Author: Admin

CPPA-G Seeks Three-Year Extension on IFRS-9 Exemption to Avoid Credit Loss Risks

Admin
power-gride

ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has requested a three-year extension on the exemption from the applicability of International Financial Reporting Standards (IFRS) 9, until June 30, 2027, to prevent expected credit losses due to unresolved receivables in the power sector. In a response to the Securities and Exchange Commission of Pakistan’s (SECP) letter, CPPA-G highlighted the risks of recognizing credit losses under IFRS-9 on debts owed by the government, citing adverse impacts on the creditworthiness of power companies and their working capital lenders. SECP has exempted the power…

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Gwadar International Airport Inaugurated Virtually; Pakistan and China Sign 14 Accords, Including Currency Swap

Admin
pak-china

ISLAMABAD: Pakistan and China signed 14 agreements on Monday, including a significant currency swap agreement, aimed at boosting cooperation across various sectors such as security, education, agriculture, and technology. The signing ceremony, witnessed by Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang, took place at the Prime Minister’s House. A key highlight was the virtual inauguration of Gwadar International Airport, a major component of the China-Pakistan Economic Corridor (CPEC), which both leaders hailed as a symbol of their enduring friendship. The agreements also include initiatives on smart classrooms, water…

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Pakistan Secures $10 Million ICIMOD Climate Fund for ‘SAFER’ Initiative

Admin
climate-change

MULTAN: Pakistan has secured $10 million in climate funding from the International Centre for Integrated Mountain Development (ICIMOD) to bolster its efforts against climate change. The funds will support the ‘SAFER’ initiative over the next 3.5 years, aimed at mitigating climate impacts on vulnerable communities. Romina Khursheed Alam, Coordinator to the Prime Minister on Climate Change, announced the approval by ICIMOD’s Adaptation Fund Board, highlighting the government’s commitment to strengthening climate resilience. ICIMOD, known for its work in protecting the Hindu Kush Himalaya (HKH) region, praised the project as a…

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SCO Summit Begins Today in Islamabad

Admin
SCO-Summit

ISLAMABAD: The 23rd meeting of the Council of Heads of Government (CHG) of the Shanghai Cooperation Organisation (SCO) commences today (Tuesday) in Islamabad. The two-day summit is being held under tight security, with businesses and roads in the capital and neighboring Rawalpindi closed for safety reasons. Prime Minister Shehbaz Sharif will chair the summit, marking Pakistan’s rotating chairmanship of the SCO CHG for 2023-24, which it assumed in October 2023 in Bishkek. Attendees include high-level leaders such as Chinese Premier Li Qiang, Russian Prime Minister Mikhail Mishustin, and other key…

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Xiaoqin Fan Appointed as ADB’s New Country Director for Pakistan

Admin
Asian-bank

ISLAMABAD: The Asian Development Bank (ADB) has appointed Xiaoqin Fan as its new Country Director for Pakistan, according to an official statement. Fan, a national of New Zealand with 30 years of professional experience, will lead ADB’s operations in Pakistan, overseeing the implementation of the Country Partnership Strategy (CPS), which focuses on growth, resilience, and competitiveness. She will also manage consultations for the upcoming CPS (2026-2030). Fan, who joined ADB in 2002, expressed her enthusiasm about returning to Pakistan and reaffirmed ADB’s commitment to supporting the country’s economic recovery, reforms,…

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