Central Development Working Party approves several development projects worth billions of rupees

Central Development Working Party (CDWP) approved several development projects costing billions of rupees. Planning Minister Ahsan Iqbal presided the meeting in Islamabad on Wednesday. The approved projects related to energy, water reservoirs, communications, governance and information technology. The meeting approved a project costing over one billion rupees to check electricity trippings in various areas of Sindh and Balochistan. It also okayed 700 kilometers long Gwadar-Nawabshah LNG Terminal pipeline. Two and half billions of rupees had been approved for Sindh Resilience Project to tackle losses caused by catastrophies and climate change. The meeting approved 890 million rupees for Pakistan Glacier Monitoring Network to monitor climate changes and water position in the upper Indus basin.

Global economy will grow just 2.4 per cent this year: WB

The World Bank says global economy will grow at just 2.4 per cent this year. It said it is much slower than the 2.9 per cent it predicted in January this year. The Bank said advanced economies are rebounding more slowly than expected and low commodity prices continue to hurt other countries. A worried World Bank slashed its growth forecast for the global economy Tuesday, saying advanced economies are rebounding more slowly than expected and low commodity prices continue to hurt other countries. "Economic growth remains the most important driver of poverty reduction, and that´s why we´re very concerned that growth is slowing sharply in commodity-exporting developing countries due to depressed commodity prices," said World Bank Group President Jim Yong Kim. "This sluggish growth underscores why it´s critically important for countries to pursue policies that will boost economic growth and improve the lives of those living in extreme poverty." The report comes as the main developed country drivers of global growth -- Japan, Europe and the United States -- struggle for traction. A sharp deceleration of the US economy since the beginning of the year is not helping carry the rest of the world, and the World Bank has cut its expectations for the world´s largest economy by 0.8 percentage point to 1.9 percent in 2016.

Pakistan is cognizant of the expertise of different countries in the renewable energy resources

Ambassadors of Italy, Germany and Japan held separate meetings with Minister for Water and Power Khawaja Asif in Islamabad today. Talking to the Italian Ambassador, Khawaja Asif that Pakistan is cognizant of the expertise of Italy in the renewable energy resources and is aspirant of taking full advantage of this expertise.  At the meeting with German Ambassador, the Minister invited the German investors to invest in the off grid energy solution in Pakistan. The Japanese Ambassador told the Minister that Japanese companies are interested in Lakhra coal project and other energy-related projects.  

ADB to extend soft loan to KP Govt for construction of highways

Asian Development Bank will extend soft loan to Khyber Pakhtunkhwa government for construction and rehabilitation of all highways in the province. The bank made announcement to this effect at a meeting of the high-level delegation of the Bank with Adviser to Chief Minister on Communication and Works, Akbar Ayub Khan in Peshawar. Initially the bank will provide 150 million dollars for reconstruction of provincial highways up to 300 kilometers. Later the bank will expand up to 250 billion dollars soft loan upon successful and satisfactory execution of the 1st Phase. Meanwhile, an MoU was also signed between ADB and KP Government.

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