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A steering committee for FBR reforms was formed by PM Shehbaz.

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Details reveal that PM Shehbaz will lead the 10-person steering group, and a formal announcement has been made in this respect.

The prominent committee will include the Federal Ministers of Law, Industry, Commerce and Production, and Finance.

The Steering Committee, which will oversee the execution of the FBR reform plan, will get secretarial support from the Finance Division.

Prior to this, Shehbaz Sharif, the prime minister, gave the relevant authorities instructions to make sure that all projects for the stability of the national economy were carried out.

See also: Shehbaz Sharif, the PM, completes the five-year economic roadmap

While presiding over a high-level meeting in Islamabad to discuss the five-year economic blueprint for the nation’s development, the premier gave these instructions.

A five-year economic strategy was given during the summit, with an emphasis on lowering inflation, addressing poverty, and creating jobs.

The prime minister declared that before putting this plan into action, all relevant parties from various economic sectors ought to be consulted.

He placed a strong emphasis on taking urgent action to advance technology, agriculture, livestock, foreign investment, and both small and large-scale companies.

Shehbaz Sharif expressed optimism that the country’s economy will stabilize and move toward development over the course of the next five years.

According to the prime minister, innovation and modernization across a range of industries, particularly agriculture, would raise income and yield per acre. He declared that state-owned businesses that are losing money will be sold off first.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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