ISLAMABAD
Prime Minister Muhammad Shehbaz Sharif chairs meeting of the National Economic Council
ISLAMABAD
Govt. to establish eight more workshops for repairing transformers: Awais
ISLAMABAD, Jun 10 (APP): Federal Minister for Energy Sardar Awais Ahmad Khan Leghari on Monday informed the National Assembly that the government would establish eight additional workshops for repairing transformers.
Responding to a calling attention notice regarding the lack of transformer repair workshop facilities at the district level by the DISCOs, he said that all DISCOs currently operate thousands of workshops for transformer repairs.
The minister assured that the government would not withdraw its regulations related to net metering for existing solar systems and would honor the terms and conditions agreed upon with net meter owners.
He also clarified that there would be no change in the electricity price for future net meter installations and ruled out any plans to impose taxes on solar net metering.
He said that the government encourages net metering and is committed to enhancing power company services through better governance and legislative measures to address overbilling.
He stated that elements involved in overbilling would face jail time if the proposed law is passed by Parliament.
To another query, he said that TV fees and other taxes collected by DISCOS are forwarded to Pakistan Television (PTV) and the Federal Board of Revenue (FBR), with DISCOS functioning as collection agents.
The minister expressed his readiness to brief the house on matters related to Independent Power Producers (IPPs), transmission, generation, and distribution systems.
LCCI lauds SBP’s decision to slash policy rate
LAHORE, Jun 10 (APP):Lahore Chamber of Commerce and Industry (LCCI) has commended the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) for its decision to reduce the key policy rate by 150 basis points (bps), bringing it down to 20.5 percent, effective from June 11, 2024.
In a media statement issued here Monday, LCCI President Kashif Anwar, Senior Vice President Zafar Mehmood Ch, and Vice President Adnan Khalid Butt highlighted this move as a positive step towards economic improvement. They underscored the potential of this reduction to mitigate inflationary pressures, particularly as inflation rates show signs of decline.
The LCCI office bearers stressed the importance of further reducing the interest rate to single digits, and said that it will significantly impact on the cost of doing business. They emphasized that reducing policy rate to single digit would encourage the circulation of funds currently parked in banks and will speed up the economic activity and growth.
Additionally, the LCCI office bearers stressed the importance of looking at the bigger picture. They mentioned that while reducing the interest rate is helpful, it’s also crucial to deal with other economic issues. They talked about the need to lower electricity and gas prices, as well as to stabilize the exchange rate and rupee devaluation. These steps are important to make sure that lowering the interest rate really works well for the economy.
They said that it is important for the much-needed new investment in the industrial sector, adding that a noteworthy cut in the policy rate would help the industrial sector to keep the wheels of industry rolling.
The LCCI office-bearers said a reduction in the policy rate would benefit the industrial sector in many ways – it would reduce production cost and bring required competitiveness to Pakistani products in comparison with the international market. LCCI office bearers urged the government to take a comprehensive approach to ensure long-lasting economic growth.
2 Gangs busted, looted valuables recovered
BUREWALA, Jun 10 (APP):Model Town police busted two notorious gangs and arrested three members of these gangs besides recovering looted valuables from their possession during a crackdown launched on Monday.
In line with special directives of the District Police Officer (DPO) Mnsoor Awan, Model Town police launched a crackdown against the criminals involved in depriving citizens of valuables at gunpoint.
The police busted two gangs and arrested three members of these gangs including the ring leader Bilal alias Mochi, Shujat and Sandal Abbas.
The police have also recovered looted valuables worth over Rs 3.5 million from their possession by tracing 42 cases from.
Further investigations were underway from the arrested criminals and more recoveries were expected, police sources added.
Senate unanimously adopts motion for electing house standing, functional committees
ISLAMABAD, Jun 10 (APP):The Senate on Monday unanimously adopted motion to pave the way for electing the house standing and functional committees under Rule 174, of rules of the procedure and conduct of business in the Senate 2012.
Moving the motion in the House, Senator Sherry Rehman said that under Rule 174 of the rules of the procedure and conduct of business in the Senate 2012, that the standing and functional committees may be elected by the Senate comprising members as per the proposed list.
The House may also authorize the Chairman Senate to make changes in the composition of said committees as and when it deems fit.
Speaking at the forum of the House, leader of the Opposition Syed Shibli Faraz thanked the treasury and opposition benches to show solidarity with him and said that such incidents could not deter their courage.
He said that the Senators should be accommodated in the committees as per their skills and expertise.
He further said that rules should strictly be followed in the Constitution of Standing and Functional Committees of the house. Without constitution of the committees within the stipulated time frame, the house would be dysfunctional and mere a debating club, he added. He urged to settle the committee issue once for all.
Law Minister Azam Nazeer said that today was a cut-off date for constituting the committees. Almost 95 per cent issue has already been resolved as per the rules, he added.
He said, we have required two committees including Finance and Planning and Development. Process has been initiated and remaining committee would be constituted within the due course of time, he said.
People friendly entertainment projects to be initiated for residents of Islamabad: Randhawa
ISLAMABAD, Jun 10 (APP):Chairman Capital Development Authority (CDA) Muhammad Ali Randhawa on Monday said that people friendly entertainment projects would be initiated for the residents of the federal capital.
During the meeting with former Chairman CDA and bureaucrat Kamran Lashari, he said that similarly, many projects are under consideration for providing quality entertainment to the residents of the Islamabad.
The meeting was attended by the Members of CDA Board and other senior officers of the authority, said a news release.
Muhammad Ali further said that guidance would be taken from Kamran Lashari. He said that the services of Kamran Lashari are commendable in making Islamabad a beautiful city.
He briefed Kamran Lashari about the new projects to be started in Islamabad to enhance the beauty of city. The meeting also discussed operations and maintenance of the existing projects in the capital.
Kamran Lashari said that the needs and preferences of the citizens should be taken into consideration while developing the city and beautifying it, adding that Islamabad’s green character and natural landscapes make Islamabad unique, therefore Islamabad’s natural landscapes and greenery should be protected and nurtured.
He further said that along with new projects, maintenance of the already established projects is also important and the entertainment facilities should be established in Islamabad which is easily accessible for the residents.
NEC approves 13th 5-year National Development Plan, economic growth target for 2024-25
ISLAMABAD, Jun 10 (APP): The National Economic Council on Monday approved in principle the 13th five-year National Development Plan alongside approving the annual economic growth targets for the financial year 2024-25 and macroeconomic framework for annual plan.
The meeting of the NEC, presided over by Prime Minister Shehbaz Sharif here, was briefed on the 13th five-year annual development plan. It was informed in the meeting that the key objectives of the plan include development of every part of the country especially the less developed areas, increase in exports, promotion of the small and medium industry, social protection and poverty alleviation, increase in the capacity building of the work force, and a framework to protect from the impacts of climate change.
The NEC directed the planning ministry to ensure the positive role of the provinces in the national economy and to present a comprehensive framework to increase the country’s exports.
The ministry was also directed to include the provinces in the consultation process to achieve the overall economic growth target of the country.
The prime minister emphasized that the government would ensure the best utilization of the existing resource for revival of the economy and prosperity of the people.
He further said that in all important decisions regarding the economy, the Federation would ensure consultation with the provinces and other stakeholders so that as a result of the collective vision for the development of the country, such decisions were made that were positive and involved the consent of all.
“The National Economic Council is the biggest forum for important decisions regarding the country’s economy, which will be used for important decisions for the recovery of the economy,” he added.
The prime minister also directed the National Economic Council to set up a committee which in consultation with the provinces and other stakeholders, should formulate the proposals to not only make the Council active but also to harmonize it with the modern requirements.
The meeting was informed about the performance and the annual development projects for the year 2023-24 and proposals for the upcoming fiscal year 2024-25.
It was told in the meeting that the growth rate target for the upcoming fiscal year had been increased significantly.
The prime minister on the occasion said that as the agriculture sector was the backbone of the country’s economy, therefore consultation with the provinces for its development was very important.
He directed to ensure inclusion of the provinces’ proposals regarding agriculture and other sectors in the plan.
The Council was also informed about the national goals for the recovery of the economy and the measures to achieve them.
The meeting was told that measures such as production of export products, innovation of agriculture sector, artificial intelligence and information technology sector in line with international standards, sustainable and renewable energy, effective use of water resources, development of youth and women, effective and speedy implementation of the second phase of China Pakistan Economic Corridor (CPEC) would ensure development of the country’s economy in next five years.
The review of the development budget 2023-24 and proposed development budget 2024-25 was also presented in the meeting.
It was told that in the upcoming development budget, priority would be given to the projects under CPEC, those of foreign investment and the ones close to completion.
Besides the targets of the Sustainable Development Goals (SDGs) would also be included in the development projects while the less developed areas of the country would be given priority in the development plan.
A report on the performance of Central Development Working Part (CDWP) and Executive Committee of National Economic Council (ECNEC) for the period April 2023 to May 2024 was also presented in the meeting.
Earlier, the participants of the meeting prayed to Allah Almighty to grant eternal peace to Captain Muhammad Faraz Ilyas Shaheed and other soldiers who were martyred in the terrorist attack in Lucky Marwat on Sunday.
Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers Khawaja Muhammad Asif, Muhammad Aurangzeb, Ahsan Iqbal and Ahad Khan Cheema, Punjab Chief Minister Marryam Nawaz Sharif, Sindh CM Syed Murad Ali Shah, Khyber Pakhtunkhwa CM Ali Amin Gandapur, Balochistan CM Sarfaraz Khan Bugti, Punjab Minister Marryum Aurangzeb, Sindh Minister Jan Khan Shoro, Advisor to the KP CM Muzamil Aslam, Balochistan Minister Zahoor Ahmed Buledi, State Bank of Pakistan Governor Jameel Ahmed and relevant high officers participated in the meeting.
Federal Govt constitutionally authorized to levy taxes: Talal Chaudhry
FAISALABAD, Jun 10 (APP): Pakistan Muslim League-Nawaz (PML-N) Senator Talal Chaudhry on Monday said that the Federal Government was constitutionally authorized to levy taxes in the larger national interest.
Talking to media persons in Jaranwala, he strongly condemned the statement of the Khyber Pakhtunkhwa (KP) chief minister, saying as taxes were the lifeline of national economy, the government was determined to collect and then spend the same for the uplift of the country and the people’s welfare.
He termed the KP chief minister’s statement irresponsible and unconstitutional, and said that a major portion of the taxes collected by the Federal Government was distributed among the provinces to launch their projects.
He said that the Federal Government not only undertook development projects from the taxes but also paid salaries to the employees.
He said that Pakistan was at present facing severe financial constraints. “We should encourage tax culture so that the the government should not opt for stringent measures for revenue.”
12 farmers booked over putting forest area on fire
FAISALABAD, Jun 10 (APP):Balochni police have registered a case against 12 farmers on charge of setting forest area ablaze near Chak 54/R-B.
Police spokesman said here on Monday that Imran Khan, an official of Forest Department, filed a complaint, contending that 12 farmers including Bashir, Abdul Shakoor, etc. put forest area on fire and caused severe damage to the trees as the accused wanted to illegally occupy the forest area.
When the staff of Forest department prohibited them from grabbing the land, the accused hurled threats of dire consequences besides producing severe resistance.
The police registered a case and started investigation for arrest of the accused who were still at large, he added.
NA offers Fateha for Captain Faraz, six other soldiers
ISLAMABAD, Jun 10 (APP):The National Assembly on Monday offered Fateha for Captain Muhammad Faraz Ilyas and six other soldiers who were martyred in Lakki Marwat landmine explosion.
Lawmaker of Sunni Ittehad Council (SIC) Ali Muhammad Khan led the Fateha on the request of the Speaker.
The House also offered special prayers for the early recovery of former Prime Minister Raja Pervaiz Ashraf.
Speaker Sardar Ayaz Sadiq informed the House that Raja Pervaiz Ashraf had undergone a medical procedure recently and is in stable condition.