The Petroleum Division of the Ministry of Energy on Tuesday distanced itself from the policy of gas disconnection to industrial Captive Power Plants (CPPs) and alleged that massive capacity payments, over Rs2.1 trillion for the current fiscal year alone in the power sector, had been contracted for the elite’s air conditioners and debt financing. This was the crux of the Senate Standing Committe
The private sector has yet to begin borrowing from banks this fiscal year, despite a 2.5 per cent cut in the interest rate aimed at diverting liquidity towards economic growth. According to the latest data released by the State Bank of Pakistan on Tuesday, the private sector remained cautious over the last 47 days, with a net debt retirement of Rs333 billion. Throughout the previous fiscal y
The government’s much-touted tax reform is likely to face substantial resistance as the traders’ community has announced a nationwide strike on Wednesday (today), with partial support from a few political parties and trade associations. Prior to the strike call, traders’ representatives visited the Federal Board of Revenue’s headquarters on Tuesday to express their discontent to FBR Chairman Ra
Pending approval of the $7 billion bailout by the IMF’s executive board, the government made a poor take-off and received just $436.4 million in foreign assistance and grants in July, almost 85pc lower than the same month last year. The $426m in foreign loans and $10.5m in grants in the first month of the current fiscal year appeared a non-starter when seen in the context of the mammoth $19.4bn
Amid surging terrorist attacks in Balochistan, killing dozens of innocent people, the stock market turned negative in a mixed session on Monday after hitting an intraday high above 79,000 level. Ahsan Mehanti of Arif Habib Corporation said stocks closed lower amid consolidation near the close of earnings season and security concerns. He added that the energy sector outperformed the index aft