ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for shutting down inefficient and outdated power plants that produced less power with higher fuel consumption, Pakistani state media reported.
Pakistan produces expensive electricity due to a combination of factors, including outdated infrastructure and inadequate power plants, reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses, and chronic issues like circular debt and regulatory inefficiencies.
Additionally, fluctuations in foreign exchange rates and complex tariff structures contribute to higher electricity prices, while underutilization of domestic resources such as hydropower and coal add to the problem. High power cost is one of the key factors that leads to inflation in the South Asian country.
On Friday, Sharif presided over a meeting in Islamabad to evaluate and discuss future plans for power generation in the country and said only low-cost power projects should be prioritized in the future, the Radio Pakistan broadcaster reported.
“The closure of such [outdated] power plants will not only save valuable foreign exchange spent on fuel imports, but also reduce the cost of electricity for consumers,” he was quoted as saying.
The prime minister called for expediting implementation of ongoing reforms and instructed officials to modernize the power transmission system as per international standards, according to the report.
In October, Sharif said his government was terminating purchase agreements with five independent power producers (IPPs) to rein in electricity tariffs as households and businesses buckled under soaring energy costs.
The need to revisit power deals was part of reforms for a critical staff-level pact in July with the International Monetary Fund (IMF) for a $7-billion bailout. The program was approved in September.
Pakistan has also begun talks to reprofile power sector debt owed to China and structural reforms, but progress has been slow. It has also promised to stop power sector subsidies.
Pakistan PM calls for shutting down outdated power plants with higher fuel consumption
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Pakistan PM calls for shutting down outdated power plants with higher fuel consumption
- Pakistan produces expensive electricity due to outdated infrastructure, reliance on imported fuel, and substantial transmission losses
- PM Shehbaz Sharif calls for expediting implementation of ongoing reforms and modernization of the country’s power transmission system
Karachi Shipyard to build Pakistan’s first major commercial ship in 40 years
- Pakistan’s premier investment body SIFC revives 1100 TEU Container Ship Project, says state broadcaster
- Project to feature collaboration among navy, Karachi shipyard and Pakistan National Shipping Corporation
ISLAMABAD: Pakistan’s premier investment body has revived a shipbuilding project through which the Karachi Shipyard will build the country’s first major commercial ship in four decades, state broadcaster Radio Pakistan reported on Saturday.
The 1100 TEU Container Ship Project, which had been on hold for nine months, has been revived by the Special Investment Facilitation Council (SIFC), a hybrid civil-military government body formed in 2023 to facilitate foreign investment in Pakistan’s key economic sectors.
The cargo shipbuilding project will feature collaboration between the Pakistan Navy, Karachi shipyard, and Pakistan National Shipping Corporation, the state media said.
“Under this project, Karachi Shipyard will locally construct its first major commercial cargo ship after forty years,” Radio Pakistan said.
It said the 24.75-million-dollar contract provides an opportunity for Pakistan to build ships at a cost lower than international market rates.
“This is a key step toward reducing dependence on foreign shipping companies and promoting Pakistan’s economic self-sufficiency,” the state media said.
Pakistan has sought to reduce its dependency on bailout programs and aid from allies in recent years. The South Asian country has said it aims for export-oriented growth and wants to reduce its imports to save valuable foreign exchange amid a macroeconomic crisis.
After Wasim, Pakistan cricketer Amir retires from international cricket
- Amir came out of retirement in April after nearly four years to participate in T20 World Cup 2024
- Amir, 32, has played 36 Tests, 61 ODIs and 62 T20Is for Pakistan since his international debut in 2009
ISLAMABAD: Pakistani fast bowler Mohammad Amir has announced his retirement from international cricket, a day after all-rounder Imad Wasim did the same, the Pakistan Cricket Board (PCB) said on Thursday.
Left-arm pacer Amir, 32, returned to international cricket after nearly four years in April this year for the T20 World Cup. He has featured in 36 Tests, 61 ODIs and 62 T20Is for Pakistan since making his international debut in June 2009.
Amir has also taken 271 international wickets and scored 1,179 runs across the three formats. His retirement announcement follows a day after Wasim publicly said he was retiring from international cricket after putting much thought and reflection into the matter.
“All-rounder Imad Wasim and left-arm fast bowler Mohammad Amir have announced their retirements from international cricket,” the PCB said. “Both players last featured for Pakistan in this year’s ICC T20 World Cup held in the USA and West Indies.”
The PCB said Amir and Wasim have both been “key members of the Pakistan men’s cricket team” over the years and also represented the Pakistan U-19 team.
Amir was also part of the 2009 ICC T20 World Cup winning squad, and with Wasim, both were an integral part of the 2017 ICC Champions Trophy winning squad.
“It has been a great honor to play for Pakistan across all three formats,” Amir said. “I know this is a difficult decision, but I feel this is the right time for the next generation to take the baton and elevate Pakistan cricket to new heights.”
The Pakistani pacer thanked the PCB for extending “much-needed support” over the years and the Pakistani fans.
After rising as one of the most promising talents in international cricket in 2009, Amir was one of three Pakistan players banned from cricket for five years for spot-fixing during a Test match in England after being caught in a newspaper sting.
He was later jailed in the UK for six months.
He returned to the squad years later and proved instrumental in helping Pakistan win the ICC Champions Trophy 2017 in England.
Pakistan launches scholarships for 300 Bangladeshi students amid push to forge closer ties
- Pakistan, Bangladesh have sought to improve bilateral ties since former PM Hasina’s ouster
- Fully funded scholarship program supported by NUST, Comsats and LUMS, says state media
ISLAMABAD: Pakistan’s government this week launched a new program through which it will provide fully funded scholarships to 300 Bangladeshi students, state-run media reported, as Islamabad establishes closer ties with Dhaka under a new Bangladeshi administration.
The scholarship program is backed by Pakistan’s education ministry and supported by leading universities such as NUST, Comsats, and Lahore University of Management Sciences (LUMS), the Pakistan Television News reported.
“During a recent meeting, officials urged universities to promote the program in Bangladesh through events and an online portal,” PTV News said on Friday.
“The scholarships seek to enhance educational exchanges and cultural connections between the two countries.”
Established together as one independent nation in 1947, Bangladesh won liberation from then-West Pakistan in 1971. Relations between the two countries continued to deteriorate during former Bangladesh prime minister Sheikh Hasina’s administration, which prosecuted several members of the Jamaat-e-Islami (JI) party for war crimes relating to the 1971 conflict.
However, relations between Pakistan and Bangladesh have improved since Hasina was ousted in a bloody student-led protest in August. Islamabad’s ties with Dhaka have also improved as Bangladesh’s relations with India, where Hasina has sought refuge, have deteriorated.
Pakistan’s foreign office said in September that Islamabad sought “robust, multifaceted, friendly relations” with Bangladesh to ensure peace and stability in the region.
Sharif met Dr. Yunus in New York in September at a ceremony hosted by the Bangladeshi leader to mark the completion of 50 years of Bangladesh’s membership in the United Nations.
Both sides agreed to forge stronger ties and enhance bilateral cooperation in various fields during their meeting.
Pakistan’s Sindh invites Qatari, Thai envoys to explore investment opportunities in province
- Sindh chief minister meets consul generals of Thailand, Qatar separately to discuss bilateral investment
- Pakistan seeks closer financial ties and improve bilateral relations with regional allies amid economic crisis
ISLAMABAD: The chief minister of Pakistan’s Sindh this week invited the envoys of Qatar and Thailand to explore investment opportunities in the province, as Islamabad attempts to attract increased foreign investment to remedy its economic woes.
Pakistan has forged closer trade, investment, and economic ties with regional allies as it seeks to escape an economic crisis that has drained its resources and weakened its currency significantly over the past two years.
Chief Minister Sindh Syed Murad Ali Shah met the consul generals of Thailand and Qatar on Friday in separate meetings in the provincial capital of Karachi, ensuring them of the Sindh government’s full support to them in matters related to investment.
“Sindh Chief Minister Syed Murad Ali Shah has invited the investors of Thailand and Qatar to take advantage of the several investment opportunities in the province,” state broadcaster Radio Pakistan reported on Friday.
During his meeting with Qatar Consul General Naif Shaheen Al-Sulaiti, Shah discussed various investment opportunities present in Sindh and invited the Qatar Investment Authority to invest in Sindh, the state broadcaster said.
Pakistan’s Prime Minister Shehbaz Sharif visited Qatar in October as he sought to bolster economic cooperation amid the country’s efforts to boost foreign investment and stabilize its frail $350 billion economy.
In November, Sindh Governor Kamran Tessori met Qatari’s Ambassador to Pakistan Ali Mubarak Ali Essa Al-Khater to discuss ways to enhance investment and improve bilateral ties between the two countries.
Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting
- The development comes amid Pakistan’s efforts to consolidate its role as a trade and transit hub for landlocked Central Asian republics
- On Wednesday, Pakistan’s power minister said both nations needed to explore ‘new avenues of cooperation’ in commercial and economic fields
ISLAMABAD: Pakistan and Tajikistan on Friday agreed to enhance cooperation in land-based connectivity, Pakistani state media reported, amid Pakistan’s efforts to consolidate its role as a pivotal trade and transit hub connecting the landlocked Central Asian states with the rest of the world.
The understanding was reached at a meeting between Tajikistan Energy Minister Juma Daler Shofaqir and Pakistan Prime Minister Shehbaz Sharif in Islamabad, according to Pakistan’s APP news agency.
Shofaqir is visiting Pakistan to participate in the Pakistan-Tajikistan Joint Commission. The prime minister welcomed him and expressed satisfaction with the progress made in bilateral cooperation between the two countries in various sectors.
“Both sides agreed to further promote cooperation in sectors such as communications, particularly land-based connectivity, energy, education, and agriculture,” the APP reported.
The development came a day after Pakistan and Tajikistan signed two memorandums of understanding (MoUs) at the seventh session of the Pakistan-Tajikistan Joint Commission held in Islamabad this week, according to Pakistani state media.
The first MoU forges a “historic partnership” between Pakistan’s northwestern province of Khyber-Pakhtunkhwa (KP) and Tajikistan’s Khatlon province, paving the way for enhanced cooperation and mutual development. A second MoU has been signed between the Pakistani and Tajik football federations.
PM Sharif expressed satisfaction over the MoUs reached during the Tajik energy minister’s visit to Pakistan and emphasized that timely implementation of these agreements would further strengthen bilateral relations.
“The Tajik minister thanked the prime minister for the warm welcome and hospitality and emphasized the importance of enhancing relations and cooperation between the two countries,” the APP report read.
There has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations in recent weeks. Tajikistan is Pakistan’s closest neighbor in Central Asia with a narrow strip of 14km through the Wakhan corridor separating the two countries.
On Wednesday, speaking at the Joint Commission in Islamabad along with Shofaqir, Pakistan’s Power Minister Sardar Awais Leghari said both nations needed to explore “new avenues of cooperation” in commercial and economic fields.
“I’m pleased to note that both sides have agreed to create a joint coordination committee on transit trade under the Tajikistan-Pakistan trade transit agreement, which will play a pivotal role in addressing operational challenges and ensuring the smooth implementation of transit trade provisions,” Leghari said.
He hoped deliberations of the joint commission would aid in preparing “concrete” recommendations to advance further growth in the fields of trade, energy, agriculture and education as well as the industrial sector.
