Month: May 2020

More than 140 world leaders, experts and elders have made an unprecedented call for guarantees that COVID-19 vaccines, diagnostics, tests and treatments will be provided free of charge to everyone, everywhere GENEVA, 14 MAY 2020—More than 140 world leaders and experts, including the President of South Africa and Chair of the African Union, Cyril Ramaphosa, the Prime Minister of Pakistan, Imran Khan, the President of the Republic of Senegal, Macky Sall and the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo have signed an open letter calling on all…

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In China’s latest efforts to pit renewable energy against fossil fuels, it is again betting on size.Resources such as wind and solar don’t stand much of a chance if there isn’t a way to store energy when the wind doesn’t blow and the sun doesn’t shine. So some of China’s biggest state-owned companies are pouring in billions of dollars to build massive projects that will combine the two with energy storage. The periodic nature of renewables is a challenge because it disrupts the conventional methods for planning the daily operation…

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ISLAMABAD: The World Bank Board of Executive Directors Wednesday approved a $39.5 million project to help South Asia build resilience to climate threats and disasters by sharing regional data and knowledge, developing regional standards and guidelines for infrastructure, and promoting climate-resilient policies and investments.It will assess climate impacts in districts across Pakistan, Bangladesh and Nepal to support agriculture, livestock, water, and transport. The Climate Adaptation and Resilience for South Asia (CARE) Project will help develop a public platform to inform climate planning and investments, and fund innovative and disruptive technology…

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The coronavirus (COVID-19) has been evolving as a strain to the global economy including that of Pakistan. Therefore, to dampen the adverse effects of COVID-19 and to enable the banks/DFIs continue to fulfil their role in funding the real economy, following has been decided: 2. Rescheduling / Restructuring of Financing Facilities Regulation SE R-9 and ME R-5 of Prudential Regulations for SMEs Financing) Banks/DFIs, upon a written request of an obligor received before 30th June 2020, will defer repayment of principal loan amount by one year; provided that the obligor…

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KARACHI: Barring tractors, April proved to be one of the worst months for the entire auto sector as car production and sales were reduced to zero. The overall car production and sales during 10MFY20 plunged by 52 per cent year-on-year each to 88,628 and 86,330 units. Meanwhile, there was no production of heavy vehicles (trucks and buses) in April but data from the Pakistan Automotive Manufacturers Association (Pama) mentioned negligible sales of some assemblers. Some manufacturers also posted marginal sales in light commercial vehicles, pickups and jeeps during April despite…

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