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IMF Rejects Pakistan’s Plan to Cut Industrial Power Tariffs by Rs2.70 Per Unit

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pak-imf

ISLAMABAD – The International Monetary Fund (IMF) has turned down Pakistan’s proposal to reduce industrial electricity prices by Rs2.70 per unit, citing concerns over cross-subsidies and the need for comprehensive power sector reforms. The Ministry of Energy had suggested eliminating cross-subsidies provided by the industrial sector to low-end residential consumers, offering Rs37 billion in relief for February to June and Rs89 billion annually. However, the IMF emphasized that isolated measures would not address systemic issues in the power sector and urged Pakistan to implement targeted subsidy reforms expected to roll…

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Senate Panel Orders Comprehensive Audit of Solar Imports Amid Rs106 Billion Scandal

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soalr energy

ISLAMABAD – A Senate subcommittee has mandated a fresh audit of solar panel imports since 2018, expressing dissatisfaction with the handling of a staggering Rs70 billion under- and over-invoicing scandal involving two importers and commercial banks. During the meeting chaired by Senator Mohsin Aziz, the Senate Standing Committee on Finance and Revenue unveiled alarming revelations of massive financial irregularities. Two companies—Bright Star Business and Moonlight Traders—were identified as key players, conducting dubious transactions worth Rs106 billion between 2018 and 2022, a significant portion of which involved cash dealings. Senator Aziz…

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Energy Sector Shake-Up: Dr. Musadik Malik’s Exit Looms as Petroleum Minister

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Musadik-Malik

Islamabad – A major reshuffle in Pakistan’s energy leadership appears to be on the horizon, as reports suggest Prime Minister Shehbaz Sharif is set to remove Dr. Musadik Malik from his position as Federal Minister for Petroleum. The revelation comes from senior journalist Sohail Iqbal Bhatti, who shared the details during a recent podcast episode. According to Bhatti, discontent within the energy sector has reached critical levels, driven by what he described as Dr. Malik’s “uncooperative and unprofessional” approach. Industry stakeholders have reportedly struggled to collaborate with the minister due…

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HBL Champions Sustainability and Social Impact with 2023 Report

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New-HBL

HBL (Habib Bank Limited) reaffirms its dedication to sustainability and positive social change through its 2023 Impact Report, which reflects the bank’s commitment to addressing climate change, promoting financial inclusion, and combating poverty. Embracing the values of the Aga Khan Development Network (AKDN), HBL believes that true impact extends far beyond charitable contributions. With ambitious goals, HBL is targeting Net Zero emissions by 2030, having made significant strides in 2023. Notably, the bank solarized 235 of its premises, invested Rs 36 billion in renewable energy projects, and took a strong…

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Chinese Official Criticizes Pakistan Over “False Rhetoric” and Security Challenges in CPEC Projects

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CPEC-Projects

ISLAMABAD: Wang Shengjie, China’s political secretary to Pakistan, has expressed grave concerns about the future of the $62 billion China-Pakistan Economic Corridor (CPEC), citing Pakistan’s “false rhetoric” and inadequate security measures. In an interview with The Guardian, Wang highlighted growing tensions over unmet expectations and security risks jeopardizing China’s flagship Belt and Road Initiative project. “Without improved security, who would risk working in such an environment? Anti-Chinese sentiment in Gwadar and Balochistan is a major obstacle,” Wang said, accusing Pakistan of creating unrealistic expectations about CPEC’s transformative potential. CPEC, launched…

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