Author: Admin

AGP Uncovers 126 Cases of Irregularities in Wapda Projects

Admin
New-Wapda

ISLAMABAD: The Auditor General of Pakistan (AGP) has identified 126 cases of financial malfeasance in Water and Power Development Authority (Wapda) projects during the audit of financial year 2023-24, exposing massive lapses in procurement, contract, and financial management. According to the compliance audit report, irregularities worth billions were detected across 38 formations of the Ministry of Water Resources (MoWR) and its entities. Key findings included: irregularities in procurement management of Rs17.6bn, contract mismanagement of Rs67.8bn, financial management issues of Rs280.9bn, and other discrepancies totaling Rs106.4bn. In total, recovery of Rs9.58bn…

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Govt Task Force unveils bold plan to tackle Rs 2.6 Trillion Gas Sector circular debt amid fresh energy breakthroughs

Admin

Pakistan’s ballooning circular debt in the gas sector, now standing at a staggering Rs 2,600 billion, has finally moved to the centre of policy discussions, as the federal government’s Task Force on Power Sector has finalised a strategy to gradually defuse the crisis. The move follows the Task Force’s earlier efforts to carve out a plan for addressing the even more alarming debt trap in the power sector, which for years has choked the financial viability of the country’s energy supply chain. The contours of the government’s latest plan were…

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FPCCI Terms Govt’s Circular Debt Reduction ‘Artificial and Unsustainable’

Admin

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has rejected the Power Division’s claim of reducing the power sector’s circular debt (CD) by around Rs800 billion, calling it “misleading, artificial, and unsustainable” as it stems from fiscal injections rather than genuine reforms. According to the FPCCI’s detailed analysis, the Power Division projected circular debt to fall from Rs2.393 trillion in June 2024 to Rs1.614tr by June 2025 — a reduction of Rs780bn. However, the business body argued that this apparent relief is driven by a one-time stock…

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Pakistan’s renewable energy drive crucial for sustainable economic growth

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solar-powe

PESHAWAR, Aug 22 (APP):As the world accelerates its transition toward renewable energy, Pakistan finds itself trailing behind, with just 12.2% of its electricity currently sourced from renewables, which is a stark contrast to the advances made by its regional peers. Despite being endowed with vast solar, wind, coal, and hydel potential, the country remains mired in a substantial energy shortage marked by frequent blackouts, high power tariffs, outdated infrastructure, and growing public discontent. “Pakistan’s power woes are deeply rooted in decades of underinvestment in sustainable energy solutions. The country’s reliance…

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Power export beyond borders

Admin

The menace of circular debt has today become one of the gravest threats to Pakistan’s sovereignty and survival, rivaling the scourges of terrorism and insurgency that have long plagued the state. The circular debt in the power sector has already surpassed five trillion rupees, creating a financial vortex that cripples the government, suffocates economic growth, and burdens citizens with unaffordable tariffs. Unless Pakistan begins to think imaginatively, innovatively, and courageously, this spiraling debt will continue to erode the very foundations of the national economy. One solution, which is both viable…

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