| Agreement with IMF will be followed in any case | Army not using free electricity
ISLAMABAD – Caretaker Prime Minister Anwaarul Haq Kakar said on Thursday that subsidy on electricity bills was not a solution, therefore, people would have to pay their bills.
Speaking to senior journalists on the prevailing power crisis in the country and mass protests against inflated electricity bills, Kakar said there was a need to diagnose the disease before fining a cure for it. He said the government would follow the agreement with the International Monetary Fund (IMF), but the government would announce relief for the power consumers within the next 48 hours. He said the government and the IMF were looking at the electricity bills together.
Kakar said the country was facing a law and order situation, but it was not that acute. He said the rate of inflation was not too high to go for a wheel-jam strike. Clarifying various reports about the use of free electricity, the caretaker prime minister said the army was not using free electricity. He however said that some Wapda officials were using free electricity.
Kakar said the caretaker set-up was holding negotiations with relevant multilateral institutions. “We are discussing several options and the reflections of these options will soon be announced,” the PM said.
The premier’s remarks come as Pakistan faces a host of economic challenges including rising inflation, depreciating rupee and declining market confidence. In recent days, people from across the country have taken to the streets against excessive power bills.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|