Day: January 8, 2024

Shrinking global GDP will compound Pakistan’s problems.

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New-MZH

Special attention be given to inflation, rupee and rising debt Direction of economy should be corrected: Mian Zahid Hussain Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that some economic sectors will be hit as the world GDP declines. Policymakers should take action to tackle the situation, with a special focus on rising debt, inflation, and the value of the rupee, he said. The economy should be headed in the right…

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Army Chief’s direction intervention sought for removal of bureaucratic hurdles in way of new wind, solar projects involving $600M foreign investment

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solar-wind

The prospective foreign investors keen for the past couple of years to build new wind and solar power projects in the country have sought direct intervention from the Chief of Army Staff for immediate removal of bureaucratic hurdles in the way of phenomenally increasing the clean energy generation capacity of Pakistan.The Pakistan Foreign Renewable Energy Investors Forum (PFREF) has urged the Army Chief to intervene in this matter to ensure that there shouldn’t be any bureaucratic hurdle at the level of the Special Investment Facilitation Council (SFIC) for approving the…

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January 2023 power breakdown: Probe finds country’s power transmission system running without SOPs

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Power-generation

ISLAMABAD: The electric power transmission system that transmits electricity of Rs3,000 billion a year is found ‘highly vulnerable’ as it is run without the standard operating procedures (SOPs), reveals the investigation just completed into the worst-ever 20 hours power breakdown that struck the country a year before on January 23, 2023. The probe into the causes of the unprecedented power breakdown revealed that the transmission system is being run on verbal instructions, not on SOPs. But, the inquiry committee has interestingly saved the necks of top notches in the system…

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World economy will slow further off its pre-Covid pace in 2024, UN projects

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World-economy

ISLAMABAD: The United Nations (UN) issued a somber global economic forecast for 2024, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters. In its flagship economic report, the UN projected that global economic growth would slow to 2.4% this year from an estimated 2.7% in 2023, which exceeds expectations. But both are still below the 3% growth rate before the Covid-19 pandemic began in 2020, it said. The UN forecast is lower than those of the International Monetary Fund in October and…

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