Day: October 10, 2024

Saudi Kingdom’s Vision 2030 ties seamlessly with Pakistan’s economic vision, Dr Musadik Malik

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Saudi-pak

Federal Minister for Petroleum Dr Musadik Malik addressing the Pak-Saudi business forum 2024 gave an overview of the investment opportunities. He said that historically we have had ties in traditional areas and formidable friendship. Now we would like to transition from friendship to a journey of growth and development and become partners. We have started thinking now in terms of 360 security: food security, economic security, energy security.We now want to club into the global value chains.We’ve been producing a lot of commodities and Saudi Arabia has a lot of…

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NBP Partners with Huawei to Establish National Cloud Data Center

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NBP-Partners

Karachi – October 10, 2024 National Bank of Pakistan has signed a MoU with Huawei Technologies Pakistan (PVT) to develop a state-of-the-art National Cloud Data Center. The MoU was formalized during the Huawei Connect 2024 Global Conference. This collaboration aims to strengthen NBP’s digital infrastructure by deploying cutting-edge cloud services in a Tier-3 certified data center. Huawei will provide dedicated teams to ensure timely implementation, ongoing operations and maintenance support. Additionally, NBP representatives will receive hands-on training and documentation to ensure smooth project integration. Mr. Amin Manji, Chief Information Technology…

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Government Ends Power Agreements with Five Major IPPs in Reform Push

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power-sector

Islamabad: In a significant move toward reforming Pakistan’s struggling power sector, the Federal Cabinet has approved the termination of existing Power Purchase Agreements (PPAs) with five Independent Power Producers (IPPs). The decision follows recommendations by the Task Force on Power Sector Reforms. According to a statement from the Prime Minister’s Office, the affected IPPs include HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power. Rousch Power, originally established under a Build-Operate-Transfer (BOT) agreement, will be transferred to government ownership and later privatized. The other four IPPs will retain…

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Climate Aid Debate to Dominate COP29 Summit in Azerbaijan; Rich Nations Under Pressure to Increase Support

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COP29-Summit

The upcoming United Nations Climate Change Conference (COP29), set to take place in Azerbaijan next month, is expected to focus on contentious climate aid discussions, with wealthier nations under pressure to commit more funding for poorer countries to combat climate change. Dubbed the “finance COP,” the summit will see global leaders negotiate increased financial support, as current pledges of $100 billion per year fall short of the needs for effective climate action. Amid concerns over Azerbaijan’s human rights record, the summit will take place from November 11 to 22, drawing…

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No Immediate China Debt Re-profiling, Says Finance Minister; Provinces to Collect Agricultural Income Tax from Next Fiscal Year

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Aurangzeb-ipps

ISLAMABAD: Finance Minister Muhammad Aurangzeb has ruled out the signing of an energy debt restructuring agreement with China next week, dismissing reports that suggested a memorandum of understanding (MoU) would be signed during the Chinese prime minister’s upcoming visit. Speaking after a Senate Standing Committee on Finance meeting, the minister clarified that debt re-profiling was a lengthy process, requiring lender and sponsor consent, and that negotiations would take three to four years. Pakistan seeks to restructure $16 billion owed to Chinese institutions, but no immediate relief is expected. Meanwhile, provinces…

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