PESHAWAR
\nSarhad Chamber of Commerce and Industry president Fuad Ishaq continued the campaign against IPPs agreements and once again demanded conduct of forensic audit of IPPs contracts and immediately their cancellation.
\nSpeaking during a \u2018Tajir Convention\u2019, organized by Jamiate Business Forum, Fuad Ishaq said KP has first right to fully exploit natural gas under article 158 of the constitution while the province is receiving royalty on net-hydel power generation under article 161 (2) of the constitution.
\nTherefore, he asked the government to ensure all constitutional rights to the province.
\nExpressing grave concern over less than one percent lending ratio against 16 percent deposits of the commercial banks in KP, he said commercial banks have put this province in the red zone, which was completely unjust and urged government and SBP to issue directives to commercial banks to increase lending ratio in K-P.
\nRejecting the Tajir Dost Scheme, and opposing imposition of taxes in federal fiscal budget 2024-25, the SCCI chief suggested budget making in joint consultation with FPCCI, all prime chambers of the country, Institute of Chartered Accountants of Pakistan and Economic Wing of Pakistan Army.
\nFuad Ishaq stressed the need for implementation of SCCI\u2019 proposals to improve mutual trade volume between Pakistan and Afghanistan.
\nHe demanded pragmatic steps to control increasing deforestation and reduction of the water table.
\nMaulana Fazlur Rehman, head of the Jamiat e Ulema Islam (JUI-F) was chief guest of the event.
\nBusinessman Forum leader former senator Ilyas Ahmed Bilour, former president of SCCI Haji Muhammad Afzal, the chamber SVP Sanaullah Khan, former SVP Shahid Hussain, Organizers of Jamiat Business Forum and ex-VP of the chamber Haji Abdul Jalil Jan, Parvez Khan Khattak and senior members of the SCCI, Saddar Gul, Faiz Rasool, Fazal e Wahid, Nadeem Rauf, Ghazanfar Ali Sawal, Gul Rasool, Fazal Muqeem. Rashid Iqbal Siddiqui, Waqar Ahmed, Haji Naseer, Khalid Ayub, Secretary of the SCCI Sohail Anjum and other members also present during the convention.
\nCalling IPPs as detrimental for the economy, the SCCI chief said the government had paid Rs2200billion on head of capacity charges to IPPs in last year.
\nIn the fiscal year 2024-25, he said Rs2800billion would be paid to IPPs on head of capacity charges.
\nHe added that contracts with 12 new IPPs were made, which need to be halted. He said SCCI has played a front foot role against IPPs contracts.
\nFuad Ishaq talked about increasing power tariff, stating that KP is producing cheap and surplus electricity against its actual demand.
\nFrom 4500megawatt to 6000megawatt is total electricity production in KP, in which 2800MW were consumed in summer and 1300MW in winter and additional electricity was exported to the national grid, the SCCI chief explained.
\nHe added despite the fact that the price of electricity has been made Rs55 per unit, which is completely unjust with this province which is producing additional electricity and gas.
\nThe SCCI chief said Pakhtunkhwa Power Development Organisation (PEDO) had made schemes on the run of rivers but progress on these schemes was at snail pace.
\nSimilarly, he said KP is producing 31000 barrel oil\/day which is 42 percent of the total production of the country, but, he regretted no oil refinery was set up in KP.
\nLikewise, he said total KP has total gas production is 550mmcfds against its consumption of 200mmcfds while the province\u2019s LPG production is 850 metric ton\/day.
\nFurthermore, he explained natural gas Rs2700 per mmbtu are being charged from industry whereas Rs4000 mmbtu are being charged from commercial and domestic consumers.
\nDespite the surplus gas production, he said KP was put into the RLNG basket which was totally unfair and unacceptable, which was a complete negation of article 158 of the constitution.
\nFuad suggested the conversion of the Benazir Income Support Programme into Benazir Development Fund to establish industries and provide employment opportunities to people in KP and the rest of the country.
\nThe SCCI chief gave a proposal for bringing tariffs of 212 items to duties of Afghanistan and allow imports of these items to traders and then re-export so that smuggling would be eliminated.<\/p>\n","protected":false},"excerpt":{"rendered":"
PESHAWAR Sarhad Chamber of Commerce and Industry president Fuad Ishaq continued the campaign against IPPs agreements and once again demanded conduct of forensic audit of IPPs contracts and immediately their cancellation. Speaking during a \u2018Tajir Convention\u2019, organized by Jamiate Business Forum, Fuad Ishaq said KP has first right to fully exploit natural gas under article […]<\/p>\n","protected":false},"author":2,"featured_media":424542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-424535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n