Author: Admin

Pakistan Misses Three Key IMF Targets Despite Posting Record Primary Surplus

Admin
New-IMF

ISLAMABAD: Pakistan has fallen short of three out of five major fiscal targets set by the International Monetary Fund (IMF) under the \$7 billion bailout programme, largely due to underperformance by the provinces and missed tax collection goals by the Federal Board of Revenue (FBR). According to the Ministry of Finance’s fiscal operations report, provincial governments collectively failed to generate the agreed Rs1.2 trillion cash surplus, falling short by Rs280 billion. Simultaneously, the FBR missed its overall revenue target of Rs12.3 trillion, collecting only Rs11.74 trillion, and failed to raise…

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Structural Shake-up in WAPDA Sparks Internal Controversy

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WAPDA-MoUs

ISLAMABAD: The incoming chairman of the Water and Power Development Authority (WAPDA) is expected to face a challenging start amid internal unrest sparked by controversial structural changes made by the acting management in recent weeks. Sources reveal that the acting chairman implemented several senior-level reorganisations—adding and removing key posts and advisers—just before the appointment of the new chairman. These decisions, allegedly taken without a proper quorum, were rushed through a hastily convened meeting and formalised the same day the Ministry of Water Resources held interviews for the new leadership. The…

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Pakistan, China to Strengthen Collaboration on Electric Vehicles

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electric-vehicles

BEIJING: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal has identified electric vehicles (EVs) as a pivotal area for future cooperation between Pakistan and China, emphasizing the sector’s potential to transform Pakistan’s energy and transportation landscape. Speaking at a press conference at the Pakistani Embassy in Beijing, Iqbal underscored Pakistan’s interest in leveraging China’s technological leadership, particularly in emerging innovations like sodium-ion batteries, which offer significant advantages over traditional lithium-ion alternatives. He announced that the upcoming Pakistan-China Business Conference, scheduled for September 4, will act as a vital…

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Govt Unveils Rs100bn EV Subsidy Scheme Backed by New Car Levy

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Electric-Vehicle

ISLAMABAD: In a landmark move to accelerate Pakistan’s transition to electric mobility, the government has approved a five-year Rs100 billion subsidy programme aimed at deploying 116,000 electric bikes and 3,170 electric rickshaws/loaders. This initiative, set to be formally launched by Prime Minister Shehbaz Sharif on August 14, will be financed through a newly introduced tax on conventional vehicles—dubbed the New Electric Vehicle Adoption Levy (NEVAL). Approved by the Economic Coordination Committee (ECC), the NEVAL will impose a 1% levy on local and imported cars up to 1300cc, 2% on 1301–1800cc…

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Growatt Achieves Global No.1 Residential PV Inverter Supplier in 2024

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growatt

Growatt, a world-leading provider of distributed solar and energy storage solutions (ESS), has secured top positions in the 2024 global PV inverter rankings, solidifying its leadership in the solar energy sector and demonstrating its strong performance across key market segments. According to the latest report, Growatt is ranked the: The rankings are based on the newly released 2024 PV Inverter Market Tracker by S&P Global Commodity Insights, a leading authority in global solar market intelligence. The latest results mark a step up from Growatt’s 2023 performance, where it was named…

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