KARACHI (Oct 5): Sindh Chief Minister Syed Murad Ali Shah, during a meeting with the elected body of the National Press Club Islamabad, said that approximately Rs1000 billion is needed for the development of Karachi every year, however, the resources are limited, despite this, the city is set to receive Rs218 billion for development this year. The meeting was held…
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National Bank of Pakistan has won the prestigious Disability Inclusion Award 2024 from the Asian Development Bank (ADB). This is a historic moment, as NBP is the first bank from Pakistan to receive this award, competing against top banks from Asia and the Pacific. This achievement positions NBP as a leader in disability inclusion, both nationally and internationally. The commitment…
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ISLAMABAD – K-Electric (KE) and the Auditor General of Pakistan (AGP) are reportedly in conflict over the provision of data related to subsidy claims from February 2004-05 to 2012-23, after the AGP identified discrepancies in KE’s tariff differential subsidy (TDS) claims. According to sources, the AGP’s audit revealed significant gaps in the data provided by KE, leading to ongoing disputes…
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ISLAMABAD – The federal government is expected to shift the annual rebasing of electricity tariffs from July 1 to January 1, starting from 2025, to alleviate the financial burden on consumers during the summer months when electricity consumption is higher. This adjustment would align tariff hikes with the lower-consumption winter months, easing public dissatisfaction, according to Finance Ministry sources. The…
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ISLAMABAD – Pakistan Railways (PR) has awarded the contract for the construction of a 105-kilometre railway line to connect the Thar Coal mines with Port Qasim. This vital project, aimed at enhancing bulk transportation for the country’s growing economy, was revealed by Federal Secretary for Railways Syed Mazhar Ali Shah during a Senate Standing Committee on Railways meeting. The rail…
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ISLAMABAD – The World Bank’s newly introduced Business Ready (B-READY) report places Pakistan in the fourth quintile, indicating that the country faces significant challenges in its business environment, marked by weak regulatory frameworks and limited public services. These issues hinder the operational efficiency of businesses and overall investment climate. B-READY, which replaces the former Doing Business report, is a data-driven…
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ISLAMABAD – The federal government has decided to move forward with the construction of a 1,200-megawatt solar power plant in Layyah, Punjab, even as the country grapples with surplus electricity and financial pressures in the energy sector. The project, with a Rs6.2 billion allocation for land acquisition, aims to reduce reliance on fossil fuels but may exacerbate existing challenges in…
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