Day: September 10, 2024

KE Staff Attacked Amid Anti-Theft Operation, Held Hostage by Protesters

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KARACHI: K-Electric (KE) staff faced violent resistance during an anti-electricity theft operation in Karachi’s Gizri and Punjab Colony areas on Tuesday. KE spokesperson Imran Rana reported that power thieves attacked and held some staff members hostage at gunpoint while attempting to forcibly restore illegal connections. The operation sparked protests, with demonstrators blocking major roads across the city, causing severe traffic disruptions. Key areas, including Sharae Faisal and Korangi Road, experienced long traffic jams due to the organised protests. KE urged law enforcement to take action against the attackers and reaffirmed…

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Pakistan Faces $30bn Loss After Devastating Floods, Urges Swift Action on Reconstruction

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ISLAMABAD: Federal Minister for Planning, Development & Special Initiatives, Ahsan Iqbal, chaired a high-level meeting to review the progress of post-flood reconstruction projects under the Resilient, Rehabilitation, and Reconstruction Framework (4RF). The meeting, attended by senior government officials and international representatives from the World Bank, ADB, UN, and EU, focused on assessing ongoing projects and the status of global financial pledges. Iqbal revealed that the 2022 floods caused $30 billion in economic losses, with recovery efforts requiring $16.2 billion. So far, international pledges total $10.9 billion, leaving a significant shortfall.…

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CCP Approves 11.9% Share Acquisition in SECMC by IEPWR

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ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for International Electric Power (Pvt) Ltd (IEPWR) to acquire 11.9% of the paid-up ordinary share capital of Sindh Engro Coal Mining Company (SECMC) Ltd under a Share Purchase Agreement (SPA). IEPWR, formed in March specifically for this transaction, is jointly owned by Liberty Power Holding, Soorty Enterprises, and Procon Engineering. SECMC is a prominent player in Pakistan’s coal mining sector, while the seller, Engro Energy Ltd, is a key subsidiary of Engro Corporation focusing on energy investments. The CCP’s competition…

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Unplanned Power Subsidies Threaten Pakistan’s $7bn IMF Bailout

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ISLAMABAD: Punjab’s unexpected power subsidies have become a key obstacle in securing Pakistan’s $7 billion bailout from the International Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a 37-month, $7bn Extended Fund Facility, but the deal is pending approval from the IMF Executive Board, which has yet to schedule a meeting. Dr. Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), emphasized the importance of transparency with the IMF regarding the subsidies. Both the federal and Punjab governments’ subsidies could undermine the conditions agreed…

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