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Senate Standing Committee on Water and Power headed by Senator Iqbal Zafar Jhagra on Friday took K-Electric management to task for its questionable performance during the heatwave that claimed hundreds of lives and constituted a committee to probe the entire matter. During the standing committee meeting, National Electric Power Regulatory (Nepra) and K- Electric's top management disagreed with the figures of generation, reliability of distribution and transmission systems and investment in infrastructure.

The National Electric Power Regulatory Authority (Nepra) has made electricity costlier by 20 to 80 per cent for domestic consumers of K-Electric by slashing the amount of subsidy as per agreement with the International Monetary Fund (IMF). The Ministry of Water and Power had submitted a request to the regulator to slash subsidy for K-E consumers. The impact of reduction in subsidy for domestic consumers will be between Rs 2 to Rs 4.28 per unit.
The International Monetary Fund (IMF) has set 4.3 percent budget deficit target as prior action for the current fiscal year including an adjuster of 0.3 percent of GDP (up to Rs 100 billion) on security expenditure and resettlement of Internally Displaced Persons (IDPs). The IMF staff level report on seventh review under the Extended Arrangement and Modification of Performance stated that "due to extraordinary circumstances, the authorities will incur one-off spending of up to Rs 100 billion (programme adjustor) on security enhancements related to fighting terrorism and resettlement of IDPs."
The International Monetary Fund (IMF) has expressed concern over the delay in the privatisation of power distribution companies and court challenges to power surcharges, saying this would set back the privatization program and increase the flow of their payables. In its Seventh Review under the Extended Arrangement and Modification of Performance Criteria released on Thursday, the government has committee to dispose of three out of seven DISCOs in current fiscal year to minimise the receivables of power companies.
The country's top anti-graft body on Friday ordered an investigation against officers of Sindh Workers Welfare Board and Revenue Department, Gadap Town. An official source of National Accountability Bureau (NAB) said that the decision to initiate an investigation against Officers/Officials of Sindh Workers Welfare Board and Revenue Department, Gadap Town, was taken in the bureau's Executive Board Meeting (EBM) presided over by NAB chariman Qamar Zaman Chaudhry and attended by senior official of the anti-graft body.
Asian markets mostly retreated Friday ahead of the weekend's Greek referendum that could decide its eurozone future, while Shanghai plunged more than seven percent, at the end of a torrid week for mainland investors. Wall Street ended in the red as a strong increase in US jobs was overshadowed by the Greek crisis and stagnant wage growth.
A new survey Friday ahead of Greece's make-or-break weekend referendum showed a swing against the government to a 'Yes' result, amid a sense of crisis fuelled by cash rationing and burgeoning protests. The poll by Greece's Alco institute said 44.8 percent of Greeks intend to vote 'Yes' and 43.4 percent are for 'No' - making it the first published survey to give a lead to the 'Yes' vote ahead of Sunday's ballot.
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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln