In partnership with
Profit WB TO GRANT $1B LOAN FOR DASU HYDROPOWER EXPANSION Monday, 15 April, 2024 I 6 Shawwal, 1445
g
TOTAL PROJECTED COST FOR DASU PROJECT HAS NOW REACHED $4.9B
Rs 20.00 | Vol XIV No 286 I 8 Pages I Islamabad Edition
g
BANK ANTICIPATES PROJECT TO BE COMPLETED BY 2028
Saudi Arabia to invest $1b in Reko Diq mining project PROFIT
NEWS DESK
T
PROFIT NEWS DESK
HE World Bank is set to approve a $1 billion loan for the Dasu hydropower project in June. This financing will support the 2,160 megawatt initiative which aims to integrate cost-effective electricity into Pakistan’s energy grid. The project is critical for reducing the nation’s reliance on expensive imported fuel and promoting sustainable energy sources. Managed by the China Gezhouba Group Company, the Dasu Hydropower Project is financed through a consortium that includes the World Bank. The funding encompasses $588.4 million allocated for preparatory works and an additional $700 million for building the transmission line to distrib-
ute the generated electricity. Despite the World Bank’s gradual shift towards budget support loans, this project financing is part of a broader effort to address Pakistan’s unsustainable debt burden by focusing on productive, long-term investments. Pakistan’s current electricity costs are high, driving an increased adoption of solar power among homes, factories, and public buildings. The total projected cost for the Dasu project has now reached $4.9 billion, which marks a 13% increase from earlier estimates. Originally slated for completion in December 2021, the World Bank now anticipates that the project will conclude by 2028, which is seven years beyond the initial deadline. Upon completion, phase one of the project is expected to replace imported fuels, saving approximately $1.8 bil-
Punjab CM slashes roti price by Rs4 LAHORE
STAFF REPORT
Punjab Chief Minister (CM) Maryam Nawaz on Sunday reduced the price of roti across the province, saying the government utilised all option to provide relief to inflation-hit masses. Taking to X (formerly Twitter), the first female chief minister announced that the Punjab government has reduced the prices of roti (flat bread made in tandoor) and fixed it at Rs16. The new price of roti will come into effect immediately. Maryam Nawaz further said that she had instructed all the district and department concerns to ensure strict implementation of the decision. Meanwhile, District Commissioner (DC) Lahore issued the notification of the reduction in roti prices. As per the notification, the price of 100-gram roti is fixed at Rs16, while 120-gram roti will be available at Rs20. ‘Economic indicators getting better’ Meanwhile, Punjab CM Maryam Nawaz Sharif lauded Prime Minister Shehbaz Sharif on Pakistan's economic indicators getting improved, saying that under the vibrant leadership of Quaid Muhammad Nawaz Sharif, Pakistan's economy has once again started treading on the path of progress. She said the fruit of economic progress during the tenure of PML-N government were prominently coming to surface, highlighting that the common man would be provided relief with the reduction in electricity tariff and price-hike. “Big international financial institutions including IMF, ADBP are highly acknowledging Pakistan's economic policies,'' the CM said. She stated, ''Owing to PM Shehbaz Sharif's economic policies, investors’ confidence is enhancing and for the first time in the history, KSE 100 index of Stock Exchange has crossed 70 thousand psychological barrier."
Saudi Arabia is poised to invest up to $1 billion in the Reko Diq Copper Gold project in Pakistan’s Chagai district, Balochistan next month. This announcement was made by the Information Ministry and underscores a strengthening of economic ties between the two nations. The forthcoming Saudi investment is expected to further boost Pakistan’s mining sector, which is a critical component of the country’s economy. In preparation for this substantial investment, Pakistan’s Special Investment Facilitation Council (SIFC) has been actively working to address and remove any potential obstacles. This proactive approach is aimed at ensuring a seamless investment process. Additionally, Prime Minister Shehbaz Sharif is taking steps to ensure the effective administration of this investment.
lion annually in hard currency and reducing carbon dioxide emissions by 5 million tonnes. This project supports Pakistan’s goal to achieve 60% renewable energy by 2031.
He plans to establish a committee within the Finance Ministry that will include all relevant stakeholders in Pakistan. This committee aims to facilitate the execution and completion of the Saudi investment. Previously, in November 2023, Barrick Gold Corporation’s CEO, Mark Bristow, mentioned the possibility of Saudi Arabia acquiring a stake in Reko Diq. This potential equity purchase would involve partial ownership by Saudi Arabia, a move supported by Barrick Gold, the world’s secondlargest gold producer. The investment in Reko Diq is just a part of broader cooperation between Pakistan and Saudi Arabia in the mining sector. Future agreements are expected to expand Saudi participation in Pakistan’s energy sector, including potential stakes in leading Pakistani energy companies such as the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
However, the Water and Power Development Authority currently faces challenges in securing international commercial financing, prompting the need for continued substantial financial support from international lenders.
Saudi FM-led delegation arrives in Pakistan today ISLAMABAD
STAFF REPORT
Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah will visit Pakistan from Monday (tomorrow) to Tuesday along with a high-level delegation, the Foreign Office (FO) said. The FO, in a statement, said the delegation comprises esteemed figures including Saudi Minister of Water and Agriculture Eng Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from the Ministry of Energy and Saudi Fund for General Investments. The primary objective of the visit is to expedite the implementation of agreements made between Prime Minister Muhammad Shehbaz Sharif and Mohammad bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, during their recent meeting in Makkah. This meeting underscored the mutual desire to elevate bilateral economic cooperation to new heights. During their stay, the Saudi delegation is scheduled to engage in crucial meetings with key figures including the president, the
prime minister, the foreign minister, Chief of Army Staff (COAS), and the apex committee of the Special Investment Facilitation Council (SIFC). The statement further said that the visit is aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership. In a joint statement of the meeting between PM Shehbaz and Crown Prince Mohammed bin Salman, Pakistan and Saudi Arabia affirmed their commitment to expediting the first phase of Saudi investment worth $5 billion in Pakistan. The Saudi crown prince hosted the prime minister at an Iftar feast in Makkah last Sunday. During the meeting, they discussed “fortifying” the relations between the two
countries and exploring avenues for enhanced collaboration across various sectors. The joint statement released by Pakistan and the Kingdom of Saudi Arabia stated that the two sides “affirmed their commitment to expediting the first wave of investment package worth $5 billion which was discussed previously”. The two sides underscored the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region. The prime minister invited the crown prince to undertake an official visit to Pakistan, at the earliest convenience, which was accepted by the crown prince.
China ready to cement security cooperation further with Pakistan: Zaidong ISLAMABAD
STAFF REPORT
In the backdrop of March 26 Besham suicide attack, Chinese Ambassador to Pakistan Jiang Zaidong on Sunday reiterated that his country stands ready to further strengthen counterterrorism and security cooperation with Pakistan. “We should take the people’s security as ultimate goal, and effectively protect Chinese citizens in Pakistan. The people are the foundation of a country, and are also what the rule of a country is for,” the Chinese ambassador asserted in a statement issued here. He said that the national security work is ultimately to protect the interests of the people and enable them to live and work in peace and happiness. The statement comes in the aftermath of the tragic suicide attack in KP’s in Besham area on March 26, wherein six individuals, including five Chinese engineers, lost their lives. During the attack, an explosive-laden vehicle detonated as a convoy, transporting Chinese engineers to the Dasu hydroelectric project site from Islamabad, passed by. “President Xi Jinping emphasised that we must always put the people first, put the life first, and ensure the life and security of the people. A holistic approach to national security takes the people’s position as the fundamental position, and emphasises that national security is for the people and relies on the people, which clearly reflects President Xi Jinping’s deep feelings for the people,” he added. Ambassador Zaidong said that Chinese citizens in Pakistan actively participate in Pakistan’s national construction and promote China-Pakistan friendly cooperation. “We should do everything possible to protect their safety and value their contributions.” He said that it was heart-wrenching that in the recent terrorist attack on 26th March, five Chinese citizens were deprived of their young lives. “We hope and believe that the Pakistani side will speed up the investigation of the incident, find out the truth, severely punish the perpetrators, raise counterterrorism efforts, resolutely crack down on and root out the evil, and take all measures to protect the safety and security of Chinese personnel, institutions and projects in Pakistan, and create favourable conditions for advancing China-Pakistan all-weather strategic cooperation and building a China-Pakistan community with a shared future,” he added. The Chinese ambassador said that China-Pakistan Economic Corridor (CPEC), as an important signature project under the framework of the Belt and Road Initiative, has effectively promoted Pakistan’s economic and social development since its launching 10 years ago, by bringing in 25.4 billion dollars of direct investment, 236 thousand jobs, 510 KM expressway, more than 8,000 megawatt of power and 886 KM core power transmission grid. “It is now entering the new phase of building a corridor of growth, livelihood, innovation, greenness and openness. The 26th March terrorist attack showed once again that a secure and stable environment is critical to the practical cooperation between China and Pakistan and the building of CPEC,” he added. He said that China stands ready to work hand-in-hand with Pakistan to defeat the evil attempt at disrupting the cooperation between the two countries, to safeguard development with security to promote security with development, and to advance highquality CPEC cooperation.
Certain politicians jeopardising nation for personal gain: Bilawal LARKANA
STAFF REPORT
Chairman Pakistan People’s Party (PPP) Bilawal Bhutto-Zardari on Sunday underscored judicial reforms, labelling them as the unresolved component of the charter of democracy (CoD), reiterating his party’s commitment to engage with stakeholders, including civil society, in comprehensive consultations on this matter. Bilawal made these remarks while addressing a public gathering at Garhi Khuda Bakhsh in Larkana on Sunday in connection with the 45th death anniversary of former prime minister Zulfikar Ali Bhutto. He affirmed that the PPP steadfastly upholds the ideology and principles set forth by its founding chairman. Highlighting the party’s contemporary achievements, he noted its governance with chief ministers in two provinces and the chairmanship of the Senate. Additionally, he celebrated President Asif Ali Zardari’s historic re-election to the presidency, marking a significant milestone
in the nation’s political landscape. Bilawal said that after 12 years, the Supreme Court, in response to the presidential reference initiated by President Asif Ali Zardari, acknowledged the injustice inflicted upon Zulfikar Ali Bhutto, underscoring that he was denied the basic right to a fair trial. He hailed this court verdict as a triumph for the supporters of the PPP and all proponents of democracy across the nation. The PPP chairman emphasised that the people of Pakistan hold high expectations from President Zardari. During his previous tenure, he delivered political reconciliation and fostered economic stability in the country. “Despite these achievements, there were persistent forces that opposed democracy and engaged in conspiracies. Today, similar threats persist, with certain politicians aiming to orchestrate a repeat of the PNA Part 2 scenario,” he pointed out. He underscored that certain politicians are driven by personal ego and are willing to jeopardise the nation for their own gain. Emphasising the importance of responsible political conduct, he urged
politicians to confine their activities within the bounds of their mandate. He criticised the prevalence of disruptive tactics such as sitins, highlighting the need for constructive engagement and dialogue in the political arena. Bilawal reflected on the achievements of Zardari’s previous tenure, noting that 90 per cent of the charter of democracy was successfully implemented. However, he highlighted the crucial remaining 10 per cent: the agenda of judicial reforms. Expressing a commitment to expedite these reforms, he stressed the importance of ensuring timely justice for all citizens, referencing the prolonged wait endured by the leader of the people. On the occasion, Zardari stressed the importance of serving the people as the primary goal after holding power. He questioned the necessity of internal strife and urged unity, emphasising that collective efforts are essential for effective governance and meaningful progress. President Zardari affirmed that his presidency stands on the foundation of the people’s support, vowing to advance guided by their strength. He underscored the necessity
of cautious political manoeuvring, stressing that every action must be meticulously considered to safeguard the nation and its citi-
zens from harm. He also advocated for collective planning and nation-building as the means to propel Pakistan forward.
LARKANA: President Asif Ali Zardari on Sunday said that Pakistan Peoples Party (PPP) will continue supporting the government for economic stability and prosperity of the country. Addressing a public gathering organized to mark the 45th death anniversary of Shaheed Zulfiqar Ali Bhutto at Garhi Khuda Bakhsh Bhutto in Larkana on Sunday, President Asif Ali Zardari said national interest was the top priority of Pakistan Peoples Party and it will remain in touch with all political parties for the betterment of the country. He said Pakistan was blessed with vast potential of minerals and natural resources and it would emerge from
current economic crisis through exploitation of these resources. Paying tribute to Shaheed Zulfiqar Ali Bhutto, he said Bhutto family always sacrificed their lives for the country and people. He said that party’s leadership and workers accepted martyrdom for the sake of country. “I faced jails with support of party workers,” he said adding the country was facing challenges due to wrong decisions of some people.” ” We will strengthen the country’s economy.” President Zardari expressed gratitude to people for reposing their confidence in the Pakistan Peoples Party in general elections. STAFF REPORT
National interest always comes first for PPP: President Zardari