Business

K-Electric’s power tariff cut by Rs7.43 per unit

Published

1 year ago

Farwa

FCA for Nov 2022 will be reflected in billing month of Jan 2023.
NEPRA approves a hike of Rs0.189 for XWDISCOs.
Tariff cut and hike will be applicable to all consumer categories.

The National Electric Power Regulatory Authority (NEPRA) on Wednesday decided to slash the power tariff by Rs7.43 per unit for K-Electric (KE) consumers on account of fuel cost adjustment (FCA) for November 2022.

In its petition filed with NEPRA, KE had requested a tariff reduction of Rs7.043 per kilowatt-hour (kWh). The regulator conducted a public hearing on December 27, 2022, and approved a reduction of Rs7.43 per unit.

The FCA for November 2022 will be reflected in the billing month of January 2023. The tariff cut will be applicable to all consumer categories except for:

Lifeline consumers
Domestic consumers consuming up to 300 units
Agricultural consumers
Electric vehicle charging station users

The regulator clarified that the negative adjustment would be applicable to domestic consumers having Time-of-Use (ToU) meters irrespective of their consumption levels.

“The adjustment shall be shown separately in the consumers’ bills on the basis of units billed to the consumers in the respective month to which the adjustment pertains,” the notification read.

Meanwhile, the power regulator increased the power tariff by Rs0.1892 per kWh for ex-WAPDA Distribution companies (XWDISCOs).

The adjustment will also be reflected in January 2023 bills and would be applicable to all consumer categories except

Electric vehicle charging stations
Lifeline consumers

The impact of this increase will be around Rs1.75 billion including 17% general sales tax. Meanwhile, the impact of the power cut for KE will be over Rs11 billion, however, it will not be passed into lifeline consumers.

Business

Donald Lu visits Finance Minister Aurangzeb at the World Bank headquarters.

Published

15 hours ago

Farwa

Wednesday saw Minister for Finance and Revenue Muhammad Aurangzeb meet US Assistant Secretary of State for South and Central Asian Affairs Donald Lu and Principal Deputy Assistant Secretary Elizabeth Horst.

The finance minister briefed US officials on Pakistan’s reform plan at the World Bank. Meeting both delegations decided to improve bilateral ties.

Meeting topics included alternative energy, agriculture, climate, and tech industry. Boosting the Pakistan-US economic partnership was another finance ministry priority.

With US officials, Pakistan’s Finance Minister Muhammad Aurangzeb addressed IT, agriculture, and other business potential.

Pakistan would collaborate with the US International Development Finance Corporation and Exim Bank, according to Muhammad Aurangzeb.

His name is Donald Lu.
Over 30 years of US government service for Lu as a foreign service officer.

What Pakistan calls the “cipher” dispute involves the American official. The Pakistan Tehreek-e-Insaf (PTI) founder claimed that a supposed official letter between Washington and Islamabad proved his ousting as PM was a US conspiracy.

Washington has strongly refuted Khan’s allegations.

The State Department’s top South and Central Asia diplomat is Donald Lu, assistant secretary of state.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

2 days ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

2 days ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.