The Central Power Purchasing Agency (CPPA) on Monday sought a massive Rs3.55 per unit as fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to raise another Rs33bn from consumers in December, despite a healthy 76 per cent electricity generation from cheaper domestic fuels. This comes on top of about 26pc increase in the annual base tariff and around 18pc hike under th
The caretaker government is jubilant, feeling a sense of vindication. The market, in turn, embraced the International Monetary Fund (IMF) agreement with warmth. The deal unlocked the critically needed second $700 million tranche, bringing the total disbursement to $1.9 billion, within the $3bn bailout framework deemed essential for Pakistan’s financial stability. While the business community ex
International Monetary Fund Managing Director Kristalina Georgieva has said this week’s meeting between US President Joe Biden and Chinese President Xi Jinping is a badly needed signal that the world needs to cooperate more. “It sends a signal to the rest of the world that we must find ways to cooperate on those challenges where no country on its own can succeed,” Georgieva told Reuters on Frid
The banking currency market is again operating on a dual-rate system, where dollars are selling at a premium compared to the official exchange rate, particularly impacting small-scale importers, banking sources said on Saturday. The discrepancy comes even though there are no official restrictions on imports or the opening of letters of credit (LCs). Atif Ahmed, a currency dealer in the inter
Earlier this month, the government of Punjab declared a smog emergency. A few days later, the Lahore High Court ordered school and office closures twice a week to mitigate smog in the largest city of Punjab. According to a 2018 study, air pollution comes from vehicular emissions, industry and agriculture through crop burning.The electric vehicle revolution Globally, the electric vehicle (EV)