ISLAMABAD: Pakistan Worldwide Airways (PIA) has urgently sought extra mortgage amounting to over Rs7 billion to maintain its operations because the nationwide flag service is grappling with extreme monetary points, fuelling issues about potential disruptions and even full suspension of flight operations.
With the intention to tackle the rising issues, the PIA administration has reached out to the Aviation Division, urging them to rearrange a right away mortgage of greater than Rs7 billion from banks.
A letter dispatched to the division by the PIA mentions that the federal government of Pakistan’s assure consists of an possibility for the airline to safe a mortgage of Rs7.5 billion.
Curiously, no financial institution has proven any curiosity in offering a mortgage of Rs5 billion to the airline as a result of extreme monetary issues confronted by the PIA.
The letter additional states that as a result of monetary points, gasoline provide in Jeddah and Dubai was halted, and the Pakistan State Oil (PSO)—the state-owned oil advertising firm— additionally refused to produce gasoline to the airline.
It says the Worldwide Air Transport Affiliation (IATA) membership can be suspended at any time. The Federal Board of Income (FBR) has additionally issued notices to the airline.
The letter urges the Ministry of Finance to intervene instantly and instruct banks to offer a mortgage of Rs7.5 billion below the federal government’s assure. The letter has been despatched by the Basic Supervisor Funds Administration to the Deputy Director Division for mandatory motion.
Final month, on September 22, the caretaker privatization minister had introduced that the federal government wouldn’t floor the PIA — its highest loss-making enterprise — and that no worker of any entity can be sacked even after its privatisation.
The assertion had come hours after interim Finance Minister Dr Shamshad Akhtar stated the federal government would give any assist wanted to maintain the PIA within the skies.
In keeping with a report printed in The Specific Tribune, the 2 separate statements have been apparently aimed toward pacifying lobbies working to avoid wasting the airline regardless of a extreme monetary disaster.
“The prime minister has instructed me that the PIA wouldn’t be grounded. We now have already labored out a method to preserve the PIA flying,” stated Minister for Privatization Fawad Hassan Fawad whereas responding to a query at a information convention.
Earlier the PIA had requested a moratorium on its home debt repayments to bridge an annual deficit of Rs153 billion between its gross sales and important expenditures.
The PIA administration and the Ministry of Finance have been in discussions for about Rs260 billion home money owed restructuring that the airline owed to 9 business banks. Fawad had advised the media that he was reviewing a plan shared by the PIA and had but to achieve a call.
The PIA’s plan revolves round debt restructuring, blocking tax funds of the FBR and never paying charges and costs of the Civil Aviation Authority (CAA) however doing nothing to enhance its administrative affairs.
“We must give assist to the PIA, as the federal government has 92% stakes within the airline,” Dr Shamshad Akhtar had stated on the identical day whereas addressing a separate information convention.
“If wanted, the federal government would additionally restructure the PIA debt however the last determination can be taken by the privatisation minister,” she had added.
Military set to take over loss-making Discos to curb energy theft, losses
- In addition to Pak Military, FIA and IB officers will monitor issues from PMUs, act in opposition to folks concerned in corruption and energy theft
- ISLAMABAD: The federal government has determined handy over the supervision of loss-making Discos to Pakistan Military to curb electrical energy thief and losses apart from enhance restoration of electrical energy payments.
In response to officers aware of the event, a serving brigadier and his supporting employees comprising officers from the Federal Investigation Company (FIA) and Intelligence Bureau (IB) will oversee issues on the Efficiency Monitoring Items (PMUs) to be established in in all of the loss-making Discos.
The monitoring group could have the mandate to determine corrupt components throughout the Discos in addition to folks abetting and stealing electrical energy. These officers may even have the authority to take motion in opposition to the perpetrators.
“We’ve got carved out a plan which is but to be authorized by larger authorities. Nonetheless, the highest functionaries of Energy Division have made up their minds to start out implementation of the plan from HESCO (Hyderabad Electrical Provide Firm) as a pilot mission,” the secretary energy confirmed.
“This can assist determine unscrupulous components throughout the Disco and other people hand in glove with theft of electrical energy and inflicting billions of rupee losses to the nationwide exchequer,” he added.
In response to the info for the monetary 12 months 2020-21, the restoration of electrical energy payments in HESCO was at 73.7%, in SPECO 64.6%, in QESCO at 34.66% and TESCO at 25.29%.
The caretaker vitality minister, on September 6, introduced a crackdown plan on electrical energy thieves mentioning that the system yearly braves the colossal loss on account of electrical energy theft and failure to pay payments amounting to Rs589 billion.
As of September 6 this 12 months, the overall loss within the Discos the place restoration is comparatively higher — in Lahore, Faisalabad, Gujranwala, Multan and Islamabad — amounted to 79 billion items, which is the same as a lack of Rs100 billion out of billing of Rs3,044 bn, estimated at 3%. Equally, the Discos in Peshawar, Hyderabad, Sukkur, Quetta, Azad Jammu and Kashmir had losses as excessive as 60%.
Nonetheless, within the loss-making firms resembling HESCO, SEPCO, QESCO and TESCO, the required outcomes will not be being attained which is why it has been determined that Efficiency Monitoring Items are to be headed by a serving brigadier with supporting employees from FIA and IB.
Commerce physique declares closure of retailers unsuitable option to management smog, air pollution
ISLAMABAD: The official commerce physique of the retail sector within the nation has opposed the closure of markets and retailers in view of controlling the rising smog, as the federal government is attempting to manage mitigate air air pollution by decreasing industrial exercise.
Addressing a ceremony on Thursday Chairman CAP Tariq Mehboob noticed that heavy transport, burning of waste and crop residue and non-compliant factories contribute to smog probably the most, not the retail sector.
“No different nation or area is shutting down markets to manage air air pollution. As is the case in China and our neighboring nations, the main focus should be on controlling motion of huge automobiles which use low high quality gas and emit black smoke; cracking down on burning of waste and stopping factories which might be polluting by burning wooden, tyres, and many others. because of the absence of pure fuel,” he identified.
Talking to media, Tariq Mehboob stated, “For the reason that previous one 12 months, the retail timings are already restricted to 10 PM as per the orders of the Court docket. For the previous few weeks, extra restrictions have been utilized together with late opening and full day closures that are leading to big losses to retail companies and allied sectors, employment and tax technology.”
For the reason that Covid-19 pandemic, shutting down retail has turn into the norm each time any disaster emerges and it solely has a superficial influence on the issue. Retailers have skilled over 30 extended bouts of restrictions on working timings and days over the previous 4 years, with compliant retailers being the worst affected each time.
Much less distinguished markets seldom observe any restrictions imposed by authorities resulting from restricted enforcement capability, as per CAP.
“Not too long ago, ad-hoc modifications to notifications have resulted in confusion and abrupt disruptions for our companies and workers. Furthermore, eating places and different service sectors have been allowed to stay open whereas retailers should shut, so motion of small automobiles nonetheless continues throughout closed interval.
We can’t help the closure of any industrial exercise as a result of it doesn’t addressing the basis causes of smog. Shutting down just one sector repeatedly won’t create the specified leads to smog discount or electrical energy saving,” acknowledged Asad Shafi, Vice Chairman CAP.
On this challenge, Tariq Mehboob defined that, “implementation of full retail shutdown in 6 main divisions of Punjab on final Sunday has resulted in a rare lack of Rs. 10 billion for retail companies, the home provide chain and tax revenues.
That is along with losses already incurred over the previous few weeks throughout associated restrictions. November and December is the height season for retail and companies have allotted their funding a number of months prematurely. Whereas nearly all the pieces else stays open, the organized retail sector has repeatedly turn into the sufferer to abrupt selections and knee-jerk reactions from the authorities. Our business is structured to run 7 days per week and after we are restricted in timings or off-days, we take successful as most of our prices proceed for the closed interval. Furthermore, our suppliers and distributors additionally endure as a result of demand of their services and products are affected, resulting in a domino impact. Such counter-productive selections are creating an pointless drag on revitalizing the financial system and boosting employment.”
The federal government ought to take us into confidence at each stage and applied balanced options that don’t damage the financial system. Whereas we wholeheartedly abide by the choice of the Punjab Authorities, we want to suggest an alternate method which will successfully contribute to smog discount with out adversely affecting home commerce.”
“For instance, the federal government is closing retail on weekends that are the best sale days and hypothetically solely decreasing smog for 10-12 hours of retail timing for 2 days.
If retail closure is seen as a vital measure, our suggestion is to contemplate adjusting the day by day retail working hours to start at 1 or 2 pm, permitting for a day by day saving of 4-5 hours within the morning which might be extra sustainable. This modification goals to strike a steadiness between mitigating smog influence and persevering with financial actions, and, consequently, employment and taxation revenues.
Moreover, manufacturers have thousands and thousands of followers on their social media and authorities can collaborate with them to coach and talk to common public for such initiatives on how you can scale back air air pollution and keep away from its dangerous results.
KP witnessed 563 terror incidents in 2023, reveals report
PESHAWAR: The Anti-Terrorism Division (CTD) on Thursday launched a report on the fear incidents in Khyber Pakhtunkhwa in 2023.
In line with the CTD report, Khyber Pakhtunkhwa (KP) witnessed as many as 563 terror incidents this yr. Out of 563 incidents, police had been focused 243 occasions.
In line with the report, the very best 132 incidents of terrorism had been reported in Dera Ismail Khan, 103 incidents in Khyber and 89 terror incidents had been reported in Peshawar?
The report additional revealed that 86 occasions terrorists attacked North Waziristan and 50 occasions South Waziristan? The report additional stated that as many as 837 terrorists had been taken into custody.
The best variety of arrested outlaws was from Peshawar 245.
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