【Daily】14 Dec. Brief of Pak BizNews
KSE 100 41,714 ▲0.36%
KMI 30 70,063 ▲0.47%
KASB Tech Index 550 ▲0.52%
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Discussions productive: IMF official
Discussions to date in the context of the ninth review under the Extended Fund Facility (EFF) have been productive, and have enabled a revision to the macroeconomic outlook post-floods, said Esther Perez Ruiz IMF country representative in Pakistan.
Rs 340bn flood expenditures: Pakistan asking IMF to allow budget deficit increase
Informing the IMF that the expenditures on flood rescue and relief amounted to Rs 340 billion, Pakistan has requested the lender to grant an adjuster of the same amount by allowing an increase in the budget deficit for the current fiscal year 2022-23, it is learnt.
Cabinet gives go-ahead to Reko Diq project
Pakistan is set to meet the deadline of December 15 for signing the Reko Diq deal after the federal cabinet on Tuesday approved the project funding amid reservations expressed by government coalition partners Jamiat Ulema-e-Islam-Fazl (JUIF) and Balochistan National Party-Mengal (BNPM).
Default threat still not over: Miftah Ismail
Former finance minister Miftah Ismail believes the path on which Pakistan is heading might take the country towards default as he called on the government to take steps to avert the looming threat.
PKR slide continues
Pakistan’s rupee continued to fall against the US dollar, as the currency recorded a decrease for the seventh straight session, depreciating 0.02% in the inter-bank market on Tuesday.
ARL warns supply disruption if AGL not operationalized
M/s Attock Refinery Limited (ARL) has warned the government that oil supply to Pakistan Air Force (PAF), Islamabad Airports and Oil Marketing Companies (OMCs) may be disrupted if its power plant, Attock Gen Limited is not operationalized immediately.
Determination of ERR, PERR; Ogra refuses to include cost of RLNG diversion
Oil and Gas Regulatory Authority (Ogra) has reportedly refused include cost of RLNG diversion in the annual determination of Estimated Revenue Requirement (ERR), as well as, in the Review of Estimated Revenue Requirement (RERR) of the gas companies, saying that any such act will have significant impact on the prescribed prices besides legal obligations,
ADB describes energy plan as ‘less than effective, efficient’
The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated “Pakistan: Sustainable Energy Sector Reform Program (Subpro-grams 1, 2, and 3),” of around $2.4 billion less than effective, less than efficient and less than successful as it was not able to effectively address the underlying liquidity issues in the power subsector, which was key to its intended outcome.
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