Category: Latest News

K-E Seeks Two-Year Extension on IFRS 9 ECL Exemption Amid Persistent Circular Debt Pressures

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K-Electric

ISLAMABAD: K-Electric (KE) has requested the Securities and Exchange Commission of Pakistan (SECP) to extend its exemption from applying the Expected Credit Loss (ECL) model under International Financial Reporting Standard 9 (IFRS 9) for an additional two years. The utility argues that the core cause of circular debt accumulation—massive receivables from federal and provincial government entities—remains unchanged, according to sources in the SECP. The request was submitted through a joint letter signed by KE CEO Syed Moonis Abdullah Alvi and Company Secretary Rizwan Pesnani. The letter refers to SRO 1784(I)/2024,…

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ADB Approves $330m Financing to Strengthen Pakistan’s Power Transmission Network

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Asian-bank

The Asian Development Bank (ADB) has approved loans worth $330 million to support Pakistan’s Second Power Transmission Strengthening Project—an initiative aimed at expanding the national grid and ensuring the smooth evacuation of low-cost renewable and hydropower to major demand centres. In a statement issued on Thursday, ADB said the project will include the construction of a new 500-kilovolt transmission line stretching approximately 290 kilometres, along with upgrades to critical grid infrastructure serving Islamabad and Faisalabad. The improvements are expected to ease long-standing bottlenecks in Pakistan’s north–south power corridor and allow…

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PPL Clarifies: No Artificial Island, Only Infrastructure for Marshy-Area Drilling Near Sujawal

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PPL-logo

Pakistan Petroleum Limited (PPL) on Thursday issued a clarification stating that it is not reclaiming land from the sea to build an artificial island near Sujawal, as reported by Bloomberg. Instead, the state-owned company said it is developing essential infrastructure to enable safe drilling operations in an exceptionally challenging marshy terrain. In its statement, PPL termed the earlier media coverage “misleading,” explaining that the project’s technical scope had been misinterpreted. “The activities underway relate to enabling safe drilling operations in a challenging marshy environment, rather than the development of a…

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Sindh govt $75 million news projects to be approved by Asian Development Bank, says Murad Shah

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New-Project38

• CM, ADB country head discuss progress of development projects • Bottleneck removed to speed up BRT Redline project KARACHI (Nov 20): Sindh Chief Minister Syed Murad Ali Shah in his meeting with the Asian Development Bank (ADB) delegation led by Ms. Emma Fan, Country Director (ADB) Pakistan Resident Mission, review the progress of ADB-funded development projects in the province and discuss future cooperation in major sectors, including transport, infrastructure, urban development, and climate resilience.At the outset of the meeting, the Asian bank country head told the chief minister that…

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Pakistan Presses for Climate Financing in UNFCCC Review at COP30

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Cop-30

BELÉM: Secretary for Climate Change and Environmental Coordination Aisha Humera Chaudhry met UNFCCC Executive Secretary Simon Stiell on the sidelines of COP30 in Belem to review Pakistan’s updated climate commitments and urgent financing requirements, according to an official statement issued on Wednesday. During the high-level dialogue, both sides discussed Pakistan’s negotiation priorities and progress on climate reporting. Chaudhry noted that Pakistan submitted its Third Nationally Determined Contribution (NDC 3.0) in September 2025, outlining an enhanced mitigation pathway through 2035. She highlighted that Pakistan has increased its domestically financed mitigation share…

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