UK bank shows interest in hydro project

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ISLAMABAD : A delegation led by Standard Chartered (UK) Group CEO Peter Sands met Finance Minister Ishaq Dar on Thursday and discussed the bank's proposal to extend facility for Neelum-Jhelum Hydropower Project and oil financing through the Pakistan State Oil (PSO).


Dar said the future of economy was in revenue generation and resource mobilisation.


He told Sands the government and the International Monetary Fund (IMF) had reached an agreement for a three-year programme of at least $5.3 billion under an extended fund facility.


He said the government’s priorities were “three E’s, including improvement in Economy, resolution of Energy crisis and elimination of Extremism”.


He apprised Sands the biggest challenge to the economy was circular debt which he “took as a challenge”.


“Out of total circular debt of Rs503bn, the government has successfully settled the dues of independent power producers by paying Rs322bn”, he said.


Praising the new government’s policies, Dar said that during the recent business conference in Dubai last month, investors showed keen interest in investing in the country.


Sands said that this meeting helped him understand the economic policies of the new government and remove misunderstandings.—APP Our reporter adds: British High Commission in Pakistan Adam Thomson said on Thursday that the government of Britain, UK Trade and Investment (UKTI) and other partners were working together to support new business start-ups and growth in Pakistan.


Speaking at a ceremony to mark the 150th anniversary of operations in Pakistan of the Standard Chartered Bank, he said, “Trade between two countries is an important, vibrant example of the strength and depth of our bilateral relationship.”

Courtesy:  Dawn

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