ISLAMABAD: Caretaker Power Minister Muhammad Ali said on Friday that the government’s plan to provide relief to electricity consumers has already been sent to the International Monetary Fund (IMF) for approval and they will respond in a day or two. are expecting
A plan to provide relief in electricity bills has been sent to the IMF. The IMF will respond in a day or two on the assistance plan,” Ali said at a press conference after the apex committee meeting of the Special Investment Facility Council (SIFC).
He was addressing the press conference along with Caretaker Finance Minister Shamshad Akhtar, Information Minister Murtaza Solangi and Commerce Minister Gohar Ejaz.
The Energy Minister said that he spoke about electricity bills and availability of gas in the country in the Apex Committee meeting. He added that they discussed the possibility of moving power distribution companies or DISCOs to provinces and making their boards “de-political”.
The caretaker minister added that the country is short of natural gas and LNG terminals will be needed in the coming days.
“There is gas shortage in winter and LNG plants will be needed to support industries,” Ali said. He added that industries should not be shut down due to lack of gas in winter.
“The power ministry has started work on all these projects,” he said. He added that they have to review the gas prices.
Policy on SOE under development: Akhtar
On the other hand, Interim Finance Minister Akhtar said that he is formulating a policy on government institutions and setting up a central monitoring unit that will strengthen the corporate governance of these institutions and help various ministries.
The finance czar added that the move would help move state-owned enterprises forward for public listing or privatization in the long run.
“What we are trying to do is to push forward the debt burden of public sector entities,” Akhtar said, adding that currently the burden rests solely on the banking sector and from banks. Government debt also affects it.
“We will diversify it through the capital market. This will not only deepen the capital market but we will try to float government securities on the PSX so that their maturity increases and the common man can invest in government securities. “Hopefully this will have an impact as there will be an increase in liquidity and there will also be an adjustment in prices,” the finance minister said.
“There is a need to revive the economy and remove restrictions on imports,” he added. Akhtar added that action is being taken against smuggling of currency and commodities which will yield positive results.
PM wants ‘best results’ from ministries.
Meanwhile, according to an official statement issued after the apex committee meeting of SIFC, Caretaker Prime Minister Anwar-ul-Haq Kakar has directed the ministries to “deliver the best results regardless of timing” to lay a “solid foundation” for it. To be kept. The next government.
It was the fifth meeting of the Apex Committee of the Special Investment Facilitation Council (SIFC). Chief of Army Staff General Asim Munir, members of the federal cabinet, provincial chief ministers and high level government officials participated in the meeting.
The committee met with a “single focus” on improving the “overall business and investment climate” in the country, which is essential for “economic recovery”.
At the high-level huddle, the respective ministries presented their plans and roadmaps to overcome “macroeconomic challenges, governance-related hurdles and disruptions in regulatory mechanisms to attract foreign and domestic investment and economic growth.” can be accelerated.”
“The committee deliberated on various measures to be taken in the short, medium and long term to achieve the expected gains. Various practical measures were approved by the Prime Minister which will be implemented at the earliest.”
What is SIFC?
In July, during his final days, former Prime Minister Shehbaz formed the SIFC to spur the government’s efforts at economic recovery. The committee is headed by the Prime Minister and includes the Army Chief and senior federal ministers.
The formation of the SIFC was announced after the Pakistan Democratic Movement-led government unveiled a comprehensive “economic revitalization plan” aimed at harnessing Pakistan’s untapped potential in key sectors, accelerating development projects and Investment is to be facilitated.
I have fervently advocated a unified approach to steer the country out of the economic challenges on a path to sustainable growth. Employing a whole-of-the-the-government approach, the coalition government has decided to set up a Special Investment Facilitation Council (SIFC)…
— Shehbaz Sharif (@CMShehbaz) June 21, 2023
The project was unveiled in Islamabad during a high-level meeting chaired by the then Prime Minister Shahbaz Sharif in which General Munir, Chief Ministers, Federal and Provincial Ministers and other high-level government officials also participated.
According to the notification, the SIFC is a three-tier structure consisting of an apex, executive committee and implementing committees.
Prime Minister, Federal Ministers (Planning, Finance, IT and Telecom, Food Security, Power, Water Resources, Industry and Production, Defence, Defense Production and Investment), Army Chief, all Chief Ministers, National Coordinator in this apex body. (Pak Army) and serves as the Secretary of the Special Assistant to the Prime Minister.
However, the Executive Committee consists of Minister of Planning, National Coordinator (Pakistan Army), Federal Ministers (Defence, Food Security, IT and Telecom and Power), Ministers of State (Petroleum and Finance), Provincial Ministers (Agriculture, Mines and Minerals). contain. IT, Energy, Board of Revenue, Irrigation, Finance, Planning and Development and Investment, SAPM, Chief Secretaries, Director General (Pakistan Army), Secretary Board of Investment.
