Category: Shortcode

Pakistan Secures $10 Million ICIMOD Climate Fund for ‘SAFER’ Initiative

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climate-change

MULTAN: Pakistan has secured $10 million in climate funding from the International Centre for Integrated Mountain Development (ICIMOD) to bolster its efforts against climate change. The funds will support the ‘SAFER’ initiative over the next 3.5 years, aimed at mitigating climate impacts on vulnerable communities. Romina Khursheed Alam, Coordinator to the Prime Minister on Climate Change, announced the approval by ICIMOD’s Adaptation Fund Board, highlighting the government’s commitment to strengthening climate resilience. ICIMOD, known for its work in protecting the Hindu Kush Himalaya (HKH) region, praised the project as a…

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Xiaoqin Fan Appointed as ADB’s New Country Director for Pakistan

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Asian-bank

ISLAMABAD: The Asian Development Bank (ADB) has appointed Xiaoqin Fan as its new Country Director for Pakistan, according to an official statement. Fan, a national of New Zealand with 30 years of professional experience, will lead ADB’s operations in Pakistan, overseeing the implementation of the Country Partnership Strategy (CPS), which focuses on growth, resilience, and competitiveness. She will also manage consultations for the upcoming CPS (2026-2030). Fan, who joined ADB in 2002, expressed her enthusiasm about returning to Pakistan and reaffirmed ADB’s commitment to supporting the country’s economic recovery, reforms,…

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Russia Urges BRICS to Establish Alternative to IMF, Pushes for New Financial Institutions

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Russia-Urges

MOSCOW: Russia, the current chair of BRICS, has urged its partners to develop an alternative to the International Monetary Fund (IMF) as part of efforts to counter Western political influence. Russian Finance Minister Anton Siluanov, at a BRICS finance meeting ahead of the upcoming summit, argued that the global financial system is dominated by Western nations and does not serve the interests of BRICS countries, which account for 37% of the global economy. Siluanov called for the creation of new institutions akin to the Bretton Woods institutions, such as the…

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Fuel Prices Set for Significant Hike Starting October 16

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ISLAMABAD: Consumers may experience a sharp rise in fuel prices, with high-speed diesel (HSD) potentially increasing by up to Rs10.25 per liter starting October 16, 2024. Preliminary estimates suggest petrol prices could increase by Rs3.95 per liter, kerosene oil by Rs7.85 per liter, and light diesel oil (LDO) by Rs8.33 per liter. Pakistan State Oil (PSO) is finalizing a working paper, which will be submitted to the Oil and Gas Regulatory Authority (OGRA) on October 15. Following OGRA’s review, the government will give final approval, with the Finance Ministry expected…

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Govt to Split NTDC into Two Separate Entities Amid Performance Concerns

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NTDC-House

ISLAMABAD: In response to the ongoing inefficiencies and mismanagement at the National Transmission and Despatch Company (NTDC), the federal government has decided to divide the entity into two distinct companies: National Grid Company Projects (Projects) and National Grid Company Assets (NGC Assets), sources revealed. NTDC, which has faced repeated criticism for outdated processes, corruption allegations, and delays in project execution, was originally formed in 1998 following the unbundling of WAPDA. The company is responsible for constructing and maintaining Pakistan’s transmission network, including 220KV and 500KV grid stations, and has expanded…

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