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Year: 2024

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…

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SCO Summit Begins Today in Islamabad

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SCO-Summit

ISLAMABAD: The 23rd meeting of the Council of Heads of Government (CHG) of the Shanghai Cooperation Organisation (SCO) commences today (Tuesday) in Islamabad. The two-day summit is being held under tight security, with businesses and roads in the capital and neighboring Rawalpindi closed for safety reasons. Prime Minister Shehbaz Sharif will chair the summit, marking Pakistan’s rotating chairmanship of the…

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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…

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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…

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Eyes on SCO & CPECHigh-Profile B2B Delegation Engages FPCCI

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SCO-CPEC

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that a high-profile delegation of The China Asia Economic Development Association (CAEDA) has visited FPCCI to explore investment, joint ventures and trade opportunities in mines & mineral; information technology and IT-enabled services (ITeS); agriculture & livestock; food processing & storage; infrastructure development and renewable & alternative energy sources. Mr. Atif Ikram Sheikh…

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Chinese PM Li Qiang in Pakistan on four-day visit

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Chinese-PM

A red carpet welcome was accorded to Chinese Premier Li Qiang on arrival in Islamabad today for a four-day visit to Pakistan. Prime Minister Shehbaz Sharif received the Chinese Premier at Nur Khan Airbase. A twenty-one-gun salute was presented to the visiting dignitary as he alighted from the plane. This is the first visit of any Chinese Premier to Pakistan…

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Fuel Prices Set for Significant Hike Starting October 16

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Petroleum-prices

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…

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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,…

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Govt Halts Payments to 18 IPPs Ahead of Negotiations for Contract Revisions

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Govt-Halts

ISLAMABAD: The government has temporarily suspended payments to 18 Independent Power Producers (IPPs), totaling a capacity of 4,267 megawatts (MW), as it prepares to renegotiate their Power Purchase Agreements (PPAs). These power plants, established under Pakistan’s Power Generation Policies of 1994 and 2002, were initially contracted under a “take-or-pay” model. The upcoming discussions aim to transition their contracts to a…

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