Connect with us

Latest News

Prime Minister Sharif pledges to tackle escalating electricity costs this week.

Published

on

Prime Minister Shehbaz Sharif has reaffirmed his administration’s dedication to tackling the problem of elevated electricity costs, asserting that Pakistan cannot advance without economical energy.

At a federal cabinet meeting on Tuesday, the premier declared intentions to have a comprehensive session this week to examine strategies for decreasing power expenses.

During a cabinet briefing, Prime Minister Sharif provided updates regarding his recent meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Rahim Yar Khan.

The UAE leader has generously extended the repayment time for a $2 billion loan due in January, a significant gesture of assistance, according to the prime minister.

Latest on PM Shehbaz’s cabinet meeting about PTI

The Prime Minister acknowledged that the suggestion for the extension originated from Sheikh Mohammed bin Zayed Al Nahyan, for which he expressed his gratitude. The two leaders also deliberated on strategies to augment investment in Pakistan.

Reinstatement of SMEDA and economic advancement

During the meeting, PM Shehbaz criticized the Small and Medium Enterprise Development Authority (SMEDA) for its inadequate performance, deeming it a “burden on the economy.”

National Cabinet

He disclosed that his government had recently reconstituted the board of SMEDA and expressed hope for greater collaboration between federal and provincial governments to rejuvenate the institution. He stated, “SMEDA possesses the capacity to serve as the cornerstone of Pakistan’s economy.”

The premier also acknowledged the rise in textile exports, emphasizing its vital contribution to enhancing the nation’s foreign exchange reserves.

Enhancing commerce with Indonesia

Prime Minister Sharif notified the cabinet that Indonesian President Joko Widodo is set to visit Pakistan later this month. He underscored the significance of the visit for bilateral trade and pinpointed halal meat and rice as crucial export potential to be addressed during the discussions.

Denunciation of the assault in Lower Kurram

The Prime Minister denounced the recent assault on an official convoy in Lower Kurram as a “despicable act” aimed at destabilizing the peace accord in the area. He prayed for the prompt recovery of the deputy commissioner and those officers hurt in the assault.

Prime Minister Shehbaz commended the interior minister and his team for their endeavors in combating human trafficking, urging solidarity in eliminating the “atrocious trade.”

The cabinet was informed about the deployment of e-office systems throughout federal ministries. Officials reported that paper-based communication has been replaced by digital platforms in 21 ministries, marking a milestone in e-governance.

The cabinet approved multiple measures, including the signing of a memorandum of understanding with a Chinese firm for the creation of textile parks. Furthermore, the government exempted the acquisition of used Chromebooks for educational institutions from Public Procurement Regulatory Authority (PEPRA) regulations while requiring a third-party audit to guarantee transparency.

Latest News

The tri-series between PCB and SA and NZ is moved from Multan to Karachi, Lahore.

Published

on

By

The forthcoming tri-series between South Africa, New Zealand, and Pakistan will now take place in Multan, according to the announcement made by the Pakistan Cricket Board (PCB). The tri-series, which was originally planned to take place in Multan, will instead be hosted in Karachi and Lahore as the PCB gives priority to getting ready for the Champions Trophy.

The National Stadium in Karachi and Gaddafi Stadium in Lahore will host games in the series, which is scheduled to begin in the second week of February.

The decision was made in view of the Champions Trophy preparations that are now taking place at these locations.

The PCB claims that this change shows the board’s ability and dedication to modernising the stadiums to worldwide standards.

The Gaddafi Stadium’s capacity will be raised to 35,000, and the ongoing renovations at the National Stadium will be finished on time.

The PCB can better coordinate its Champions Trophy planning thanks to the tri-series shift, which also guarantees that the venues are prepared for the event.

Continue Reading

Latest News

Ali Amin Gandapur is declared a proclaimed criminal by the ATC.

Published

on

By

Ali Amin Gandapur, the chief minister of Khyber Pakhtunkhwa, and Umar Tanveer Butt have been convicted of terrorism by the Anti-Terrorism Court (ATC) in Islamabad. The case is related to demonstrations against the disqualification of Imran Khan, the founder of the Pakistan Tehreek-e-Insaf (PTI).

ATC Judge Tahir Abbas Sipra heard the case, and processes to designate former Federal Minister Amir Mahmood Kayani as a proclaimed offender were also initiated. PTI leaders Wasiq Qayyum and Faisal Javed also made an appearance before the court during the hearing.

The proclaimed offenders’ cases would be kept apart from the other accused by the court. For a few of the defendants who were not present, arrest warrants were issued.

In his petition, Senator Faisal Javed asked that the case’s terrorism-related clauses be eliminated. The hearing was postponed until January 15 by the court, which also ordered arguments on the petitions that were filed.

A demonstration against Imran Khan’s disqualification led to the case’s registration at Islamabad’s I-9 Police Station in 2022.

Continue Reading

Latest News

The cost of electricity is expected to decrease by Rs20 per unit.

Published

on

By

According to official estimates, electricity prices can be lowered by up to twenty rupees per unit. By revising agreements with Independent Power Producers (IPPs), the federal government has devised a formula to lower electricity prices by Rs20 per unit, with a potential reduction of Rs9.70 per unit.

Negotiations with 14 IPPs have been concluded, according to the working document, while agreements with six will be cancelled. All IPP agreements will be revised, which will lower power costs by Rs9.70 per unit.

In order to implement the “Electricity for Payments” strategy, the government intends to persuade commercial power plants. Next Monday, the Cabinet is anticipated to get a summary of these IPPs.

Convincing IPPs to implement the “Electricity for Payments” strategy will reduce capacity payments by half, the documents claim. At the moment, capacity payments from customers are Rs1,916 billion per year. The revised agreement will lower this sum to Rs967 billion.

Eight separate taxes that are applied to electricity bills are also being eliminated by the Ministry of Energy. Every year, these taxes cost consumers Rs. 954 billion. Prices for power might drop by an extra Rs. 9 per unit if these taxes are eliminated.

Additionally, according to the working paper, converting coal-fired power facilities from imported to domestic coal will result in an additional Rs. 2 per unit reduction in electricity costs.

During yesterday’s federal cabinet meeting, the prime minister said the country’s economy is stabilising and that the government intends to ask the IMF to lower electricity prices.

He underlined that lowering electricity costs is necessary for the expansion of exports, businesses, and agriculture.

In order to speed up the process, the PM indicated that more meetings would be conducted this week and that talks are still going on with possibilities to reduce electricity bills.

Continue Reading

Trending