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KARACHI: The federal government of Pakistan People’s Party (PPP) in 2009 had written off Rs31 billion owed by K-Electric.An agreement between K-Electric and Pakistan People’s Party government has emerged through which the government wrote off billions of billions owed by the power utility. The amended 2009 agreement allowed for Rs31 billion in arrears to be written off as government losses.The government also acted as a guarantor for K-Electric to take loans from private banks. The agreement also allowed for the company to pass orders contrary to the country’s laws. In…

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The UN Secretary-General has told a meeting of ministers it is “vital” the world moves towards clean energy. Antonio Guterres said decisions on recovery strategies must account for the need to transition to a more sustainable future. He was speaking at the International Energy Agency’s (IEA) Clean Energy Transitions Summit. The virtual meeting is being billed as the year’s largest global gathering on energy and climate. “Stop wasting money on fossil fuel subsidies and place a price on carbon”, Mr Guterres urged. Representatives from the US, China, the EU, Japan…

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PESHAWAR: The provincial government has raised its concerns over neglecting the hydropower projects of the province in the 27-year indicative generation capacity expansion plan of the federal government. Khyber-Pakhtunkhwa (K-P) Chief Minister Mahmood made these remarks during a hearing of the National Electric Power Regulatory Authority (NEPRA) regarding the proposed Indicative Generation Capacity Expansion Plan (IGCEP) 2020-47. The hearing which was held through video link was presided by NEPRA Chairperson Tauseef Farooq. CM Mahmood has urged the NEPRA to review the plan and to include the hydropower projects of the…

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WASHINGTON: Warning that a true economic recovery from the global coronavirus pandemic remains “in the distant future,” a top World Bank official on Friday urged G20 nations to extend debt relief for the poorest nations. Cautioning policymakers not to “confuse rebound with recovery,” newly-installed World Bank chief economist Carmen Reinhart called for an extension to the existing debt moratorium. G20 finance ministers are set to hold a virtual meeting Saturday, and are expected to discuss the status of the debt relief initiative. She called the initial step “useful” but said,…

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ISLAMABAD: The International Monetary Fund (IMF) linked the resumption of Extended Fund Facility Programme to “clear” plan of power tariff adjustment, mobilization of taxes as well as amendments in the National Electric Power Regulatory Authority (NEPRA) for quarterly adjustments in tariff and changes in the State Bank of Pakistan (SBP) law. Background interaction with officials of Finance Ministry revealed the government wanted to remain in the IMF programme but at the same time some requirements are to be fulfilled as the Fund has been seeking firm commitments from the economic…

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