Economy

A New Benchmark in Pakistan’s Renewable Energy K-Electric (KE) has set a new standard in Pakistan’s renewable energy sector with its 150-megawatt solar energy projects in Balochistan, achieving the country’s lowest-ever tariff bid. This milestone marks a significant shift in the nation’s energy generation approach, highlighting the growing trust in private sector-led initiatives, even in challenging economic times. Record-Low Tariff …

In a growing digital economy like Pakistan’s, reliable internet connectivity is not just a luxury—it’s a necessity. Unfortunately, continuous slow internet speeds have become a significant concern for the country’s IT experts and the Pakistan Freelancers Association (PAFLA). They warn that these disruptions pose a severe threat to Pakistan’s digital economy, impacting a wide array of individuals and businesses. The …

Federal Minister for Energy, Awais Leghari, recently acknowledged that Pakistan currently has the highest electricity costs in the region. Speaking at the National Youth Convention in Islamabad, the minister assured that the government is actively working towards resolving issues related to Independent Power Producers (IPPs) and is hopeful that positive news will soon emerge. Addressing IPP Challenges During his speech, …

Pakistan’s Current Account Deficit in July 2024: An Overview In July 2024, Pakistan recorded a current account deficit (CAD) of $162 million, slightly higher than market expectations and the 12-month average but still within the targeted range. This deficit was primarily due to increased imports of goods to support economic activities and a significant repatriation of profits and dividends by …

Introduction In a challenging economic environment, where many businesses in Pakistan struggle to stay afloat, Fast Cables, the nation’s largest power-cable manufacturer, has emerged as a beacon of resilience and growth. By consistently staying ahead of market demand and removing production bottlenecks, the company is positioning itself for significant expansion, both domestically and internationally. This blog post delves into the …

Over the past decade, Pakistan has experienced a significant decline in its crude oil and gas production, according to data from the Pakistan Petroleum Information Service (PPIS). From 2015 to 2024, crude oil production fell from 94,500 barrels per day to 70,500 barrels per day, while gas production decreased by 900 million cubic feet per day (MMCFD). Crude Oil and …

After months of speculation, Pakistan’s IT Minister, Shaza Fatima Khawaja, confirmed on Thursday that the government is upgrading its ‘web management system’ to counter cyber security threats. This marks the first official acknowledgment of actions that have been blamed for recent internet disruptions, including slow browsing speeds, social media blockages, and WhatsApp connectivity issues. Government’s Response to Internet Disruptions For …

In a rare move, government-owned power distribution companies (Discos) have requested a negative fuel cost adjustment (FCA) of 31 paise per unit. This adjustment is aimed at refunding approximately Rs4.5 billion to consumers, who were overcharged in July due to a 20% increase in base tariff for the current fiscal year. Formal Petition Filed by CPPA The Central Power Purchasing …

In a significant move aimed at streamlining state machinery and reducing administrative expenditures, the government has decided to abolish 28 departments within five key ministries. This decision was taken during a meeting chaired by Prime Minister Shehbaz Sharif, following the recommendations of a specially formed committee. Major Reforms Across Key Ministries The ministries affected by these reforms include: Kashmir Affairs …

The National Electric Power Regulatory Authority (Nepra) is set to reduce the power tariff by Rs0.3142 per unit, offering some relief to consumers on their September 2024 electricity bills. This reduction is part of the fuel charges adjustment for July 2024. CPPA’s Petition for Tariff Reduction The Central Power Purchasing Agency (CPPA) has submitted a petition to Nepra, proposing to …