Author: Admin

EAD Seeks IsDB Financing Details for Eight Key Infrastructure Projects

Admin
ISDB-Project

ISLAMABAD: The Economic Affairs Division (EAD) has sought comprehensive updates on eight pipeline development projects to evaluate their readiness for potential financing by the Islamic Development Bank (IsDB). The details will be shared with the IsDB Programming Implementation and Supervision Mission (PIASR), scheduled to visit Pakistan from December 8-14, 2024. The projects under negotiation include: Diamer Bhasha Dam Hydropower Project500 kV Double Circuit Transmission Line: Matiari–Moro–Rahim Yar Khan500 kV Double Circuit Transmission Line: Ghazi Barotha–Faisalabad WestSukkur–Hyderabad Motorway (M-6)Chashma Right Bank Canal (CRBC)Karachi–Torkham Highway Project (Phase II)Reactive Compensation Power Devices for…

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PM Shehbaz Sharif Orders Crackdown on Petrol Smuggling, Commends Economic Reforms

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Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has called for stringent measures to curb petroleum product smuggling as part of efforts to safeguard Pakistan’s revenue and boost economic recovery. Chairing a review meeting on the country’s economic conditions and Federal Board of Revenue (FBR) digitization initiatives, the premier emphasized the urgency of addressing this persistent issue. Sharif highlighted the positive impact of recent actions against smuggled fuel, noting that petroleum sales reached a 25-month high of 1.58 million tonnes in November 2024, a 15% year-on-year increase. He attributed this milestone to effective…

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Nepra Approves Transition to SOFR for 59 IPPs with Two Formula Options

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Nepra

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved two formulas to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) for 59 Independent Power Producers (IPPs), effective July 1, 2023. This transition aligns with global changes as LIBOR ceases publication after September 30, 2024. ECC and Nepra DecisionsThe Economic Coordination Committee (ECC) of the Cabinet, in a February 2024 decision, approved the shift from LIBOR to SOFR. Borrower companies with debt repayment schedules registered with the State Bank of Pakistan (SBP) must…

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Saudi Arabia Extends $3 Billion Debt for Another YearPakistan Faces $13 Billion Repayments to Key Creditors by Mid-2025

Admin
saudi-pak

ISLAMABAD: Saudi Arabia has rolled over a $3 billion deposit for Pakistan, extending its maturity by another year. This marks the third consecutive extension since the deposit was initially placed in 2021. The Saudi Fund for Development (SFD) announced the extension on Thursday, the deadline for repayment, underscoring the strong bilateral ties between the two nations. The rollover comes as Pakistan grapples with a precarious economic situation, compounded by insufficient non-debt inflows and mounting external obligations. The Finance Ministry has indicated that an additional $2 billion Saudi deposit maturing in…

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Experts Call for Transition of Captive Power Plants to Grid SystemPropose Shift to Reduce Gas Consumption and Lower Electricity Costs

Admin
Power-sector

LAHORE: Energy experts have urged the government to expedite the transition of Captive Power Plants (CPPs) to the national grid, emphasizing its potential to reduce natural gas consumption, lower electricity costs, and enhance energy efficiency. This proposal aligns with the National Gas Allocation Policy of 2005 and the Economic Coordination Committee’s (ECC) 2024 gas supply priorities. Experts also recommended comprehensive audits of CPPs to verify their efficiency claims. These recommendations emerged during a session titled “Energy Priorities in Crisis: Navigating Gas Supply Cuts to Captive Power Plants in Pakistan,” hosted…

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