AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, January 02, 2014 (PPI-OT): Government approves huge raise in GIDS
According to MR Securities,
The government has reportedly accorded approval to considerably raise Gas Infrastructure Development Surcharge (GIDS) designed to yield 0.4 percent of Gross Domestic Product as agreed with International Monetary Fund (IMF) in the Letter of Intent, well-informed sources revealed to Business Recorder.
Khushhali Bank Limited introduces Sarsabz Karobar
Khushhali Bank Limited, one of the country’s leading microfinance institutions, has introduced Sarsabz Karobar, an agriculture based product. It is a joint venture between Khushhali Bank and its value chain partner Connecting Agro Value Chain Private Limited (CAVC). The product was officially introduced to the masses by bank’s president Ghalib Nishtar at Swabi, disclosed a bank’s spokesperson.
Government to borrow Rs 2.63 trillion through auction of PIBs, MTBs To meet the rising fiscal deficit, the federal government is intended to borrow some Rs 2.63 trillion through auction of Pakistan Investment Bond (PIBs) and Market Treasury Bills (MTBs) during the third quarter of the current fiscal year (FY14). Analysts said that in the scenario, when the government was facing revenue shortfall and expenditures were increasing gradually, the borrowing from the banking system was an easy way for the government to meet the fiscal deficit.
TPL Direct Insurance, Tameer Bank sign accord
TPL Direct Insurance Limited, Pakistan’s only direct insurance company, has partnered with Tameer Microfinance Bank and has signed an agreement to launch micro-health insurance covers to targeted customers residing in small cities and villages with no access to financial institutions. Handing over Discos to provinces: government weighing up options, media told Federal Finance Minister Ishaq Dar said on Wednesday that the government was weighing up options to hand over power distribution companies to the provinces on the book value due to serious problems in the recovery of electricity dues from provinces and private consumers.
Finance to release Rs 30 billion to Power Ministry today
Ministry of Finance will release Rs 30 billion to the Water and Power Ministry on Thursday (today) to ensure maximum generation from Independent Power Producers (IPPs) during the canal closure period. The energy sector’s circular debt has again risen to Rs 200 billion during the first six months of current financial year due to low recovery and difference between cost of generation and price of electricity.
Promotion of nuclear energy to help provide cheaper power to industry: PAEC chief
Dr Ansar Parvez, Chairman Pakistan Atomic Energy Commission (PAEC), has said that promotion of nuclear energy in the country would not only help to provide cheaper power to industry but also help in elimination of circular debt issue permanently.
Nuclear power: China promises $6.5b cheap loan for two plants
China has committed $6.5 billion to two nuclear power plants being constructed in Karachi and efforts are under way to further deepen civil-nuclear cooperation, said Prime Minister Nawaz Sharif whose government is struggling to cope with acute power shortages.
KESC allowed to shutdown three generation units
The National Electric Power Regulatory Authority (Nepra) has given its nod to Karachi Electric Supply Company (KESC) to decommission its three power generation units, official sources said. Financial overview: Dar acknowledges inflation has gone up While admitting that inflation had gone up and the government’s claim to increase the tax net had been unrealistic, Federal Minister for Finance Ishaq Dar on Wednesday blamed various factors including the previous government’s policies for the current mayhem.
Shaky ground: ‘Want more energy to benefit from GSP Plus status’
Textile exporters have pinned their hopes of industrial and economic revival on 2014, expecting Pakistan to achieve $14.5 billion of exports by the end of the fiscal year (FY) after being granted duty free access to the European Union (EU).
There’re 3.6 million new potential taxpayers, insists Nadra
National Database and Registration Authority (Nadra) stands by its data that based on its information there are 3.6 million new potential taxpayers that Federal Board of Revenue (FBR) can pursue, senior officials of Nadra informed this correspondent on condition of anonymity.
Indus Motor takes lead in maximum price hike
Citing rupee depreciation against the dollar and other production costs, all three local car assemblers increased car prices on three different occasions during 2013.