Year: 2023

From Libor to SOFR: DFIs anxiously waiting for transition

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power-sector

ISLAMABAD: Nearly a dozen Development Finance Institutions (DFIs) are anxiously waiting for transition from USD London Interbank Offer Rate (Libor) to Secured Over Night Financing Rate (SOFR) in the Pakistani energy sector, as a consensus has already evolved between the DFIs and concerned Pakistani entities, sources in PPIB told Business Recorder. The ten DFI comprising Asian Development Bank (ADB), British International Investment plc (BI), DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), US International Development Finance Corporation (DFC), Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC), Islamic Corporation…

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Cabinet members split over free electricity supply

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power-supply

Power Division seeks approval for halting facility, giving monetisation allowance ISLAMABAD: Though members of the cabinet have voiced concerns over supply of free electricity to the employees of Wapda and DISCOs, the ministries are divided over the proposal of discontinuing such services, which are blamed for the runaway circular debt. In a recent meeting of the cabinet, it was revealed that 189,000 employees of the Water and Power Development Authority (Wapda) and power distribution companies (DISCOs) were consuming free electricity. Of these, 14,000 are of officers’ grade and they will…

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Plan prepared for cut in circular debt

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circular-debt

Ministry proposes debt reduction via subsidies, revision of policies and deals ISLAMABAD: The Ministry of Energy has proposed to the Special Investment Facilitation Council (SIFC) a plan for reduction in power-sector circular debt of Rs2.3 trillion through a combination of budget subsidies, revision of policies and agreements. The draft plan has been shared with a committee of the civil-military forum, which will be further fine-tuned in consultation with the Ministry of Finance, according to government sources. A follow-up meeting has also been held recently between the finance and energy ministries.…

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BRI drives Pakistan’s green transformation

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solar-panel

Solar energy market expected to grow from 1.3GW in 2023 to 9.77GW by 2028 BEIJING: “The Green Silk Road is an important tool that can help us all pull out of the dead ends of the past and set us on a new pathway that benefits people and planet alike,” United Nations Secretary-General Antonio Guterres emphasised in his speech at the high-level forum on green development of the third Belt and Road Forum for International Cooperation held on October 18. With the theme of Green Silk Road for Harmony with…

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PM returns from China with more pacts under his belt

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China-Pakistan

• Pakistan joins China’s moon programme• Kakar offers Friday prayers in Xinjiang• Khunjerab border crossing to operate throughout the year ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar returned home on Friday evening after a whirlwind five-day China trip that took him to places where only few foreign dignitaries before him visited, and one that saw Islamabad and Beijing ink over 20 agreements, covering areas from currency swapping to building a research station on the moon’s south pole. Although both sides vowed to cement ties in various fields, especially for China-Pakistan…

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