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The Punjab government is considering a package for individuals who consume up to 300 units of energy.

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Punjab Finance Minister Mujtaba Shujaur Rehman announced on Thursday that the provincial government is developing a package specifically for individuals who use up to 300 units of electricity. This initiative aims to alleviate the financial burden on low-income groups, who have been disproportionately impacted by ongoing inflation.

During an interview with a journalist outside the Punjab Assembly, Shuja stated that the scheme would be included in the upcoming budget for the fiscal year 2024–25.

According to the statement, Chief Minister Maryam Nawaz had already established a committee, and there was potential for the announcement to be made prior to the budget. It was also mentioned that more than 25 million households in Punjab had a power use of 300 units or less.

The provincial minister attributed the repeated increases in gas and electricity tariffs to the federal government, while highlighting that the rise was a consequence of the PTI’s inefficiency during its time in power.

The founder of PTI previously asserted that he would never choose to borrow funds from the IMF and other sources and instead would opt for taking his own life. Mujtaba informed the media that the PTI’s tenure resulted in an increase in the national debt that exceeded the total accumulated debt of Pakistan over a span of 70 years.

He asserted that Punjab’s economic well-being surpassed that of other provinces and pledged to enhance tax revenue. He also acknowledged the efforts of Shehbaz Sharif, the former chief minister, in addressing this matter.

Shuja asserted that the 2024–25 budget, which will be presented in June, will be exceptional. He also stated that the PML-N has made significant progress in generating revenue.

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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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Business

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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