The Pakistani rupee fell from 152 rupees to the dollar in May 2021, the rate used for budget projections, to 179 rupees to the dollar and then recovered to 176.51 rupees on 7 January 2021. There is a perception in this country that the rupee value is market-based, as part of the staff- level agreement on 12 May 2019 between Pakistan’s then economic team leaders — Dr Hafeez Sheikh, de facto finance minister and Dr Reza Baqir, Governor State Bank of Pakistan — with the International Monetary Fund; however, this…
Read MoreDay: January 11, 2022
Peshawar’s water schemes to be rehabilitated
The irrigation department and Wapda on Monday signed a Memorandum of Understanding for rehabilitation and solarisation of water supply schemes. Under the agreement, the existing water supply schemes would be upgraded and solarised in different union councils of the provincial capital with the support of the European Union’s Grant Community Development Project. The issue of power supply to these schemes would also be resolved. The signing ceremony was attended by secretary irrigation Idress Khan, the chief engineer central public health engineering department, chief engineer Wapda and other officials.
Read MoreMNAs express anger at power load-shedding, corruption, other issues
Members of National Assembly across the political divide expressed their anger at the prolonged unscheduled load shedding, exorbitant electricity bills, corruption, mismanagement and non-availability of required material on Monday. Presided over by Chaudhry Salik Hussain, the committee spent most of its time on the complaints of its members and half a dozen special invitee National Assembly members. The Members from KP, Sher Akbar Khan, Zahid Akram Durrani, Malik Anwar Taj, and Maulana Abdul Akbar Chitrali proposed the formulation of a Sub-Committee so that the issues of their constituencies are sorted…
Read MoreFaisalabad Industrial Zone provided electricity, gas supply
Faisalabad Economic and Industrial Zone has been provided electricity and gas supply. In this regard, a 132-KV grid station and a gas supply line at CPEC’s Allama Iqbal Industrial City have been inaugurated by Federal Minister of Energy Hammad Azhar. On the occasion, Federal Minister for Energy Hammad Azhar said that the current government is trying to solve the problems of the people at their doorsteps, and providing uninterrupted power supply to the consumers is their top priority. “New grids are essential for the development of domestic industries. Unemployment will…
Read MorePakistan’s EV Policy is Only a Fashion Statement: CEO Kia Lucky Motors
Several countries have announced their plans to make their transport sectors fully electric in a bid to reduce CO2 emissions. The Government of Pakistan has also joined the mission, offering various incentives to the electric vehicles (EVs) segment for its normalization in the country. However, the policy has been spurned by several industry experts, including the CEO of Lucky Motor Corporation, Asif Rizvi, who called Pakistan’s EV Policy a “fashion statement” for lacking direction. He told Business Recorder that Pakistanis have limited means to afford cars and the government’s main…
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