s solar power potential to swiftly transition away from fossil fuel-based electricity production and end acute economic sufferings of masses due to heightened power tariff.They were speaking at a panel discussion held as part of Solar Power…
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In a significant development, Denmark has expressed its commitment to contribute to the modernization and investment in Pakistan’s mining industry Federal Ministers Dr Musadik Malik, Muhammad Aurangzeb, Abdul Aleem Khan, Jam Kamal Khan held a meeting with the delegation of FL Smidth headed by the CEO Mr. Mikko Keto including Chris Reinbold, president mining products, Iqrar Hussain, global key account…
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ISLAMABAD: Port Qasim Electric Power Company Limited (PQEPC) is actively exploring various options to address its financial difficulties, including debt restructuring, loan extensions, and converting its 1,320 MW coal-fired power plant to Thar coal. This comes amid concerns from the former Prime Minister of Qatar, Sheikh Hamad Bin Jasim Bin Jaber Al Thani, regarding unpaid dues to the company, according…
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ISLAMABAD: The Pakistani government is considering approaching local banks to finance the conversion of power plants from imported coal to Thar coal, as well as the expansion of Thar coal mines. This initiative, aimed at enhancing energy security and reducing fuel costs, was discussed in a recent meeting between Pakistani officials, Chinese experts, and representatives from the Chinese embassy. Led…
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ISLAMABAD: The Pakistani government has proposed a bold plan to the International Monetary Fund (IMF) to reduce electricity tariffs by Rs6 per unit, amounting to a total funding requirement of Rs2.8 trillion. The plan, presented over the weekend, aims to address the soaring electricity costs but relies on uncertain and risky funding sources, casting doubt on whether it will receive…
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ISLAMABAD: The Oil Companies Advisory Committee (OCAC), representing oil refining and distribution companies, has accused the Oil and Gas Regulatory Authority (OGRA) of favoritism, claiming it has caused market distortions by permitting excessive imports of high-speed diesel (HSD) by a single company. In a letter to OGRA, the OCAC criticized the regulator’s decision to allow one oil marketing company, Gas…
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ISLAMABAD: Hexing Electrical Group, a prominent Chinese business conglomerate, has announced its plans to establish a manufacturing facility in Pakistan’s renewable energy sector. The plant will focus on producing inverters and batteries, marking a significant milestone as the first of its kind in the country. Chairman Liangzhang Zhou, leading a delegation, discussed the proposed investment with Minister for Privatisation Abdul…
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