Pending approvals for the revised PC-1 project for the 2,160 MW Phase 1 hydropower project and unresolved security concerns are delaying the signing of additional $1 billion in financing agreements with the World Bank. Business Registrar The Ministry of Economic Affairs has urged the Ministry of Water Resources to expedite the submission and approval of … Read more
The World Bank has approved additional financing of $450 million for the Sindh Flood Emergency Housing Reconstruction Project to support the reconstruction of resilient housing for people in Sindh province affected by the 2022 floods. According to a World Bank press release, the new support will build on the original $500 million project, approved in … Read more
According to a report by L The Express Tribune, Pakistan has halted plans for a $300 million floating solar project aimed at generating 300 megawatts of electricity, citing the need to re-evaluate the country’s long-term energy strategy. The project, which had the potential to significantly reduce reliance on costly thermal power, was postponed after the … Read more
Meezan Bank has strongly denied allegations of a data breach following reports of unauthorized transactions on customers’ debit and credit cards circulating on social media. In an advisory to customers issued on Thursday, the bank reassured its customers that their data was “completely secure”, stressing that “there has been no security breach whatsoever”. The advisory … Read more
Foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $30.7 million (0.25% y-o-y) to $12.08 billion during the week ending December 13, 2024, according to data released by the State Bank of Pakistan on Thursday. The country’s total reserves also saw a slight increase of $31.8 million (0.19% year-on-year), reaching $16.63 … Read more
State Bank of Pakistan (SBP) Governor Jamil Ahmad announced that a drop in the key interest rate to 13% will save the government Rs1.5 trillion in interest payments during the current fiscal year (FY25). Speaking to a private news channel, the Governor of the State Bank of Pakistan said that this saving will support the … Read more
IslamabadState Bank of Pakistan Governor Jamil Ahmed expects a temporary rise in inflation over the next three to four months, after a period of relief brought about by policy measures. Speaking on a television program on Monday, Ahmed attributed the expected rise to the “end of fundamental effects” and other upcoming factors. The governor stressed … Read more
Pakistan and the Asian Development Bank (ADB) have signed a loan agreement worth US$330 million for additional financing of the Integrated Social Protection Development Program (ISPDP). According to a press release issued by the Department of Economic Affairs on Saturday, this program builds on an existing ADB-funded initiative aimed at strengthening and expanding social protection … Read more
In response to a report he published The Express Tribune and Monitored by This writer On Friday, the Ministry of Economic Affairs issued a statement. According to the ministry, the report published by the media indicated the cancellation of a loan that was not approved by the World Bank’s Board of Directors or signed by … Read more
The World Bank has approved $240 million in financing for the Karachi Water and Sanitation Services Improvement Project II (KWSSIP-2) to provide safely managed water, sanitation and hygiene services in Karachi. “Safely managed water, sanitation and hygiene (WASH) services are the foundation of public health and quality of life and are key to addressing the … Read more