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

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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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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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