Day: January 1, 2025

BBoIT and FPCCI to organise Balochistan Summit 2025 in January

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New-FPCCI

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that FPCCI and Balochistan Board of Investment & Trade (BBoIT) will be jointly organizing Balochistan Summit 2025 on January 27-28, 2025 in Islamabad – aimed at promoting business, investment, joint ventures industrialization and trade promotion activities in Balochistan on an international-scale. It is pertinent to note that top civilian and military leadership of the country are expected to attend the all-important Balochiatan Summit 2025 to project and position the province as the foremost investment destination of the country. Mr. Atif Ikram Sheikh…

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Pakistan Launches Ambitious “Uraan Pakistan” Initiative to Transform Economy

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Uraan-Pakistan

Islamabad, January 1, 2025 — Pakistan has officially unveiled the Uraan Pakistan initiative, an ambitious roadmap to propel the country towards becoming a $1 trillion economy by 2035 and a $3 trillion economy by 2047. Built on the transformative 5Es Framework, the initiative emphasizes five key pillars: Exports, E-Pakistan, Environment, Energy & Infrastructure, and Equity, Ethics & Empowerment. Prime Minister Shehbaz Sharif, in his address during the launch event, emphasized the importance of holistic economic reforms to unlock Pakistan’s potential. “With Uraan Pakistan, we aim to set a new trajectory…

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Turkey Increases Fuel Tax by 6% Amid Inflation Control Efforts

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Fuel-Tax

ANKARA: Turkey has raised its special consumption tax on fuel by 6%, according to a presidential decree published in the Official Gazette on Tuesday. The move comes as the government aims to manage inflation while maintaining fiscal stability. The tax adjustment, implemented every six months based on the producer price index (PPI), reflects a cumulative five-month PPI increase of 7.12%. Despite the hike, Finance Minister Mehmet Simsek assured that recent tax measures on fuel and tobacco are designed not to affect Turkey’s inflation goals for 2025. Fuel taxes often impact…

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Pakistan Secures $200 Million ADB Loan to Modernize Power Distribution

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Asian-bank

ISLAMABAD: The Ministry of Economic Affairs and the Asian Development Bank (ADB) signed a $200 million loan agreement on Tuesday to upgrade Pakistan’s power distribution infrastructure. The signing ceremony took place at the Ministry of Economic Affairs, with Secretary Dr. Kazim Niaz representing Pakistan and Deputy Country Director Asad Aleem signing on behalf of the ADB. The project focuses on enhancing the capacity of three key distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO). It will introduce advanced metering infrastructure,…

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NEPRA Highlights Persistent Challenges in Pakistan’s Power Sector

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New-NEPRA

ISLAMABAD: The State of the Industry Report 2024, released by the National Electric Power Regulatory Authority (NEPRA), reveals critical inefficiencies in Pakistan’s power sector, exacerbating high electricity costs and impacting consumers nationwide. Despite an installed generation capacity of 45,888 MW, underutilization remains a significant issue, with only 33.88% utilization recorded for FY 2023-24. Consumers bear the financial burden of 66.12% unutilized capacity, leading to elevated tariffs. NEPRA underscores the urgent need for operational reforms, particularly in addressing transmission and distribution losses, which climbed to 18.31%, far exceeding the allowed 11.77%.…

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