Month: September 2022

Successive governments have failed to find a Rs96 billion fiscal space for a flood protection project, which had been designed in 2015 to erect protection walls and install early warning systems, contributing to the recent catastrophe owing to misplaced priorities. Though the governments of Pakistan Muslim League-Nawaz (PML-N) and Pakistan Tehreek-e-Insaf (PTI) could not provide Rs96 billion in budget over the past many years, they have allocated a whopping Rs157 billion for the schemes of parliamentarians since June last year. Official documents placed before the Central Development Working Party (CDWP)…

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Indian industrialist Gautam Adani briefly became the world’s second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three. The self-made billionaire’s net worth surged $4 billion overnight to $154bn, according to Forbes, ranking him ahead of LVMH’s Bernard Arnault and Amazon’s Jeff Bezos. Tesla founder Elon Musk remained well out in front with a fortune of more than $270 billion. Arnault — who at times held the top spot in May 2021 — and Adani traded the number…

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K-Electric’s clients, who paid higher rates for electricity they had consumed in July 2022, will be getting refunds of Rs4.117 per unit in their September bills after the power regulator Friday issued its decision that maintained that the power generation cost was low during the month under review while the users were overcharged. The National Electric Power Regulatory Authority (NEPRA) issued its decision and directed K-Electric to reimburse the overcharged amount to power consumers in their electricity bills for September 2022, as they had been charged at a higher rate…

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The Ministry of Foreign Affairs hosted briefingson the China-Pakistan Economic Corridor ( CPEC ) for resident diplomatic missions of several countries from East and Central Asia and the Middle East. Chaired by the Additional Secretary (Asia-Pacific), two rounds of briefings were convened on 15 and 16 September 2022. The panel of briefers also included senior officials of the Ministry of Planning, Development and Special Initiatives, and the Board of Investment. In her briefing, the Additional Secretary shared the underlying vision of CPEC, which was based on Pakistan’s desire for connectivity…

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Spokesperson of the Pakistan Water and Power Development Authority (WAPDA), taking strong exception to a news about abandoning of Neelum-Jhelum Hydropower Project in Pakistan by a Chinese firm, published in a section of press, has termed it fabricated, baseless and misleading. The spokesperson has said that the Chinese Contractor has been continuously working at all sites without any interruption. The 969 MW-Neelum Jhelum Hydropower Project (NJHP) was completed by a joint venture of two Chinese firms M/s CGGC and M/s CMEC in 2018. Prior to July 6 incident, NJHP was…

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