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Ishaq Dar caused billions of rupees loss by halting SOEs privatisation, alleges PML-N leader

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11 months ago

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  • Mohammad Zubair ‘disagrees’ with Dar on privatisation matters.
  • Dar proposed handing over Steel Mills to Sindh govt: ex-minister  
  • Says Dar put off PIA sell-off over opposition concerns. 

Ex-privatisation minister Muhammad Zubair held former finance minister Ishaq Dar responsible for causing a loss of billions of rupees by halting the privatisation of loss-making public sector enterprises (SOEs) during the PML-N’s 2013-2018 tenure.

In an interview with a local TV channel, Zubair alleged that the privatisation of the PIA, Steel Mills and Fesco was in the final stages when Dar stopped it and this caused a loss of billions of rupees.

He said he disagreed with several decisions of Dar regarding privatisation.

Regarding the Steel Mills privatisation, the PML-N leader said the final session of the cabinet committee on privatisation was being held when Dar proposed that the Steel Mills be not privatised but handed over to the Sindh government because then leader of the opposition Khurshid Shah of the Pakistan Peoples Party wanted that.

Zubair said he did not agree with Dar on that because he believed that such commercial entities should be run by those who were capable of running them and it was not the government’s job to run them.

He said the government had already caused massive losses by trying to run them.

The former privatisation minister said that as the cabinet committee decided to hand the Steel Mills over to the Sindh government, the federal government wrote to then Sindh chief minister Murad Ali Shah in this regard and spent around eight to 10 months in correspondence with the Sindh government, but those efforts turned out to be useless.

Zubair said the Sindh government agreed to take control of the Steel Mills on the condition that its liabilities would be retained by the federal government. Later, he added, the decision to give the Steel Mills to the Sindh government was cancelled.

Regarding the PIA, Zubair said its privatisation was discussed in multiple sessions of a parliamentary body that had representation of all parties.

He added that when it appeared that the government would go ahead with the privatisation of the PIA, Dar decided to put it off saying that the opposition parties did not believe it was the right time to privatise the PIA.

When Zubair was asked if he was stating that Dar was responsible for not privatising the Steel Mills, PIA and Fesco, he said, “It is a matter of record.”

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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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1 day 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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1 day 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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1 day 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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