ISLAMABAD (July 04, 2009): Pakistan will seek six-month waiver, from International Monetary Fund (IMF), for ending subsidy on electricity from June 30, said Advisor to Prime Minister on Finance Shaukat Tarin. Talking to media here on Friday after the Conference on Privatisation with Public Private Partnership, he said that formal request for additional $4 billion 'Flexible Credit Line' (FCL) facility was sent to IMF, which would be approved by its board in the next session.

ISLAMABAD (July 04, 2009): The Advisor to Prime Minister on Finance, Shakat Tarin, has said that the government does not have the financial resources to pay huge subsidies, amounting to almost 5 percent of GDP, to Wapda and Railways alone. Addressing, as chief guest, the conference on 'Privatisation with Public Private Partnership' (PPP), he said that "these bleeding giants need to be privatised" so that the private sector could turn them around and make them successful business ventures.

ISLAMABAD (July 04, 2009): 'Flexible Credit Line' is a new IMF instrument, created in April 2009, which seeks to provide large and upfront financing to members with very strong fundamentals and policies. According to IMF website, "access to FCL is restricted to those members that meet strict qualification criteria, drawings under it are not tied to policy goals agreed with the country".

ISLAMABAD (July 04, 2009): The government is reportedly set to remove all legal hitches in the establishment of an electricity entity in Northern Areas, which would be referred as 'Northern Areas Electricity Development Company' (NAEDC), with the objective of facilitating private investment in hydropower projects, sources told Business Recorder.

KARACHI (July 04, 2009): The Task Force on Maritime Industry (TFMI), constituted by federal government, has recommended to the Ministry of Ports and Shipping reduction in the wet charges at Karachi Port by around $10,200, or 40.47 percent, and $9,400, or 38.52 percent, at Port Qasim.

ISLAMABAD (July 04, 2009): The Federal Board of Revenue has finally decided to fully enforce Value Added Tax (VAT) regime at the entire retail stage including big retailers, retail outlets, manufacturers, wholesalers, distributors, suppliers and shopkeepers from July 1, 2010.

ISLAMABAD (July 04, 2009): Exporters have approached the Federal Board of Revenue for withdrawal of a customs-related budgetary decision to transfer the powers of Duty and Tax Remission of Export (DTRE) approvals from collectors of customs to sales tax collectors. In budget 2009-10, the board has transferred the powers of DTRE approvals from sales tax collectors to collectors of customs.

ISLAMABAD (July 04, 2009): Cotton production may exceed the target set for 2009-10 fiscal year (13.36 million bales) by about 9.4 percent to 14.6 million bales following 40 percent increased sowing in Sindh and usage of BT seed for the current financial year.

ISLAMABAD (July 04, 2009): At least 26 security personnel on board a military helicopter were killed at the border of Orakzai and Khyber agency on Friday when it crashed due to a technical fault, security officials said. The accident occurred on the border of the semi-autonomous Orakzai and Khyber tribal regions.

ISLAMABAD (July 04, 2009): US missiles struck a training facility operated by Taliban leader Baitullah Mehsud and a militant communication centre on Friday, killing 17 people and wounding 27 others, intelligence officials said. The two attacks by drone aircraft took place in South Waziristan, a Mehsud stronghold close to the Afghan border where Pakistani troops are gearing up for a military offensive, two officials said on condition of anonymity because they were not authorised to speak to the media.