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Articles for tag: Banks, Electricity, electricity bill, Government, hike, IMF, increase, International Monetary Fund, profits, seeks, tariffs, Tax 40%., windfall, windfall profits

November 14, 2023

News Desk

IMF seeks further increase in electricity tariffs

Islamabad: Pakistan may have to raise electricity prices further and revise down its primary fiscal surplus of Rs 417 billion for the first quarter after the International Monetary Fund (IMF) did not accept the government’s position on fiscal numbers and circular debt. The global lender also raised questions about the role, mandate and powers of the Special Investment Facilitation Council (SIFC) during a briefing by Pakistani authorities on Monday. He raised concerns about SIFC’s expansive role and immunity in its decisions from accountability. In a related development, the government has proposed a 40% tax on around Rs 110 billion in

November 11, 2023

News Desk

ECC approves quarterly tariff hike for K-Electric consumers

A representational image of an electricity meter. — Reuters/File Finance Minister Dr Shamshad Akhtar is chairing the ECC meeting. Credit facility of Rs 20 billion for Green Corporate Initiative approved. ECC increases power tariff adjustments by Rs 1.72 per unit. ISLAMABAD: The Economic Coordination Commission (ECC) has approved quarterly tariff adjustments of Rs 1.72 per unit for K-Electric, government guarantees of Rs 100 billion for Pakistan State Oil (PSO) and Rs 20 billion for its Green Corporate Initiative Punjab. The news reported on Saturday. According to an official release, Federal Finance Minister Dr Shamshad Akhtar chaired the ECC session, which

November 7, 2023

News Desk

US, Western and fashion brands flourish as garment workers denied fair wage hike in Bangladesh

The average monthly salary for a garment worker in Bangladesh is 8,000 taka ($96). —Reuters Bangladesh’s government announced on Tuesday it would raise the minimum monthly wage for its four million garment workers by 56.25 percent, a decision that was immediately rejected by unions seeking to nearly triple the number. The country’s garment factories make up about 85% of its $55 billion in annual exports, supplying some of the world’s top fashion brands such as Levi’s, Zara and H&M. However, conditions for many of the workers are miserable, with the vast majority being women whose monthly pay starts at 8,300

October 31, 2023

News Desk

Day after ‘gas bomb’ dropped, government decides not to hike petrol and diesel prices

A petrol station worker fills petrol on a motorbike at a petrol pump in Karachi on September 1, 2023. — PPI Prices will remain in effect until November 15th. HSD will be available at Rs 303.18 per litre. The price of kerosene and light diesel oil decreased. ISLAMABAD: Providing relief to the inflation-hit a day after dropping a ‘gas bomb’, the caretaker government on Tuesday kept the price of petrol at Rs 283.38 per litre. According to a finance ministry release, the price of petrol is Rs 283.38 per liter and Rs 303.18 per liter for HSD. Prices will remain

October 30, 2023

News Desk

SBP may leave the rate unchanged

KARACHI: Pakistan’s central bank is scheduled to meet on Monday to review its key interest rate for the next six weeks. Experts strongly believe the bank will keep interest rates unchanged for the third consecutive time in the past four months to push inflation down. Experts have developed a consensus that the hiking cycle has ended at an all-time high of 22%. However, they were divided on the timing of a rate cut in the coming months – between December 2023 and March 2024 – amid high inflation and the Middle East crisis. Inflation hit a four-month high of 31.4%

October 30, 2023

News Desk

The ‘gas bomb’ has been dropped on the masses as the government approves the massive price hike

A flame burns in a gas stove. — AFP/File The local gas tariff has increased by up to 173% for unprotected domestic consumers. Rates for commercial users increased by 136.4%. 83% for non-export industries. The monthly fixed charges have also been increased to Rs 400 for protected users. ISLAMABAD: The caretaker government on Monday dropped a gas bomb on the inflationary masses by approving a massive hike in gas prices to be effective from November 1 (Wednesday). The government increased the local gas tariff by up to 173% for unprotected residential consumers, 136.4% for commercial, 91% for export and 83%

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