Business

PM Shehbaz unveils Mangla dam’s refurbishment electricity project

Published

2 years ago

Farwa

PM says Pakistan can not bear the high cost of energy import bills.
He reveals that energy import bill has swelled to $27 billion.
Total project cost is $483m, of which $150m was provided by US

MANGLA: Stressing the need for cheaper electricity generation, Prime Minister Shehbaz Sharif has said that Pakistan, which is already facing immense challenges of economic stability, could not bear the high costs of energy import bills.

The premier made the remarks while addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant on Monday, carried out with the support of the United States Agency for International Development (USAID).

He said that the energy import bill has swelled to $27 billion and underscored the need to utilise alternative sources of electricity production.

“Had the water reservoirs built on time, the country’s energy import bill would not have swelled to $27 billion,” he said, pointing out that “powerful lobbies and cartels” did not let materialise the construction of dams and launch of solar power projects.

PM Shehbaz regretted that in 75 years, both democratic and military rulers were responsible for not building sufficient dams to meet the energy needs.

Referring to the recent flash floods in the country, he said, dams are crucial to mitigate the effects of climate change.

The prime minister termed the assistance of USAID for the refurbishment of the units of Mangla dam as a “wonderful example of cooperation” between Pakistan and the United States.

He lauded the valuable grant of $150 million by USAID along with the financial support by the Development Agency of France amounting to 90 million euros besides another pledge of 65 million euros. Also, WAPDA [Water and Power Development Authority] contributed $178 million (approximately Rs20 billion) from its own resources, he said.

He expressed satisfaction over the interest of the US to carry out an extension programme of the country’s largest Tarbela dam.

He also said the 75-year-old friendship and bilateral relationship between Pakistan and the US had further strengthened at the levels of trade and investment.

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

3 days ago

Farwa

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

3 days ago

Farwa

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Business

July 2024 export data from Pakistan shows a significant rise.

Published

3 days ago

Farwa

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.