Category: Highlights

IMF board to approve $1.1bn on 29th

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IMF-demand

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) will meet on April 29 to finalise its last review of Pakistan’s $3 billion Stand-By Arrangement (SBA).“According to the IMF’s event calendar, the review meeting is set for 10:00am on April 29,” a diplomatic source informed Dawn.Earlier this week, the Fund published a schedule of the Executive Board’s meetings on its website, which indicated Nigeria as the country whose programme would be reviewed on April 29. The subsequent meeting on May 1 will review IMF programmes with Kiribati and Montenegro, with…

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Shanghai Electric takes back its bid to acquire major stake in K-electric

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power-sector

By Web Desk KARACHI: Shanghai Electric has taken back its offer to purchase up to 66.4 per cent stake in the K-Electric, the Pakistan Stock Exchange was informed on Monday.The deal between the K-Electric and Shanghai Electric company was repeatedly delayed for last eight years due to regulatory approvals and liquidity constraints, sources said.The deadline for making a firm offer for the K-Electric stake expired on April 20 and Shanghai Electric withdrawn its bid, the stock exchange informed. K-Electric (KE) is the only electric company generates, transmits, and distributes electricity…

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Iranian President Raisi’s High-Profile Visit to Pakistan Amidst Tensions and Key Agenda Items

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President-Raisi

Amidst stringent security measures, Iranian President Dr. Ebrahim Raisi has embarked on a significant two-day official visit to Pakistan, marking the first such visit by a head of state post the February 8 general elections. His arrival comes at a pivotal moment characterized by escalating tensions in the Middle East and Pakistan’s efforts to complete the Iran-Pakistan gas pipeline, which has garnered considerable attention in recent headlines. President Raisi, accompanied by a high-level delegation including the foreign minister, cabinet members, senior officials, and a business delegation, was warmly received by…

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10-year solar panel manufacturing policy finalised

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solar-panel

ISLAMABAD: The federal government has finalised a draft of 10 years ‘Solar Panel Local Manufacturing and Allied Equipment’ policy envisaging incentives to the manufactures, including imposition of tariff on import of finished goods for the period to promote localisation, well-informed sources told Business Recorder. Sharing the details, sources said, the Special Investment Facilitation Council (SIFC) in its 5th Apex Committee meeting held on 8th-9th September 2023 directed to formulate “Solar Panel Local Manufacturing Policy” through consultations in Working Group (WG) meetings. In this regard, several meetings of WG on “Solar Panel…

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Payments issue with CPPA-G: Shanghai Electric lodges complaint with PM

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Shanghai-Electric

ISLAMABAD: Chinese power firm Shanghai Electric has reportedly lodged a complaint against Central Power Purchasing Agency-Guaranteed (CPPA-G) to the Prime Minister for not making payments on time, well-informed sources told Business Recorder. Sharing the details, sources said M/s Thar Coal Block-1 Power Generation Company Pvt Ltd has informed Special Investment Facilitation Council (SIFC) that the company has achieved Commercial Operation Date (COD) on February 5, 2023, however it is facing severe cash flow issues due to inefficient payments from CPPA-G. “Since we have achieved COD on February5, 2023, we are facing…

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