Author: Admin

Govt Submits PC-1 of 82MW Gilgit-Baltistan Solar Project to ECNEC for Approval

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New-Project228

ISLAMABAD: The federal government has submitted the PC-1 of the 82MW utility-scale solar component of the 100MW Gilgit-Baltistan Solar Energy Project to the Executive Committee of the National Economic Council (ECNEC) for approval, Prime Minister Shehbaz Sharif was informed during a high-level review meeting. According to an official statement, the 82MW solar project is expected to benefit nearly 1.3 million people by improving electricity supply and significantly reducing load shedding across Gilgit-Baltistan. Chairing the meeting, Prime Minister Shehbaz Sharif reaffirmed the government’s commitment to expanding renewable energy, describing solar power…

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Cabinet Committee Rejects Gas Utilities’ Bid for IFRS Exemption Amid Circular Debt Concerns

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New-Project227

ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (SOEs) has rejected a request by Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) for exemption from international accounting and financial reporting standards, a move aimed at preventing the two gas utilities from being classified as financially insolvent. The committee, chaired by Finance Minister Muhammad Aurangzeb, directed the Petroleum Division to hold further consultations with the Finance Division and the Ministry of Law and Justice before submitting a revised proposal for reconsideration. According to an official statement, the…

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World Bank Approves $375.9 Million to Modernize Pakistan’s Power Transmission Network

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World-Bank

The World Bank’s Board of Executive Directors has approved $375.9 million in financing for Pakistan’s Grid Stability Enhancement Project, marking a significant step toward strengthening the country’s electricity transmission system, improving grid reliability, and accelerating the integration of renewable energy. The project is the first phase of the Boosting Energy Security through Transmission in Pakistan (BEST-PAK) Multiphase Programmatic Approach (MPA), a 10-year initiative aimed at modernizing Pakistan’s transmission infrastructure, reducing power outages, and enabling greater use of clean energy across the country. World Bank Country Director for Pakistan, Bolormaa Amgaabazar,…

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Pakistan-Russia webinar strengthens momentum for cooperation in trade, education & energy

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Pakistan-Russia webinar

The Institute of Regional Studies (IRS), Islamabad, in collaboration with the University of World Civilisations (UWCM), Moscow, on Thursday convened the second event in the Pakistan-Russia Webinar Series, titled “Pakistan-Russia: Strengthening Trade, Education & Energy Collaboration.” The webinar brought together senior policymakers, diplomats, business leaders and academics from both countries to examine practical opportunities for expanding bilateral engagement in trade, industrial development, energy, education and regional connectivity. Building upon the success of the first webinar in the series in June 2026, the second dialogue advanced discussions from geopolitical perspectives toward…

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ADB cuts Pakistan growth forecast to 3.7pc on higher energy costs

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higher energy costs

ISLAMABAD: The Asian Development Bank (ADB) on Thursday cut its forecast for Pakistan’s economic growth to 3.7 per cent, citing higher energy costs and anticipated pressure on foreign remittances from Pakistanis abroad. In its Asian Development Outlook (ADO) July 2026, the Manila-based lender, however, lowered its growth forecast for developing Asia and the Pacific to 4.9pc for 2026 from 5.5pc in 2025, marking a 0.2-percentage-point reduction from its April projections. “Preliminary data show Pakistan’s economy growing by 3.7pc in FY2026 (ended 30 June 2026), supported by strong industry and services alongside modest…

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