Author: Admin

Experts Urge Responsible Mining to Unlock Pakistan’s Minerals Economy

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Reko-Diq

KARACHI: Pakistan must embrace responsible mining standards to realise the full potential of its vast mineral wealth, experts emphasised at a webinar hosted by Renewables First on “Building Pakistan’s Mineral Economy.” With momentum growing after the revival of the Reko Diq project, panellists highlighted the need for fiscal reforms, harmonised policies, credible geological data, and strong community engagement to attract global investment. White & Case LLP partner Kamran Ahmad termed Reko Diq a “game changer,” saying its financing framework sets a precedent for other ventures. Dr Hamid Ashraf of the…

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Pakistan Moves to Settle Rs320bn CPEC Plant Dues With Rs565bn Financing

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CPEC-IPPs

ISLAMABAD: Pakistan has secured Rs565 billion under a Rs1.225 trillion financing package with 18 commercial banks, paving the way for long-delayed settlements with seven China-Pakistan Economic Corridor (CPEC) coal-based Independent Power Producers (IPPs). Of the total raised, Rs660 billion has already been allocated to clear Power Holding Company (PHL) debt, while the remaining Rs565 billion is earmarked for payments to CPEC coal plants and 49 wind and solar IPPs. The government is pressing Chinese operators for a Rs170 billion waiver in late payment interest (LPI), reducing the Rs320 billion outstanding…

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OGDC Receives Rs7.73bn Third Interest Instalment Under Circular Debt Plan

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ogdc-new

ISLAMABAD: Oil and Gas Development Company Limited (OGDC), Pakistan’s largest exploration and production firm, has received the third interest payment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government’s circular debt settlement plan. In a notice to the Pakistan Stock Exchange (PSX) on Tuesday, OGDC stated the instalment is part of twelve equal monthly payments of Rs7.725 billion each, amounting to Rs92 billion in total interest, scheduled to be repaid from July 2025. The company confirmed steady progress under the government’s initiative to curb circular debt in…

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Salim Saifullah Rejects RLNG-Based Gas Connections in KP, Warns of Protests

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New-RLNG

PESHAWAR: Former federal minister and ex-chairman of the Khyber Pakhtunkhwa Textile Mills Association (KPTMA), Salim Saifullah Khan, has strongly opposed SNGPL’s decision to provide new gas connections in Khyber Pakhtunkhwa on re-gasified liquefied natural gas (RLNG) basis, calling it unconstitutional and unjust. In a statement on Monday, Khan said that under Article 158 of the Constitution, gas-producing provinces have the first right to its use. “KP is self-sufficient in natural gas and does not require costly imported RLNG. Such connections should be restricted to non-producing regions,” he stressed. He demanded…

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IMF Sees Limited Economic Impact of Floods on Pakistan

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New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has said the recent floods are unlikely to cause major setbacks to Pakistan’s economic growth or revenue collection this fiscal year, noting that except for Punjab, provinces have not reported significant damages. According to government sources, the IMF shared its views during opening meetings with Finance Minister Muhammad Aurangzeb as part of the ongoing review talks, which began on September 25 and will continue until October 8. The lender indicated that initial assessments suggested no major impact on growth or tax revenues, though it…

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