Category: Shortcode

Pakistan needs energy reforms to break free of debt: US official

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imf-1

WASHINGTON: Pakistan needs to undertake energy reforms and opt for renewable energy sources, said a senior US official, stressing that reforms suggested by the International Monetary Fund (IMF) would help Islamabad break the “vicious circle of debt and international financing”. Principal Deputy Assistant Secretary Elizabeth Horst, who heads the Bureau of South and Central Affairs at the State Department, emphasised the need to implement reforms to meet future challenges. Caretaker Prime Minister Anwaarul Haq Kakar is expected to discuss the economic crisis with US and IMF officials when he meets…

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Change of power purchaser: PPIB forms tech body to ascertain pros, cons

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ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has constituted a seven-member special technical committee to take a global view to ascertain whether the government of Pakistan (GoP), as shareholder of its entities, will be better off in financial terms, if power purchaser of 300-MW coal project of M/s Siddiqsons Energy Limited (SEL) is changed from CPPA-G to KE, sources close to Managing Director PPIB told Business Recorder. The decision has been taken by the PPIB Board headed by Secretary Power Division Rashid Mahmood Langrial. The Board has also forgiven and…

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LPG price rises to Rs240 per kg, Pakistan Railways hikes passenger fares by 5pc

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lpg-gas

ISLAMABAD: A day after jacking up the prices of petrol and diesel, the caretaker government on Friday increased the price of liquefied petroleum gas (LPG) by 19.4pc, pushing up the cost of a domestic cylinder by Rs460 for the current month. Pakistan Railways followed suit, raising passenger fares by 5pc. This was the second increase in a month. In a notification, the Oil and Gas Regulatory Authority (Ogra) set the price of LPG at Rs240.2 per kg for September against Rs201.2 in August, up by Rs39 per kg. Therefore, the…

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WAPDA inks Rs776.3m JV

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WAPDA-MoUs

LAHORE: The Pakistan Water and Power Development Authority (WAPDA) signed an agreement worth Rs776.3 million to a joint venture for consultancy services for Stage-II of Kurram Tangi Dam Project. The joint venture is comprised of four firms – one from Turkey and three from Pakistan – with DOLSAR as the lead firm. The contract comprises of consultancy services for detailed engineering design, preparation of updated PC-I, PC-I for land acquisition and resettlement plan, and tender documents of the project. Duration of the consultancy contract is 22 months. The Asian Development…

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GCF sets up $77.8m climate resilience fund for Pakistan

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KARACHI: Pakistan takes a monumental step towards combating climate change as the global Green Climate Fund (GCF), alongside three international and local partners, launches a transformative fund of $77.8 million. This strategic endeavour aims to mitigate the escalating threats of climate change in Pakistan, particularly focusing on reducing the risks of flooding and drought in the country. The initiative holds the potential to directly improve the lives of up to 10 million people, both directly and indirectly. Under the banner of ‘Recharge Pakistan: Building Pakistan’s Resilience to Climate Change through…

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