Bharat Rakshak

^ +1 Chetak ji (and others), but request to please take above topic to the main Terroristan thread.

Manish_P wrote:
Yawn - BUDGET 2022-23: Govt eyes coffers of wealthy to appease IMF

At the same time, the Rs 47bn tax relief announced by the government in the next year’s budget for salaried citizens has also been reversed. The tax exemption limit has been reversed to Rs 600,000 from Rs 1.2 million, whereas the fixed tax of Rs 100 has been replaced with a 2.5 pc tax for individuals earning between Rs 600,000 and Rs 1.2 m.

Back of the paper calculations :-

Indian salaried person earning Rs 12 lacs INR a year, has to pay about Rs 300,000 INR as income tax

Baki salaried momeen earning Rs 12 lacs PKR a year, has to pay about Rs 30,000 PKR as income tax

Thus proved, that 1 Baki is equal to 10 indians

Q.E.D
(Quaid-e-Djinnah)

Strictly for comedy only. Zakat is the solution to all of PakSatan's problems, according to former Ambassador to India, Batsh1t Crazy Abdul
https://www.youtube.com/watch?v=viBNPmBSmtU

Pak will stay on Grey list.
And PKR will go to 250/$ by end of the year.

Bart ji,
what h saying is, all local monies given in charity should come to govt - this is saying "amm abdul giving bheek to other aam abduls but that belongs to the govt as per islam"

https://www.dawn.com/news/1696602/situa ... ery-sector
SITUATIONER: Putting the squeeze on everyone’s income, in every sector
Khaleeq Kiani, June 25, 2022
The government has finally come to terms with ‘IMF-dictated’ budgetary measures and increased target for revenue collection to Rs7.47 trillion for the next fiscal year with net addition of Rs466 billion worth of taxes since the June 10 original budget. It may not be a reformist budget that should have ideally expanded the tax net, but it appears set to increase tax-to-GDP ratio at least for a year with additional tax contribution by almost every sector of economy, except agriculture for obvious reasons.
The additional tax burden on almost a dozen big industries has rattled the manufacturing sector. About a 2,000-point fall in the stock market was the first spontaneous reaction to the surprise tax increase in the shape of ‘super tax’. Their profits have come under further tax. At the same time, sectors like retailers, jewellers, builders, restaurants, automobile dealers — precisely the trading community that has been PML-N’s political capital — have been brought under the fixed tax regime.
But this could be a good start if will is there to graduate this sector a year later to a meaningful taxation according to its tax potential. Finance Minister Miftah Ismail said the government had committed to the IMF that the primary deficit of Rs1.6tr recorded this year would not only be brought down but there would be a surplus of Rs153bn.
The high worth individuals have also come under additional tax in the shape of poverty alleviation tax. The icing on the cake was additional ‘super tax’ on 13 industrial sectors which are estimated to have earned more than Rs900bn in profits this year. Those bracketed under this ‘super tax’ include cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, cigarettes, beverages, chemicals and airlines.
Not all but some of these sectors have prospered on the back of government subsidies, protections and rent seeking. For far too long, the banking sector has enjoyed secure profits on public money through guaranteed government borrowing and owes it to the nation to give back a part of this for one year. But many of these sectors are the key sources of employment, as well. It is not yet clear if these big industries would like or be able to absorb the impact of additional tax burden or pass it on to the people and may increase the cost of living and construction for middle class.
.....
Gautam

bharathp wrote:Bart ji,
what h saying is, all local monies given in charity should come to govt - this is saying "amm abdul giving bheek to other aam abduls but that belongs to the govt as per islam"

Zia tried to introduce zakat as a tax and caused a major tussle with the Shias. Shias argued that the state could not collect zakat and the local mosque should directly get the money. They led a huge protest in slumabad and forced Zia to relent, many belythat this was the start of Shia Sunni conflict in paki land

Energy crisis feared in July as gas supplier defaults again

ISLAMABAD: After getting a muted response from bidders to purchase spot LNG in three attempts except for one bid at $39.8 per MMBTU for July, Pakistan LNG Limited (PLL) has received another blow as Italy-based LNG trading company ENI once again backed out of its term cargo, scheduled for delivery on July 8, 2021.

According to top sources, the backing out by the ENI has left the authorities at the Energy Ministry in the lurch, wondering on how to cope with the ongoing electricity crisis, which will now aggravate in July owing to the non-availability of RLNG of 400 mmcfd in the system.

The governor of the SBP should be declared wajib-il-kutlet (islamist style) as well as charged with contempt of court (western style)

Yawn - SBP moves top court over Riba verdict

Commercial banks and their regulator, State Bank of Pakistan (SBP), have filed an appeal before the Sup­reme Court challenging the Federal Shariat Court (FSC) direction to the government for complete transformation of banking system into Shariah-compliant banking by December 2027 and seeking guidance of the appellate bench on the matter.

In its appeal, the SBP contended that being the premier custodian and regulator of the financial and monetary framework of Pakistan, the bank was deeply committed to ensuring compliance with the injunctions of Islam while protecting the stability and security of Pakistan’s financial sector that functions as part of the global financial system.

It argued that the prescribed time frame for transformation of banking system “is not relatable to any particular law. Even otherwise, a mass-scale conversion of the banking system will require infrastructural investment and changes at a mega scale (at least five times more within the next five years as compared to the current level that has been achieved in more than 20 years)”. #But isn't 1 momeen equal to 5 kufrs??

According to the SBP, Islamic banks now accounts for 19.4 per cent of the country’s overall banking system in terms of assets, while in terms of deposits the share is 20pc (as of March 31, 2022). Currently, 22 Islamic Banking Institutions (IBIs) — five full-fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches — with a network of 3,983 branches along with 1,418 Islamic banking counters at conventional branches are operational across the country. #Simple solution to Bakistans economic woes - convert all into Islamic banks, declare interest is haram & demand international lenders write off their old loans

Dilbu wrote:Energy crisis feared in July as gas supplier defaults again

ISLAMABAD: After getting a muted response from bidders to purchase spot LNG in three attempts except for one bid at $39.8 per MMBTU for July, Pakistan LNG Limited (PLL) has received another blow as Italy-based LNG trading company ENI once again backed out of its term cargo, scheduled for delivery on July 8, 2021.

According to top sources, the backing out by the ENI has left the authorities at the Energy Ministry in the lurch, wondering on how to cope with the ongoing electricity crisis, which will now aggravate in July owing to the non-availability of RLNG of 400 mmcfd in the system.

This has been going on for some time. ENI and Guvnor (Pakistan's suppliers) both have gone Paki many times. Pakistan has a fixed price supply contract with them signed a few years ago, but both these traders are getting higher spot prices in the market, and therefore are selling their cargo in the spot market instead of honoring the contract.

For some reason, Pakistan is not seeking remedies for these breaches of contract, perhaps because they have also been doing Paki things like delaying payments etc?

I propose a new BRF saying "There is always a bigger Pakistan"

Anujan wrote:

Dilbu wrote:Energy crisis feared in July as gas supplier defaults again

For some reason, Pakistan is not seeking remedies for these breaches of contract, perhaps because they have also been doing Paki things like delaying payments etc?

Eni and Govnor are happily breaking the contract and paying 30% penalty because the spot prices are so high it's more profitable for them to pay the Paki penalty and then sell in the spot market.
https://twitter.com/SStapczynski/status ... 3308606465
India's long term contract with Qatar has a 68% penalty for breach of contract. In fact, India breached the contract but Qatar waived off the penalty amounting to more than $1B I remember when Pakis inked the long term contract for LNG the focus was not on how to get the best deal but how to beat India's contract price of $13/mmBtu.

https://www.dawn.com/news/1696960/lng-crisis
LNG crisis
Editorial, June 27, 2022
CASH-STRAPPED Pakistan’s energy crisis is set to worsen over the next several weeks as it struggles to procure LNG at an affordable rate when little is available in an international market that has been sorely affected by the political fallout of the Russia-Ukraine war.
The global LNG shortages have sent the fuel’s price spiralling to record highs. The state-owned LNG Ltd last week scrapped the only, but most expensive offer it has ever received against a tender for four cargoes of LNG for July shipments.
Qatar had offered an LNG shipment at just below $40/mmBtu, which would have been the priciest for Pakistan if it hadn’t rejected it. The most expensive cargo that Pakistan has ever purchased was at $30.65/mmBtu in November 2021. This is Pakistan’s third failed attempt to buy LNG cargoes for next month as it faces the threat of an escalation in blackouts that people are already trying to cope with across the country. The earlier two tenders issued in May and June had attracted three offers in total, which were scrapped as none was technically responsive.
Though the government says it is talking to various gas exporters, including Russia, to ease domestic shortages, it has so far not been able to lock any new deal to ease power outages amid surging electricity prices. Spawned by Covid-related supply disruptions and exacerbated by Russia’s war on Ukraine, the spike in global energy prices has pushed domestic electricity fuel costs by more than 100pc.
.....
Gautam

Pakis are trying to spin it as quid pro quo while the reality is that UAE is not providing them free money any more. It is asking for ownership of state owned company's in return for the money provided. These shares will be purchased at a price determined by UAE bypassing bidding process and any other laws framed by TSP. It is basically a fire sale of govt owned entities to UAE for some quick money.
UAE offers quid pro quo bailout deal

ISLAMABAD: In response to Pakistan’s request for multibillion dollars in fresh loans, the United Arab Emirates has offered to buy minority shares in publicly-listed government-owned companies at a negotiated price and a seat on each of the firm’s boards.

The offer, if accepted, could give a big boost to the cash-starved government and will mark a departure from the traditional lender-borrower relationship between Islamabad and Abu Dhabi.

The development comes amid China’s decision to rollover another $2 billion Pakistani debt that matures from June 27 to July 23, providing a sigh of relief after transferring $2.3 billion last week.

Highly-placed sources told The Express Tribune that the UAE government has offered to acquire 10-12% shares in government-owned companies that are listed at the stock market through its sovereign wealth funds.

The UAE has made the offer on the lines it invested $2 billion in Egypt through the purchase of stakes in a number of state-owned companies in April this year aimed at bailing out the Egyptian government. The UAE had acquired stakes in the Egyptian companies through the Abu Dhabi Developmental Holding -- a sovereign wealth fund based in Dubai.

The sources said that this time the UAE was not inclined to hand over another cheque of $2 billion to Islamabad, after Pakistan failed to pay back the $2 billion loan received in February 2019. In March this year, the UAE rolled over $2 billion debt for one more year.

The commission had recommended a “competitive transaction for the Block Trade of Shares of the listed SOES to institutional investors including government and government entities as per the existing law, rules and regulations without any new legislation.

But the sources said that the UAE was not interested in the bidding process. It has offered Pakistan that both sides should independently appoint financial advisors who should work out their prices and a final price should be decided on the basis of their inputs.

https://www.dawn.com/news/1697155/mifta ... sters-role

Miftah won't mind leaving finance ministry if Dar returns but not open to state minister's role

Looks like the current FM is on his way out since he is not clever enough to fool IMF. To be honest, if he was clever, he would not have accepted the FM post in the first place!

partha wrote:https://www.dawn.com/news/1697155/mifta ... sters-role

Miftah won't mind leaving finance ministry if Dar returns but not open to state minister's role

Looks like the current FM is on his way out since he is not clever enough to fool IMF. To be honest, if he was clever, he would not have accepted the FM post in the first place!

He is a feudal and a businessman. He has might have agreed to be the 'bad cop' in return for some considerations. If he is on his way out and being replaced by Ishaq Dar that is good, since he (Miftah) seems to be sensible and practical. Ishaq Dar is the same delusional guy who used up Paki forex reserves to keep the dollar value artificially at around 100Rs

Dilbu wrote:Pakis are trying to spin it as quid pro quo while the reality is that UAE is not providing them free money any more. It is asking for ownership of state owned company's in return for the money provided. These shares will be purchased at a price determined by UAE bypassing bidding process and any other laws framed by TSP. It is basically a fire sale of govt owned entities to UAE for some quick money.
UAE offers quid pro quo bailout deal

ISLAMABAD: In response to Pakistan’s request for multibillion dollars in fresh loans, the United Arab Emirates has offered to buy minority shares in publicly-listed government-owned companies at a negotiated price and a seat on each of the firm’s boards.
The offer, if accepted, could give a big boost to the cash-starved government and will mark a departure from the traditional lender-borrower relationship between Islamabad and Abu Dhabi.

Isn't that throwing good money after the bad? Investment on a sinking ship will not give much on returns. And Pakistan has a bad record of not returning loans or abiding by agreed terms.
Gautam

https://theprint.in/opinion/pakistanis- ... n/1011544/
Pakistanis confident the world won’t let a nuclear state collapse. They forget Soviet Union
Pakistan’s proclivity to live beyond its means, punch way above its weight, and indulge in expensive foreign policy adventures are all coming home to roost.
Sushant Sareen, 25 June, 2022
The foreign exchange reserves have fallen below US$9 billion, i.e., an import cover of just over a month; the Pakistan Rupee (PKR) breached the level of 216 to the dollar in the open market, down over 33 percent in the last one year; banks have stopped opening letters of credit for importers to save foreign exchange; foreign banks are demanding 100 percent cash margins for oil imports; oil refineries are on the verge of closing down because of problems in importing oil; power outages of 10–12 hours have become the norm affecting business and industry, and with it exports; petrol prices have gone up by PKR84 and diesel prices by PKR120 in just the last month and will most likely rise further, partly because of market factors and partly because of taxes imposed on petroleum products; base power tariffs are expected to rise by almost a 100 percent to stop the financial bleeding of the power sector; inflation is spiking, and according to independent economists, it could touch 25 percent in the fiscal year 2023; the policy interest rate of the State Bank of Pakistan (SBP) is already 13.75 percent, which means the cost of borrowing for private sector would be upward of 15 percent. There is speculation that the policy rate could go up another 100 basis points to 14.75 percent, which will have an adverse effect on not just the private sector, but also the debt servicing obligations of the Government of Pakistan.
Courting bankruptcy
To put it simply, Pakistan has run out of money. According to a former Chairman of the Federal Board of Revenue, Pakistan is “no longer a going concern” and is bankrupt. He made this statement months before the Ukraine war and the fuel and food shocks caused by this crisis. The fact is no longer a viable state is something that has been increasingly becoming apparent over the years. From around the 1990s, Pakistan has been in a constant boom-bust cycle every three-four years, forcing it to go into an International Monetary Fund programme—11 in the last two decades, and over 20 since 1958. The deep structural problems in the economy have never really been addressed. Governments have, however, preferred to kick the can of reforms down the road. As a result, every successive crisis is even more serious than the previous one.
The standard operating procedure during every crisis is to approach the IMF to get some breathing space. Alongside, go with hat in hand to Saudi Arabia, the United Arab Emirates (UAE), and China to get some free money promising them that this will be the last time. Once the immediate crisis is over, its back to living it up on other peoples’ money. The profligacy lasts a few years before the cycle repeats itself. The problem, however, is that easy money is no longer available. The Saudis have imposed stiff conditions and demanded that Pakistan get back into an IMF programme before they give money. The UAE is believed to have asked for some Pakistani public sector assets in exchange for assistance. The Chinese have also not been as forthcoming or generous as they have been in the past. Most of the assistance from these three countries is in the form of roll-over of old debt. Very little additional assistance is being given to Pakistan.
Imploring the IMF
It is clear that without the IMF coming to the rescue, Pakistan will default and become a Sri Lanka-like crisis on steroids given the scale of the problem. However, the IMF is insisting that Pakistan fulfil its commitments in the form of prior actions if the ‘Enhanced Fund Facility’ (EFF) programme has to be restored. Half measures or even the too clever by half measures that Pakistan resorted to in the past are no longer acceptable. Finance Minister Miftah Ismail thought that by partially reducing subsidy on fuel, he will be able to convince the IMF to restart the EFF programme. However, the IMF wasn’t impressed. Over the years, the IMF has become wise to Pakistani tactics of pleading for relaxation in harsh conditions in the name of the poor of Pakistan, but ending up making the poor and the middle class bear the brunt and burden of the adjustment measures, whilst leaving the elite and ruling classes largely untouched by the pain that every IMF programme entails. The ‘elite capture’ of Pakistan is so complete that even as the government is exhorting the people to sacrifice for the sake of Pakistan and absorb the horrendous pain that will be administered to them, the elite in government have ensured they don’t have to give any sacrifice. The Budget for FY2022-23 has increased salaries of government employees by 15 percent. In addition, top civil servants (and presumably armed forces officers) “an executive allowance equal to 150 percent of the basic salary”.
.....
Gautam
There is a tendency to compare Pakistan with Sri Lanka. But Sri Lanka has India that will help, albeit reluctantly. On the other hand, Pakistan has lost all its friends.

IMF demands Pakistan to do more for stalled program

The International Monetary Fund (IMF) has asked Pakistan to do more by completing four more tough conditions for availing the stalled loan program.

The conditions required by IMF include the increase in electricity tariff, ending the role of government in determining petroleum products prices, increase on per liter POL levy up to Rs50 for the collection of Rs855 billion and setting up of anti-corruption task force.

There are reports of two tranches about $918 million each that would be made available to Pakistan by last week of July or first week of August.

A day earlier, IMF had provided a draft Memorandum for Economic and Financial Policies (MEFP) that had proposed the clubbing of two reviews – the seventh and eighth – however it remained unclear as to whether the two reviews would approve a loan of $1 billion or $2 billion.

Pakistan, during negotiations with IMF in Washington, has pledged to double the loan but there has not been any clear approval from the Monetary Fund as there hasn’t been any mention in the MEFP for 7th & 8th review about the amount of loan that would be provided to Pakistan.

Protests across country over hours-long loadshedding

LAHORE (Dunya News) - Protests are being held across country after hours-long loadshedding in different cities including Lahore, Karachi, Peshawar and several others. The power shortfall has reached up to its worst condition in the scorching heat and humid weather.

Citizens of different cities staged protests on roads against the hours-long power outages.

Situation of loadshedding in the federal capital also worsened due to which routine work in markets and home chores are being badly affected.

Duration of power outages in Peshawar reached up to 14 hours in the rural areas. While the duration of loadshedding in the urban areas has reached up to 18 hours.

A-o-A Bakistan is jumping higher and higher every other day..

Yawn - Another jump sees petrol near Rs 250

As committed to the International Monetary Fund (IMF), the government on Thursday revived the petroleum levy and increased prices of all petroleum products by about Rs14-19 per litre with immediate effect.

According to a notification issued by the finance ministry, the government imposed a Rs10 per litre petroleum levy on petrol and Rs5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO). As a result, the per-litre price of petrol has been increased by Rs 14.85, HSD by Rs 13.23, kerosene by Rs 18.83 and LDO by Rs 18.68.

The prices of petrol, HSD, kerosene and LDO have skyrocketed 66pc (or Rs 99), 92pc (Rs 132.39), 95pc (Rs 111.95) and 80pc (Rs 100.59) since May 26, when the coalition government introduced the first of a series of fuel price hikes.

Addressing a press conference in Islamabad soon after the price hike notification was issued, Finance Minister Miftah Ismail said the petroleum levy had been imposed to revive the IMF programme suspended four months ago after the PTI government reneged from signed agreements. Because of the subsequent fuel price hikes and the revival of the petroleum levy, “substantial progress” has been achieved with the IMF and it had agreed to increase the programme size to $7bn from $6bn, he said.

Ruthless loadshedding in Karachi renders nights torturous for citizens

KARACHI: The recently announced revised loadshedding schedule of the K-Electric has piled more miseries on people as the power utility has now started suspending electricity for hours with intervals at night-time in every locality of the city, it emerged on Saturday.

Reports pouring in from parts of the city suggested that instead of giving any relief in loadshedding, especially at night-time, the loadshedding for six to 12 hours was being carried out in the entire city, including the areas which had been declared ‘exempted’ by the power utility

.

The power utility said that it was also facing supply constraints due to reduced gas supplies from the Sui Southern Gas Company Ltd, which was down to approximately 90 Million Cubic Feet per Day versus the 200MMCFD gas that was supplied last year.

“Consequently, two plants in KE system, one at SITE and one at Korangi, with a combined generation of 200MW, remain non-operational. The release of KE dues from the government against tariff claims will enable KE to pay fuel suppliers in full and negotiate for more gas,” the power utility said.

https://www.msn.com/en-in/news/world/pa ... e331fac080

Pakistan Trade deficit at record high of $48.66 Billion for the just concluded financial year. AoA.

" The trade deficit reached an alarming level despite a ban on more than 800 non-essential luxury items in May by the Shehbaz Sharif government, the Dawn newspaper reported, quoting the provisional official data.
Pakistan’s trade gap widened by more than 32 per cent to touch USD 4.84 billion in June, from USD 3.66 billion a year ago, driven largely by almost double the increase in imports compared to exports, the paper said. The outgoing fiscal year’s trade deficit has crossed the USD 37 billion figure in 2017-18, which was largely led by imports related to the China-Pakistan Economic Corridor.

In the subsequent years, the trade gap dropped to USD 31.8 billion in 2018-19 and then to USD 23.2 billion in 2019-20, before bouncing back to USD 30.8 billion in 2020-21 and finally to a whopping USD 48.64 billion in the 2021-22 fiscal, according to official data."

I say, why need any other book, when you have THE BOOK. Replace syllabus of everything with Asmani Kitaab onlee. One school, one book, AoA.

Paper shortage hits Pakistan, millions of students likely to be without books during the next academic year

https://www.opindia.com/2022/06/pakista ... c-session/

^ Now trying to beg for Dollars putting education of nanha mujahids as the excuse

Meanwhile..

Yawn - LNG emergency

PAKISTAN is looking to buy a lot of LNG amid ongoing countrywide blackouts.

The government has just released one of its biggest LNG purchase tenders ever to procure 10 cargoes for delivery through September.
Even if its tenders get a response from the international suppliers — considering a restricted LNG market because of the Russia-Ukraine conflict — it will cost Islamabad around $1 bn to purchase all those cargoes at current spot market rates.

The problem is that it does not have sufficient cash at the moment to buy even a single cargo at present prices.

More on the above crisis.
Energy crisis looms: Pakistan not to get two LNG term cargoes from Qatar in August

ISLAMABAD: Pakistan will not be able to get two LNG term cargoes from Qatar in August under the second GtG agreement at a price slope of 10.2 percent of Brent. The PTI government had used two cargoes each in November and December 2021 under the said agreement which was to be operational from January 2022.

Now the non-availability of two LNG term cargoes has aggravated the situation more in August and keeping in view the gravity of the situation, the government has also issued tenders seeking five LNG cargoes from the spot market for August knowing the fact that the LNG is not available in the spot market and if it is available it is at the highest ever cost of $39.8 per mmBtu.

Earlier, Pakistan LNG Limited (PLL) issued tenders three times but it did not get any bid in the first two attempts, and in the third attempt, it got only one bid at a price of $39.8 per MMBTU. The government decided not to is unable to purchase the cargo at the price of $39.8 per mmBtu.

Dilbu wrote:More on the above crisis.
Energy crisis looms: Pakistan not to get two LNG term cargoes from Qatar in August

ISLAMABAD: Pakistan will not be able to get two LNG term cargoes from Qatar in August under the second GtG agreement at a price slope of 10.2 percent of Brent. The PTI government had used two cargoes each in November and December 2021 under the said agreement which was to be operational from January 2022.

Now the non-availability of two LNG term cargoes has aggravated the situation more in August and keeping in view the gravity of the situation, the government has also issued tenders seeking five LNG cargoes from the spot market for August knowing the fact that the LNG is not available in the spot market and if it is available it is at the highest ever cost of $39.8 per mmBtu.

Earlier, Pakistan LNG Limited (PLL) issued tenders three times but it did not get any bid in the first two attempts, and in the third attempt, it got only one bid at a price of $39.8 per MMBTU. The government decided not to is unable to purchase the cargo at the price of $39.8 per mmBtu.

imagine how many of the Indian pakis here must be feeling.

India hands out $5billion, give or take, sends fuel, medicines, fertilizer and grain including seeds for the sowing season to SL, and exports wheat to the beedis while supplying them with reliable commercial electricity via the Indian grid, thus saving them a huge pile that would have otherwise gone to import gas, and petroleum products, coal etc to generate electricity locally.

the strong and acrid smell of burning nether h@ir is unmistakable, both here and especially across the western borders

Islamophobia

Govt approves Rs7.91 power tariff hike in phases

ISLAMABAD (Dunya News) – Prime Minister Shehbaz Sharif on Tuesday has approved a summary to increase of basic electricity tariff by Rs7.91 in phases.

According to sources, NEPRA had sent a summary to PM Shehbaz which was approved by him.

In this regard, the sources further said that the first increase is Rs 3.50 per unit and from July 1, it was approved to increase the price of electricity by Rs3.50 per unit from August while from October, the basic electricity tariff will be increased by 91 paisa per unit.

Yawn - Rupee falls to Rs 208

The US dollar continued its upward drive for the second consecutive day against the rupee and gained another Rs1.05 to Rs207.99 in the interbank market on Wednesday.

...

The currency market believes that the announcement of a new subsidy scheme by the Punjab chief minister to provide free electricity to 9 million households using up to 100 units a month has faded the hopes for an early release of the IMF tranche.

Dilbu wrote:Govt approves Rs 7.91 power tariff hike in phases

But is the baki gormint also reducing bijli supply to ensure that awaam doesn't need to pay the higher charges?

Yawn - 969 MW project shut after damage detected

Amid cou­n­trywide electricity shortages, the 969-megawatt Neelum-Jhelum hydro­power project, completed at an estimated approved cost of about Rs 508 bn, has been closed due to major cracks in its tailrace tunnel.

..
Major construction involving about 58 kilometres of tunnels was done by Chinese contractor CGGC-CMEC (Gezhouba Group), hired in December 2007. # will iron brother be asked to pay compensation?

Manish_P wrote:

Dilbu wrote:Govt approves Rs 7.91 power tariff hike in phases

But is the baki gormint also reducing bijli supply to ensure that awaam doesn't need to pay the higher charges?

Yawn - 969 MW project shut after damage detected

Amid cou­n­trywide electricity shortages, the 969-megawatt Neelum-Jhelum hydro­power project, completed at an estimated approved cost of about Rs 508 bn, has been closed due to major cracks in its tailrace tunnel.

..
Major construction involving about 58 kilometres of tunnels was done by Chinese contractor CGGC-CMEC (Gezhouba Group), hired in December 2007. will iron brother be asked to pay compensation?

Why will they..........

India is always there to be blamed, ever available and eternally responsible for all things bad happening to the umm@h, the cheeni will depend on the paki to make the connection, they only have to "find" and arrest a few "Indian" spies who will already have their "confessions" all typed out and in chaste urdu, said "confession" all helpfully notarized by some big madrassa chap beardo

Textile sector loses $1bn export orders

LAHORE: Claiming that over 300 textile mills have been closed due to a cut in gas supply, All Pakistan Textile Mills Association (Aptma) Chairman Abdul Rahim Nasir on Wednesday urged the federal government to restore gas supply to the textile industry on an urgent basis, stressing that a loss of almost $1 billion in exports has already been incurred because of it.

Mr Nasir pointed out that gas supply to the industry was suspended for a week, almost halting production in the whole value-added industry and causing a colossal loss to the economy.

He added that the large-scale closure of mills has resulted in massive layoffs and unemployment, spreading economic chaos.

He believes it is inexplicable that the exporting sector, which has pledged to increase textile exports to $25bn by 2022-23, is being denied energy and gas. He said that an incessant supply of gas was imperative for the industry to maintain momentum in exports.

He warned that more than 50pc of output would be lost this month, with a very high risk of permanent order loss and buyer diversion from Pakistan to its competitors.

He stated that the textile industry is currently producing goods for the upcoming Christmas, and any delay in the delivery schedule risks losing export markets for an indefinite period with little chance of recovery.

“If this momentum is lost due to energy supply and cost constraints, Pakistan will be forced to seek an additional $6bn in loans from abroad, which under the circumstances may not even be possible,” he said, stressing the immediate restoration of gas supply to the export-oriented industry.

Power crisis: Pakistan's request for LNG fails, not a single offer received

The ongoing energy crisis in Pakistan is likely to continue after the country’s purchaser of Liquefied Natural Gas (LNG) failed to receive a single offer for its latest tender, reported Bloomberg on Thursday.

Just days ago, Pakistan LNG Limited (PLL), a wholly-owned subsidiary of Government Holdings Private Limited (GHPL), invited bids for ten LNG cargoes from international suppliers during the July-August-September window.

Suppliers were asked to submit bids by July 7. As per PLL documents, each cargo was to have a volumetric quantity of 140,000m3,

However, in an unusual development, the state-owned LNG purchaser did not receive a single offer in a $1 billion LNG purchase tender, said the Bloomberg report, citing traders with knowledge of the matter.

“That illustrates both the extent of the global fuel shortage, and also the reluctance of suppliers to sell to a country in the depths of an economic crisis,” said the report.

Global supply-chain disruptions owing to the Russia-Ukraine war have led prices of energy commodities including LNG to skyrocket.

On the other hand, Pakistan is dealing with fuel shortages, particularly in its power sector, as electricity consumption spikes in the summer months, leading to power outages across the country.

Dilbu wrote:Textile sector loses $1bn export orders

LAHORE]

Why does the fortress of Islam want to export for Kafir Christmas, the funny thing is some anti BJP Christians in India support Pakistan inspite of its shameful/ genocidal treatment of Hindus and Christians in Pakistan.

Who in their sane minds is going to supply $1bn worth of LNG to a bankrupt nation like Pakistan. Especially when LNG is in short supply across the world and many other customers are willing to pay premium.

Aditya_V wrote:

Dilbu wrote:Textile sector loses $1bn export orders

Why does the fortress of Islam want to export for Kafir Christmas, the funny thing is some anti BJP Christians in India support Pakistan inspite of its shameful/ genocidal treatment of Hindus and Christians in Pakistan.

Kafirs are haraam, their money/wealth/wimmen are not..

chetak wrote:..

Why will they..........

India is always there to be blamed, ever available and eternally responsible for all things bad happening to the umm@h, the cheeni will depend on the paki to make the connection, they only have to "find" and arrest a few "Indian" spies who will already have their "confessions" all typed out and in chaste urdu, said "confession" all helpfully notarized by some big madrassa chap beardo

True that.

Well i guess the Bakis would now like to beg the IMF for aid to repair the damages to avoid inconvenience to the awaam - nanha mujahids deprived of education, wimmen security risk due to no lights etc etc.

Pity that Bakis are TFTAs else they could have appealed as BLM as well.

Meanwhile rising to new heights..

Yawn - ECC okays up to 335 pc gas price increase

The Economic Coordination Committee (ECC) of the Cabinet approved up to 335 per cent increase in consumer-end gas prices on Thursday with effect from July 1 to generate about Rs 666 billion in revenue for two gas utilities during the current fiscal year.

Why not aim for Rs 786 billion hain.

https://www.business-standard.com/artic ... 061_1.html
Pakistan's $1-billion gas tender receives no takers amid energy crisis
It's the fourth time in roughly a month that Pakistan - which is already suffering frequent blackouts -- has failed to complete an LNG purchase tender
Bloomberg, July 8, 2022
Pakistan’s energy crisis looks set to drag on for months after another failed attempt by the nation to import gas.
In an unusual development, state-owned Pakistan LNG didn’t receive a single offer in a $1 billion liquefied natural gas purchase tender, according to traders with knowledge of the matter. That illustrates both the extent of the global fuel shortage, and also the reluctance of suppliers to sell to a country in the depths of an economic crisis.
It’s the fourth time in roughly a month that Pakistan — which is already suffering frequent blackouts -- has failed to complete an LNG purchase tender. The relatively poor country is reliant on energy imports, meaning it’s been hit especially hard by soaring prices. Inflation has topped 20 per cent, and the government is negotiating with the International Monetary Fund on a financial rescue package.
......
Gautam
The in house energy experts at BRF have often advocated an increased consumption of what the natives popularly call "Pindi Chana", to counter high gas prices. However the current price of split chickpea and other lentils preclude this solution.