Tag: provincial government

  • PML-N to hold parliamentary meeting today to form provincial government   

    PML-N to hold parliamentary meeting today to form provincial government   

    Pakistan Muslim League-Nawaz (PML-N) will hold the first meeting of its Punjab parliamentary board today to complete the formation of the provincial government.

    PML-N vice president, Maryam Nawaz, and candidate for chief minister, Punjab, will address the meeting at Jati Umra in Lahore at 2pm today.

    The PML-N scion will talk about her goals and plans as the next chief minister of the province, making her the first female to hold the position. Additionally, she will discuss strategies for electing the speaker and deputy speaker of the Punjab Assembly.

    PML-N nominated the scion of the Sharif family for the Punjab chief minister position after she won in the general elections held on February 8. She won one seat in the National Assembly and another in the provincial assembly—NA-119 and PP-159—both located in Lahore.

    According to insiders of PML-N, party supremo Nawaz Sharif will join the meeting via video link.

  • Basic necessity becomes luxury in Quetta: Flour shortage drives prices up to Rs2,800 per 20kg bag

    Basic necessity becomes luxury in Quetta: Flour shortage drives prices up to Rs2,800 per 20kg bag

    In Balochistan’s capital of Quetta, a shortage of flour has led to skyrocketing prices for 20kg bags of the commodity. According to reports, profiteers are taking advantage of the situation and selling flour bags for between Rs2,640 to Rs2,800 in Quetta and surrounding areas.

    The residents of Quetta are frustrated that they are unable to obtain flour at the government’s fixed rate and are instead forced to pay an excessive price. They are calling on the provincial government to take action against the profiteers and ensure the availability of flour.

    According to ARY News, the President of Flour Mills Association Balochistan, Nasir Agha, has also weighed in on the crisis. He stated that the supply of wheat to the mills has been suspended for the last ten days, and he blamed the incompetence of the Balochistan food department for the current situation.

    With prices for flour continuing to rise, it remains to be seen how the provincial government will respond to the demands of the residents and the Flour Mills Association.

  • Federal and provincial companies owe K-Electric Rs170 billion

    Federal and provincial companies owe K-Electric Rs170 billion

    Federal and provincial corporations’ failure to pay K-Electric (KE) has resulted in outstanding dues of Rs170 billion.

    The huge receivables have made the country’s sole vertically integrated power provider financially unviable, and affected its future investment plans, said KE’s Chief Financial Officer (CFO), Muhammad Aamir Ghaziani.

    The company has declared an approximate Rs2.96 billion loss in FY-2020, primarily due to soaring receivables and higher debt servicing cost.

    “Financial viability is critical for continued investment. If KE is rendered financially unviable, sustainable investments may be constrained,” he said.

    Responding to a query, he answered that KE’s total receivables from government entities, including Karachi Water and Sewerage Board (KW&SB), National Transmission & Despatch Company (NTDC), and Sui Southern Gas Company (SSGC), are close to Rs170 billion.

    KE owes a principal amount of Rs13.7 billion to SSGC while the remaining is markup which is still awaiting final adjudication by the court. He said KE has honoured its payment obligations to Sui Southern Gas Company (SSGC), Pakistan State Oil (PSO) and Independent Power Producers (IPPs), although it has declared a loss of Rs2.96 billion for FY-2020.

    “If the long-standing receivables issue continues to remain unresolved, KE’s ability to serve Karachi’s growing power needs would be constrained with serious implications for citizens and industries,” he added.

    The financial statements showed that the company had been driven back into financial losses after eight years of profitable operations on account of a 166% increase in financing cost and an exponential surge in borrowing to bridge working capital requirements in the wake of unpaid dues.