Author: Admin

NBP won the ADB Disability Inclusion Champion Award 2024

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National-Bank

National Bank of Pakistan has won the prestigious Disability Inclusion Award 2024 from the Asian Development Bank (ADB). This is a historic moment, as NBP is the first bank from Pakistan to receive this award, competing against top banks from Asia and the Pacific. This achievement positions NBP as a leader in disability inclusion, both nationally and internationally. The commitment from NBP’s BoD, the President, HRMG, and group chiefs is commendable and reflects the organization’s ongoing dedication to fostering an inclusive workplace for all.Mr. Mirza Muhammad Asim Baig, Group Head…

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K-Electric, Auditor General Clash Over Subsidy Data Discrepancies

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circular-debt-K-electric-ceo

ISLAMABAD – K-Electric (KE) and the Auditor General of Pakistan (AGP) are reportedly in conflict over the provision of data related to subsidy claims from February 2004-05 to 2012-23, after the AGP identified discrepancies in KE’s tariff differential subsidy (TDS) claims. According to sources, the AGP’s audit revealed significant gaps in the data provided by KE, leading to ongoing disputes over record production and verification. The audit report, titled “Special Audit Report on the Claims of K-Electric for the Tariff Differential Subsidy,” was submitted to the Director General Audit (Power)…

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Electricity Tariff Rebasing Likely to Shift to January from 2025

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Nepra-Price

ISLAMABAD – The federal government is expected to shift the annual rebasing of electricity tariffs from July 1 to January 1, starting from 2025, to alleviate the financial burden on consumers during the summer months when electricity consumption is higher. This adjustment would align tariff hikes with the lower-consumption winter months, easing public dissatisfaction, according to Finance Ministry sources. The Ministry of Finance has expressed no objection to the proposal from the Power Division, provided there are no financial or subsidy implications. However, it has recommended consulting international development partners,…

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Pakistan Railways Awards Contract for Thar Coal Mines-Port Qasim Rail Line

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Pakistan-Railway

ISLAMABAD – Pakistan Railways (PR) has awarded the contract for the construction of a 105-kilometre railway line to connect the Thar Coal mines with Port Qasim. This vital project, aimed at enhancing bulk transportation for the country’s growing economy, was revealed by Federal Secretary for Railways Syed Mazhar Ali Shah during a Senate Standing Committee on Railways meeting. The rail line, expected to be completed by October 2025, will be co-financed by the Sindh and federal governments. A Special Purpose Vehicle (SPV) will be arranged for security, ensuring smooth operation.…

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World Bank Places Pakistan in Fourth Quintile of Business Environment Rankings

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world-bank

ISLAMABAD – The World Bank’s newly introduced Business Ready (B-READY) report places Pakistan in the fourth quintile, indicating that the country faces significant challenges in its business environment, marked by weak regulatory frameworks and limited public services. These issues hinder the operational efficiency of businesses and overall investment climate. B-READY, which replaces the former Doing Business report, is a data-driven assessment of the global business environment. The 2024 edition covers 50 economies and places Pakistan in the third quintile in terms of operational efficiency, with a score of 65.90. This…

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