AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, December 12, 2013 (PPI-OT): Circular debt touched Rs 216 billion mark by December 2
According to MR Securities,
Delay in payments and inefficiency in resolving power sector issues; including the disparity between power generation cost and amount charged, poor recovery by Discos and theft; have once again given rise to the horrific circular debt that has touched the figure of Rs 216 billion by December 2.
Improved recoveries: Bad loans shrink with decline in interest rate Non-performing loans (NPLs) of the banking industry of Pakistan shrank Rs11.1 billion in the first quarter of fiscal year 2013-14, according to the latest data released by the State Bank of Pakistan (SBP).
Banks’ balance sheets show upturn in foreign currency While Finance Minister Ishaq Dar takes leading commercial banks to task for the volatility of the rupee, the balance sheets for these banks show a dramatic upturn in foreign currency income in 3QCFY.
Inflated electricity bills cost consumers extra Rs50bn
The power distribution companies (Discos) have sent the inflated bills to a major chunk of 22 million consumers around the country to cover up their line losses and the massive power theft with the overbilled amount totaling around Rs40 to 50 billion.
Engro seeks Thar coal inclusion in priority list
Sindh Engro Coal Mining Company (SECMC) CEO Shamsuddin Shaikh has sought the support of federal government for inclusion of the Thar coal mining and 600 MW Thar coal-based projects in the list of “priority projects for Pakistan” in the Pak-China economic corridor to meet a necessary condition for Chinese Banks to extend funding for the project.
Ambitious plans: Every dollar of CSF to be recovered, says Dar
Pakistan has vowed to recover every dollar of the Coalition Support Fund (CSF) from the United States and has said the $850 million outstanding amount is not a “charity but its right”, as the government targets the CSF and new $2.5 billion international bonds to shore up its reserves.
Power sector dues: Inter-corporate debt beginning to pile up
The independent power producers (IPPs) are once again raising the spectre of increased outages as the inter-corporate debt is re-emerging and has reached Rs216 billion.
China ready to finance Thar coal project: SECMC chief
As International Financial Institutions (IFIs) refuse to extend financing to develop Thar coal reserves, China has offered to provide $900 million for mining and setting up power plants, seeking a guarantee from the federal government in order to go ahead with the offer.
OGRA warns marketing companies
As dealers in Southern Punjab raise oil prices to Rs250 per litre, the Oil and Gas Regulatory Authority (Ogra) has warned oil marketing companies (OMCs) that they should be ready to face cancellation of marketing licences if their retail outlets were found involved in either shutdown or overcharging.
KKI applies for restoration of licence
KKI (Khanani and Kalia International) Exchange Company has approached State Bank of Pakistan (SBP) seeking restoration of its suspended licence, as all cases against the company have been concluded.
Launching of investment bonds: ISE MD hails govt’s plan
Islamabad Stock Exchange Limited (ISE) has appreciated and fully endorsed the plan of the government for launching of Government T- Bills and Pakistan Investment Bonds through listing at stock exchanges.
Q1 GDP posts five percent growth: power subsidy inadequate: Dar
At a quarterly interaction with media, Finance Minister claimed that the financial management of the government is as per budget announcement and economic policies are in the right direction.
Sugar price reduced by Rs 5 per kg
Economic Co-ordination Committee of Cabinet has decided to reduce the price of sugar by Rs 5 per kg at Utility Store Corporation of Pakistan; and it extended the period for export of sugar up to February 28.
Sindh government, Japanese firm sign three MoUs worth $6.3 billion
Three separate Memorandums of Understanding (MoUs) with total investment of $ 6.3 billion were signed between Government of Sindh and Japan-based company ETON to invest in priority projects of energy, infrastructure, and mass transit in a simple but impressive ceremony held at CM House.
Sell-off of 26 percent PSM shares linked to enhanced production
The sell-off of 26 percent shares of Pakistan Steel Mill (PSM) will be done when it achieves 80 percent production target, but presently its production capacity is only 12%, the National Assembly was informed.
Gas shortage estimated at 1.54BCFD in December
Total gas shortage in country is estimated at 1.54 billion cubic feet per day (BCFD) in December which is projected to increase in January to 1.912 BCFD, following a drop in temperature in upcountry areas.