Category: Latest News

Pakistan Received Only $600 Million in Aid After 2022 Floods: Ahsan Iqbal

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ahsan-iqbal

ISLAMABAD: Planning Minister Ahsan Iqbal has revealed that Pakistan received merely $600 million in foreign aid following the devastating 2022 floods that inflicted over $30 billion in damages and losses across the country. Speaking at a press conference on Friday, the minister said that apart from this limited assistance, all other international commitments came in the form of loans — most of them repurposed from previous arrangements. “This is an irony,” he remarked, recalling that the global community had pledged a $100 billion climate-finance fund but “did not provide even…

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OGRA Clarifies Its Legal Mandate on Solvent Oil Oversight

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OGRA

ISLAMABAD, October 18, 2025: The Oil and Gas Regulatory Authority (OGRA) has reaffirmed that it is acting strictly within its legal mandate as assigned by the Federal Government to ensure the elimination of solvent mixing in petroleum products. Under Section 30 of the OGRA Ordinance, 2002, all licensees are required to furnish information relating to their licensed operations and products. The Authority’s recent data requisition from Oil Marketing Companies (OMCs) regarding solvent oil is part of a broader effort to ensure that products meant for industrial use are not diverted…

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OPEC Chief Urges Greater Investment in Oil and Gas as Global Energy Demand Set to Rise

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oil-and-gas

MOSCOW: OPEC Secretary General Haitham Al Ghais emphasized the urgent need for increased investment in the oil and gas industry, asserting that oil will continue to play a major role in the global energy mix—accounting for nearly 30% by 2050. Speaking at the Russian Energy Week conference in Moscow on Wednesday, Al Ghais said that economic expansion, population growth, and rapid urbanization point to a clear reality — “the world will need much more energy than it is consuming today.” He projected a 23% rise in primary energy demand by…

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Power Division Allows Discos to Outsource Manpower to Third Parties

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Power-sector

ISLAMABAD: In a major move aimed at improving operational efficiency and reducing long-term financial liabilities, the Power Division has permitted all Distribution Companies (Discos) to outsource manpower to third parties based on their operational needs. The decision comes amid a severe staff shortage across Discos, which has hampered maintenance and development work, causing delays in repairs and service delivery to consumers despite timely bill payments. Appearing before the National Assembly Standing Committee on Power, Secretary Power Division Dr. Fakhre Alam Irfan confirmed that Discos have been allowed to engage manpower…

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IMF Warns Global Debt Could Soar to 123% of GDP by 2030, Nearing WWII Levels

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New-IMF

WASHINGTON: Global public debt is on track to exceed 100% of global GDP by 2029, reaching its highest level since 1948, the International Monetary Fund (IMF) warned on Wednesday, urging governments worldwide to rebuild fiscal buffers and curb rising risks to economic stability, Reuters reported. According to Vitor Gaspar, head of the IMF’s Fiscal Affairs Department, public debt could surge to 123% of global GDP by the end of the decade under an “adverse but plausible” scenario — just below the post–World War II peak of 132%. “The most concerning…

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