Govt reaffirms energy reform commitment
Listen to article
Federal Minister for Petroleum Ali Pervaiz Malik reaffirmed Pakistan's commitment to a resilient and sustainable energy future during his keynote address at the Ministerial Plenary session titled 'Global Cooperation for a Resilient and Sustainable Energy Future' at the 30th Baku Energy Forum.
According to a statement released on Tuesday, in his speech, Malik congratulated Azerbaijan's Energy Minister Parviz Shahbazov and pledged Pakistan's full cooperation with the forum's transition agenda, which aims to shift from a fossil fuel-driven framework to a balanced energy mix. He emphasised Pakistan's strategic realignment under Prime Minister Shehbaz Sharif's leadership towards a more sustainable, inclusive, and coherent energy paradigm.
Highlighting Pakistan's ongoing industrialisation, Malik noted that the country's rising energy demand must be met by integrating renewable energy sources and technology. To support this, he announced the revival of the Cabinet Committee on Energy, chaired by the prime minister, to enhance coordination between the Petroleum and Power Divisions and ensure cohesive policy evolution. The minister also detailed Pakistan's efforts to expand its gas infrastructure by encouraging local exploration, acknowledging the assistance of Azerbaijan and other partner countries in developing indigenous gas resources. He said conservation measures and reform initiatives are underway to dismantle inefficiencies and ensure long-term sustainability of the gas sector.
"Despite economic challenges, Pakistan is committed to making the gas sector sustainable by dismantling inefficiencies and implementing reforms," Malik stated. "Reform is the cornerstone of the prime minister's vision for a resilient energy future."
Attendees at the plenary included Azerbaijan's Energy Minister Parviz Shahbazov, the Turkish Deputy Minister of Energy, and Director of Energy at the European Commission Cristina Lobillo.
Separately in Islamabad, Malik held a bilateral meeting with Rovshan Najaf, President of the State Oil Company of Azerbaijan Republic (SOCAR), to enhance energy cooperation between the two countries. The discussion focused on deepening bilateral ties, potential joint ventures, and attracting investment in Pakistan's oil and gas sector.
Malik reiterated Pakistan's intent to strengthen partnerships with leading global energy firms and stressed the government's commitment to creating an investor-friendly climate. Najaf praised Pakistan's progress in the energy sector and reaffirmed SOCAR's interest in expanding cooperation with Pakistani stakeholders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Bilawal calls for peace, says India must honour past treaties before dialogue
Chairman Pakistan Peoples Party and former Foreign Minister Bilawal Bhutto Zardari said on Thursday that Pakistan was ready to pursue peace with India but insisted that any meaningful engagement must begin with New Delhi honouring past agreements, particularly the Indus Waters Treaty. Speaking at the Middle East Institute in Washington, Mr Bhutto-Zardari said that Prime Minister Shehbaz Sharif had constituted a delegation with a clear mission: to seek peace through dialogue and diplomacy with India. 'You might ask why we are here in Washington and not speaking to our adversary… they refuse to talk,' he said, pointing to India's persistent unwillingness to engage. The PPP chairman emphasised that while Pakistan is open to new arrangements, agreements, and even treaties with India, progress can only be made if India first honours its existing commitments. 'If our dialogue and diplomacy in pursuit of peace are to be successful… then surely they must first abide by the old treaties and take back their decision, viz-a-viz the Indus Water Treaty,' he said. He criticised the Indian government's attitude toward dialogue and cooperation, noting that it had declined Pakistan's calls for joint investigations into acts of terrorism, rejected former US President Donald Trump's offer to mediate, and continues to rebuff Pakistan's overtures. 'India has belligerently refused. They refused cooperation on terror — you saw it. The Prime Minister of Pakistan said let's have an investigation, they said no. They refuse mediation, they refuse dialogue,' said the PPP chairman. He warned that such a refusal to engage in diplomacy would only escalate tensions. 'All that means is there will be more terrorism, there will be more war, and there will be no peace.' He added that while the Indian government may be willing to condemn its people to a perpetual state of conflict, Pakistan would not follow suit. 'I refuse to damn my people, and I refuse to damn the people of India to this fate.' Bilawal said this is why the Pakistani delegation would continue travelling 'from capital to capital' with a simple and urgent message: 'We want peace, and we need your help.'
Business Recorder
an hour ago
- Business Recorder
Bilawal Bhutto warns of escalating water disputes with India, calls for diplomatic engagement
Former foreign minister Bilawal Bhutto Zardari, leading Pakistan's high-level diplomatic delegation, issued a stern warning regarding India's water policies, stating they could force future generations into conflict. Speaking at the Middle East Institute in Thursday, he emphasized that any future war might not allow time for international mediation, referencing former U.S. President Donald Trump's past interventions. Bhutto Zardari criticised India's actions concerning the Indus Waters Treaty, accusing New Delhi of infringing upon the water rights of Pakistan's 240 million citizens. He highlighted that such provocations are pushing the region toward a potential water crisis. Addressing the Kashmir issue, he noted that while India previously labeled it an internal matter, international perspectives have shifted, recognizing it as a global dispute. He pointed out that even within India, there's growing acknowledgment of Kashmir as a bilateral issue. During his visit, Bhutto Zardari and the Pakistani delegation met with several U.S. Congress members, including Democrats Tom Suozzi and Ilhan Omar, and Republican Jack Bergman. These discussions centered on recent Indo-Pak tensions, violations of the Indus Waters Treaty, and Pakistan's stance on Kashmir. Delegation members, including Sherry Rehman and Musadik Malik, also engaged with U.S. senators to highlight concerns over India's water policies. Bhutto Zardari reaffirmed Pakistan's commitment to peace, expressing readiness for dialogue with India. However, he cautioned that continued refusal from India to engage in discussions would only exacerbate existing issues. He also accused India of interfering in Balochistan and supporting banned groups like the BLA and TTP. In a pointed remark, he stated, 'This time, we downed six of their aircraft; next time, they might not have an air force left.' He urged India's allies to counsel New Delhi towards peaceful resolutions, emphasizing that without addressing the Kashmir conflict, regional peace remains unattainable.
Express Tribune
3 hours ago
- Express Tribune
Pakistan's poverty rate rises to 44.7% under new World Bank thresholds
Listen to article ISLAMABAD: The World Bank has revised the global income thresholds used to measure poverty, resulting in a big increase in Pakistan's poverty headcount, which now stands at 44.7%. However, experts caution that the updated figure may still not fully capture current realities due to reliance on outdated data from the 2018-19 Household Income and Expenditure Survey (HIES). The Washington-based lender on Thursday released its new international poverty line to reflect changes in prices of goods and services and their implications on the global population. The new poverty line for Pakistan, which is a lower middle-income country, is set at $4.20 per person per day, up from $3.65, said Christina Wieser, the senior poverty economist of the World Bank, while briefing media persons on Thursday. She said that due to the upward revision, for the lower-middle income level, the poverty ratio has jumped from 39.8% of the old level to 44.7% on the threshold of $4.20 per day income. Read more: Poverty is imaginatively appraised, yet the poor remain poor The World Bank has also updated the extreme poverty line from $2.15 to $3 per person per day. Because of the revision in the threshold, 16.5% of the Pakistani population lives in extreme poverty, up from 4.9% under the previous $2.15 threshold, said Christina. She said that one of the reasons for such a high jump was that the majority of the people were clustered around the $2.15 to $3 per day income level, which resulted in a significant surge. About 82% of this increase in extreme poverty is due to the higher value of the new international poverty line reflecting increases in the national poverty lines of comparator countries, with the rest explained by price increases in Pakistan between 2017 and 2021, according to the World Bank. The World Bank has not used the latest population census data and instead relied on the United Nations population dataset. Christina also added that the underlying Household Income and Expenditure Survey (HIES) 2018/19 data has been used for both national and international estimates. While international poverty lines are essential for tracking global progress and comparisons, national lines remain more appropriate for informing country-specific policy decisions, said the senior economist. Also read: Rethinking Poverty: The Rise of New Poor in Pakistan Anything that has affected since 2019 is not included, neither COVID-19 nor the 2022 floods, as the baseline remains the same, said Christina while responding to a question. We are desperately looking forward to the new household integrated economic survey to update our baseline, she added. The local economists had estimated a sharp rise in poverty after the 2022 floods, which inundated one-fourth of the country and adversely impacted populations in three provinces. These updates to the international poverty lines ensure that poverty estimates remain accurate and comparable across countries. The methodology remains consistent with past updates, continuing a practice that began with the introduction of the dollar-a-day line in 1990, according to the World Bank economist. "The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience," said Najy Benhassine, the outgoing World Bank Country Director for Pakistan. For domestic policy and programme targeting, the national poverty line remains unchanged and continues to serve as the primary benchmark for assessing poverty within Pakistan, Christina said. The forthcoming World Bank Poverty, Equity, and Resilience Assessment for Pakistan will provide critical context for interpreting these updated poverty estimates, she added. The report would offer a detailed update on poverty, inequality, and non-monetary outcomes, will investigate key drivers of poverty, and outline a forward-looking agenda to enhance prosperity and resilience for all Pakistanis. Read more: World Bank-funded project cost doubles after revision According to the government's last officially available numbers, which are based on the 2018-19 survey, 21.9% of the population was living below the national poverty line. However, because national poverty lines differ widely, the resulting poverty rates are not comparable internationally. The need for new international poverty lines arises from the evolving price levels and cost of basic needs across the world and within income groups, according to Christina Wieser. To maintain accurate global comparisons, the World Bank periodically updates these poverty lines. International poverty estimates are based on the headcount of people with consumption below the international poverty line, defined in purchasing power parities (PPPs). Pakistan is among the countries experiencing the largest changes in poverty when transitioning to the 2021 PPPs based on the Low-Income International Poverty Line, according to the World Bank. The World Bank said that the international poverty line should be used only for cross-country comparison and analysis; for evaluating poverty in a particular country (Pakistan), the national poverty line remains the appropriate standard. The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience. The new figures reflect updated international thresholds and improved data from other countries, not deterioration in living standards, according to Christina.
