Wednesday, December 31, 2025
Home Blog Page 9579

24 state-owned enterprises to be privatized: NA told

By
NNPS Desk
-
0

ISLAMABAD, Jun 10 (APP): Minister for Privatization Abdul Aleem Khan on Monday informed the National Assembly that 24 state-owned enterprises, including the Pakistan International Airlines (PIA) would be privatized.

During the question hour in the House, the mister said that the PIA’s losses have reached Rs 830 billion.

He assured the House that PIA’s properties will not be sold; instead, a holding company will be established for these assets.

Abdul Aleem said that the all the codal formalities for the privatization of the PIA have been approved by the federal cabinet and the relevant institutions.

The minister said the Securities and Exchange Commission of Pakistan (SECP) has also granted approval in May 2024, adding that Privatization Commission has received twelve interests from investors including airlines in PIA, and the Privatization Commission board reviewed the matter on June 3.

The minister said the companies’ prequalification has been approved, and bidding is planned for August.

He said that out of PIA’s fleet of 34 aircraft, 13 are grounded, and only 20 to 21 are operational, adding that no employees would need to be laid off, and any airline taking control of PIA would utilize the existing staff.

The minister said the PIA’s privatization would follow a 49-51 percent model under a public-private partnership, with the government will hold 49 percent share.

He said no foreign company can purchase a 51 percent share, which is being sold to grant administrative control.
Abdul Aleem reiterated that PIA’s properties, including the Roosevelt Hotel, will not be sold.

APP/sra-zah

DG FGEHA directs to expedite work on new business model

By
Habib Hanif
-
0
ISLAMABAD, Jun 10 (APP):Director General (DG) of the Federal Government Employees Housing Authority (FGEHA) Captain (Retd) Muhammad Zafar Iqbal on Monday directed the officials concerned to expedite work on the proposed new business model to provide modern and comfortable accommodations to registered members.
Presiding over a meeting to address various critical issues pertaining to infrastructure development and the enhancement of amenities within the housing authority’s jurisdiction, he emphasized the paramount importance of the infrastructure projects, particularly highlighting the significance of green spaces and gardens. 
The DG underscored the commitment of FGEHA to ensure the provision of top-notch facilities to all allottees across apartment complexes and residential sectors.
Furthermore, Zafar Iqbal lauded the commendable efforts of key personnel including the Directors of Land, Staff, Finance, Admin, Enforcement, Planning, IT, and the Project Director to the successful execution of various initiatives within the authority.
Several pressing issues were deliberated during the meeting including water supply concerns in the G-13 and G-14 sectors, the imminent launch of the F-12 sector, and the forthcoming auction of commercial plots. 
Resolutions were swiftly directed to ensure prompt redressal of these matters, with a firm commitment to prioritize their firmness.
Directors were tasked with specific targets and timelines, with a mandate to furnish weekly progress reports to ensure transparency and accountability.
In line with the directive of the Director General, immediate action will be taken to resume stalled projects, ensuring swift commencement of pending works. 
Notably, the issuance of letters of Kashmir Avenue allotments will commence forthwith, reflecting the authority’s unwavering commitment to fulfilling its obligations to stakeholders.
FGEHA remains steadfast in its dedication to enhancing the quality of life for federal government employees by providing superior housing facilities and infrastructure and will continue to work tirelessly, the meeting remarked.

FPCCI demands further cut in policy rate

By
Waseem Iqbal
-
0
FPCCI
LAHORE, Jun 10 (APP):Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has demanded further cut in policy rate.
In media statement issued here Monday, he cited that the policy rate cut announced today is too little and too late as the business, industry and trade community was expecting a substantive cut in the key policy rate of the State Bank of Pakistan vis-à-vis decline in core inflation.
Atif Ikram mentioned that core inflation has come down to 11.8 percent in May 2024, which is the lowest in the 30 months period, asserting that interest rate should come down to 15 percent to enable Pakistani exporters compete in the regional and international export markets through reducing the cost of capital substantially. This step should be accompanied with the fulfillment of government’s promise to rationalize electricity tariff for the industry.
The FPCCI President argued that consumer prices are categorically showing a declining trend as these fell by 3.2 percent in May 2024 compared to a decrease of 0.4 percent in April 2024 as per Pakistan Bureau of Statistics (PBS). It is now overdue to provide respite to the business community in their access to finance from commercial banks through effectively and appropriately reducing the key policy rate, he added.
He, on behalf of the entire business, industry and trade community of Pakistan, called for bringing transparency & consultation in the economic policy making.
In order to promote price stability, the FPPCI chief emphasized that SBP needed to break the inflation rate into cost-pushed and demand-pulled. He also recommended that the SBP should target core inflation; non-food non-energy (NFNE); for operational guidance. The SBP needed to strip out volatile changes in particular prices to distinguish inflation from temporary fluctuations in inflation. Efforts needed to be made to control price manipulation and hoardings in liaison with the respective federal and provincial government departments. An active and efficient Competitive Commission of Pakistan (CCP) and effective price control mechanisms also need to play their due role.
FPCCI Senior Vice President Saquib Fayyaz Magoon said that SBP should focus on core inflation rather than general inflation on an immediate basis as these exclude the most volatile components of the basket. The government should ensure the effectiveness of price control measures through vigilant actions against hoarding and malpractices.
Magoon explained that despite the progressive and major hikes in the policy rates from 9.75 percent to 22 percent over a period six quarters in 2022 and 2023, general inflation remained stubbornly-high and didn’t respond to the policy rate.
He stressed that despite the successful completion of IMF Stand-by Agreement (IMF-SBA) and 22 percent policy rate, Pakistan remains overwhelmed with issues dwindling exports and economic instability. This phenomenon well-establishes the fact that the government needs to employ other policy tools to tame the economic volatility.

LHC reserves verdict on Muhammad Khan Bhatti’s bail plea

By
Waseem Iqbal
-
0
LHC
LAHORE, Jun 10 (APP):The Lahore High Court (LHC) on Monday reserved its verdict on a bail petition filed by Muhammad Khan Bhatti, former principal secretary to the chief minister of Punjab, in the Punjab Assembly illegal recruitment case.
Justice Sultan Tanvir Ahmad reserved the verdict on the post-arrest bail petition upon completion of arguments by the petitioner’s counsel and the prosecution.
Muhammad Khan Bhatti had filed the bail petition, submitting that all allegations against him were baseless. He submitted that he was nominated in the case despite the fact that no evidence was available against him. He pleaded with the court to grant him the benefit of bail.
The Anti-Corruption Establishment (ACE) Punjab had registered the case against former chief minister of Punjab Chaudhry Parvez Elahi, Muhammad Khan Bhatti, and others on charges of unlawful appointments and kickbacks. Allegedly, qualified candidates were denied positions while those who had not taken exams were appointed.

Dacoit gang busted, two held

By
Waseem Iqbal
-
0
KHANEWAL, Jun 10 (APP):City police have busted a notorious dacoit gang and recovered looted valuables from their possession during a crackdown launched on Monday.
According to police sources, taking action on the rising incidents of dacoity and robbery, the District Police Officer (DPO) Ismail Kharrak, directed police to launch a crackdown against the criminals. The police busted notorious Makha Chaddar Gang and arrested two members of the gang including the ring leader Adnan Mukhtiar alias Makha Chaddar s/o Haq Nawaz and Sajjad alias Saju Chaddar s/o Sher Muhammad.
Police have recovered looted valuables from their possession by tracing various cases from them, police sources added. However, the DPO Ismail Kharrak has directed officers to continue crackdown against criminals in order to provide sense of security to masses.

IESCO notifies 2-day power suspension programme

By
Habib Hanif
-
0
ISLAMABAD, Jun 10 (APP):Islamabad Electric Supply Company (IESCO) on Monday issued 2-day power suspension programme for Tuesday and Wednesday for various areas of its region due to necessary maintenance and routine development work.
According to IESCO Spokesman, the power supply of different feeders and grid stations would remain suspended for the period on Tuesday From 07:00 AM to 10:00 PM, Rawalpindi City Circle, F Block Feeder, Rawalpindi Cantt Circle, CBR-I Feeder
On Wednesday From 07:00 AM to 10:00 PM, Rawalpindi City Circle, Raja Sultan Feeder, Rawalpindi Cantt Circle, Doctor Town Feeder and surrounding areas.

No rule’s violation in chairing of Senate session by presiding officer on June 7: Gillani

By
NNPS Desk
-
0

ISLAMABAD, Jun 10 (APP): Senate Chairman Syed Yusuf Raza Gillani on Monday ruled that there was no procedural irregularity or violation of Rule 14 in chairing the session of the Upper House of Parliament by a presiding officer while the deputy chairman was available on June 7.

The chairman also advised the Senate Secretariat, that, in future, “the availability of deputy chairman in the Parliament Building might be ensured first before inviting any member of panel of presiding officers in absence of the chairman”.

“This ruling flows as consequence of a letter written to me by the Leader of the Opposition stating therein that during sitting of the Senate held on 7th June, 2024, Rule 14 of the Rules of Procedure and Conduct of Business in the Senate, 2012 has been violated,” the ruling said.

Chairman Gillani said that the current session of the Senate was summoned on 7th June, 2024, whereupon in pursuance of Rule 14 of the Rules of Procedure and Conduct of Business in the Senate, 2012, Muhammad Ishaq Dar, Palwasha Muhammad Zai Khan and Manzoor Ahmed were nominated, in order of precedence, to preside over the sitting in absence of the chairman and deputy chairman.

“During sitting of the Senate held on 7th June, 2024, I was presiding the session but in view of pre-scheduled urgent commitment, I had to leave the House.

“At that time, Deputy Chairman Senate was not present inside the House so I invited Senator Palwasha Muhammad Zai Khan, the available member of the panel of presiding officers present at that time inside the House, to preside over the sitting.

“When Senator Palwasha occupied the seat and started the proceedings, in the meanwhile, Deputy Chairman Senate walked inside the House so the members raised objection in the House that member of panel of presiding officer cannot preside the sitting when Deputy Chairman is available in the House,” he said.

He said he had checked the record of the proceedings and it transpired that when Senator Palwasha Muhammad Zai Khan had already occupied the Chair at that time the Deputy Chairman walked inside the House for a short span of time under the impression that the chairman was presiding the session but soon after realizing the situation he walked out of the House.

APP/raz-ajb

Govt implementing measures to control iron smuggling on border areas: Minister

By
Habib Hanif
-
0
ISLAMABAD, Jun 10 (APP):Minister of State for Economic Affairs Ali Pervaiz on Monday informed the National Assembly that the government is implementing measures to control iron smuggling at Taftan border area.
During the question hour in the House, the minister said that all out resources would be utilized to protect the production of the country’s local industries including the iron industry.
The minister said that monitoring on both sides of the Iran-Pakistan border has been tightened to prevent iron smuggling on bordering areas. 
Ali Pervaiz said that the only way to escape the clutches of the International Monetary Fund (IMF) program is through reforms, quoting the examples from countries like Vietnam, Indonesia and India. 
To another question, he said that appeals involving amounts over Rs 20 million would be decided by appellate tribunals instead of the Commissioner of Income Tax, adding that artificial intelligence and other methods are being used in the selection of audits.
Ali Pervaiz said that minimum wage should be reviewed considering the current inflationary period, adding that he would convey members’ views on revising the minimum wage in the upcoming budget.
To another question, he said that Bank Al Habib is a private bank with its own board where employees can address their grievances, adding that there is the institution of the Banking Ombudsman for such matters.
He said in terms of Section 183(1) of the Companies Act, 2017, the Board of Directors (BoD) of banks are responsible for the policy making and supervision of the affairs of the bank including human resource related policies.
The minister said that State Bank of Pakistan does not interfere in the human resource policies duly approved by the BoD of respective bank.  Ali Pervaiz said this position is also reflected in various judgments passed by the courts wherein it has been held that SBP has no jurisdiction to decide on service matters of the bank employees.

IESCO continues to maintain zero load management

By
Habib Hanif
-
0
ISLAMABAD, Jun 10 (APP):Islamabad Electric Supply Company (IESCO) continued to maintain zero load management across its six circles besides Azad Jammu and Kashmir (AJK). 
The electricity demand in Islamabad Electric Supply Company (IESCO) on Monday stood at 2,171 megawatts (MW) at 08: 00 pm against the allocation quota of 2,200 MW from the national grid system. 
Chief Engineer Operation Director Muhammad Aslam Khan told that owing to availability of sufficient electricity in the system, IESCO maintained zero load management programme in all six circles and AJK. 
Smooth and uninterrupted power supply was being supplied in Islamabad, Rawalpindi City, Rawalpindi Cantt, Jhelum, Attock and Chakwal Circles besides AJK, he added. 
He said that the company was withdrawing 2,099 MW from the National Grid.

TCP imports 6,572,430 metric tons of wheat from 2020 to 2023: NA Informed

By
Habib Hanif
-
0
ISLAMABAD, Jun 10 (APP):Minister for Commerce Jam Kamal Khan informed the National Assembly on Monday that the Trading Corporation of Pakistan Limited (TCP) imported 6,572,430 metric tons of wheat during the period from 2020-21 to 2022-23. 
During the question hour in the house, the minister said that the TCP imported wheat based on the instructions of the Economic Coordination Committee (ECC) and the federal cabinet. 
Jamal Kamal clarified that the TCP did not import any quantity of wheat during the year 2023-24. 
He explained that TCP acts as the sole medium for purchasing wheat for food security purposes, while its storage and distribution are managed by the Ministry of National Food Security and Research.
The minister dispelled any rumors regarding the export of wheat flour, stating that such reports are baseless and no such decision has been made.
He said that it was decided last year that the private sector would be responsible for importing wheat, and TCP would not engage in wheat imports. However, he said that TCP can only import wheat under a mandate given by the government.
Regarding sugar, the minister clarified that decisions related to the import and export of sugar are made by the Sugar Advisory Board, and no decision has been made yet regarding sugar imports.
1...9,5789,5799,580...31,223Page 9,579 of 31,223

ABOUT US

Serving the nation since 1947 by providing an accurate, objective, uninterrupted flow of news to the people, the national news service is pursuing a comprehensive strategy to transform the existing news operations into a forward-looking service – APP Digital for its diverse subscriber-base and the public.

Contact us: news@app.com.pk

FOLLOW US

Copyright © Associated Press of Pakistan