This comes amid reports that the government of Pakistan has “over the past decade bought 26 Independent Power Producers (IPPs) using gas, regasified liquefied natural gas (RLNG), and residual furnace oil (RFO) to produce around 1 trillion in capacity payments. Media reports since 2015 said on Saturday that Pakistan is reviewing existing and upcoming power…
• Warns that slow implementation of reforms could lead to delays or withdrawal of financial support from government partners • With improved ratings, Islamabad can now obtain loans from foreign banks on more affordable terms. In a positive development, international rating agency Moody’s on Wednesday upgraded Pakistan’s credit rating by one notch, from Caa3 to…
The PTA said that there was a fault in two cables, one of which has been repaired.Repairs to the damaged SMW-4 submarine cable are expected to be completed by early October 2024, prolonging the ongoing internet slowdown across Pakistan, the Pakistan Telecommunication Authority (PTA) said on Wednesday. The PTA stated that “The ongoing internet slowdown…
Finance Minister Muhammad Aurangzeb on Wednesday said the federal government is making good progress with the International Monetary Fund (IMF) and hopes to get board approval for a new $7 billion loan program in September. An agreement was reached between the government and the IMF on a 37-month loan program in July. The IMF said…
TotalEnergies has signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company. Wally Company. The transaction reflects TotalEnergies’ selective marketing and services strategy, which is focused on core geographies with growth and transition opportunities.
Wizz Air, a Hungarian airline, has introduced a scheme that is drawing mixed reactions. Under the scheme, passengers will have to pay Є499 (£426) a year and will be able to travel on as many flights as they want throughout the year. Many people termed the scheme as ‘excellent’ but on the other hand, there…
Chinese electric vehicle major BYD ( 002594.SZ ) on Saturday announced plans to open a car production plant in Pakistan, where it will also start selling three models through a partnership with Mega Motors. BYD is the first major New Electric Vehicle (NEV) entrant in the Pakistani market, which lacks charging infrastructure. “Our entry into…
New Gwadar International Airport is going to be operational on August 14, its soft launch is expected by Pakistani Prime Minister Shehbaz Sharif. A special PIA flight will start operations from Karachi. The airport, constructed at a cost of Rs 54.98 billion, aims to enhance connectivity and support economic development in Gwadar. This new facility…
The Universal Service Fund (USF) has invested Rs 79.1 billion in 85 projects in the last five years to expand telecommunications in rural and underserved areas of Pakistan. This includes the deployment of 2,600 telecom towers and 10,260 km of optical fiber, significantly improving connectivity for 24.2 million people. USF aims to bridge the digital…
The name of American diplomat Donald Lu has been circulating in the politics of Pakistan for a long time since 2022 and now people are talking about him once again after he requested aid of 10 million dollars for Pakistan. Donald Lu is the US Assistant Secretary of State for South and Central Asia, and…