web analytics

ARY NEWS

Aleem Malik

  • NEPRA okays another hike in power tariff

    NEPRA okays another hike in power tariff

    ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs1.90 per unit on account of monthly fuel charges adjustment (FCA), ARY News reported on Wedesday.

    This amount will be recovered from the consumers in the month of August.

    Furthermore, the increase in electricity tariff will apply to all the consumer categories except lifeline consumers and KE users.

    The increase in power tariffs will put Rs23 billion in additional pressure on the already burdened masses, who are struggling to make ends meet amidst rising inflation and a weak economy.

    Separately yesterday, the National Electric Power Regulatory Authority (NEPRA)jacked up electricity prices by Rs1.25 per unit on account of third quarter adjustments of the financial year 2022-23.

    This amount will be recovered from the consumers in a period of three months – July, August and September 2023.

    Furthermore, the increase in electricity cost will apply to all the consumer categories except lifeline consumers and KE users.

  • Probe launched into illegal clearance of goods amid import ban

    Probe launched into illegal clearance of goods amid import ban

    A probe has been launched by the higher authorities after the revelations of illegal clearance of goods worth billions amid the import ban, citing sources, ARY News reported on Tuesday.

    An investigation has been launched for neglecting the financial instruments of the Pakistan Single Window (PSW). It was learnt that clearance was given illegally for items worth billions despite the strict import ban in the country.

    Sources told ARY News that a three-member probe committee was formed which will be headed by DG Reforms and Automation. Sources said that importers managed to clear goods without the tagging of electronic import forms.

    READ: Govt exempts more items from import ban

    The illegal clearance of items worth billions continued for one year without the PSW instrument despite the regulation of getting mandatory financial instruments from banks for goods’ declaration.

    The higher authorities directed the Director Reforms and Automation of Customs House Karachi to provide relevant records to the probe committee. PSW CEO has also been ordered to give the records to the investigation team.

    The probe team was tasked to submit its report to the higher authorities in four weeks.

    READ: Another company shuts down production plant due to import ban

    In June, the federal government had lifted the ban on import of raw materials, inter-mediatory goods, industrial equipment, and foreign grants in aid projects.

    The central bank had issued a circular to end all restrictions on imports in order to fulfil another IMF condition.

    The federal government had granted permission to banks for providing remittances to release more than 6,000 containers. The SBP stated in the circular that remittances will be provided for all imports after the enforcement of the latest order.

    The authorised dealers were given instructions to provide remittances following the recommendations of the stakeholders, said the State Bank of Pakistan (SBP) spokesperson.

  • Govt misses export target for FY2022-23

    Govt misses export target for FY2022-23

    The federal government missed the export target for the fiscal year 2022-23 as the Pakistan Bureau of Statistics (PBS) released the statistics today, ARY News reported.

    According to the PBS, the country’s exports stood at $27.74 billion in the fiscal year 2022-23, whereas, the target was $32.35 billion. The country witnessed a drop of 12.71% in exports as compared to the previous fiscal year.

    The country’s import remained $55.29 billion in FY2022-23, whereas, the import target was $66.40 billion. On an annual basis, the import rate was reduced up to 31% as compared to the previous fiscal year.

    READ: Ahsan Iqbal calls for collective efforts to increase exports

    The trade deficit remained $27.54 billion in FY2022-23 while the deficit target was $34 billion, witnessing a reduction of 43.03%.

    As compared to June 2022, exports dropped by 18.72% and remained at $2.36 billion in June 2023. In June 2022, the exports stood at $2.91 billion.

    The total volume of imports was $4.18 billion in June 2023 and the trade deficit was $1.81 billion.

    READ: Ishaq Dar unveils federal budget for FY 2023-24 with total outlay of 14.5tr

    In June, Finance Minister Senator Ishaq Dar had said that the federal government has prioritised to enhance exports in the budget 2023-24.

    While addressing an event in Islamabad today, Ishaq Dar said that Pakistan will have to resolve its own issues as a nuclear power.

    He said that the government would accept recommendations regarding the budget and two committees were formed to remove the flaws. He added that the new budget is based on steps towards economic stability.

    Dar said that budget 2023-24 was not an election budget or a 45-day budget but steps were taken to stabilise the national economy. “In 2017, Pakistan became 24th biggest economy globally but it fell down to 47th due to poor performance of the previous government.”

    “People were talking about the bankruptcy of Pakistan but we made difficult and unpopular decisions to improve the economy. We will have to think beyond the personal interests for the development of the country.”

  • Pakistan ‘okays’ exports of donkey hides to China

    Pakistan ‘okays’ exports of donkey hides to China

    ISLAMABAD: Pakistan has okayed the exports of various goods to China including donkey hides, ARY News reported on Tuesday, citing sources. 

    As per details available with ARY News via sources, the approval to sign four protocols with China for the export of donkey hides from Pakistan, beef, dairy items and chilies, was accorded by the federal cabinet through a circulation summary.

    The donkey hides will be exported to China for processing, the sources said and added that signing protocols for the export of donkey hides are aimed to regulate the business.

    It may be noted that the four protocols which are to be signed by Pakistan with China were already been okayed by the Ministry of Law and Justice.

    Read more: China shows interest in importing donkeys from Pakistan

    Earlier on October 4, 2022, Ministry of Commerce on Monday told the Senate Standing Committee on Commerce that China expressed interest in importing donkeys and dogs from Pakistan.

    According to details, the Senate Standing Committee meeting on Commerce was held in Islamabad under the chairmanship of Zeeshan Khanzada to get a briefing on imports and exports.

    During the meeting, Dinesh Kumar, a member of the standing committee, said that China is asking Pakistan to export donkeys as well as dogs.

  • Pakistan’s electricity shortfall reaches 6,160MW

    Pakistan’s electricity shortfall reaches 6,160MW

    LAHORE: The electricity shortfall in Pakistan has reached 6,160 megawatts (MW), causing power outages of up to 10 hours in the country, ARY News reported on Thursday, quoting sources. 

    According to details, the demand in the country for electricity has surged to 26,700 megawatts while the power supply is 20,540 megawatts. The shortfall has resulted in power outages of up to 10 hours in the country.

    Sources said Pakistan is generating 7,300MW of electricity from the IPPs, while 8,000 from the hydel sources.

    3,200 megawatts of electricity is being produced through atomic power plants and 570MW from government-owned thermal power plants.

    Sources further said 1,200MW is being supplied to National Grid from he wind power plants.

    Read more: RLNG cargoes arrive in Pakistan, easing gas crisis

    Earlier it emerged that multiple cargoes of Regasified Liquefied Natural Gas (RLNG) have arrived in Pakistan, bringing much-needed relief to the country’s energy crisis.

    Petroleum officials have confirmed that the inclusion of RLNG in the gas system has played a pivotal role in resolving the crisis.

    According to petroleum officials, the inclusion of RLNG in the gas system has proven to be a game-changer.

  • Pakistan to ‘regulate’ exports of donkey hides to China

    Pakistan to ‘regulate’ exports of donkey hides to China

    ISLAMABAD: Pakistan has decided to ‘regulate’ the exports of various goods to China including donkey hides, ARY News reported, citing sources. 

    As per details available with ARY News via sources, Pakistan has decided to regulate the exports of donkey hides, chilies and various dairy products.

    The donkey hides will be exported to China for processing, the sources said. In this context, Pakistan and China will sign four different protocols, which have already been okayed by the Ministry of Law and Justice.

    Earlier on October 4, 2022, Ministry of Commerce on Monday told the Senate Standing Committee on Commerce that China expressed interest in importing donkeys and dogs from Pakistan.

    Read more: China shows interest in importing donkeys from Pakistan

    According to details, the Senate Standing Committee meeting on Commerce was held in Islamabad under the chairmanship of Zeeshan Khanzada to get a briefing on imports and exports.

    During the meeting, Dinesh Kumar, a member of the standing committee, said that China is asking Pakistan to export donkeys as well as dogs.

  • UK’s DCTS initiative to boost trade with Pakistan

    UK’s DCTS initiative to boost trade with Pakistan

    ISLAMABAD: The United Kingdom’s (UK) Developing Countries Trading Scheme (DCTS) has now entered into effect, providing tariff reductions and simpler terms of trade to Pakistan and 64 other countries, ARY News reported.

    According to a statement issued by the British High Commission in Islamabad, the new scheme has replaced the Generalized Scheme of Preferences (GSP) and will help drive business between the UK and developing countries, reducing the need for aid.

    UK Minister for International Trade Nigel Huddleston launched the scheme on Monday, during a visit to Ethiopia’s largest industrial business park, Bole Lemi.

    Under the DCTS, Pakistan has retained its enhanced preferences status and will continue to benefit from duty-free exports to the UK on 94% of goods exported. It will also remove tariffs on over 156 additional products, and simplify some seasonal tariffs.

    “Some of the specific goods which benefit most from the DCTS in Pakistan include over £250 million ($320 million) of average annual exports to the UK of bedlinen and almost £100 million of jeans which will each receive a 12% reduction in import duty,” it added.

    UK’s Trade Director for Pakistan and British Deputy High Commissioner, Karachi, Sarah Mooney, said “This is a major development in the trading relations between the UK and Pakistan. This important new scheme will further strengthen the economic ties between our two great countries, helping Pakistan to bolster its exports to the UK and harness the power of trade for development.’’

    It is pertinent to mention here that the total trade (goods and services) between the UK and Pakistan each year currently stands at £4.4 billion. It is expected that £120 million in tariffs will be saved on exports to the UK under the scheme.

    Pakistan and other DCTS countries will be supported to participate in the international trading system through the UK’s Trade Centre of Excellence, which will provide specialist support to fully participate in the global trading system. This may include support on meeting trade standards, and participating in multilateral trade forums.

    The DCTS covers 37 countries in Africa, 26 in Asia/Oceania/Middle East and two in the Americas. The scheme was announced last year, and legislation has since been finalised to bring it into force.

  • Budget 2023-24: 682MW additional power to be generated from solar

    Budget 2023-24: 682MW additional power to be generated from solar

    ISLAMABAD: In order to address energy-related issues, the federal government has planned to generate an additional 682MW of electricity from solar energy in the upcoming federal budget for FY2023-24, ARY News reported.

    According to the budget document available with ARY News, the coalition government has set a target of electricity generation of 43,318MW in the FY2023-24 budget.

    Rs205.38 billion have been proposed to be allocated for the power sector in the federal budget 2023-24.

    The budget document further says the government has planned to add 1,782MW of cheaper electricity in the upcoming fiscal year to provide relief to the masses.

    In FY2023-24, the government has planned to add 682MW from solar energy, 100MW from wind, 245MW from hydroelectricity, 660MW from imported coal and 32MW from biogas.

    Read more: Federal Budget 2023-24: Ishaq Dar to present Finance Bill today

    Later in the day, Finance Minister Ishaq Dar will present the federal budget for the next fiscal year with a total outlay of Rs 13,800 billion.

    Sources indicated that the budget 2023-24 size will exceed Rs13,800 billion, while the budget deficit is expected to be more than Rs6,000 billion, with expenses of Rs7,300 billion allocated to pay debt.

  • Development budget of provinces slashed by Rs60 billion

    Development budget of provinces slashed by Rs60 billion

    ISLAMABAD: The overall development budget of the provinces has been slashed by Rs60 billion in the upcoming federal budget for FY2023-24, ARY News reported quoting the budgetary proposals.

    According to the budget proposals, the revised development budget of the provinces has been slashed to Rs1,598 billion from 1,658 billion.

    As per break up, the development budget of Sindh in FY2023-24 has been slashed to Rs391 billion from earlier Rs424 billion. KP’s budget after the deduction of Rs15 billion has been fixed at Rs340 billion, according to the budget document.

    The development budget for Balochistan has been revised to Rs165 billion from Rs206 billion. Surprisingly, the development budget of Punjab has been increased by Rs29 billion and is proposed at Rs702 billion in FY2023-24.

    Read more: Govt decides to include energy reforms in Budget 2023-24

    Furthermore, the federal development budget has been proposed at Rs1,150 billion, while an allocation of Rs950 billion has been proposed under Public Sector Development Programme (PSDP) in the FY2023-24 budget.

    It is pertinent to mention here that the Budget 2023-24 would be presented on 9th June in the National Assembly after approval by the federal cabinet.

  • Budget 2023-24: Rs102.86b likely to be allocated for power sector

    Budget 2023-24: Rs102.86b likely to be allocated for power sector

    The federal government is expected to allocate Rs102.86 billion for the power sector projects in the upcoming budget 2023-24, citing sources, ARY News reported on Sunday.

    Rs102.86 billion allocations have been recommended for the projects of power sector in the new fiscal year 2023-24. It has been recommended to launch 32 new schemes in the power sector.

    The projects included the construction of 1,200 MW solar power plant near Haveli Bahadur Shah, Rs14.1 billion for the CASA 1000 project, Rs12.5 billion for power transmission from Suki Kinari hydropower project, Rs1 billion each for improving the power distribution in Multan Electric Power Company  (MEPCO) and Hyderabad Electric Supply Company (HESCO).

    Moreover, it was recommended to allocate Rs4.41 billion for power transmission from Dasu hydropower project, Rs3 billion for advance metering infrastructure in Islamabad Electric Supply Company (IESCO) and Rs2.32 billion for Supervisory Control & Data Acquisition (SCADA) in the National Power Construction Corporation (NPCC).

    Read: Govt approves Rs1100bn development budget for next fiscal year

    Yesterday, Finance Minister Senator Ishaq Dar assured that despite economic challenges, the government was determined to provide a business and investment-friendly environment in the country through the upcoming budget for Fiscal Year 2023-24.

    “In order to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon”, the finance minister said.

    Ishaq Dar made the assurance during a meeting with a delegation of the Pakistan Stock Exchange (PSX) led by Farrukh Hussain Khan, MD/CEO PSX.

    Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousif Tola, Governor SBP, Chairman FBR, and senior officers from Finance Division, FBR, and PSX attended the meeting.

    The delegation appreciated the initiative of the Finance Minister for taking on board all the stakeholders while preparing the budget for the upcoming Fiscal Year 2023-24.

    The delegation also brought to the notice of the finance minister various challenges being faced by the capital markets and investors and presented recommendations to be taken into account in the upcoming Federal Budget 2023-24.

    Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid and efficient digitized marketplace for investors in Pakistan.