With K-Electric’s payables to the national grid at Rs592 billion and rising at Rs16bn per month, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday decided to increase KE’s consumer tariff by Rs1.52 per unit for a year earlier blocked by the private utility for over three years through litigation. On top of this, the ECC led by Finance Minister Ishaq Dar also decided to injec
Payments company Mastercard on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation across the industry from landfill. Initially partnering with British lender HSBC Holdings Plc in eight branches in Britain, Mastercard said banks across the world, some of which have launched local initiatives, would be able to join
The government is persuading Europe and China to route their gas supplies from Central Asian nations through Gwadar to ensure their energy security in a changed global environment in the wake of the Russia-Ukraine war. Minister of State for Petroleum Musadik Malik told journalists on Wednesday that Central Asian states — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — we
The financial sector saw Finance Minister Ishaq Dar’s meeting with US ambassador Donald Blome in Islamabad on Wednesday as a positive development while the currency markets indicated their satisfaction with a calm day for the exchange regime. The meeting has revived hopes for a breakthrough in negotiations with the International Monetary Fund for the release of $1.2 billion tranche. A statem
The government has set up a new body to frame economic policies that “ensure policy predictability, continuity and effective implementation to revive the economy”, Prime Minister Shehbaz Sharif said on Wednesday as he stressed the need for “creative ideas” to solve economic problems. The new forum, the Special Investment Facilitation Council (SIFC), will serve as a top decision-making body to p