Month: September 2020

Climate change may hamper economic recovery

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ISLAMABAD: The economic revival, which was observed in the first two months (July-August) of the current fiscal year 2020-21, may be hampered in September due to climatological events and inflation is also expected to rise, according to a monthly report released by the Ministry of Finance. The Economic Updates and Outlook Report for September also revealed that the foreign remittances may further slowdown in the range of just $1.3 billion to $1.6 billion in September. The report, released on Monday, stated that the cumulative remittances for the July-September quarter will…

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Power production inches up 4% in August

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Power production increased over 4% to 14,630 gigawatt-hours (GWh) in August 2020 with economic activity back to pre-Covid-19 levels in Pakistan. Many industries, including the leading export earning sector of textile, cement and automobile manufacturing sectors, showed a notable recovery in their production in the month under review. The electricity generation had stood at 14,052 GWh in August last year, according to the power sector regulator – the National Electric Power Regulatory Authority (Nepra). “Due to revival of economic activities, power production numbers for August 2020 have shown growth,” Topline…

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Cabinet to examine credentials of applicants

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ISLAMABAD: The cabinet has decided to scrutinise credentials of shortlisted candidates for the post of member oil of the Oil and Gas Regulatory Authority (Ogra). The decision came after the Cabinet Division tabled a summary for approval in a recent cabinet meeting to appoint a new member oil of Ogra. At present, seats of Ogra member oil and chairman are vacant and due to their absence, the quorum of the regulatory authority is not complete. Therefore, the regulator has become dysfunctional. Sources told The Express Tribune that the Cabinet Division…

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Imran affirms support to efforts for biodiversity conservation

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ISLAMABAD: Prime Minister Imran Khan has said that his government is committed to the global efforts for biodiversity conservation and protection and has, therefore, undertaken many initiatives to protect green areas in the country. According to a press statement issued here on Monday by the Ministry of Climate Change, the prime minister said: “In fact today the global biodiversity is faced with myriad challenges caused due to unsustainable human activities, including habitat destruction, habitat fragmentation, habitat degradation, overexploitation of species for human use, introduction of exotic species and increased spread…

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Govt to build underground gas storages

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ISLAMABAD: Amid increasing gas deficit, the government is reviving an underground gas storage project shelved almost a decade ago to plan higher imports in summers and bridge higher demand-supply gap in winters. The Asian Development Bank (ADB) has agreed to undertake a technical study through its $575,000 financing with the support of a consortium of European oil and gas equipment companies. Special Assistant to Prime Minister on Petroleum Nadeem Babar on Monday presided over a meeting with a delegation of ADB and the companies concerned for the development of underground…

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