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Pakistan & Gulf Economist
Home»In The News»Pakistan In Focus
In The News

Pakistan In Focus

By PAGEJune 13, 2022Updated:June 14, 2022No Comments5 Mins Read
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Auto parts makers demand smooth energy supply

Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Senior Vice Chairman Abdul Rehman Aizaz has called for smooth and uninterrupted power and gas supply to the industry at the competitive rates of Ogra. Aizaz blamed absence of electricity supply from the national grid for the industry’s financial crisis as they were provided re-gasified liquefied natural gas (RLNG) at a high rate, which is “discrimination and injustice”. Due to the prevailing gap of around 7,000MW in electricity demand and supply, the government is following a load management programme, Arif Habib Limited (AHL) Head of Research Tahir Abbas told.


Changes to Nepra act sought

The government of Balochistan has not been able to meet the criteria set for nominating a candidate for appointment as a member of the National Electric Power Regulatory Authority’s (Nepra) Appellate Tribunal and has asked the federal government to make certain amendments to the Nepra Act. Owing to the inability of Balochistan government, Punjab has now got its member electricity appointed in the tribunal. Sources told that the Law and Justice Division had approached the government of Balochistan, seeking its recommendation for appointing the member electricity. However, the provincial government conveyed its inability to recommend a suitable candidate and proposed that nomination may be sought from some other province. Furthermore, Balochistan proposed certain amendments to the Nepra Act.


Use of plastic money may become expensive

The government may impose 1% tax on all credit and debit card transactions conducted in Pakistan to buy goods abroad or during international travel, aimed at saving the fast depleting foreign exchange reserves. It is also planning to increase the tax on international air travel by four times to Rs50,000 per Business Class ticket, according to sources in the Federal Board of Revenue (FBR). Both the steps are aimed at saving the foreign exchange reserves by around $1 billion a year. Authorities have observed a mushroom increase in overseas payments through credit and debit cards after the State Bank of Pakistan (SBP) made the regulations stringent on the purchase of dollars from the domestic market and for the passengers carrying the greenback abroad.


IMF asks govt to reopen CPEC deals

The International Monetary Fund (IMF) has asked Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs300 billion to the Chinese power plants, putting Islamabad in a tight spot. The global lender has asked the government to treat the Chinese CPEC power plants at par with the power plants established under the 1994 and 2002 power policies, highly placed sources told. These plants had been set up under the CPEC framework agreement.


Builders demand higher payments as costs rise

Constructors Association of Pakistan (CAP) Chairman Kamal Nasir Khan has urged the government to negotiate with the representatives of builders for evaluating the loss being inflicted on them due to an unprecedented rise in prices of construction material. It posed a threat to all ongoing projects, which may shut down if suitable escalation in payments was not made, he said. “We will stop work on all projects across Pakistan, if our demands are not met and contractors, especially the smaller ones, are not compensated properly,” said Khan at a press conference on Wednesday. He claimed that 26,000 small contractors of C-5 and C-6 categories had already halted work on their ongoing projects, as they were neither in a position to borrow from the market, nor could spend from their own pockets.


K-Electric seeks Rs4.86 tariff increase

K-Electric has requested the National Electric Power Regulatory Authority (Nepra) to increase power tariff by Rs4.86 per unit on account of fuel cost adjustment (FCA) for April 2022. In its petition, the private power utility pointed out that the major impact on the monthly FCA came from the increase in prices of furnace oil and the rise in cost of electricity purchase from the Central Power Purchasing Agency-Guarantee (CPPA-G). The price of furnace oil increased 22% in April 2022 compared to the previous month.


Minister for timely project completion

Federal Minister for Water Resources, Syed Khursheed Ahmed Shah has said that Pakistan is in dire need of water and low-cost electricity, which necessitates timely completion of the projects in water and hydropower sectors. He expressed these views during his visits to Mohmand Dam and Tarbela 5th Extension Hydropower Project. The Minister was accompanied by WAPDA Chairman Naveed Asghar Chaudhry. Speaking on the occasion, the Federal Minister for Water Resources advised WAPDA to ensure completion of the projects in accordance with the stipulated timelines by expediting its efforts for the purpose. However, the laid down construction standards in execution of the projects must be adhered to, he added.


Miftah invites UAE investment

Federal Minister for Finance and Revenue, Miftah Ismail on Wednesday assured full support by present government to Ambassador of the United Arab Emirates, Hamad Obaid Ibrahim Salim Al-Zaabi and offered him welcoming sentiments for pursuing new investments in Pakistan. Talking to UAE’s Ambassador, who called on him, the finance minister highlighted the long-standing bilateral ties between both countries in areas of trade, energy, refinery, and petroleum, said a statement issued by Finance Division. He shared that Pakistan is aiming at taking the existing bilateral relations to next level especially in economic area.

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