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Cabinet approves revised circular debt management plan for power

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The federal cabinet has approved the revised circular debt management plan for power through circulation under which the government will increase power prices and end subsidies to pacify IMF.

According to sources, under the plan, the government will increase the electricity price by Rs7.91 per unit in four quarterly adjustments – Feb-March 2023, March-May, June-August and September-November to meet the tough conditions of the IMF.

Sources claimed that the federal cabinet also approved the withdrawal of electricity subsidy of Rs65 billion given to the exporters and farmers, with effect from March 2023. The subsidy of Rs12.13 per unit on electricity given to export sector will be withdrawn, they added.

Moreover, almost Rs250 billion will be recovered from electricity consumers by June 2023. Under the circular debt management plan, the government would impose a surcharge of Rs3.39 per unit.

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The government will charge Rs3.21 per unit from now onwards, 69 paise from March-May and increasing again to Rs1.64 per unit from June onwards to August of 2023. From Sep-Nov, the govt will hike power tariff by Rs1.98 per unit.

Sources claimed that the government would recover Rs65 billion by June after withdrawing the subsidy given to farmers. Meanwhile, Rs51 billion would be recovered by withdrawing subsidy for exporters. The government would also recover Rs14 billion after the withdrawal of subsidy under Kissan package, sources added.

Earlier on Friday, the Economic Coordination Committee (ECC) of the federal cabinet has approved a revised plan for managing the power sector’s circular debt, said a press release issued by the Finance Division.

The Ministry of Energy presented a summary of refinancing the debt of Power Holding Limited and a surcharge to recover the markup payments.

The ECC approved the proposal to recover Rs76 billion, exempting non-Time of Use domestic consumers who use less than 300 units and private agriculture consumers for four months from March 2023 to June 2023, to recover the markup charges of PHL loans.

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An additional surcharge of 1 rupee per unit for FY24 will also be imposed to recover the additional markup charges not covered through the existing FC surcharge. The surcharges will be applicable to K-Electric consumers to maintain a uniform tariff across the country.
 

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Dozens arrested in weekend of protests on US campuses

Dozens arrested in weekend of protests on US campuses

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Dozens arrested in weekend of protests on US campuses

Police on Saturday arrested at least 25 pro-Palestinian protesters and cleared an encampment at the University of Virginia, the university said in a statement, as US campuses braced for more turmoil during graduation celebrations.

Tensions flared at UVA’s campus in Charlottesville, where protests had been largely peaceful until Saturday morning, when police officers in riot gear were seen in a video moving on an encampment on the campus’ lawn, cuffing some demonstrators with zip-ties and using what appeared to be chemical spray.

Students across the US have rallied or set up tents at dozens of universities to protest the months-long war in Gaza and call on President Joe Biden, who has supported Israel, to do more to stop the bloodshed in Gaza. They also demand their schools divest from companies that support Israel’s government, such as arms suppliers.

The University of Virginia said in a news release that protesters had violated several university policies including setting up tents on Friday night and using amplified sound.

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Jim Ryan, UVA’s president, wrote in a message that officials had learned that “individuals unaffiliated with the university” who presented “some safety concerns” had joined protesters on campus.

It wasn’t immediately clear how many of those arrested were UVA students.

A group called UVA Encampment for Gaza that said earlier this week it had set up the encampment condemned the university’s decision to call in police in a post on Instagram.

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Dar meets Azeri counterpart on margins of OIC Summit, discusses bilateral cooperation

Dar meets Azeri counterpart on margins of OIC Summit, discusses bilateral cooperation

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Dar meets Azeri counterpart on margins of OIC Summit, discusses bilateral cooperation

Deputy Prime Minister and Foreign Minister Ishaq Dar met with Azerbaijan’s Foreign Minister Jeyhun Bayramov on the sidelines of the 15th OIC Islamic Summit Conference in Banjul, the capital of Gambia.

According to a spokesperson for the Foreign Office, the two leaders discussed bilateral relations during the meeting.

Dar and Bayramov expressed their commitment to further promote bilateral cooperation in various fields, including trade and energy.

The spokesperson said that the leaders agreed to enhance political relations and dialogue during the meeting.

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Ishaq Dar, on this occasion, congratulated Jeyhun Bayramov on Baku’s nomination to host COP29.

The foreign minister expressed Pakistan’s keen interest in cooperation and exchange of experiences to address climate change.

He also commended Azerbaijan for its strong and principled stance on the Kashmir conflict.

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Two key TTP operatives killed in Rawalpindi operation

Two key TTP operatives killed in Rawalpindi operation

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Two key TTP operatives killed in Rawalpindi operation

 Two key terrorists were killed as a result of gunfire from their own associates during an operation carried out by personnel of the Counter-Terrorism Department (CTD) on Sunday.

According to CTD officials, the dead terrorists, Naseebullah and Ihsanullah, were affiliated with the banned Tehreek-e-Taliban Pakistan (TTP). Both were wanted for the murder of a cop during an attack on a Dolphin Force team in Rawalpindi.

A huge stash of explosives, including hand grenades, heavy weaponry and ammunition, was seized.

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