Pakistan and the Asian Development Bank (ADB) will sign six financing loan agreements worth $1.535 billion on Wednesday (today), it is learnt. Official sources revealed to Business Recorder that Minister for Economic Affairs Omar Ayub Khan will witness the loan-signing ceremony. Documents revealed that the Economic Affairs Division (EAD) and the ADB will sign loan agreement worth $600 million for integrated social protection development programme (BISP Ehsaas). Another project worth $300 million would be signed for energy sector reforms and financial sustainability programme (Sub-program 2). The EAD and the ADB…
Read MoreDay: December 22, 2021
SECMC hits 10 million tonnes production milestone
The record production over the last 2.5 years has resulted in the generation of over 10,000GWhs of electricity, contributing to the national grid. Besides, the company’s record production of coal and generation of electricity using Thar’s local reserves has benefitted the national economy by saving $210 million through import substitution during the same period. SECMC has maintained a stellar safety record; following international and world-class benchmarks, a feat that has earned international acknowledgements from organisations such as British Safety Council. The company has also adopted the United Nation’s Sustainable Development…
Read MoreIran Can’t Afford to Delay a Deal
To appreciate the significance of a nuclear deal revival for Iran, one need only cast a cursory glance at the grave economic, foreign-policy, security, and environmental crises plaguing the country today. Without a functioning deal that keeps U.S. sanctions lifted, if only for a few years, no Iranian government can hope to adequately respond to most—if not all—of these challenges. Consider first Iranian President Ebrahim Raisi’s ambitious economic promises. They include constructing 1 million housing units per year; taming runaway inflation, which he has described as his government’s “redline”; resolving…
Read MoreCPPA-G CEO’s post: Rihan Akhtar given ‘look after’ charge
Power Division has assigned look after charge of CEO, CPPA-G to Chief Financial Officer (CFO) Rihan Akhtar, till the joining of acting CEO, who is on medical leave. The Central Power Purchasing Agency (Guarantee) Limited is a Public Sector Company, working under the administrative control of the Division and registered as the Market Operator in terms of rule 5 of the NEPRA (Market Operator Registration, Standards and Procedure) Rules, 2015. In pursuance of the decision of the Federal Cabinet of June 02, 2020, Power Division was in process of hiring…
Read MoreFDI — Maintaining Status Quo
Amid continued promises and claims for good omen, foreign direct investment landscape in Pakistan has been lackluster. While net FDI in 5MFY22 has increased by 12 percent year-on-year, the total tally of around $800 million is trivial. Total FDI inflows in 5MFY22 as per SBP’s recent data is actually down by over 9 percent year-on-year. Though FDI in Nov-21 turned positive from a negative net tally in Nov-20, it wasn’t anything inspiring. And FDI inflows in Nov-21 were down by 30 percent year-on-year. Lower inflows and higher outflows describe the…
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