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Business Recorder
7 days ago
- Business
- Business Recorder
NA body informed: Govt decides to launch M-6 project on a priority basis
ISLAMABAD: The National Assembly Standing Committee on Economic Affairs was informed on Tuesday that government has decided to launch the Motorway (M6) on a priority basis in the development programme of the next fiscal year. Officials from the Ministry of Economic Affairs informed the committee that the ministry had proposed foreign financing of Rs500 billion. The ministry estimates that a rupee cover will be required for financing of Rs400 billion. The meeting of the Standing Committee was held under the chairmanship of Atif Khan, which was informed that negotiations are underway with the Islamic Development Bank and the Saudi Fund for financing the motorway. Secretary Economic Affairs Division Dr Kazim Niaz said that launching the M6 Motorway is currently the government's top priority. The Islamic Development Bank will provide $500 million for two sections of the M6 Motorway. Talks are being held with the OPEC Fund and the Saudi Fund for Development for other sections. Talks are also being held with the Asian Development Bank (ADB). It is hoped that the Saudi Fund for Development will take up one section. Committee member Mirza Ikhtiar Baig said that the development of Karachi and Sindh depends on these two projects. The real purpose of building the motorway will be fulfilled by connecting the motorway with the port. The secretary Economic Affairs Division said that a new Country Partnership Strategy is being prepared with the Asian Development Bank. The committee was informed that important projects will be completed in the next fiscal year to improve the electricity transmission system. The committee was also informed that $460 million financing was available for Khyber Pakhtunkhwa Economic Corridor. The provincial government has to take several steps to get funding from the World Bank. This is an important project, the provincial government should resolve all issues quickly, secretary Economic Affairs Division added. In the last three years, short-term debt has been reduced and long-term debt has increased, he added. As the country's economic situation has improved, it has also become easier to obtain loans and set terms. Commercial loans are available for short periods and at high interest rates. In the last three years, the debt-to-GDP ratio has decreased to 67 percent, the secretary EAD added. The committee postponed the briefing on development projects in the absence of the planning minister and planning secretary. The Power Division has 82 development projects, said Special Secretary Power Division Arshad Majeed. Of these, 77 percent of the financing is allocated for transmission projects. Most of the projects of the Power Division are being carried out by NTDC, said Majeed. We thought that power generation would increase, said NTDC officials, adding that due to solarisation, the demand for power has decreased in the last five years. Copyright Business Recorder, 2025
Express Tribune
23-05-2025
- Business
- Express Tribune
In 10 months, Pakistan gets $6b in loans, grants
Pakistan faces over $8 billion in external debt maturities in FY25 (excluding $13 billion in routinely rolled-over bilateral loans) and any delay in debt rollovers can put the IMF programme at risk. photo: file In the first ten months of the fiscal year 2024-25 (July to April), Pakistan received over $6 billion in foreign loans and grants. However, the total external inflows reach $14.1 billion, when IMF funding and rollovers from friendly countries are included. The annual target for external financial assistance is $19.39 billion, according to data released by the Economic Affairs Division. Sources said the $2.1 billion received from the IMF is in addition to other inflows. Saudi Arabia, the UAE, and China rolled over deposits worth $6 billion during the period. From July to April, Pakistan received $2.97 billion from international financial institutions. Countries including China and the United States provided an additional $370 million in bilateral loans. The country also secured $760 million in foreign commercial loans. According to documents, Pakistan raised $1.61 billion through the Naya Pakistan Certificates. Over $3 billion was received as budgetary support, while $2.63 billion was directed towards development projects.
Express Tribune
19-05-2025
- Business
- Express Tribune
Japan to help install smart water meters
The government of Japan has approved a grant of $3.5 million under its Economic and Social Development Programme for the installation of smart water meters and related equipment for the Water and Sanitation Agency (WASA). The agreement was signed in Islamabad between the Embassy of Japan and Pakistan's Economic Affairs Division. WASA Managing Director Amir Aziz shared these developments while speaking with media representatives. He said the project was part of broader efforts to support WASA's shift from a flat-rate to a metered billing system. The new system will include the installation of 8,400 smart water meters and aims to enhance the accuracy of billing, improve revenue collection, and increase efficiency in water distribution. Aziz also noted that the Japanese development agency JICA (Japan International Cooperation Agency) has completed a project titled "Construction of Distribution Center and Rehabilitation of the Old Jhal Khanuana Water Treatment Plant" at a cost of Rs7,250 million. Discussing other foreign-funded projects, the MD said WASA Faisalabad has revived three long-pending international initiatives. These include the French-funded "Extension of Water Resources for Faisalabad City – Phase II" project, valued at Rs14,636.928 million. According to Aziz, work on this project commenced with the signing of the contract on August 8, 2024, followed by site mobilization on October 8, 2024. The tender for transmission was opened on April 7, 2025, and technical evaluation is currently underway. Once completed, it is expected to serve around six million residents. Aziz also mentioned the Denmark-funded Eastern Wastewater Treatment Plant (Phase I) project, worth Rs56,036.79 million, which aims to build a 33 million gallons per day (MGD) treatment facility in Faisalabad. The government of Punjab granted administrative approval on April 16, 2025, and loan agreement formalities with Denmark are in progress. The project aligns with the United Nations Sustainable Development Goals (SDGs) 2030 targets. Regarding another JICA-assisted initiative, "Improvement of Management Capacity of Water Supply Sector in Faisalabad," Aziz stated that the project includes the digital monitoring of three overhead reservoirs and one disposal station. Remote operations have begun and assessments of tube-well equipment have been completed. The project is estimated to serve two million people. He further said the government of Punjab has also approved a new sewerage development package for Faisalabad city worth Rs10,810 million. Chaudhary Rasheed Ahmad, retired chief engineer of the Public Health Department and a water expert, has emphasized the urgent need to implement smart water metering systems in light of the growing depletion of water resources, shortage of potable water, and widespread wastage of drinking water by the public. He stated that smart metering could help prevent unnecessary use of water and contribute to its conservation. He pointed out that in many households, potable piped water is used extensively for non-essential purposes such as washing utensils and vehicles, resulting in significant pressure on groundwater reserves. Rasheed added that WASA Faisalabad currently has over 500,000 registered water consumers, and the installation of only 8,400 smart meters is insufficient to address the scale of the challenge. Member of the Provincial Assembly, Chaudhary Faqir Hussain Dogar, also underlined the issue, noting that the suspension of the Indus Waters Treaty by the Indian government has impacted Pakistan's water availability, exacerbating shortages in water bodies and canal systems.
Time of India
09-05-2025
- Business
- Time of India
Pakistan Govt ‘Seeks Funds' After Attacking India; Gets Trolled
As India escalates Operation Sindoor, Pakistan has once again turned to begging for loans, exposing the crippling state of its economy. Just two days into India's anti-terror campaign, Pakistan's Economic Affairs Division posted a plea on social media urging international partners for urgent financial support. The now-deleted post admitted to massive economic damage, a crashing stock market, and military losses—all while requesting help to "de-escalate tensions." The post sparked widespread mockery online, with users branding it as "shameless" and calling Pakistan's war stance on loan money a global embarrassment. After the post went viral, the Pakistan government claimed their X account was hacked, further fueling ridicule. #shehbazsharif #pakistan #loan #imf #india #indiapakistanwar #pmmodi #operationsindoor Read More
Economic Times
09-05-2025
- Business
- Economic Times
Pakistan seeks loans over 'heavy losses', later claims account was hacked
Pakistan's government purportedly appealed to international partners for loans, citing significant losses after military strikes by India, according to a now-retracted Reuters report. The appeal, posted on the Economic Affairs Division's X account, urged de-escalation amid escalating conflict and a stock market crash. However, Reuters withdrew the story, stating the account was hacked. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Cross-Border escalation and retaliation The Pakistan government on Thursday appealed to international partners, including the World Bank , for additional loans, reported Reuters. The appeal reportedly cited 'heavy losses inflicted by the enemy' following Indian military strikes on message, posted by Pakistan's Economic Affairs Division on X (formerly Twitter), read: 'Govt of Pakistan appeals to International Partners for more loans after heavy losses inflicted by enemy. Amid escalating war and stocks crash, we urge international partners to help de-escalate. Nation urged to remain steadfast.'However, Reuters later withdrew the report, issuing an advisory that the story was incorrect and had been taken down. 'The story headlined 'Pakistan asks international partners for loans, citing heavy losses inflicted by enemy' is wrong and is withdrawn,' it said. The Ministry of Economic Affairs later clarified that its X account had been hacked, disowning the contents of the now-debunked statement came just hours before a crucial meeting of the International Monetary Fund (IMF) board in Washington, where Pakistan's pending bailout package is under consideration. India 's Foreign Secretary Vikram Misri addressed the situation, stating that India's executive director at the IMF would present New Delhi's stance during the meeting. 'I'm sure that our executive director will put forward India's position,' Misri said during a press briefing. He also noted that Pakistan has a history of incomplete IMF bailouts, with many of the 24 packages previously sanctioned failing to reach a successful Army officials confirmed that the Pakistan Armed Forces launched multiple attacks across the Western border using drones and other munitions during the night of May 8–9. Additionally, Pakistani troops carried out numerous ceasefire violations (CFVs) along the Line of Control (LoC) in Jammu and Kashmir. The Indian Army stated that all drone attacks were effectively repulsed and that a 'befitting response' had been Thursday night, Indian forces successfully neutralised Pakistani attempts to target military installations in Jammu, Pathankot, Udhampur, and other strategic a major retaliatory operation named ' Operation Sindoor ', India launched missile strikes early Wednesday targeting nine terror infrastructure sites across Pakistan and Pakistan-occupied Kashmir. These included the Jaish-e-Mohammad stronghold in Bahawalpur and Lashkar-e-Taiba's base in strikes were carried out in response to the Pahalgam terror attack, which resulted in the deaths of 26 civilians in Jammu and Kashmir two weeks ago.
