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PM Shehbaz unveils Mangla dam’s refurbishment electricity project

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2 years ago

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  • PM says Pakistan can not bear the high cost of energy import bills.
  • He reveals that energy import bill has swelled to $27 billion.
  • Total project cost is $483m, of which $150m was provided by US

MANGLA: Stressing the need for cheaper electricity generation, Prime Minister Shehbaz Sharif has said that Pakistan, which is already facing immense challenges of economic stability, could not bear the high costs of energy import bills.

The premier made the remarks while addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant on Monday, carried out with the support of the United States Agency for International Development (USAID).

He said that the energy import bill has swelled to $27 billion and underscored the need to utilise alternative sources of electricity production.

“Had the water reservoirs built on time, the country’s energy import bill would not have swelled to $27 billion,” he said, pointing out that “powerful lobbies and cartels” did not let materialise the construction of dams and launch of solar power projects.

PM Shehbaz regretted that in 75 years, both democratic and military rulers were responsible for not building sufficient dams to meet the energy needs.

Referring to the recent flash floods in the country, he said, dams are crucial to mitigate the effects of climate change.

The prime minister termed the assistance of USAID for the refurbishment of the units of Mangla dam as a “wonderful example of cooperation” between Pakistan and the United States.

He lauded the valuable grant of $150 million by USAID along with the financial support by the Development Agency of France amounting to 90 million euros besides another pledge of 65 million euros. Also, WAPDA [Water and Power Development Authority] contributed $178 million (approximately Rs20 billion) from its own resources, he said.

He expressed satisfaction over the interest of the US to carry out an extension programme of the country’s largest Tarbela dam.

He also said the 75-year-old friendship and bilateral relationship between Pakistan and the US had further strengthened at the levels of trade and investment.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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1 day ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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