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Articles for tag: agree, borrowing costs, Chinese, Chinese lenders, CPEC Power Projects, daily, daily SOFR, EKK decision, electricity sector, Energy Sector of Pakistan, Foreign Funding, Go to Libor, Gul Ahmed, IPP, ISDA credit adjustment margin, lenders, Metro Power, Ministry of Energy, Nepra Procedures, Pakistan Wind Energy Association, Power Projects in Pakistan, SOFR, SOFR term, suo motu proceedings, synthetic Libor

September 6, 2024

News Desk

Chinese lenders agree on daily SOFR

Islamabad: Chinese lenders to independent power producers (IPPs) refused to accept the Secured Overnight Financing Rate (SOFR) Term but agreed to switch from the London Interbank Offered Rate (Libor) to the overnight SOFR. The issue was discussed during suo motu proceedings on Thursday on the transition from Libor to SOFR for calculating borrowing costs. The public hearing was informed that 22 IPPs had not yet submitted their response and would provide the response sometime later. He was asked if it will affect any decision of the National Electricity Regulatory Authority (Nepra). It has been revealed that the Chinese lenders did

August 27, 2024

News Desk

Rupee gains as government pushes for IMF approval

KARACHI: The Pakistani currency appreciated by Rs 0.08 to Rs 278.42 against the US dollar in the interbank market, continuing its rally for the second consecutive business day. The rise comes as the government accelerates efforts to meet the final condition needed to secure the remaining portion of foreign financing for a new $7 billion International Monetary Fund (IMF) loan program. According to data from the State Bank of Pakistan (SBP), the domestic currency has gained a cumulative Rs 0.24 against the dollar in the past two days. The Exchange Association of Pakistan (ECAP) reported that the local currency remained

January 8, 2023

The Pakistan Daily

MoFA launches song to highlight flood victims’ trauma

The Ministry of Foreign Affairs has launched a song “Aao Hum Kucch Aisa Karein” to highlight flood victims’ trauma and appeals to the spirit of giving and moral imperative of helping those in difficulty. According to the Foreign Office Spokesperson, the track was launched in view of the Conference on Climate Resilient Pakistan being held in Geneva tomorrow. It was penned, composed and sung by Shakeel Asghar Malik, who is an officer of Foreign Service of Pakistan. The song, captioned in English as ‘Acts of Humanity’, is dedicated to the victims of recent floods in Pakistan and appeals to the

January 6, 2023

Syed Faisal Ali

Disclosure of alleged irregularities in Pak Embassy building sale in US

ISLAMABAD: More revelations have come out regarding the sale of the old building of the Pakistani Embassy in Washington, which is connected to the defence sector. There was no regular advertisement and no regular bidding to get the best price, mainly due to the government selling the embassy building to its own favourites. According to documentary evidence obtained, Washington-based Pakistani-American businessman Tanveer Ahmed has offered to buy the building for 7 million US dollars, however, sources are confirming that the government is selling the building for 6.8 million US dollars. According to the documents obtained, the Pakistani-American businessman Tanveer Ahmed

August 19, 2022

The Pakistan Daily

Prohibited funding case: FIA to send another notice to Imran Khan

ISLAMABAD: The Federal Investigation Agency (FIA) has rejected PTI Chairman Imran Khan’s position on the investigation into the PTI prohibited funding case and decided to send another notice. According to sources, the FIA has decided to send Khan another notice to seek answers regarding the prohibited funding case, while rejecting Imran Khan’s current position. Imran Khan’s arrest warrants will be issued after three notices have been sent, said sources within the FIA. Moreover, five more PTI companies have been identified, the sources said. The FIA had issued notices to the chairman and general secretary of the PTI to investigate the

August 17, 2022

The Pakistan Daily

Prohibited funding case: Imran Khan refuses to reply to FIA notice

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan refused to submit a reply to the notice served to him by the Federal Investigation Agency (FIA) in the prohibited funding case. According to the details, the refusal to cooperate with the investigation agency was communicated by the ex-PM’s counsel Anwar Mansoor Khan. “I am not answerable to you or bound to provide you information,” ex-PM said in his reply sent to FIA Commercial Bank Circle Deputy Director Amna Baig. The FIA circle had sought details of PTI’s bank accounts from Imran Khan under investigation into foreign funding received by the party. Imran

August 13, 2022

The Pakistan Daily

Pakistan strongly condemns recent terrorist incident in Jeddah

Pakistan has strongly condemned the recent terrorist incident in Jeddah, resulting in injuries, including to a Pakistani national. In a statement today (Saturday), Foreign Office Spokesperson Asim Iftikhar Ahmad said we pray for the speediest recovery of those injured. The spokesperson said government and people of Pakistan reiterate their full support for and deep solidarity with the leadership, government and brotherly people of Saudi Arabia against any threats to the Kingdom’s sovereignty and territorial integrity.

August 7, 2022

The Pakistan Daily

Rana Sanaullah says Imran Khan trying to divert attention from his theft with PTI ‘power show’

Interior Minister Rana Sanaullah has said that Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan will lose the upcoming by-elections on each of the nine National Assembly seats that became empty after the NA speaker accepted the resignations of PTI MNAs. Terming PTI’s back-to-back public gatherings across the country “political stunts”, Rana Sanaullah said that Imran Khan was trying to divert attention from his theft. It is pertinent to mention here that the PTI is preparing to stage a ‘grand power show’ at Islamabad’s Parade Ground to decide its strategy with party supporters on the eve of Independence Day. In a statement, the interior

August 6, 2022

The Pakistan Daily

PTI used charity funds for politics, claims Marriyum Aurangzeb

ISLAMABAD: Federal Minister of Information and Broadcasting Marriyum Aurangzeb has said that former prime minister and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan submitted false documents in the prohibited funding case. Addressing a press conference in Islamabad on Saturday, she said that on the directions of Prime Minister Shehbaz Sharif, an emergency has been declared in the flood-hit areas to speed up relief activities. The minister said National Disaster Management Authority and Provincial Disaster Management Authorities have also been directed to conduct surveys for compensation to the affected people. Appreciating the efforts of armed forces for relief activities in flood and

August 5, 2022

The Pakistan Daily

PML-N supremo Nawaz Sharif tasks Maryam with countering Imran Khan’s narrative

LAHORE: Pakistan Muslim League-Nawaz (PML-N) supremo Mian Nawaz Sharif has entrusted his daughter Maryam Nawaz with an important responsibility against Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan, following which the party vice president has assumed an active role. According to sources, Maryam represented Nawaz in the meeting held at the Prime Minister’s House during the Pakistan Democratic Movement (PDM) summit. The PML-N VP directed party leaders to highlight the issue of prohibited funding as much as possible, sources said, adding that they have been holding continuous press conferences in this regard. They also said that the campaign will be supervised by

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