Author: Admin

World Bank Threatens to Cancel $450m Loan Over KP Hydropower Project Dispute

Admin
Karot-Hydropower

PESHAWAR: The dispute between the Khyber Pakhtunkhwa government and the World Bank regarding the Gabral Kalam hydropower project has escalated. The PTI government has decided to cancel the bidding process for the 88 MW project and initiate re-bidding. In response, the World Bank has warned that ignoring the lowest bidder could result in misprocurement, leading to the potential cancellation of a $450 million loan. The World Bank has also indicated it may downgrade the project rating from moderately satisfactory to moderately unsatisfactory. Additional Chief Secretary Imtiaz Hussain Shah explained that…

Read More

Concessions on Solar Panel Import and Manufacturing Welcomed by Industry

Admin
solar-energy

LAHORE: Renewable energy stakeholders have applauded the federal budget’s concessions on the import and local manufacturing of solar panels, urging the government to promptly release detailed information on these incentives. “Perhaps the government has recognized that renewable energy sources like solar and wind are the only sustainable solutions to mitigate the high costs associated with traditional energy sources like thermal and coal,” stated Mustafa Amjad, Programme Director of the Renewable First, an Islamabad-based energy think tank. In an interview with Dawn, Mr. Amjad commended the government for offering incentives to…

Read More

Budget 2024-25: Business and Industry Deem It ‘More IMF-Friendly’

Admin
Budget-2024-25

KARACHI/ISLAMABAD/LAHORE: Businessmen and industrialists expressed dissatisfaction on Wednesday with the budgetary measures proposed for 2024-25, criticizing it as anti-industry and overly aligned with IMF directives. Trade and industry leaders have labeled the budget a burden on existing taxpayers, with no substantial efforts made to broaden the tax base or promote industrial production and commerce. During a press conference at the Chamber House, Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari highlighted that the government’s ambitious tax target of Rs12.97 trillion would increase the burden on existing taxpayers instead…

Read More

Govt Targets Rs1.28 Trillion in Petroleum Development Levy Collection

Admin
petroleum-group

ISLAMABAD: The federal government has set an ambitious target to collect Rs1.28 trillion through the petroleum levy for the fiscal year 2024-25, marking a 47.4% increase over the previous year’s goal. In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869 billion. The upcoming fiscal year projects an additional Rs321 billion in collections. Furthermore, Rs28 billion is expected to be collected from the levy on crude oil, matching the amount collected this year despite an original target of Rs35 billion.…

Read More