The government has set forth 24 conditions to transition from the existing capacity-based model to a take-and-pay arrangement with Independent Power Producers (IPPs), aiming to lower electricity tariffs for consumers. According to a report by Business Recorder, the proposal is part of ongoing negotiations between the government and IPPs, intended to restructure agreements that have … Read more
The federal government has proposed a new plan to retire mammoth circular debt and to reduce electricity prices by Rs6 per unit with the help of all four federating units. According to a news report, the plan involves an Rs2.7 trillion funding scheme and the government is trying to persuade the International Monetary Fund (IMF). … Read more
DISPUR: In remarks perceived as discriminatory and anti-Muslim, Himanta Biswa Sarma, the Chief Minister of BJP-ruled Assam state, has said that he is considering restricting graduates from the Muslim-managed University of Science and Technology, Meghalaya (USTM), from competing for state government posts. The USTM, a private university in the Ri Bhoi district in Meghalaya, is … Read more
Prime Minister Muhammad Shehbaz Sharif chairs a meeting of cabinet committee. — APP/File Committee provides briefing on reforms for five federal ministries. Meeting focuses on reducing public sector size, expenses, more. PM says curtailing government expenditure was his top priority. ISLAMABAD: The Cabinet committee on Institutional Reforms Friday recommended for curtailing 150,000 vacant positions, banning … Read more
The Cabinet Committee on Institutional Reforms on Friday recommended curtailing 150,000 vacant positions, banning contingency recruitment, and outsourcing non-core services like cleaning and janitorial work, which will gradually phase out many positions in grades 1 to 16. In a meeting chaired by Prime Minister Muhammad Shahbaz Sharif focused on reducing public sector size and expenses, … Read more
The Board of Directors of Micro Finance Apna Bank Limited (AMBL) has proposed to enhance the bank’s authorized capital from Rs. 5 billion to Rs. 7.5 billion. The decision was made during the board’s 117th meeting held on August 7, 2024. According to the bank’s notice to the Pakistan Stock Exchange (PSX) on Wednesday, the … Read more
The Ministry of Finance is working on amendments to the State-Owned Entities (SOEs) Act 2023 to align it with international law and prevent local firms from signing agreements involving international arbitration. Since the promulgation of the SOE Act 2023, various agencies, ministries, and SOEs have faced issues interpreting and implementing the law. The Finance Ministry’s … Read more
ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with Scott Jacobs, Managing Director of Jacobs, Cordova and Associates, on Monday to discuss proposed regulatory reforms in Pakistan. According to a statement from the Finance Division, the meeting focused on reforms designed to enhance the regulatory environment, fostering greater entrepreneurship, innovation, and investment. Jacobs … Read more