Pakistan

Geneva flood pledges: Pakistan receives only $1.48bn of $10.9bn

Published

1 year ago

Farwa

Only $780m disbursed in project financing as of Sep 2023.
Govt receives roughly $700m in oil and commodity financing.
Saudi Arabia so far disbursed $600 million as an oil facility.

ISLAMABAD: Pakistan has, to date, received only $1.48 billion in funding from both multilateral and bilateral creditors as part of the Geneva pledges totaling $10.9 billion designated for the reconstruction of areas affected by devastating floods last year, The News reported on Wednesday.

The progress of project financing, however, has been alarmingly slow, with just $780 million disbursed as of September 2023. Pakistan endured severe flooding in the previous fiscal year, resulting in extensive human and financial hardships, but there was hope for rehabilitation, as donors committed $10.9 billion in the form of loans to support the reconstruction endeavors.

Islamabad, too, has successfully obtained approximately $700 million in oil and commodity financing. Nevertheless, it is an undeniable fact that the distribution of project loans has remained frustratingly sluggish, necessitating swift action from all federal and provincial agencies responsible for pulling off flood-related projects in their respective regions. Therefore, accelerating these efforts is imperative.

“The caretaker prime minister has also taken notice of this slow disbursement of committed pledges as the project loan acceleration depends upon the executing agencies’ ability to implement the projects on a fast-track basis,” a top official of the government confided to The News here on Tuesday.

The Islamic Development Bank (IsDB) had committed $3.6 billion on account of commodity financing, out of which $1.1 billion was planned to be disbursed on an annual basis over a year. Out of $3.6 billion, there was a planned disbursement of $300 million, which was underway during the current fiscal year.

However, the remaining $3.3 billion was still problematic because it was syndicated financing, which the IsDB planned to secure from other commercial banks. So far, there are indications that its interest rate might exceed and fall into a range of over 10%.

However, the oil-exporting giants argued before the government that if they secured local funding, it would be on the much higher side, keeping in view the higher interest rates in the domestic market.

The Kingdom of Saudi Arabia has so far disbursed $600 million as an oil facility out of total financing committed for commodities and oil financing. The government has heavily relied on the disbursements of project loans from the World Bank and Asian Development Bank. From the World Bank loans, there are projects going to be executed in Sindh and Balochistan for the construction of housing and agriculture sectors.

The premier is expected to chair an important meeting to review progress on donor-funded projects for flood-affected areas after his return from abroad, as one of such important meetings got postponed last week before his recent departure to the USA.

The implementation of flood-affected area projects needs acceleration in order to materialise maximum disbursements from the pledged loans, but without improving bottlenecks at execution levels, this wish will remain just a pipe dream.

Business

Report: Solar is expected to set new records this year.

Published

9 hours ago

Farwa

In 2023, there was an expected 87% increase in growth. This year’s increase is 29% over the previous one, according to the research.

The cheapest source of electricity globally is solar power, and as such, it is expanding quicker than many anticipated, according to Euan Graham, an Ember electricity data analyst.

Ember estimates demonstrate the rapid growth of solar energy: in 2024 alone, new solar capacity will surpass the 540 GW of additional coal power added globally since 2010.

Expected to add 334 GW, or 56 percent of the global total in 2024, China continues to lead the globe in this industry.

According to the survey, it is followed by the US, India, Germany, and Brazil. These five nations will account for 75% of the new solar capacity in 2024.

According to the research, maintaining the sector’s growth required grid capacity and battery storage.

“Providing enough grid capacity and developing battery storage is critical for handling electricity distribution and supporting solar outside of peak sunlight hours as solar becomes more inexpensive and accessible,” the statement stated.

“Solar power might continue to surpass forecasts for the remainder of the decade if these issues are resolved and development is sustained.”

Latest News

Attorneys and government discussing the Constitutional Court: SCBA

Published

9 hours ago

Farwa

We will hold conversations with government over their suggestions, the President of SCBA stated. The attorneys are to submit their recommendations to the Supreme Court Bar for discussion.

He said that any constitutional choice made without legal counsel would be considered “mere consultation.”

“We are having discussions with the government about the constitutional court, which is something that the bar councils all over Pakistan used to demand,” Shahzad Shaukat stated.

He claimed that the lawyers were pleased with the law minister’s pledge that he had patiently listened to our position.

As stated by the president of the SCBA, “We will jointly give better constitutional proposals over the issue.” The lawyers have organized a committee.

Bar councils are stakeholders and would be given due consideration, according to previous remarks made by Law Minister Azam Nazeer Tarar.

Representatives from bar councils would also be present at the news conference, according to Azam Nazeer Tarar.

After the legal community’s objection to the proposed constitutional amendment, the decision was made to engage with the bar associations.

A constitutional law intended to establish judicial changes, including the creation of a constitutional court, is about to be presented by the coalition government in power.

Latest News

Punjab imposes Section 144

Published

9 hours ago

Farwa

According to specifics, section 144’s implementation aims to guarantee a safe testing environment and discourage cheating.

The notice states that unconnected people’s mobility would be prohibited within 100 yards of the exam centers, and that only candidates and supervisory staff will be permitted within the exam centers.

Furthermore, it is forbidden for protests and demonstrations to take place close to the exam centers in the following cities: D.G. Khan, Sahiwal, Rawalpindi, Sargodha, Gujarat, Rahim Yar Khan, Lahore, Gujranwala, Sialkot, Faisalabad, Multan, Bahawalpur, and Bahawalpur.

These steps are being done to protect applicants from outside help and to make sure everything is secure throughout the MDCAT exam.