ISLAMABAD:
The World Bank has approved a $1 billion loan for Pakistan to support the Dasu Hydropower Project on Monday.
The funds will be used for phase one of the project, aimed at enhancing and expanding the country’s electricity supply.
According to the World Bank, the project will improve electricity provision and expand access to socio-economic facilities.
The Dasu Hydropower Project is expected to be a significant development for Pakistan, contributing to the production of affordable electricity.
The lender indicates that once completed, the project will boost power generation capacity from 4,320 megawatts to 5,400 megawatts. The first phase is projected to produce 2,160 megawatts.
Pakistan urgently requires cheaper electricity resources to reduce reliance on expensive imported fuel-based power generation.
High electricity costs have prompted households, factories, mosques, and hospitals to turn to solar power generation, increasing the burden on those still connected to the national grid.
On June 9, the Federal Board of Revenue (FBR) demanded $25 million from the World Bank to effectively enforce an automated tax refund system under the Income Tax Ordinance (ITO) 2001.
According to them, the FBR submitted a report titled ‘Findings and Recommendations of Committee for Effective Enforcement of Section 170A [of the ITO-2001] before the Islamabad High Court (IHC) in a public interest petition.