Illegal fertiliser cross-subsidies
The All Pakistan Textile Mills Association (Aptma) condemns the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority’s (Ogra) “illegal imposition of Rs50 billion in cross subsidies to the fertiliser sector in ring-fenced RLNG tariffs from June 2024 onwards”, as per a press release. The association said that the subsidies will have a destructive impact on the country’s exports, employment, and overall economy.
The association opined that the decision violates Articles 6 and 7 of the Ogra Ordinance 2002, which were designed to protect consumer interests and minimise economic distortions.
According to Aptma, this directive imposes an unjust financial burden on RLNG consumers on the SNGPL network, who are already burdened with double the gas tariffs compared to regional competitors.
The association urged the government and regulator to recognise the severe implications of the current policy and reverse this decision immediately.
Innovate47’s climate change solutions
A new initiative, Innovate47, launched last week with the mission of empowering Pakistani entrepreneurs to become the driving force behind the country’s climate solutions, as per a press release. The programme offers a three-month virtual experience designed to equip participants with the skills and resources needed to develop and launch impactful ventures focused on sustainability and positive environmental impact.
In a statement supporting Innovate47, William Bao Bean, Managing General Partner of Orbit Startups, emphasised the importance of sustainable economic transformation: “Pakistan is going through a technology-driven economic transformation. It’s crucial that we drive this change in a sustainable way to preserve the environment even as the economy takes off.” Climate change is no longer a distant threat for Pakistan; it’s a present reality with far reaching consequences.
Abhi-Mastercard partnership
Mastercard has partnered with Abhi, an embedded finance platform, as per a press release, to introduce the Mastercard-enabled ‘Salary Advance Cards’ for the first time in Pakistan. This collaboration will enhance the accessibility of international and domestic online payments for Abhi’s Earned Wage Access users.
At the core of this partnership is a joint commitment to empower individuals and drive positive transformation in Pakistan’s financial landscape. By leveraging Mastercard’s technology, ABHI will enrich its products and services to ensure safe and quick transactions for its users. As the two companies unite to advance financial wellness across the region, this partnership signifies a leap towards fostering a secure digital economy.
Published in Dawn, The Business and Finance Weekly, July 1st, 2024
