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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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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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