Business News
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Modi’s govt spends billions on jobs, key allies in new budget
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[ad_1] Indian Prime Minister Narendra Modi attends the Quad leaders’ summit, in Tokyo, Japan, May 24, 2022. — Reuters Indian government unveiled spending of billions of dollars to create new jobs and satisfy key coalition partners in the first budget by Prime Minister Narendra Modi’s government after an election setback, aiming to win back voters…
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FM Aurangzeb heads to China to reschedule $15 billion energy loan | The Express Tribune
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[ad_1] Federal Finance Minister Mohammad Aurangzeb is set to embark on a three-day visit to China today, aiming to discuss the rescheduling of a $15 billion energy loan. According to sources from the Ministry of Finance, a joint working group may be established between Pakistan and China to facilitate the loan rescheduling. The discussions will…
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G20 highlights digital tax discussions amid US tariff threat | The Express Tribune
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[ad_1] Talks over a global tax deal are continuing well past a June 30 deadline and governments are now looking to a Group of 20 finance leaders meeting this week for progress on a stalled plan to reallocate taxing rights on large multinational companies. The so-called “Pillar 1” arrangement, part of a 2021 global two-part…
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Finance minister briefs Fitch Ratings on Pakistan’s IMF agreement, economic reforms | The Express Tribune
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[ad_1] On Monday, Finance Minister Muhammad Aurangzeb updated Fitch Ratings representatives about Pakistan’s recent Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) and outlined various measures aimed at bolstering the economy. The briefing, conducted via Zoom, underscored the positive effects of the nine-month Stand By Agreement with the IMF on Pakistan’s macroeconomic health. Earlier…
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IPP built for Rs50 billion has received Rs400 billion in payments: FPCCI | The Express Tribune
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[ad_1] Abdul Mohamin, the acting president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called for public disclosure of details related to agreements with Independent Power Producers (IPPs). During a press conference on Monday, Mohamin highlighted that IPPs are receiving monthly capacity payments amounting to Rs150 billion, including payments to non-operational…
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PSX tumbles as KSE-100 index falls below 80,000 points | The Express Tribune
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[ad_1] The trading week started on a bearish note, with the Pakistan Stock Exchange (PSX) experiencing a significant drop compared to previous weeks which was marked with high points and investors’ confidence. The KSE 100 Index fell below the 80,000 points level, marking a sharp decline of 625 points or 0.79% to reach 79,492 points,…
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No capacity payments for small hydel units | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to eliminate the concept of ‘capacity payments’ for small hydropower projects, aiming to reduce the financial burden on power consumers. Currently, consumers are shouldering 70% of electricity costs due to these payments made to Independent Power Producers (IPPs), totalling around Rs2.2 trillion annually to those not producing a single…
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Rs105bn recovered, 83,000 arrested as govt intensifies anti-power-theft drive
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[ad_1] Power pylons are silhouetted against sunset in this undated picture. — Radio Pakistan A nationwide anti-power-theft campaign to recover unpaid dues has yielded Rs105 billion, thanks to initiatives spearheaded jointly by the government and military leadership, which also resulted in the arrest of 83,000 pilferers, Radio Pakistan reported on Sunday. This effort is part…
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Govt to ask Chinese IPPs to use cheaper Thar coal
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[ad_1] Federal Minister for Energy (Power Division) Awais Leghari gestures during a press conference in this undated photo. — X/GovtofPakistan ISLAMABAD: The federal government aims to push Chinese independent power producers (IPPs) to adopt cost-efficient Pakistani coal instead of importing it at higher rates from other countries to not only ease the burden on consumers…
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Capacity charges driving up Pakistan’s electricity costs | The Express Tribune
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[ad_1] The escalating electricity costs in Pakistan are largely attributed to capacity charges, with 22 government-owned companies accounting for a substantial 48% of these charges. In the past three months alone, these companies have received a staggering Rs169.36 billion in capacity charges, according to sources. This financial allocation continues despite many of these power plants…
