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Energy Division anticipates a restoration of round Rs 150bn inside 3-4 months

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ISLAMABAD: Energy Division has to date recovered appropriately Rs.10 billion throughout its marketing campaign towards electrical energy theft and restoration from energy defaulters, whereas it anticipates a restoration of round Rs. 150 billion inside 3 -4 months.

These details and figures had been introduced by the ability division (Power Ministry) throughout a gathering of the Senate Standing Committee on Energy which met on Tuesday beneath the Chairmanship of Senator Saifullah Abro right here at Previous Pips Corridor, Parliament Lodges.

The Senate Standing Committee on Energy was additionally apprised by the ability division that the electrical energy theft marketing campaign has confirmed to be very fruitful and the ability division was in a position to get well appropriately Rs.10 billion throughout the marketing campaign. It was apprised that the marketing campaign continues in numerous districts and areas of the nation on completely different fashions. The Senate Committee acknowledged the efforts of the ability division and beneficial to offer appreciation certificates to the officers who led the marketing campaign.

The Committee chair beneficial that the restoration ought to be utilized as aid for the folks of Pakistan. The ability division anticipated {that a} restoration of round Rs. 150 billion is predicted inside 3 -4 months.

On the outset of the assembly, Senator Saifullah Abro expressed reservations on the absence of Chairman NEPRA and all its provincial Members from the Committee assembly. He mentioned that NEPRA appears to keep away from the conferences of Senate Energy Committee as a result of they don’t have the braveness to reply the questions raised by the Members on this discussion board.

The Committee chaired instantly sought particulars on the incumbency report of Extra Secretary (AS) Energy Division from January 2021 – December 2021 to find out as to why the Chairman NEPRA is absent from the Committee assembly right this moment and in addition with regard to agenda merchandise pertaining to unlawful extension of KAPCO Energy Plant.

The Chairman Committee inquired on the quantity of vitality cost made to KAPCO Energy Plant whose settlement was already expired in June 2021, the officers replied that Rs. 151 Bn was paid as Power cost to KAPCO Energy Plant out of which 95 computer had been gas costs.

The committee members inquired on the explanations of unlawful extension and mentioned that no matter work between KAPCO Energy Plant and Energy Division came about after the expiry of the settlement might deem to be unlawful. The committee chair mentioned that not even the extension was unlawful however the Energy division doesn’t even maintain the authority to offer extensions to IPPs. Concerning the funds made to IPPs, the officers knowledgeable that beneath coverage 2002 onwards the funds are been paid by NEPRA. The chairman committee inquired that in that case is the case then on which foundation, NEPRA has issued a present trigger discover and sought rationalization on the extension from CPPA-G. The committee deferred the matter for additional deliberation and inquired on the small print of breakup of Rs. 151 billion as vitality cost paid to KAPCO Energy Plant.

The committee additionally sought the advantageous charged to CPPA-G on the identical. The CPPA-G officers additionally briefed the committee concerning the Members of BoD, Kot Addu Energy Firm Restricted members together with its Chairman Lt. Basic (Retd) Sajjad Ghani. The committee sought full particulars concerning the BOD, Members earlier than the subsequent Committee assembly.

The committee whereas deliberating on agenda merchandise relating to the 765 kV double circuit transmission line from Dasu Hydro Energy Station tabled the letter issued by World Financial institution to Energy Division. The letter mentioned that the World Financial institution confirmed that the contract was procured following the World Financial institution Procurement Rules as stipulated within the authorized settlement signed between the World Financial institution and authorities of Pakistan for the US $700 million IBRD mortgage. Nonetheless, the letter mentioned that suggestions relating to the mis-procurement and re-tendering of Lot-1 is inaccurate, the letter identified. The committee apprehended that the ministry (Power Ministry) appears to mis-communicate the target behind acquiring the method particulars strictly in keeping with the WB tips and mentioned that no such particulars are offered which claims that no deviation has occurred which probably result in mis procurement.

The committee chaired inquired from the Energy Division to specify the in accuracies within the Senate suggestions by the World Financial institution. Energy Division mentioned that the NTDC is the procurement company and a committee has already been constituted by NTDC to additional deliberate upon the findings of senate suggestions. The committee chair after thorough deliberation noticed that the idea on which the World Financial institution issued the NOC and termed the venture authorized is simply on the stage sensible data and course of particulars offered by the NTDC.

The committee chair beneficial holding a gathering with the NTDC Board and shutting the matter relating to the mis-procurement of Lot -1 & LoT-II and if the Senate Committee findings discovered incorrect be certain to confess and provides redressal. The committee sought report of the procurement committee inside a fortnight for additional deliberation.

The committee additionally obtained briefing by MD, NESPAK on their consultancy and progress of all tasks in Energy Sector and on ADP venture ACSR bunting conductor Lot -II A.  The chairman committee inquired on the technical expertise required by the M/s Newage Cables Lahore and M/s Henan Tong-Da China. The committee noticed that the expertise of bunting conductor is lacking on the ACSR bunting conductor LoT II A venture in each certified corporations. It was apprised that M/s Newage Cables Lahore emerged because the lowest evaluated substantial responsive on the idea of home desire. The Committee sought total correspondence made between NTDC and NESPAK on the venture to find out the idea of M/s Newage Cables Lahore because the lowest bidder.

The assembly was attended by Senator Bahramand Khan Tangi, Senator Muhammad Asad Ali Khan Junejo Senator Saifullah Sarwar Khan Nyazee, Senator Sana Jamali, Senator Dilawar Khan, Senator Haji Hidayatullah khan and Senator Fida Muhammad.



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Particular audit of PSQCA initiated amidst alleged irregularities

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ISLAMABAD: The Ministry of Science and Expertise (MoST) has formally requested the Auditor Normal of Pakistan (AGP) to conduct a particular audit of the monetary accounts of the Pakistan Customary and High quality Management Authority (PSQCA). This transfer comes as a part of an effort to uncover suspected irregularities and monetary embezzlements throughout the essential division.

In a latest assembly of the Senate Standing Committee on Science and Expertise, Secretary MoST, Ali Raza Bhutta, make clear the problems plaguing the PSQCA. He recognized the absence of a daily head and a weak Board of Administrators as main contributors to the group’s challenges. Moreover, the continued inner conflicts and the shortcoming of the director-general to make efficient administrative and monetary choices additional compounded the issues confronted by the authority.

To handle these points and streamline the affairs of PSQCA, the ministry is ready to suggest structural and administrative adjustments. These adjustments might be in alignment with the federal government’s initiative to reinforce the effectivity of state-owned enterprises (SOEs) below the SIFC umbrella.

In the course of the committee assembly, Secretary MoST knowledgeable that the ministry had compiled a complete report with the suggestions put forth by the committee. The pending promotions in PSQCA have been mentioned, with the secretary attributing delays to the absence of a daily Director Normal and interdepartmental disputes. 

The committee additionally deliberated on the prevailing Director Normal of Pakistan Hilal Authority, Akhtar Ahmed Bughio, discussing his time period extension and related advantages. Moreover, consideration was directed towards the restoration of Rs. 2.5 million in unjustified advantages from DG PHA, with an in depth report anticipated upon the conclusion of the investigation.

The committee, headed by Senator Sardar Muhammad Shafiq Tareen, expressed critical considerations about alleged illegal hirings and promotions on the PSQCA and different connected departments. The agenda included inquiry studies, authorized and administrative actions concerning unlawful recruitments and promotions, in addition to monetary irregularities in PSQCA.

The committee’s focus extends to the unlawful appointments of administrators, together with Ali Bukhsh Somro and Khalid Ahmed Bablani. The problems have been delivered to the committee’s consideration by a letter dated February 3, 2023, from the then Director-Normal of PSQCA, Dr. H. U. Khan, initiating an investigation into the alleged irregularities.

Along with PSQCA issues, the committee is ready to look at the efficiency of the Client License Wing, further fees associated to client licenses, particulars of officers’ international travels, and conferences over the previous decade. The Director Normal of PSQCA can be below scrutiny for holding a further cost, elevating considerations a few potential battle of curiosity.

The committee goals to deal with delays within the recruitment course of, pending promotions, and general efficiency points inside numerous departments below the Ministry of Science and Expertise.



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Nationwide Accounts Committee approves introduction of quarterly nationwide accounts at PBS

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ISLAMABAD: The 107th assembly of the Nationwide Accounts Committee (NAC) convened on the Ministry of Planning, Improvement, and Particular Initiatives on Tuesday. The assembly accepted the introduction of Quarterly Nationwide Accounts (QNA) within the statistical system of the nation.

Chaired by the Secretary of the Ministry, the committee reviewed essential financial indicators, highlighting a notable restoration in Q1 2023-24, boasting a development of two.13% in comparison with 0.96% in the identical quarter of the earlier fiscal yr.

The Quarterly Nationwide Accounts (QNA) is sort of a detailed monetary snapshot of a rustic’s financial actions, compiled each three months. It’s a well-organized system that places collectively numerous data over this era, making a structured technique to analyze and mannequin the nation’s financial efficiency. 

One may consider it as a bridge between the broader Annual Nationwide Accounts (which cowl a complete yr) and shorter-term indicators that concentrate on particular points of the economic system. Basically, QNA gives a extra frequent and detailed take a look at the nation’s financial well being, making it a helpful device for understanding how issues are happening a quarterly foundation.

Initiated by the Pakistan Bureau of Statistics (PBS) after adopting a brand new base for nationwide accounts in January 2022, the event of Quarterly Nationwide Accounts concerned collaboration with the World Financial institution and a technical committee of nationwide consultants. The IMF included QNA compilation in its structural benchmark, emphasizing well timed dissemination.

Introduction of Quarterly GDP Methodology:

Subsequently, the NAC made historical past by approving the industry-wise methodology for compiling Quarterly GDP, overlaying the interval from Q1 2016-17 to Q1 2023-24, utilizing 2015-16 as the bottom yr. This step was taken to boost the accuracy and timeliness of financial statistics. Offering a extra nuanced strategy of taking a look at macroeconomic information.

Revised GDP figures and sectoral evaluation:

As per particulars shared by the planning ministry, the GDP for 2022-23 underwent a slight downward revision from 0.29% to -0.17%. The ultimate development fee for 2021-22 was additionally estimated at 6.17%, showcasing steady development in agriculture, improved industrial actions, and a notable enhance in providers.

The agriculture sector witnessed vital enhancements, with constructive revisions in essential crops regardless of challenges in sugarcane manufacturing. Industrial sector development, influenced by mining and quarrying, electrical energy, fuel, and water provide, confronted a decline resulting from challenges in large-scale manufacturing and development. The providers sector additionally skilled a decline attributed to varied components, together with transportation and storage, data & communication, finance & insurance coverage, public administration, and training.

Q1 2023-24 Estimates:

To fulfill IMF-SBA program benchmarks, PBS introduced revised GDP numbers for 2022-23 and Q1 2023-24 to the NAC on November 28, 2023. The committee accepted the QNA sequence, together with first-quarter estimates for 2023-24. Notably, a GDP development fee of two.13% was estimated for Q1 2023-24, with constructive contributions from agriculture, {industry}, and providers.

The NAC acknowledged the collective efforts of the Nationwide Accounts crew of PBS, Ministry of Finance, and State Financial institution of Pakistan in compiling revised GDP estimates underneath difficult circumstances. Whereas the launched GDP estimates meet IMF benchmarks, the annual figures stay topic to revision within the NAC assembly scheduled for Could 2024 because of the time-lag concerned in finalizing information for the final two fiscal years.



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Enterprise confidence on the rise as per Abroad Chamber of Commerce survey

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ISLAMABAD: The Abroad Buyers Chamber of Commerce and Business (OICCI) has launched its newest Enterprise Confidence Index (BCI) Survey – Wave 24, unveiling a promising upswing in Pakistan’s enterprise confidence. Spanning from October to November 2023, the survey exhibits a seven % total enchancment in comparison with the earlier wave in March to April 2023.

The report signifies a optimistic shift in enterprise sentiments, with Pakistan’s total enterprise confidence standing at damaging 18 %, an enchancment from the damaging 25 % recorded earlier. The manufacturing sector witnessed the biggest enhance, rising by 9%, reaching -10% from -19%, adopted by the companies sector at -18% (in comparison with -26%). Though the retail and wholesale sector stays the least assured, it has proven enchancment of 4 share factors in comparison with the final survey.

Regardless of the optimistic momentum, over three-quarters of the respondents expressed issues about potential opposed results on their companies as a result of present financial state of affairs. Rising inflation, excessive taxation, and PKR devaluation topped the listing of recognized threats, according to the earlier wave.

Amir Paracha, President of OICCI, attributed the improved enterprise confidence to “comparatively steady macroeconomic indicators, favorable modifications within the political and financial panorama, supported by stability in FX charges and a document efficiency at Pakistan Inventory Change.” Key contributors to this optimistic development embody capital funding and the six-month enterprise outlook.

The excellent survey covers 9 cities and gathers suggestions from frontline enterprise stakeholders, representing nearly 80 % of the GDP. In Wave 24, 43 % of respondents had been from the manufacturing sector, 34 % from companies, and 23 % from retail/wholesale commerce.

Wanting forward, 41 % of surveyed respondents had a damaging outlook on Pakistan’s enterprise state of affairs within the subsequent six months (9 % lower than Wave 23), whereas 36 % expressed optimism. Notably, the BCI for randomly chosen OICCI members, representing international buyers, stood at a optimistic three %, a big enchancment from the damaging 19 % within the earlier wave, surpassing the boldness of non-members.

Wave 24 explores the longer term enterprise outlook, revealing that whereas new orders stay in damaging territory, the boldness index for growth plans improved by two %. Expectations for a lower in employment alternatives improved by two %, reflecting a extra optimistic enterprise atmosphere. Capital funding plans confirmed a big enchancment of twenty-two %, contributing to the general optimistic development in enterprise confidence.



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