Year: 2022

Resilience to climate change: Process to formulate National Adaptation Plan has begun, NA told

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The National Assembly was informed on Thursday that a process has been started to prepare a National Adaptation Plan for building resilience to climate change. During a question hour’s session of the National Assembly, Minister for Climate Change Sherry Rehman told the House that the aim is to reduce vulnerabilities to climate impacts by creating comprehensive medium- and long-term plans including the integration of adaptation measures into national policy. The Minister for Climate Change said Pakistan has been using nature-based solutions and ecosystem system-based adaptation in its national efforts to…

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KES shares deal’: SECP puts out feelers

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Securities and Exchange Commission (SECP) has reportedly sought explanation from Karachi Electric (KE) on purported deal of sale of shares of KES to Sheryar Chishiti, who owns M/s Daewoo in Pakistan. Background interaction with senior officials in Power Division, SECP and KE indicate that they are not aware of the deal of KES stakes through British court, but strong rumours have already been circulating in the market. Last month, Attorney General Office wrote a letter to Power Division that KE management has sought a few weeks’ time for definitive comments…

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Pakistan in deep debt trap

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Pakistan’s precarious financial situation, persisting for the last many decades, has landed it into a deep debt trap where an overwhelming part of tax revenue is consumed in debt servicing alone. This is done at the expense of developmental and social protection reforms, which are eventually ignored. Pursuant to section 13(i) and (r) of Fiscal Responsibility and Debt Limitation Act, 2005 (as amended up to 2022), the Ministry of Finance has published Annual Debt Review for FY 21-22, which provides details about the debt statistics, maps them against the latest…

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What is driving Russia-Iran energy cooperation?

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As Europe prepares for a winter without Russian gas, the Kremlin is looking to move its natural gas sales farther to the east. Although China and India remain Moscow’s most important export destinations in Asia, Russia seems to have found a new buyer, the Islamic Republic of Iran. Why would a country that holds some of the world’s largest proven reserves of oil and natural gas purchase energy from the Russian Federation? Iran needs new gas pipelines to send its own energy products abroad, as the existing routes to Turkey…

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Massive power breakdown hits city, causes water shortage

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A major power breakdown caused by what was described as an “accidental fault” on Thursday morning piled miseries on people across the city, as well as other parts of southern Sindh, on Thursday. Normal supply could not be restored till late in the evening. Almost the entire city remained without electricity for hours, causing a great deal of inconvenience and hardship to people, particularly patients at hospitals and litigants at courts. Besides, the breakdown also caused heavy losses to the industrial and commercial sectors. Almost 80 per cent of the…

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