THERE is nothing quite like a punch-up among the billionaires. That is exactly what we have going on these days with the whole ‘capacity payments to Independent Power Producers’ (IPPs) issue. If you’re confused about what exactly is going on and trying to figure out who is right in all of this, let me help you with one simple line: this has nothing to do with you. Relax. Here is what’s happenin
The prospects of success for Pakistan’s economic reforms under the International Monetary Fund (IMF) programme remain tenuous, with significant challenges ahead for the government and economy, opine business leaders. Earlier this month, Pakistan and the IMF reached a Staff-Level Agreement (SLA) for a $7 billion Extended Fund Facility. The IMF-mandated reforms included increases in tax revenu
In light of the recent increase in base tariffs, government-owned power distribution companies (Discos) have sought an additional fuel cost adjustment (FCA) of Rs2.63 per unit to extract about Rs35 billion more from consumers in the next billing cycle for the electricity consumed in June. The Central Power Purchasing Agency (CPPA), a subsidiary of the power division, has filed a formal petition
The Ministry of Energy has instructed the Oil and Gas Regulatory Authority (Ogra) to finalise the framework for transferring the responsibility of determining petroleum prices to the oil industry. In a letter issued on Wednesday, the ministry directed the Ogra chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and way forward for deregulating petroleum product
Foreign exchange reserves of the State Bank fell drastically by $397 million during the week that ended on July 19, making it difficult for the government to keep the reserves around $9 billion before another loan agreement with the IMF. According to the State Bank, the decline was due to external debt repayments which brought the reserves down to $9.027.2bn. The country is struggling amid huge