ISLAMABAD
\nCaretaker Power Minister Muhammad Ali on Friday said that the government\u2019s plan to provide relief to electricity consumers had already been sent to the International Monetary Fund (IMF) for approval and they are expecting a response in a \u201cday or two\u201d.
\n\u201cThe plan to provide relief on electricity bills has been sent to the IMF. The IMF will give a response on the relief plan in a day or two,\u201d Ali said in a press conference after the Special Investment Facilitation Council\u2019s (SIFC) Apex Committee meeting.
\nHe was addressing the presser along with Caretaker Finance Minister Shamshad Akhtar, Information Minister Murtaza Solangi and Commerce Minister Gohar Ejaz.
\nThe power minister went on to say that they spoke about the electricity bills and gas availability in the country during the apex committee meeting. He added that they discussed the possibility of transferring electricity distribution companies or DISCOs to the provinces and making their boards \u201cnon-political\u201d.
\nThe caretaker minister added that the country lacks natural gas and there would be a need for LNG terminals in the coming days.
\n\u201cThere is a gas shortage in the winter and LNG plants will be needed to support the industries,\u201d Ali said, adding that industries should not be closed due to a lack of gas in the winter.
\n\u201cThe power ministry has started working on all these plans,\u201d he said. He also added that they would have to review the gas prices.
\nPolicy on SoE under development: Akhtar
\nOn the other hand, interim Finance Minister Akhtar said that they are developing a policy on state-owned enterprises and establishing a central monitoring unit which will help strengthen the corporate governance of these entities and help various ministries.
\nThe finance czar also added that the move will help take forward the state-owned enterprises for public listing or privatisation in the long run.
\n\u201cWhat we are trying is to push the debt burden of state-owned enterprises,\u201d Akhtar said, adding that currently, the burden is solely on the banking sector and the government borrowing from banks also affects that.
\n\u201cWe will diversify it through the capital market. This will not only increase the depth of the capital market but we will try to float government securities on the PSX so that their maturity is stretched and a common man can invest in government securities. This will hopefully have an impact as liquidity will increase and pricing adjustments will happen as well,\u201d the finance minister said.
\nShe further said that there is a \u201cneed to revive the economy and end restrictions\u201d on imports. Akhtar added that action is being taken against the smuggling of currency and commodities that will yield a positive result.
\nPM seeks \u2018optimal results\u2019 from ministries
\nMeanwhile, as per the official statement issued after the SIFC apex committee meeting, Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the ministries to \u201cdeliver optimal results irrespective of the time\u201d they have so that a \u201cstrong foundation\u201d is laid for the next government.
\nIt was the fifth Special Investment Facilitation Council\u2019s (SIFC) Apex Committee meeting. The meeting was attended by Chief of Army Staff (COAS) General Asim Munir, federal cabinet members, provincial chief ministers and high-level government officials.
\nThe committee had met the \u201csingular focus\u201d on improving the \u201coverall business and investment environment\u201d in the country which is needed for \u201ceconomic revival\u201d.
\nIn the high-level huddle, ministries concerned presented their plans and roadmaps to overcome the \u201cmacroeconomic challenges, governance-related impediments and voids in regulatory mechanisms in a bid to attract both foreign and domestic investment and stimulate economic growth\u201d.
\n\u201cThe Committee deliberated upon various measures to be taken in short, medium and long term to reap the envisaged dividends. Various practical steps were approved by the Prime Minister that will be operationalised as soon as possible,\u201d the PM Office said.<\/p>\n
What is SIFC?
\nIn July, during its last days, former PM Shehbaz constituted the SIFC to provide an impetus to the government\u2019s efforts for economic revival. The committee is chaired by the prime minister and comprises the army chief and senior federal ministers.
\nThe formation of the SIFC was announced after the Pakistan Democratic Movement-led government unveiled an elaborate \u201cEconomic Revival Plan\u201d with a view to capitalise on Pakistan\u2019s untapped potential in key sectors, fast-track the development projects and facilitate investment.
\nThe plan was unveiled during a high-level meeting chaired by then-prime minister Shehbaz Sharif in Islamabad, which was also attended by General Munir, chief ministers, federal and provincial ministers, and other high-level government officials.
\nAs per the notification, the SIFC is a three-tier composition having an apex, executive committee and implementation committees.
\nThe apex body includes the prime minister, federal ministers (planning, finance, IT & Telecom, food security, power, water resources, industries and production, defence, defence production and investment), chief of the army staff, all chief ministers, national coordinator (Pakistan Army) and special assistant to the prime minister acts as secretary to the body.
\nHowever, the executive committee consists of the planning minister, national coordinator (Pakistan Army), federal ministers (defence, food security, IT & Telecom and Power), state ministers (petroleum and finance), provincial ministers (agriculture, mines and minerals, IT, energy, Board of Revenue, irrigation, finance, planning and development and investment), SAPM, chief secretaries, director general (Pakistan Army), secretary Board of Investment.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Caretaker Power Minister Muhammad Ali on Friday said that the government\u2019s plan to provide relief to electricity consumers had already been sent to the International Monetary Fund (IMF) for approval and they are expecting a response in a \u201cday or two\u201d. \u201cThe plan to provide relief on electricity bills has been sent to the […]<\/p>\n","protected":false},"author":2,"featured_media":354684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-354660","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n