ISLAMABAD: Just as Prime Minister Imran Khan placated the nation with news that Pakistan would receive a $6 billion relief package from Saudi Arabia, the Economic Coordination Committee (ECC) on Thursday announced plans to increase power rates for consumers using more than 300 units of electricity.
An increase in the cost of electricity was one of the conditions set by the International Monetary Fund (IMF) to secure a bailout package. The global financial institution has frequently told Pakistan to rationalize its expenses and take tough economic decisions.
According to the new rates, people consuming between 300 and 700 units of electricity will pay a 10 percent additional tax while those who use between 700 and 1,500 units will pay 15 percent.
Finance Minister Asad Umar said the decision was inevitable, citing the current economic challenges and the issue of circular debt as the prime reasons. However, he also added that the government had reduced the power tariff by five percent for the agricultural sector.
The ECC-approved power tariff will impact consumers from November.
While the prime minister has said that his government is likely to get monetary assistance from two other friendly countries in the upcoming days, Pakistan may still need additional aid from the IMF, in order for Islamabad to address the country’s structural economic imbalances and meet stringent financial conditions.
Pakistan hikes power tariff despite Saudi bailout
Pakistan hikes power tariff despite Saudi bailout
- Finance minister says decision was necessary to break circular debt
- New rates will be applicable from next month
PCB sets Feb. 11 as date for player auction for Pakistan Super League 11th edition
- The squad composition would be a minimum of 16 players and a maximum of 20
- The number of foreign players would be five to seven depending on the squad size
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday announced that the player auction for the 11th edition of the Pakistan Super League (PSL) will be held on Feb. 11, setting the stage for franchises to begin assembling squads for the country’s premier Twenty20 tournament.
The development came after a workshop regarding PSL player auction at the Qaddafi Stadium, which was presided over by PCB Chairman Mohsin Naqvi and PSL CEO Salman Naseer.
The workshop was attended by PSL officials, all eight franchise representatives, members of Pakistan’s T20 World Cup squad, PCB officials and other capped players.
“The HBL PSL management shared a detailed presentation on the mechanics of the retention and the auction process and consulted with all the participants,” the PCB said.
“It was agreed that the HBL PSL player auction will take place on Wednesday, 11 February.”
The squad composition would be a minimum of 16 players and maximum of 20 players per franchise. The number of foreign players would be five to seven depending on the squad size, according to the PCB.
It would be mandatory for the franchises to play minimum of three and maximum of four foreign players in the playing XI. The teams are also required to have minimum of two uncapped Under 23 players in the squad and one in the playing XI.
Players either retained or picked in the auction will be engaged for two-year contracts with their respective franchise teams, the board said, adding that franchise teams will be able to retain a maximum of seven players for the 12th edition of the tournament.
“I’m delighted that a consultative and productive session was held between the franchises, players and management today resulting in informed and strategic decisions which will pave the way for bright future for the HBL PSL,” Naqvi said.
“The Player Auction model is a landmark step for the HBL PSL, offering players better financial opportunities through an increased salary purse and a transparent acquisition process, while making the league more competitive and attractive.”
PSL CEO Naseer said the player auction system modernizes player recruitment by promoting fairness, transparency, and market-driven value, strengthening the PSL’s appeal for both players and franchises.
“Today’s workshop saw all views being taken into consideration and this rich feedback will be reflected in our execution of a successful player auction scheduled next month,” he said.
PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team. The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule.
