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Fuel and Energy: Pakistan

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Prime Minister Nawaz Sharif chaired 14th meeting of the Cabinet Committee on Energy at the PM House here on Friday. The meeting, which lasted for more than three hours, was given a detailed presentation on load management and recoveries by Secretary Water and Power. The meeting was informed that this year average load shedding in urban areas has been at six hours, and eight hours in rural areas, with the exception of those areas where recoveries are too less.

The government has reportedly decided to slash subsidy to the power sector consumers in fiscal year 2015-16 but uniform tariff policy and subsidy to life line consumers will remain in place, well informed sources told Business Recorder. The International Monetary Fund (IMF) and Pakistan''s economic managers reportedly reached an understanding during the seventh quarterly review mandated under the 6.64 billion dollar Extended Fund Facility in Dubai that subsidy provided to middle class and rich consumers will be withdrawn in the budget 2015-16.
Prime Minister Nawaz Sharif concluded a visit to the Central Asian region Friday, pushing to expand energy ties with the former Soviet states to tackle country''s chronic power shortages. In a meeting with his Kyrgyz counterpart, Temir Sariyev, in the capital Bishkek on Thursday, Sharif discussed an electricity project that would see Pakistan import up to 1,000 megawatts from mountainous Kyrgyzstan and Tajikistan.
The Progressive Group, a representative platform of businessmen and traders, has welcomed an agreement between Pakistan and Kyrgyzstan fostering co-operation with a special focus on the energy section and regional connectivity. Both the countries have also decided to enhance their bilateral relations in diverse areas including trade, economy, people to people contact and tourism.
Nepra has approved K-Electric''s request to reduce power tariff by Rs 1.74 per unit under the monthly fuel surcharge adjustment for the month of February 2015. According to KE''s press statement, the power utility requested the regulatory body to reduce power tariff in the wake of reduction in fuel mix prices. Nepra accordingly reduced power tariff during its public hearing. This reduction will be applicable to the company''s customers for the billing month of June 2015. Spokesperson KE said, "The entity requested Nepra a tariff reduction due to fuel mix prices which has been approved. KE will continue to work towards providing relief to its valued customers."
As weather remained hot and dry in most parts of the country on Friday and mercury topped 49 degree Celsius in some parts of Sindh and Balochistan provinces, the people living in plains of Punjab and Sindh sizzled in the heat amid frequent electricity outages.
K-Electric, in its ongoing Operation Burq, raided about 60 different city spots with the help of police, Rangers and FIA, here on Friday. The spots raided included the residence of, what a KE spokesman said, a highly influential person belonging to a political party, a general hospital and an "illegally-run RO Filter Plant". According to KE spokesman, the raids were conducted in DHA, Gadap, Malir, Lyari, Sadr, Uthal, Baldia, Garden, Tipu Sultan, Bahadurabad, Shah Faisal, Clifton, SITE and other city neighbourhoods.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln