Government to Move Fossil Fuels to Hydel Energy Production
According to media reports, Federal Minister for Economic Affairs Omar Ayub Khan announced in Islamabad that the government intends to shift 70% of energy output from fossil fuels to hydroelectric sources by 2030.
During his discussion with John Hurley, the United States’ substitute executive director of the Asian Development Bank (ADB), the minister praised the ADB’s management for their prompt support of the COVID-19 vaccination campaign.
Minister Omar Ayub emphasized the financial and budgetary significance of two ADB-funded program loans for the capital market and energy sectors during the meeting.
Hurley stressed the significance of ADB-funded programme loans in the pipeline, such as the Domestic Resource Mobilization Programme, which broadens the tax base and improves the country’s total revenue collection goals for future debt growth and sustainability.
In addition, the minister emphasized the significance of constructing farm-to-market roads, including communication links, and supplying rural locations with electricity in order to boost the rate of return and market accessibility.
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