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Did Venezuela Just Default?

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela…

Pakistan’s President Confident They Can Solve Endemic Energy Crisis

Pakistan’s President Confident They Can Solve Endemic Energy Crisis

During independence celebrations on 14 August, Pakistani President Asif Zadari stated that his Pakistan People's Party government is determined to make Pakistan a strong, self-sufficient and prosperous state to ensure a bright future.

Prime Minister Syed Yusuf Raza Gilani said the government is striving hard to overcome the energy crisis, noting that the construction of the Basha and Munda dams is proceeding while the government has decided to fund efforts to exploit the country’s vast Thar coal reserves, Gulf News reported.

Seeking to apportion blame for the country’s current ongoing energy shortfalls Gilani added that Zadari’s Pakistan People's Party had inherited the country’s energy infrastructure problems from the previous administration and had nevertheless been successful in adding 3,000 megawatts of electrical production to the national grid.

According to Gilani, a ministerial committee headed by Finance Minister Hafeez Sheikh has been established to furnish recommendations to cope with the country’s ongoing energy crisis, which will develop a strategy to consult with the country’s four provinces to develop a policy to cope with projected energy price hikes, commenting that the federal government is providing $23 million subsidy through the Utility Stores Corporation to ensure provision of essential energy to the people at subsidized rates, which will reach six million people under the Benazir Income Support Program.

By. Joao Peixe, Deputy Editor OilPrice.com



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