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Following PPP’s threat, PM Shehbaz ‘approves’ Rs25bn for flood affectees

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1 year ago

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  • PPP threatened not to vote for the budget.
  • Amount to be utilised for Sindh flood victims.
  • PM to also hold meeting with PPP today.

ISLAMABAD: To address the reservations of a critical government ally, the Pakistan Peoples Party (PPP), Prime Minister Shehbaz Sharif has approved Rs25 billion in aid for flood victims, sources told Geo News on Monday.

The allocated amount — expected to be added to the debt-driven budget — will be spent rehabilitating the flood victims, the sources mentioned.

The PM committed to set aside the amount during a meeting with the party’s leaders last week.

Senior politicians Syed Naveed Qamar, Sherry Rehman, Syed Khurshid Shah, Qamar uz Zaman Kaira, Syed Murad Ali Shah, and Nisar Khuro were part of the PPP delegation.

A statement from the PM’s Office mentioned that during the meeting, the PPP leadership appreciated the prime minister for measures for public welfare in the budget despite the difficult economic conditions.

But PPP Chairman Bilawal Bhutto-Zardari, a day later, slammed his coalition partners and demanded amount be allocated for flood victims, or his party won’t support the government’s budget, which has to be passed this month.

In a rally held in Swat on Saturday, Bilawal — also the foreign minister — complained to the prime minister about not being able to fulfil his promises in the budget.

Reacting to the foreign minister’s statement, Planning, Development, and Special Initiatives Minister Ahsan Iqbal suggested discussing the matter in the cabinet and avoiding opening a new front.

When speaking to Geo News on Sunday, the minister said the coalition partners were consulted on every stage of preparation of the federal budget and its approval by the National Economic Council (NEC) meeting.

He said that the 2023-24 federal budget was tabled in the National Assembly with the consent of Sindh Chief Minister Murad Ali Shah.

To address the issues further, Premier Shehbaz will chair a meeting today (Monday) to address PPP’s concerns.

The meeting will also be attended by FM as well as ministers and experts related to the financial affairs of both parties.

In conversation with Geo News, PPP’s senior leader Nafisa Shah said the coalition partners had unanimously agreed that flood affectees would be provided relief and rehabilitated.

“Bilawal spoke about providing relief to the flood victims, who are, to date, still without homes,” she lamented.

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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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2 days ago

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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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Business

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

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2 days ago

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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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Business

Discos report losses of Rs239 billion.

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2 days ago

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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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