logo
530 MW-Tarbela 5th extension HPP likely to start power generation by 2026

530 MW-Tarbela 5th extension HPP likely to start power generation by 2026

LAHORE: Federal Minister for Water Resources Mian Muhammad Mueen Wattoo has said that the Federal Government is committed to adding clean, green and environment-friendly electricity to the national grid on priority for providing relief to the consumers and stabilising the national economy.
Under-construction mega hydropower projects by WAPDA, including Tarbela 5th Extension, are the priority projects of the Government's least-cost energy generation plan, and the Ministry of Water Resources is providing full support to WAPDA for completion of these vital projects as per their timelines.
The Federal Minister expressed these views during his visit to the under-construction 1530 MW- Tarbela 5th Extension Hydropower Project. Chairman WAPDA Naveed Asghar Chaudhry also accompanied him.
Member Power, Member Water, GM Tarbela Dam, GM Power Tarbela, GM/PD Tarbela 5th Extension and Project Managers of the Consultants and the Contractors were also present on the occasion.
During the visit, the Minister reviewed progress on key components of the Project, which included power intake, penstock, powerhouse and connecting tunnel. The Minister was briefed about site-wise progress as well as timelines for completion of critical activities. He was informed that construction work on all seven key work fronts is progressing at a good pace, while electricity generation from the Project is expected to begin in 2026.
Expressing satisfaction over the progress, the Minister urged upon the Management to complete the Project in accordance with the timelines.
It is pertinent to mention that WAPDA is constructing Tarbela 5th Extension Hydropower Project on Tunnel No. 5 of Tarbela Dam. World Bank and Asian Infrastructure Investment Bank are providing US$ 390 million and US$ 300 million respectively for construction of the Project. With installed power generation capacity of 1530 MW, the Project will provide 1.347 billion units hydel electricity to the National Grid on the average every year. Installed capacity at Tarbela Dam will rise to 6418 MW from 4888 MW after completion of Tarbela 5th Extension Project.
Copyright Business Recorder, 2025
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Victory celebration and reality check
Victory celebration and reality check

Express Tribune

time8 hours ago

  • Express Tribune

Victory celebration and reality check

Listen to article Pakistani luck is flying these days. It has been blessed with massive success, one after the other. First, Pakistan successfully and comprehensively defeated India in the military conflict. It was an enormous triumph, which laid the foundation for a regional reset. India, which had portrayed itself as the regional power, a rising market and economy in Asia, and a leader of the Global South, had to face a checkmate at the hands of Pakistan. Second, on the diplomatic front, Pakistan achieved many accomplishments. After the war, India sent a delegation to the world to launch a propaganda campaign. It wanted to tag Pakistan with terrorism. Pakistan analysed the situation and sent its own delegation, which outperformed the Indian delegation. The world did not buy the Indian argument, and the Pakistani point of view had wider acceptance. Pakistan maintains a balanced relationship with the world's major powers, including China, the United States, and Russia. There is no need to discuss the China-Pakistan relationship, as everyone is aware that both countries share a deep and enduring brotherhood. However, the recent shift in the Pakistan-US relationship is the talk of the town. The US played a prominent role in halting the war between India and Pakistan. After the truce, President Trump praised Pakistan for its sensible and rational behaviour. He also invited Army Chief General Asim Munir for a meeting at the White House. Both sides reportedly discussed enhancing the relationship in multiple fields. On the other hand, Pakistan and Russia intensified efforts to further enhance and strengthen their bilateral relationship. Russia has shown interest in investing more than $2 billion in reviving and expanding Pakistan Steel Mills. It is a good omen, as Pakistan was looking for opportunities to revive the mill. Also, a breakthrough happened at the SCO defence ministers' meeting, where Russia supported Pakistan's stance on terrorism. Simultaneously, Pakistan played a prominent and leading role in ending the Iran-Israel war. It diligently convinced the US administration that the war in the region had no justification. Therefore, all efforts must be made to end the war and work for peace. These examples collectively indicate that Pakistan has achieved significant success in recent months. However, the country needs to be cognizant that these achievements cannot be sustained without solving domestic challenges. Pakistan continues to face multiple challenges. The economic and governance system is in shambles. The government claims that the economy is improving and that the budget will provide a foundation for accelerated economic growth and development, as promised the previous year. But the Economic Survey 2024-25 and the budget for 2025-26 present a bleak picture. The Economic Survey shows that the national GDP grew at a 2.7% rate. However, independent sources are not willing to accept government claims and instead raise questions. They question that, during the first three quarters of FY25, the economy grew at an average annual rate of 1.7%. To achieve a yearly rate of 2.7%, the economy would have had to grow at 5.3% during the last quarter, which is not possible. Apart from that, agriculture, which had provided a significant boost to economic growth in FY24, presented a dismal picture in FY25. A booming sector experienced a sharp decline in production and market share. The growth rate fell to 0.56% in FY25 from 6.25% in FY24, driven by a steep fall in the growth of major crops. Major crops' growth rate fell to -13.26% in 2025, from 11.3% in 2024. Similarly, the large-scale industry is struggling to enter a positive growth trajectory, having demonstrated a negative growth of -1.7%. Social indicators too are pretty disturbing. The World Bank estimates that 44.7% of the population lives below the poverty line, and 16.5% of the population resides in extreme poverty. Poverty is increasing, despite the government's assertions of investing in poverty reduction such as the Benazir Income Support Programme (BISP). This raises questions about the effectiveness and sustainability of the BISP. Food insecurity is another constant irritant, and a 2013 study estimated that 58.8% of the population in Pakistan was food insecure. Unfortunately, we have to rely on old data because the government has not updated it. There are fears that food insecurity has increased over the years due to multiple factors. Poor economic conditions and the devaluation of the PKR have substantially impacted people's purchasing power, resulting in fewer resources available to afford healthy food. Additionally, inadequate governance and management of the agricultural sector have led to lower production and reduced availability of quality food. Bad governance is further complicating the situation. The elite class has designed the institutions to ensure the exclusion of common citizens from the governance system without explicitly mentioning it. The system encourages wealth accumulation, and there is no system in place for redistributing wealth or resources. It is deepening the divide between the haves and have-nots. A few influential individuals have all the resources, while millions struggle to make a decent living. Furthermore, the elite have devised an extremely complex business system and environment to strengthen their control over the economic system and resources. This system has given birth to rampant corruption and deep-rooted rent-seeking behaviour. It only works for the powerful or those who can afford to offer bribes. Environmental degradation, particularly climate change, is another issue that is worsening over time. Climate change-related disasters, such as floods and droughts, are regular visitors. Pakistan is still struggling to recover from the impacts of the 2022 floods, and there is a prediction that Pakistan will again face floods. On the other hand, climate change is severely impacting agriculture, which is threatening Pakistan's food security and economy. Farmers are bearing the brunt of climate change. Poor governance and attitude of the government have left farmers vulnerable to the impacts of climate change. In conclusion, Pakistan needs to be mindful that its heyday can be limited if it does not address these issues. The writer is a political economist and a visiting research fellow at Hebei University, China

FTSE 100 logs fourth straight week of gains
FTSE 100 logs fourth straight week of gains

Business Recorder

time9 hours ago

  • Business Recorder

FTSE 100 logs fourth straight week of gains

LONDON: The UK's FTSE 100 extended its winning streak to a fourth week on Friday, as investors looked past economic concerns to focus on the Bank of England's policy path, while a slate of positive corporate updates also lifted mood. The internationally-oriented FTSE 100 closed 0.2% higher, adding 0.6% for the week, while the midcap FTSE 250 index rose 0.6%. For the week, the domestically focussed index gained 1.3%. The blue-chip index surged to all-time highs earlier this week as investors shrugged off domestic growth concerns to take comfort in a relatively US tariff-shielded market, higher commodity prices and hopes of a Bank of England rate cut. 'The FTSE 100 continues to prove that the stock market is not the economy, with rising unemployment, a black hole in the public finances, and resurgent inflation pressures doing little to dampen sentiment for the UK's top stock index,' said Joshua Mahony, chief market analyst at Scope Markets. The FTSE 100 has gained about 10% so far this year, surpassing the pan-European STOXX 600 index's 7.7% gains. Traders are currently pricing in a 78% probability of a 25 basis-points rate cut at the Bank of England's policy meeting next month. Among company moves, Burberry shares jumped 5.5% to their highest in nearly 17 months after the luxury brand's comparable retail sales fell less than expected. The strong earnings showed early signs of a recovery for the company that has struggled with underperformance. The UK's personal goods index surged 5% on the back of Burberry to its highest in five months. Heavyweight BP also gained 0.7% after the energy major said it had agreed to sell its US onshore wind business, bp Wind Energy, to US-based electricity transmission systems operator LS Power.

Sanctions eroding USD's global reach
Sanctions eroding USD's global reach

Business Recorder

time9 hours ago

  • Business Recorder

Sanctions eroding USD's global reach

History may hold US President Donald Trump responsible for undermining the pervasive influence of his country in several international agencies dating back to when the US was the sole superpower - from 1989 subsequent to the collapse of the Soviet Union roughly around 2017: World Trade Organisation (WTO) by raising tariffs on all imports into the US, North Atlantic Treaty Organisation (insisting on greater equality in contributions by member countries and threatening to revisit Article 5 which stipulates that all member countries will come to the assistance of a member if attacked), and International Atomic Energy Agency (by bombing nuclear sites in Non-Proliferation Treaty signatory Iran thereby taking away the protection implicit to signatories). But what President Trump cannot be solely held responsible for is the global momentum towards de-dollarisation mainly due to the overuse of sanctions by administrations dating back to 2000, including his own first term. Sanctions have become the tool of first resort for American presidents, which has compelled heavily sanctioned countries to consider trading in a currency other than the dollar through a messaging/transfer system that is not hostage to US-led sanctions. The Society for Worldwide Interbank Financial Telecomm unication (SWIF T) was founded in 1973, essentially to replace telex, and has since become a global provider of secure financial messaging services. It is headquartered in Belgium and is a member owned cooperative connecting 11000 banks, financial institutions and corporations in more than 200 countries/territories and is overseen by G-10 banks — Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, UK, and USA – countries defined as the West, unequivocally led by the US. In 2006-07, SWIFT allowed financial institutions to comply with FATF SR VII (fighting terrorist financing by mentioning more detailed information about the payment ordering customer). SWIFT then began to liaise closely with Financial Action Task Force to combat money laundering and terror related financing by providing information and data and worked with the US Treasury's terrorist finance tracking program. In 2010 financial institutions began to include underlying customer information; and to comply with sanction laws, increasingly used by the US-led West as a foreign policy tool. However, SWIFT maintained that compliance rested with financial institutions and competent authorities and that it did not arbitrarily select which jurisdiction's sanctions to follow but because it is incorporated in Belgium it complies with related European Union regulation, confirmed by the Belgium government. In 2012, twenty-nine years after SWIFT was founded, it's framework was reviewed, and a SWIFT Oversight Forum was established in which the G-10 banks were joined by ten other central banks from major economies: Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Reserve Bank of India, Bank of Korea, Bank of Russia, Saudi Arabian Monetary Agency, Monetary Authority of Singapore, South African Reserve Bank and Central Bank of the Republic of Turkey. The influence of the Bank of Russia, sanctioned by the US, is non-existent, given that Western banks have frozen the 300 billion dollars of Russian reserves they held and appropriated the interest and on-lent it to Ukraine. Notwithstanding SWIFT's claims of neutrality three subsequent decisions allowed the US-led West to determine which country or entity was to be sanctioned, and the selection in at least three cases, notably Iran, North Korea and Russia, mirrored US foreign policy thrust. In 2012, pursuant to international and multilateral action to intensify financial sanctions against Iran, EU regulation 267/2012 was passed – a regulation that prohibited SWIFT from providing service to EU sanctioned Iranian banks. In March 2016 SWIFT restricted access of North Korean banks, reportedly due to UN sanctions and concerns about their role in illicit activities. And in 2022, two days after the Russian invasion of Ukraine, at Ukraine government's request, SWIFT disconnected all designated Russian entities and their Russian based subsidiaries/entities as well as Belorussian and the country's designated subsidiaries from SWIFT Network in compliance with the EU Council Regulation (765/2006). Today 1400 financial institutions in over 100 countries use CIPS which relies on SWIFT's messaging service for over 80 percent of its transactions. It uses SWIFTs standard for syntax in financial messages as those formatted to SWIFT standards can be read and processed by many well-known financial processing systems, whether or not the message travelled over the SWIFT network. Be that as it may, due to digital real time transfer of funds, SWIFT is unlikely to remain the primary source of money transfer for long. China overtook the US in purchasing power parity (PPP) nine years ago in 2016, and by 2022 the International Monetary Fund (IMF) rated the Chinese economy in PPP terms to be 23 percent larger than the US, the World Bank rated it 19.8 percent larger than the US and even the CIA considered China larger by 16 percent. No doubt fully cognizant of its growing economic power, in 2015 Peoples Bank of China launched a Cross Border Interbank Payment System (CIPS) to (i) facilitate international Renmibi transactions; (ii) provide real time clearing and settlement; and (iii) operate independently and alongside SWIFT. It is a matter of time that with the rising rivalry between China and the US, CIPS may delink from SWIFT sooner rather than later. In 2021 Shaikh Muhammad Shariq, Chief Representative of the National Bank of Pakistan, while addressing the Pakistan Investment Forum and the Cross-border E-commerce Conference held in Pakistani Embassy Beijing noted that 'ICBC and Bank of China, Karachi branches are providing CNY clearing & settlement services in Pakistan. ICBC Karachi branch has also obtained the direct participation qualification of the first cross-border CNY clearing mechanism of CIPS in South Asia to facilitate and ensure quick and smooth CNY clearing to improve bilateral trade.' Another emerging platform, BRICS (Brazil Russia India China South Africa), has begun talks on replacing the dollar and developing an alternate payment system bypassing SWIFT and reducing reliance on Western financial institutions. This demand is not only from the sanctioned countries but also other countries grappling with Trump tariffs, demand to curtail economic and trade relations with China and last but not least due to the ongoing de-dollarization of the global economy. In 2021, the Atlantic Council concluded that sanctions have a poor record, rarely change a target's behaviour and often generate negative unintended consequences, and urged US policymakers to focus on whether sanctions are likely to produce the desired result rather than simply serving as a tool to signal displeasure. That exhortation has yet to resonate with the Trump administration and the threat of punitive sanctions against Russia in 50 days, unless it agrees to the terms of a ceasefire dictated by the US, would generate secondary sanctions (defined as those countries that continue to trade with Russia). Neither Russia nor its major trading partners, China, Brazil and India, appear to be concerned with China's s Xi Xinpeng dismissing the threat by stating that China would deepen its ties with Russia. To conclude, Pakistan's trade with Russia is less than one billion dollars while our trade with the US is around 3 billion dollars, less than 4 percent of the sum of our exports and imports, however the US exercises tremendous influence over all multilateral institutions (barring the Infrastructure Bank set up by China) – institutions from which Pakistan borrows heavily to avert the existing looming threat of default (ironically since 2019 even China has shown a reluctance to extend rollovers to Pakistan without being on a rigidly monitored IMF programme) and hence the threat of secondary sanctions by the US are going to play a key role in the country's decision to trade with Russia. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store