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…
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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…
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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…
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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…
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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…
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Pakistan’s federal government is planning to build modern cities on the Bundal and Dingi islands, which could ease pressure on Karachi, the country’s financial hub. Experts say it would be an ecological catastrophe. The government’s decision to establish the Pakistan Islands Development Authority and bring the Bundal and Dingi islands off the Karachi coast under federal authority shocked Majeed Motani,…
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When Jim Clayton* still worked in a coal mine, he would head to a nearby bar to settle his accounts. The pub effectively became his office. When after 22 years in the industry he quit his job and decided to run the pub instead, it was easy to choose a new name for the place. These days, The Office has become a hangout…
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LONDON (Reuters) – Renewables overtook fossil fuels as the European Union’s main source of electricity for the first time in 2020 as new projects came online and coal-power shrank, a report showed on Monday. Renewable sources such as wind and solar generated 38% percent of the 27-member state bloc’s electricity in 2020, with fossil fuels such as coal and gas…
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Last week cabinet committee on energy (CCoE) decided to put a moratorium on gas supply to self-generation of power for industrial connections, given these have electricity grid connections. The co-generation is exempted from the moratorium. The policy is proposed to be implemented by February for general industry, and March for export-oriented industries. In principle, it is the right decision. Under…
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Experts are divided whether a significant growth of 25% in Pakistan’s imports in a single month is sustainable as imports are expected to remain high and heighten payment pressure ahead of the reopening of export markets. Pakistan’s imports increased almost 25%, or $1 billion, to a 17-month high at $5 billion in December 2020 compared to slightly over $4 billion…
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