Day: January 26, 2021

Govt hopes to seek $12b from World Bank

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Pakistan expects to secure around $12 billion loans from the World Bank Group over a period of five years under a new partnership strategy, which the Washington-based lender may approve by May this year. Minister for Economic Affairs Makhdoom Khusro Bakhtiar and World Bank Country Director Najy Benhassine discussed the development priorities of Pakistan for the next five years, according to a handout issued by the ministry after the meeting. A senior ministry official said that there were no firm financial commitments by the World Bank at this stage. He…

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SHC seeks reports on action against vegetable farming with sewage

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The Sindh High Court (SHC) on Monday directed the deputy commissioners of the Malir and Korangi districts to submit progress reports with regard to action against persons involved in farming vegetables through sewage. Petitioner Mehmood Akhtar Naqvi had submitted that several people were involved in vegetable farming through sewerage water in the Korangi, Malir, Landhi and Surjani Town areas. He submitted that due to vegetable farming through sewage, the lives of the citizens were at risk of several diseases and the government functionaries were not taking action against such persons.…

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World Bank preparing new Country Partnership Framework for Pakistan

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ISLAMABAD: The World Bank (WB) is preparing a new Country Partnership Framework (CPF) for the next five years from fiscal year 2022 to 2026 with possible portfolio of $10 to $12 billion for different sectors of economy of Pakistan. The Pakistani authorities are expecting that the World Bank Group will extend lending of around $12 billion for five years period under the CPF. “Although, the WBG has not officially communicated the exact size of portfolio but it should be around $12 billion,” a top official of the PTI led government…

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Receivables/payables dispute: Federal govt, KE fail to evolve consensus

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ISLAMABAD: The Federal Government and Karachi Electric (KE) teams are said to have failed to evolve a consensus on course of action to resolve receivables/ payables dispute, well-informed sources in Power Division told Business Recorder. Power Division summoned the KE top brass to convey the Prime Minister’s message to them that no further delay will be accepted in resolution of issues, which are hindering the sale-off of 66.4 per cent stake of M/s Abraaj to Chinese company, M/s Shanghai Electric Power (SEP). The dispute between the KE and the government…

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Aaj Shahzeb Khanzada Kay Sath’: PM deceived as Rs122 bn wasted in LNG buying

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KARACHI: The country lost Rs122 billion in last two years due to delayed on spot LNG purchase and production of expensive power through furnace oil, inflicting a colossal sense of foreboding and frustration among the nation. This was stated by Shahzeb Khanzada in his Monday’s episode of ‘Aaj Shahzeb Khanzada Kay Sath.’ Khanzada said due to the failure to contract LNG purchase through futures market, the people not only suffered acute shortages of the heating and cooking fuel in the intense winter, the country on the other hand lost Rs35…

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