On Tuesday, Prime Minister Shehbaz Sharif urged parliamentarians to decide if they wanted to uphold the rule of law or continue with the prevailing ‘law of the jungle’ in the country.
(more…)Tag: Prime Minister Shehbaz Sharif
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Pakistan plans shifting government offices to solar power
ISLAMABAD: Pakistan has planned to shift the government offices to solar power by April 2023 to slash oil import bill of the country.
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Pakistan unable to bear heavy energy import bill amid challenges to economy: PM
MANGLA: Prime Minister Shehbaz Sharif on Monday said that Pakistan is unable to bear the cost of heavy energy import bills in a situation when the economy is facing immense challenges.
He said Pakistan was in dire need of generating cheap electricity as the energy import bill exorbitantly touched $27 billion.
He was addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant, carried out with the support of the United States Agency for International Development (USAID).
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PM Shehbaz Sharif said Pakistan, which was already facing immense challenges of economic stability, could not bear the heavy costs of energy import bills and thus needed to utilize alternative sources of electricity production.
He regretted that in 75 years, both democratic and military rulers were responsible for not building sufficient dams to meet the energy needs.
“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 materialize the construction of dams and launch of solar power projects.
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Also, in the wake of recent flash floods in the country, he said, dams were 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 (Rs 20 billion) from its own resources, he said.
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He expressed satisfaction over the interest of the U.S. to carry out an extension programme of the country’s largest Tarbela dam.
Shehbaz Sharif said the 75-years-old friendship and bilateral relationship between Pakistan and the U.S. had further strengthened at the levels of trade and investment.
United States Ambassador Donald Blome said the Mangla dam was a great symbol of U.S.-Pakistan cooperation and added that the U.S. was also assisting WAPDA in increasing the power generation capacity of the Tarbela and Gomal Zam dams.
He said maintenance and upgrades of dams were of critical importance in the wake of climate change and expressed hope that the green alliance between the two countries would prove beneficial for the energy and agriculture sectors of Pakistan.
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The General Electric Hydro France Project Director said despite the challenges of the COVID-19 pandemic, the suspended projects of refurbishment were carried out effectively.
He mentioned that six more units of Mangla dam would also be refurbished in the future.
Chairman Water and Power Development Authority (WAPDA) Lt Gen (retd) Sajjad Ghani said the refurbishment of the units of Mangla dam was in line with the keen interest of the federal government to provide clean, green and cheap energy to the people of the country.
He said WAPDA had not only initiated new hydropower projects, but also been rehabilitating
and upgrading its existing hydel power stations including Mangla to maximize the ratio of environment-friendly and low-cost hydel electricity in the national grid.
Prime Minister of Azad Kashmir Sardar Tanveer Ilyas, Special Assistant to PM Tariq Fatemi, Secretary Water and Power Division Hassan Nisar, and senior officials were present.
The prime minister also visited the refurbished units of the dam, where he was given a detailed briefing about the project.
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Prime Minister Shehbaz arrives Saudi Arabia to attend FII Summit
RIYADH: Prime Minister Shehbaz Sharif on Monday arrived Riyadh, Saudi Arabia on a two-day visit to attend the Future Investment Initiative (FII) Summit being held from October 25-27, 2022.
The prime minister is visiting the Kingdom at the invitation of Saudi Crown Prince Mohammed Bin Salman bin Abdulaziz.
At the airport, the Governor of Riyadh Faisal bin Bandar bin Abdulaziz Al Saud received the prime minister who was accompanied by a delegation comprising the federal ministers.
READ MORE: Prime Minister Shehbaz wishes Hindu community on Diwali
During his stay in Riyadh, the prime minister will hold consultations with the Saudi Crown Prince to review the longstanding fraternal relations, with a view to further strengthening the multifaceted cooperation, especially in the economic field, according to the Foreign Office.
Prior to his departure, the prime minister in a series of tweets said the present state of the global economy needed “new thinking and bold vision to overcome the irritants and forge new paths”.
“The pandemic and climate-induced disasters have already put immense strains on the developing countries,” he said, adding that it was high time the world explored solutions to the deepening challenges through candid dialogue.
The FII summit will convene the world’s foremost CEOs, policymakers, investors, entrepreneurs, and young leaders to shape the future of international investment and the global economy.
The event will include in-depth conversations about new pathways for global investment; analysis of critical industry trends; and unparalleled networking among CEOs, world leaders, and experts.
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Prime Minister Shehbaz wishes Hindu community on Diwali
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday whished the Hindu community in the country on their festive occasion of Diwali.
“Wishing the Hindu community in Pakistan and around the world on Diwali, the festival of lights,” the prime minister said in a tweet.
The prime minister wished for Diwali to become a source of peace and happiness for all.
Hindus across the globe and in Pakistan are celebrating the occasion of Diwali that celebrates the triumph of light over dark and good over evil.
The Constitution of Pakistan gives equal opportunities to minorities to freely practice their religion and celebrate their occasions.
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Banks increasing dollar rates; FAP tells Prime Minister
KARACHI: Malik Mohammad Bostan, President, Forex Association of Pakistan (FAP) on Monday informed Prime Minister Shehbaz Sharif that banks are increasing dollars rate.
Prime Minister Shehbaz Shari, in a Zoom meeting with FAP President, expressed concerns of significant devaluation of Pakistan Rupee (PKR) and asked reasons behind the recent fall of rupee against the dollar.
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Bostan explained the reasons for dollar appreciation including high trade deficit, delay of $1 billion IMF loan tranche and huge external debt which are scheduled to pay this year.
FAP President said that until the rate of dollar is not reduced in the interbank the free market may not bring down the exchange rate. He said the exchange companies can control the free market. “If banks bring down dollar rate by Re1 we will appreciate the local currency by Rs2,” he added.
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Bostan informed the prime minister that after his oath taking the rupee appreciated to Rs181 to dollar from Rs189. “However, after political uncertainty and announcement of sit-in in Islamabad put pressure on the exchange rate,” he added.
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Due to uncertainty, importers are opening more Letter of Credit (LCs) and exporters were surrendering less dollars, which have reduced the supply of dollars in the local market, he added.
FAP President suggested that the government should ban import of luxury items, which help in saving around $12 billion annually. “This will help the country to repay external debt without taking more loans,” he added.