Friday, 6 April 2012


Wold Bank to give $850m for Tarbela extension

LAHORE: The World Bank will provide about $850 million for the Tarbela 4th Extension Project, which is expected to be completed in four years and generate 1,410MW additional electricity.
This was stated by Wapda Member (Water) Syed Raghib Abbas Shah while addressing a delegation of Pakistan Navy War College here. After completion of Tarbela 4th Extension Project, the generation capacity of Tarbela Power Station will rise to 4,888MW.The Member (Water) said that in view of the increasing needs of water and power in the country, Wapda is implementing a number of projects in the two sectors.
Diamer-Basha Dam (with gross water storage capacity of 8.1 million acre feet and power generation capacity of 4,500 MW), Bunji (7,100 MW) and Dasu (4,320 MW) hydropower projects, Munda Dam multipurpose project (gross water storage capacity 1.29MAF and power generation capacity 740 MW) and Kurram Tangi Dam (gross water storage capacity of 1.2 MAF and power generation capacity of 84 MW) are to name a few, he added.
The Member (Water) said that three projects with cumulative generation capacity of 350MW will be completed this year, while 969MW Neelum Jhelum and 106MW Golen Gol hydropower projects are scheduled to be completed in 2016.
The Member (Water) said that the Government is simultaneously implementing short, medium and long-term strategies to control floods.
Earlier, Wapda General Manager (Hydro) Planning Hasnain Afzal, briefing the delegation said that 20 million acres of virgin land could be developed for agriculture provided water is made available by constructing new dams. He also informed the delegation about Wapda’s achievements, future projects, and new initiatives etc. Pepco General Manager (Coordination & Monitoring) Ziaur Rehman briefed the delegation about electricity demand and supply scenario, national power sector energy plan and issues related to electricity tariff.




Pakistan forex reserves edge up to $16.51 bln at end-March

KARACHI: Pakistan's foreign exchange reserves rose to $16.51 billion in the week ended March 30, from $16.44 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $11.84 billion from $11.77 billion a week earlier, while those held by commercial banks remained unchanged at $4.67 billion.

Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.

Higher exports and record remittances have also supported Pakistan's reserves.

Remittances from overseas Pakistanis rose 23 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion a year earlier.

In February, overseas Pakistanis sent back $1.16 billion.

Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 due on an $8 billion International Monetary Fund loan.

The next repayment is due in April. AGENCIES

Business News:

 Fri, 6 Apr 2012
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-Bullish China shops in industrial Germany
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·       Memo Commission to meet again today
·       Four missing persons produced in SC
·       12 terrorists arrested from Tehkal
·       Storm leaves 13 dead in Argentina
·       NATO tanker fire kills 7 in Afghanistan
·       Syrian envoy blasts UN General Assembly head's 'biased' conduct
·        US calls Zardari s India visit very constructive
·       Prime Minister Syed Yousuf Raza Gilani has said the judiciary in Pakistan is fully independent and if any concrete evidence against Hafiz Saeed was provided action would be taken against him according to the law
·        No drone attacks on Pakistan after 2014
·        Not playing strategic game against Pakistan: US
·        Four firms blacklisted; NAB to recover Rs840m
·       Hafeez constitutes nine bodies to seek budget suggestions


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