Power sector: IMF expresses displeasure at rollback of reforms
The International Monetary Fund (IMF) has expressed its displeasure over rollback of power sector reforms and its team will hold talks with Pakistani officials in the first week of April where power sector reforms will be on top of the agenda, sources say.Just a few days before leaving office this month, former prime minister Raja Pervez Ashraf had placed the entire power sector under the administrative control of Water and Power Development Authority (Wapda) chairman.
Petroleum prices reduced
After approval by the government, the oil companies on Sunday notified a nominal reduction in prices of petrol and diesel by 77 paisa and 62 paisa per litre respectively. The new prices became effective from Sunday midnight. The ex-depot price of petrol (motor gasoline) was fixed at Rs102.30 per litre, down by 77 paisa per litre from Rs103.07 and that of high speed diesel (HSD) at Rs108.59 per litre, down by 62 paisa per unit from Rs109.21. more... (D)
Massive decline in revenue collection: FBR seeks to shift blame onto other factors
Federal Board of Revenue (FBR) has reportedly shifted responsibility of massive decline in revenue collection onto other factors including enhanced impact of Free Trade Agreements (FTAs), global recession, energy crisis and others. FBR, in its presentation to the caretaker Prime Minister, Mir Hazar Khan Khoso, last week gave tailored reasons for the reduction in duty and tax collections during the first nine months of current fiscal year which led to a downward revision of revenue target. more... (BR)
Drafting new corporate law: SECP chief establishes a dedicated secretariat
In order to ensure the timely completion of much-awaited review of country's existing corporate law, Chairman, Securities and Exchange Commission of Pakistan (SECP), Muhammad Ali has established a dedicated secretariat with a sole objective of drafting a new corporate law.
Seeking restructuring, Wateen sponsor offers shareholders a buyback
In a stunningly candid letter to investors, Wateen Telecom’s majority shareholder Warid Telecom International (WTI) admitted that the company does not offer value to its minority shareholders, does not have the capacity to repay its debts, and is thus offering to buy out the rest of the company for Rs4.50 per share. more... (ET)
Rs289bn raised through NSS
The outgoing government raised Rs289 billion through the National Savings Schemes (NSS) during the first eight months of this fiscal year, which was more than what it generated in the entire 2011-12. more... (D)