Latest news with #KhalidHussainMagsi
Business Recorder
3 days ago
- Business
- Business Recorder
SOE Act and MoF reporting: CCoSOEs grants SPD entities full exemptions
ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved the exclusion of Strategic Plans Division (SPD) entities from the consolidated reporting requirements of the Ministry of Finance and granted them complete exemption from the State-Owned Enterprises Act and Policy of 2023, in recognition of the sensitive and security-related nature of their operations. A meeting of CCoSOEs was held on Tuesday at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb. The meeting was attended by Federal Minister for Science and Technology Khalid Hussain Magsi, as well as secretaries and senior officials from the relevant ministries, divisions, and organisations. 1H: loss-making SOEs incur Rs343bn loss The committee considered and approved a proposal from the SPD for the exclusion of SPD entities from the consolidated reporting requirements of the Ministry of Finance and granted them complete exemption from the State-Owned Enterprises Act and Policy of 2023, in recognition of the sensitive and security-related nature of their operations. The committee considered and approved a proposal submitted by the Ministry of Information and Broadcasting for the appointment of independent directors to the Boards of Pakistan Television Corporation (PTVC) and Pakistan Broadcasting Corporation (PBC). Following a rigorous shortlisting process, six independent directors were approved for each of the two boards. For the PTVC Board, the approved names included Ishtiaq Baig, Yasir S Qureshi, Dr. Asghar Nadeem Syed, Tasneem Rehman, Leyla Zuberi, and Khalid Mehmood Khan. For the PBC Board, the selected directors included Sadia Khan, Jehangir Khan, Sadiqa Sultan, Nasira Azim Khan, Khan Bibi, and Nadeem Haider Kiyani. Finance Division stated that during the first six months of fiscal year 2025, PBC's financial performance revealed a mixed picture when benchmarked against its business plan. Revenue collections have improved compared to the previous period; however, significant shortfalls are evident against the targets. For instance, while operational adjustments in sales processes and station-specific revenue targets were designed to drive rapid growth, the actual collections remain below the anticipated pace. The actual performance indicates that despite initiating measures for enhanced advertising sales and property leasing, there is a notable backlog in receivables and cash collections. This under-performance is particularly critical in high-potential segments such as air-time advertisement revenues, where the collections lag the targeted monthly milestones - an area that threatens to undermine the expected annual revenue inflows. The persistent outstanding balances suggest that the execution in revenue mobilisation is not on track with the strategised timelines, raising concerns about the overall efficacy of the commercial drive set forth by the business plan. The committee also deliberated on a proposal from the Ministry of Industries and Production regarding the constitution of the Board of Directors of Agro Food Processing Facilities. The committee approved the nomination of four independent directors: Hasnain Nawaz Khan, Shahid Mehmood Sahu, Ahsan Mustafa Bajwa, and Ghulam Jaffar Junejo. In addition, three ex-officio members will serve on the board. The committee further endorsed the proposal to appoint Hasnain Nawaz Khan as the chairman of the board. The cabinet body reviewed and approved, with directions for further refinement, the Procurement Policy of Pakistan National Shipping Corporation (PNSC) as presented by the Ministry of Maritime Affairs. It was appreciated that the PNSC is the first state-owned enterprise to formulate and adopt a comprehensive procurement policy tailored to its operational needs. The committee also approved a summary from the Ministry of National Food Security and Research for accepting the resignation of the Vice President of the Pakistan Central Cotton Committee (PCCC), effective March 25, 2025, on personal grounds. The official had been appointed to the position by the Federal Cabinet in May 2024. Another item approved by the committee related to the appointment of directors and members to the Board of the National Disaster Risk Management Fund (NDRMF), as proposed by the Ministry of Planning, Development, and Special Initiatives. During the meeting, the committee expressed concern over the failure of certain SOEs to complete their financial audits for several years. Finance Division in its latest report noted that audit committees in most SOEs are either non-functional or symbolic, lacking the technical competence to challenge management or oversee financial integrity. It directed the concerned entities to initiate their audit processes without further delay and instructed the Securities and Exchange Commission of Pakistan (SECP) to examine such cases and present its findings and recommendations to the CCoSOEs in due course. Copyright Business Recorder, 2025
Express Tribune
11-07-2025
- Business
- Express Tribune
PSQCA board greenlights institutional reforms
Listen to article With a strong emphasis on institutional reform, employee welfare, and service modernisation, the 35th Board of Directors meeting of the Pakistan Standards and Quality Control Authority (PSQCA) convened in Islamabad under the chairmanship of Federal Minister for Science and Technology Khalid Hussain Magsi. The high-level session brought together key stakeholders to chart a forward-looking agenda aimed at overhauling operational systems, supporting staff, and enhancing service delivery. The meeting was attended by Rizwan Ahmed Sheikh, Director General PSQCA, Muhammad Ashraf, Executive Director General, Trade Development Authority of Pakistan (TDAP) and senior officials. The session focused on a comprehensive agenda aimed at institutional reform, employee welfare, and service modernisation. In a series of landmark decisions, the Board took firm action on several long-pending issues to enhance the operational efficiency of PSQCA and provide relief to its workforce. Among the key outcomes was the approval for the regularisation of PSQCA employees and the release of their pending salaries, signifying a strong commitment to staff welfare. Furthermore, the Board sanctioned the immediate disbursement of salaries to employees in the BS-01 to BS-04 categories, ensuring financial relief to lower-grade staff, according to press release issued on Friday. Promoting sustainability, the Board approved the installation of solar energy systems at all PSQCA Component Centres and the Head Office in Karachi. This move aims to encourage environmentally responsible and cost-effective energy practices. In line with Pakistan's international trade goals, the Board also gave green light to initiate a Memorandum of Understanding (MoU) with the UK's Department for Environment, Food & Rural Affairs (DEFRA) to boost trade facilitation for Pakistani food products. To further modernise its internal processes, the Board endorsed the implementation of SAP software across PSQCA's Accounts, Finance, and Human Resource departments. The procurement of new operational vehicles, subject to approval from the Finance Division's Austerity Committee, was also approved to strengthen logistical and field operations across the organisation. In terms of employee support, the Board approved the disbursement of incentive shares for the current fiscal year and sanctioned the continuation of existing medical services as per the Medical Attendance Rules 2004. Additionally, a significant step was taken towards international collaboration in automotive standards, with approval granted for signing a Mutual Recognition Agreement (MRA) with a foreign automobile testing laboratory. The meeting concluded with a strong emphasis on transparency, accountability, and the swift execution of all approved decisions. Federal Minister praised the efforts of the PSQCA team and instructed all departments to ensure timely implementation to deliver improved services and outcomes.
Business Recorder
02-05-2025
- Business
- Business Recorder
Minister advocates inclusive scientific progress in Pakistan
ISLAMABAD: Federal Minister for Science and Technology Khalid Hussain Magsi chaired a high-level meeting with the heads of various organisations under the Ministry of Science and Technology. Federal Secretary Sajid Baloch also attended the session. The meeting focused on reviewing the progress of 31 ongoing development projects and discussed the roadmap for future initiatives. The federal minister emphasised that the vision of the government and Prime Minister Mian Shehbaz Sharif is to ensure that every Pakistani benefits equally from national development and investment. He stressed that 'all projects must aim to directly uplift the lives of common citizens, especially in backward and underserved regions, bringing them on par with developed areas.' The minister underscored the importance of inclusive scientific progress, calling for increased efforts to promote scientific education and innovation across the country. He urged organisations to focus not just on infrastructure but also on building human capital through awareness and access to quality education. The federal minister also highlighted the need to improve the ease of doing business in Pakistan, encouraging the ministry and its affiliated organisations to create a more supportive environment for investment, research, and development with transparency and efficiency. Copyright Business Recorder, 2025
Business Recorder
02-05-2025
- Business
- Business Recorder
Minister advocates inclusive scientific progress
ISLAMABAD: Federal Minister for Science and Technology Khalid Hussain Magsi chaired a high-level meeting with the heads of various organisations under the Ministry of Science and Technology. Federal Secretary Sajid Baloch also attended the session. The meeting focused on reviewing the progress of 31 ongoing development projects and discussed the roadmap for future initiatives. The federal minister emphasised that the vision of the government and Prime Minister Mian Shehbaz Sharif is to ensure that every Pakistani benefits equally from national development and investment. He stressed that 'all projects must aim to directly uplift the lives of common citizens, especially in backward and underserved regions, bringing them on par with developed areas.' The minister underscored the importance of inclusive scientific progress, calling for increased efforts to promote scientific education and innovation across the country. He urged organisations to focus not just on infrastructure but also on building human capital through awareness and access to quality education. The federal minister also highlighted the need to improve the ease of doing business in Pakistan, encouraging the ministry and its affiliated organisations to create a more supportive environment for investment, research, and development with transparency and efficiency. Copyright Business Recorder, 2025
Express Tribune
01-05-2025
- Business
- Express Tribune
Celebrating labour, backbone of the nation
Listen to article On May 1st, 2025, as the country marked Labour Day, a national holiday meant to honour the contributions of workers, the 1,320 MW Sahiwal Coal Power Plant stood in quiet defiance of the pause. While offices closed and families gathered to celebrate, the plant remained fully operational, continuing its critical role in supplying uninterrupted electricity to Pakistan's national grid, said a press release on Thursday. Labour Day, globally observed on May 1st, originated from the labour union movement in the late 19th century, with roots in the Haymarket affair of 1886 in Chicago, where workers demanded an eight-hour workday. In Pakistan, the day became an official public holiday in 1972 as part of broader labour reforms. It was intended not just to provide rest but also to remind the nation of the value and dignity of its workforce. But for the men of Sahiwal Power Plant, the spirit of the day lives not in rest, but in continued service. This coal-fired power plant, located in the heart of Punjab and jointly developed under the China-Pakistan Economic Corridor (CPEC) is a joint effort between China and Pakistan. Its reliability depends on the ceaseless efforts of a dedicated group of men, Pakistani and Chinese engineers, technicians, operators, and labourers who run the plant around the clock in two to three shifts, every single day of the year. Their silent dedication makes it possible for millions of homes and industries to function, even when the rest of the nation takes a break. In the early hours of May 1st, leadership from the Sahiwal Power Plant made their way across different areas of the facility and praised labourers' unwavering commitment, particularly acknowledging the challenges of being away from families on days that are otherwise dedicated to rest and reunion. Beyond its technical contributions, the Sahiwal plant stands as a living example of international friendship and cooperation. While many mark Labour Day with rallies, speeches, and declarations of solidarity, the workers at Sahiwal continue their duty with quiet pride. They may not appear on television screens or in headline news, but their contribution is no less heroic. The electricity they produce keeps hospitals running, powers homes and schools, and sustains factories and businesses across Pakistan. This spirit of partnership is evident in every control room, turbine hall, and monitoring station of the plant. The camaraderie between the two nations' engineers and workers transcends language and borders. These men are not just workers; they are the guardians of Pakistan's energy stability. As the sun set on May 1st, lights across Pakistan continued to shine brightly, thanks to the unwavering efforts of those who stayed at their posts. To the men of the Sahiwal Coal Power Plant, your nation salutes you. You are the backbone of progress. Meanwhile, Federal Minister for Science and Technology Khalid Hussain Magsi chaired a meeting to review the ongoing and future development projects under the Ministry of Science and Technology. The meeting focused on reviewing the progress of 31 ongoing development projects and discussed the roadmap for future initiatives. Federal Minister emphasised that all projects must aim to directly uplift the lives of common citizens, especially in backwards and underserved regions, bringing them on par with developed areas. The Minister underscored the importance of inclusive scientific progress, calling for increased efforts to promote scientific education and innovation across the country. He urged organisations to focus not just on infrastructure but also on building human capital through awareness and access to quality education. Federal Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry, in a statement, stated that "workers' welfare is indispensable for a prosperous and strong Pakistan." Federal Minister for Commerce Jam Kamal Khan stressed that the dignity of labour is the foundation of a strong and prosperous nation. Our workers — whether in industry, agriculture, trade, or services — are the true drivers of national development.
