Category: News & Announcement

WASHINGTON, May 19, 2020— The World Bank Group today announced its emergency operations to fight COVID-19 (coronavirus) have reached 100 developing countries – home to 70% of the world’s population. Since March, the Bank Group has rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery. This assistance, the largest and fastest crisis response in the Bank Group’s history, marks a milestone in implementing the Bank Group’s pledge to make available $160 billion in…

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The Finance Ministry has reportedly agreed to convert 800 billion rupees parked in Power Holding Private Limited (PHPL) into public debt with a biannual review of the sector’s performance as per a World Bank policy matrix loan condition. Those who may contend that this is reflective of the government’s commitment to reform the sector which is plagued by multifarious issues including a circular debt of 1.1 trillion rupees (attributed to high transmission and distribution losses, low recoveries, tariffs and insufficient subsidies) with the additional power sector debt parked in PHPL…

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ISLAMABAD: Minister for Privatisation Muhammad Mian Soomro has warned the government that an inquiry against Independent Power Producers (IPPs) may hamper privatisation of RLNG-fired power plants, well-informed sources told Business Recorder. At a recent meeting of Federal Cabinet, Minister for Privatisation mentioned concerns conveyed by the Financial Advisors to the Privatisation Commission for privatisation of power plants; he further noted that interested (credible) shortlisted companies were concerned at the report on IPPs which would have a subsequent adverse impact on the pricing and timing of transactions and, therefore, all such…

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LONDON: 14-year-old British Pakistani singer Sirine Jahangir moved millions of people to tears and won four yeses from the judges as she displayed her unique vocals at Britain’s Got Talent show on Saturday night and shared with the audience and judges how she completely lost sight in both eyes but never gave up on life and her passion for music. The four Britain’s Got Talent (BGT) judges Simon Cowell, Alesha Dixon, Amanda Holden and David Walliams unanimously gave yeses to Sirine. Appearing on the stage, she told the judges: “It’s…

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As Uber embarks on another round of layoffs, CEO Dara Khosrowshahi signaled that the company may be able to avoid more job cuts in the future, but said he can’t make any promises. The company, which has seen its revenue dip by up to 80% amid the COVID-19 pandemic, moved forward with plans to lay off 3,000 workers this week, Business Insider first reported. Those bring the company’s total job cuts to 6,700 this month — roughly a quarter of its global workforce. In a grim email to staff Monday,…

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