Under the monthly fuel adjustment mechanism, K-Electric has formally requested a December electricity pricing cut of Rs4.95 per unit.

After careful consideration, the National Electric Power Regulatory Authority (NEPRA) has chosen to postpone making a decision. At a later time, the final decision will be shared.

K-Electric requested a rate reduction of Rs4.95 per unit during the hearing for its December fuel adjustment application. The utility firm also requested clearance for adjustments relating to arrears of Rs5 billion.

K-Electric clarified that startup expenses, open cycle, and partial load operations were the causes of these arrears. Consumers of K-Electric, however, strongly opposed the request, with some contending that the public should directly benefit from the fuel adjustment.

Concerns were also expressed regarding the continuous load shedding in Karachi’s business districts and the industrial support package’s non-implementation.

K-Electric has filed a lawsuit against the industrial support package, NEPRA officials noted.

According to K-Electric representatives, the price of power generated using the company’s own resources in December was Rs18.60 per unit, while the Central Power Purchasing Agency (CPPA) charged Rs9.60 per unit.

Although the hearing was adjourned, NEPRA has reserved its judgement, which will be rendered following a careful examination of the information and computations. In due time, a final decision and formal announcement will be made public.

On the first working day of Ramadan 1446 AH, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) would be closed for public transactions in order to deduct zakat, according to a statement released by the State Bank of Pakistan (SBP).

Within the coming few days, the central bank is anticipated to make a formal announcement in this respect. Except for transactions involving public affairs, bank staff will still need to report to work as usual and perform their official obligations.

The crescent moon is predicted to be seen on the evening of March 1, 2025, marking the start of the holy month of Ramadan in Pakistan.

On February 28 at 5:45 PM Pakistan Standard Time, the new moon is predicted to come out, according to the Space and Upper Atmosphere Research Commission (SUPARCO).

In order to expedite the Zakat deduction, which is required by the nation’s banking regulations, it has long been customary to observe a bank holiday on the first day of Ramadan.

According to sources, the economic review and negotiations will go on until March 15.

The second $1 billion tranche will be released after the nine-member team, headed by Nathan Porter, evaluates Pakistan’s economic performance throughout the course of their two-week visit.

The IMF mission will also present its recommendations for the next financial year’s budget, sources said. “Any relief to the salaried class can only be offered after the lender agreed over it,” according to sources.

The IMF mission will hold talks with the ministries of finance and energy, planning ministry and the State Bank of Pakistan. The IMF delegation will also hold discussions with the FBR, OGRA, NEPRA and other state institutions and ministries.

Separate discussions with the governments of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan will also be held by the IMF delegation.

Tax reforms such as the agriculture sector’s income tax, the advancement of privatization, fiscal policies, and energy sector reforms will be the main topics of debate. In addition, the IMF will examine inflation, interest rates, exchange rate management, and monetary policy.

Today, an IMF mission will discuss climate assistance with the governments of Punjab and Balochistan.