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The government chooses to close all utility stores nationwide.

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3 months ago

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The Senate Standing Committee was informed about the decision by Saif Anjum, who also provided suggestions to the panel on the closure of utility stores. The rightsizing Committee has proposed, among other things, closing utility stores and other businesses in order to cut costs.

The federal government decided to close the outlets because, according to reports, it did not have the necessary cash to keep them running.

The government’s financial woes and the need to curtail spending were brought to the committee’s attention.

The closure plan will go to the cabinet secretary for review before being brought to the full cabinet for approval.

A schedule for closing all of the utility stores nationwide will be determined after approval.

He informed the Senate panel that other entities’ closure has been suggested by the rightsizing committee and would be accepted by the government.

Part of the government’s efforts to cut costs and handle budgetary constraints is the decision to close the utilities store.

Previously, the government of Pakistan “okayed” a five-year privatization plan. The five-year privatization initiative will be finished in three phases, the sources said, adding that the decision was made by the federal cabinet during a meeting that was held today in Islamabad.

First, the following companies would be privatized: Gujranwala Electric Supply Company, Faisalabad Electric Supply Company, Islamabad Electric Supply Company, House Building Finance Corporation (HBFC), and Pakistan International Airlines (PIA).

Eventually, the sources added, private companies will include LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan Re-Insurance Company.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Speaking to a press conference, Marriyum Aurangzeb says the PML-N government has restored the trust of investors.

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According to Marriyum Aurangzeb, senior Punjab minister, the PML-N government has won back the trust of investors by making strides in a number of areas, including agriculture.

Marriyum Aurangzeb, speaking at a press conference in Lahore, emphasized the Punjab government’s initiatives to bring about major changes in the province, particularly in Lahore.

Marriyum Aurangzeb stated that in order to guarantee sustainable growth, the master plan for Lahore has been completed, and plans of a similar nature are being worked on for other districts.

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