Business News
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Officials including judges, bureaucrats, lawmakers ‘may lose’ free power facility
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[ad_1] A worker of Peshawar Electric Supply Company (PESCO) climbs up a high-voltage pylon in Peshawar, Pakistan August 7, 2017. —Reuters ISLAMABAD: The government is weighing the decision to terminate free electricity for government officials, including judges, bureaucrats, and lawmakers, as part of its efforts to ease the power sector’s staggering financial burden, sources from…
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Govt mulls ending free electricity for public sector, officials | The Express Tribune
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[ad_1] ISLAMABAD: The government is considering ending the provision of free electricity to government officials and agencies, according to sources from the power division. The federal government, under severe public and political pressure, has decided in principle to work on an emergency plan in the Ministry of Energy. The plan proposes terminating the free electricity…
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Commission Board approves privatization of electricity distribution companies | The Express Tribune
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[ad_1] The Privatization Commission Board (PCB) has approved the privatisation of electricity distribution companies (DISCOs) and decided to appoint financial advisors. The board meeting, chaired by Federal Minister for Investment, Communications, and Privatization Abdul Aleem Khan, approved the privatisation, and the legal processes related to privatization are expected to be completed by 2025. In the…
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Pak, China launch report on SEZs | The Express Tribune
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[ad_1] ISLAMABAD: The Pakistan-China Institute, in collaboration with the China Chamber of Commerce in Pakistan and PowerChina, has launched a pivotal report titled “Aligning Special Economic Zones Policies of Pakistan and China.” This report aims to enhance economic and industrial collaboration between the two nations through Special Economic Zones (SEZs). The launch event, held in…
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Ogra chalks out proposals striping govt off powers to fix fuel prices
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[ad_1] A petrol pump worker putting petrol in a car in this undated picture. — Reuters/File ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has prepared proposals striping the federal government of its authority to fix petroleum product prices in the country, sources told Geo News on Friday. The regulatory body, the sources say, has formulated…
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China and Saudi Arabia expected to roll over $9 billion debt for Pakistan | The Express Tribune
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[ad_1] Pakistan is anticipated to secure a rollover of $9 billion in debt from China and Saudi Arabia for the fiscal year 2024-25. In addition, Pakistan is seeking funding for the Diamer-Bhasha Dam project. Sources from the Ministry of Economic Affairs indicate that Pakistan expects a $500 million facility from the Islamic Development Bank for…
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Pakistan secures $400 million loan from ADB for flood recovery | The Express Tribune
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[ad_1] The Asian Development Bank (ADB) has approved a $400 million concessional loan to support the reconstruction of houses and community infrastructure in Sindh province which was severely affected by the 2022 floods. The Sindh Emergency Housing Reconstruction Project aims to rehabilitate damaged homes and community infrastructure, with a focus on enhancing climate resilience. The initiative…
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SIFC endorses refineries’ demands | The Express Tribune
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[ad_1] ISLAMABAD: The Special Investment Facilitation Council (SIFC) on Thursday backed plans to withdraw the budgetary measures that could lead to the closure of refineries and spoil a $6 billion plant upgrade programme. Sources told The Express Tribune that the SIFC held a high-level meeting, attended by representatives of refineries and officials of the Petroleum…
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SSGC launches new high-pressure pipeline | The Express Tribune
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[ad_1] KARACHI: Sui Southern Gas Company (SSGC) has launched a dedicated pipeline, investing Rs3.86 billion, to supply fuel at high pressure to industrial consumers in the western part of Karachi. This new phase aims to address low-pressure gas issues for industrial customers in the region. According to a press statement, the gas utility integrated a…
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Britain’s mortgage crisis: soaring rates drive 320,000 into poverty | The Express Tribune
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[ad_1] Rising mortgage rates in Britain have pushed approximately 320,000 people into poverty, a figure significantly higher than official estimates, according to a report released on Thursday. Although mortgage rates have decreased from their peak of over 6% for a typical two-year mortgage last year, they remain above 5%, considerably higher than pre-2022 levels. The…
