World Bank declares more than half of $6.7b project portfolio unsatisfactory or problematic ISLAMABAD: More than half of the World Bank-funded portfolio of federal projects worth $6.7 billion has been declared unsatisfactory or problematic by the lender, highlighting deep-rooted problems that have remained unaddressed for years due to serious governance issues. The Ministry of Economic Affairs and the World Bank,…
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ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to decline by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the international market. Informed officials said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee depreciated against…
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Makes move to tackle risk of mounting debt crisis, default ISLAMABAD: Pakistan State Oil (PSO), grappling with severe financial challenges, is exploring a strategic path to acquire shares in state-owned oil and gas exploration companies and power firms. This move is aimed at addressing the pressing issue of the company’s burgeoning circular debt, which threatens to push it into default.…
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Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that the government is focusing on alternate renewable energy resources to reduce dependence on imported expensive fuel, state-run Radio Pakistan reported on Sunday. Talking to newsmen in Lahore, he said the country produces 60 percent of electricity through thermal sources while one-fourth through hydel. “Generation of electricity from expensive imported fuel has…
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ISLAMABAD: The government has recovered Rs46 billion in just 53 days during its anti-electricity theft drive, tweeted Secretary Power Division Rashid Langrial. “We are working on the remaining problem space of Rs390 billion of which we are able to recover Rs46 billion in 53 days i.e. Rs867 million per day. We started our anti-power theft campaign on the 7th of…
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ISLAMABAD: The gas crisis in the country is likely to deepen in the peak winter month as a distressed LNG cargo from SOCAR, a state-owned company of Azerbaijan, may not land in January 2024, senior officials of the Energy Ministry told The News. Before the impending non-provision of LNG cargo, the country was estimated to brave the gas shortfall of…
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