The federal and provincial governments collectively owe more than Rs2.56 trillion in unpaid bills to the electricity Distribution Companies (DISCOs) across the country, official documents available with The Express Tribune revealed on Wednesday. There are 12 DISCOs across the country – Faisalabad Electric Supply Company (Fesco); Gujranwala Electric Power Company (Gepco); Hazara Electric Supply
Pakistani shares showed a mixed performance on Thursday as mid-session profit-taking by institutions on economic uncertainty trimmed early gains, but the benchmark index managed modest gains. Ahsan Mehanti of Arif Habib Corporation said investor concerns about weak data for fertiliser and oil sales in August, uncertainty over IMF terms to secure a $7bn Extended Fund Facility, and talk of mini-b
FINANCE Minister Muhammad Aurangzeb has once again contended that ‘Pakistan is heading in the right direction’, conceding the urgency of securing external financing for the approval of its $7bn bailout package by the IMF executive board. His recorded address was broadcast amid further delays in the approval of the facility by the board, at least until the middle of this month, because of the co
Global tech giant Google on Thursday launched an initiative to produce half a million Chromebooks in Pakistan, marking the occasion by presenting the first device to Prime Minister Shehbaz Sharif. Google Asia Pacific (APAC) President Scott Beaumont presented the locally manufactured Chromebook to PM Shehbaz at a ceremony in Islamabad. The prime minister, addressing the ceremony, appreciated
The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $33 million during the week ending Aug 20. On Thursday, the central bank announced that the SBP reserves had risen to $9.436 billion. However, it didn’t disclose the source of this inflow. During the week, the country’s overall reserves increased to $14.739bn, including $5.303bn held by commercial banks.