The Economic Coordination Committee (ECC) of the cabinet has approved sooner beginning of the work on the Reko Diq mining project, ARY News reported on Sunday. Finance Minister Ishaq Dar chaired the ECC session by video link, which approved two agenda items with regard to the Reko Diq gold and copper mining project in Balochistan. Federal Ministry of Finance has…
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The Federal Minister for Energy (Power Division), Khurram Dastgir Khan on Saturday lay the foundation stone of two mega grid stations worth Rs 24 billion in Lahore and Sheikhupura. “The government is focusing on the production of cheap electricity from indigenous resources like Thar coal, wind, solar and hydel,” he said, announcing that, “2000 MW of cheap power from Thar…
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Market experts disagreed with JPMorgan, a leading global financial institution that penciled in an interest rate hike of 400 basis points by the end of fiscal year 2023 (June 30), arguing that pressure on Pakistan’s economy stemming from inflation and external factors would subside in coming months. JPMorgan, in its ‘Asia Pacific Economic Research’ on December 5, 2022, had said…
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The State Bank of Pakistan (SBP) is out of dollars. We must bring back the IMF. Pakistan’s access to global capital markets has shut down (read: no one is ready to lend us more dollars). We must bring back the IMF. Our government has no control over its stream of expenditures. We must bring back the IMF. Our power sector…
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The oil tankers association staged a protest on Saturday near Bilawal House — the residence of ruling party PPP’s top leadership — in Karachi’s Clifton area against the alleged kidnapping of their colleague, officials said. According to SSP South Syed Asad Raza, Imran Afridi had recently traveled from Peshawar to Karachi. “He was honey-trapped into purchasing an excavator for which…
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A couple of months ago, U.S. President Joe Biden urged energy companies to stop ‘war profiteering’ and even threatened to slap them with windfall tax if they failed to invest their profits in lowering costs for Americans and increasing production. The calls came at a time when Big Oil has been posting record profits amid high commodity and energy prices. The majority…
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Canada has officially ended its government support for international fossil fuel projects, fulfilling a commitment it made at last year’s Conference of the Parties, or COP, Ottawa said in a statement. “The Government of Canada is taking a suite of actions to achieve Canada’s climate goals,” the statement read. “These include accelerating our G20 commitment “to phase out and rationalize inefficient fossil…
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Chief Minister Punjab Chaudhry Parvez Elahi okayed the production of a waste-to-energy project for Lahore while chairing a meeting with a Norwegian firm (ENATE) at his office that offered to generate 55 megawatts of electricity daily for the Sundar industrial estate from 1250 tons of solid waste. The Norwegian representative Mr. Carl Fredrik Seim told that 40 million tons of…
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There is a need to design conducive policies to promote climate-resilient houses in Pakistan that can withstand floods, said Sherry Rehman, Federal Minister for Climate Change, on Thursday at the inaugural session of the First International Housing Expo ‘22 organised by the Ministry of Housing and Works by Islamabad Chamber of Commerce and Industry (ICCI). “The recent floods have brought…
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The federal cabinet on Thursday removed the hurdle on the restoration of petroleum exploration activities in the country, green-lighted transit trade with Tajikistan and received the “post-disaster needs assessment (PDNA)” report on the devastating floods. The cabinet, which met with Prime Minister Shehabz Sharif in the chair, approved the restoration of 11 petroleum exploration licences on the recommendation of the…
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