Latest news with #Rs100
Express Tribune
10 hours ago
- Politics
- Express Tribune
Low-cost housing projects hit dead end
Even after the passage of 12 years, residential projects introduced by the Sindh government for providing decent housing to the low-income segments of Karachi remain hanging in uncertainty. Amidst complex bureaucratic hurdles and shifting priorities of the government, many deserving families can imagine comfortable living in their dreams only. In the financial year 2008-09, a low-cost housing project was initiated under the management of the Shaheed Benazir Bhutto Housing Cell. As part of this project, low-cost houses were to be constructed in different districts of the province. According to officials of the housing cell, 18,700 low-cost houses have been constructed in three phases, Under this scheme, 6,000 houses were to be constructed in Karachi, but not a single house has been built there to date. After this, during the same tenure of the Pakistan People's Party (PPP), the Sindh government had announced another project under which 50,000 poor families of the province, including Karachi, were to be given free plots totaling 120 square yards in area size. However, so far, only 27,000 plots have been given to the deserving families across Sindh. The project was also supposed to accommodate families of PPP workers martyred during the bomb blast in October 2007. The Shaheed Benazir Bhutto Town was built at the Hawks Bay area of Karachi, where 18,000 plots of 120 square yards were given to impoverished families including the relatives of the martyred PPP workers and local journalists. Due to lack of necessary development and other problems, most of the allottees could not build their houses and were forced to sell their plots at cheap prices due to poverty. Many others however, remained deprived of their promised land, due to the outdated system of government offices. A PPP worker from Lyari, on the condition of anonymity, revealed that when the project had started, they had made several rounds of the respective offices, but each time they were told that the paperwork had not yet started. Similarly, another PPP worker from Lyari, shared that even though he was given a plot under the scheme, he did not have money to construct a house. "I could not afford to build a house therefore, I sold my plot for Rs100,000 a few years ago," said the allottee. When contacted by the Express Tribune, Irfan Abro, in-charge of the project, confirmed that very few people had constructed houses in the Shaheed Benazir Town Karachi. "Hence, we have informed all plot holders through an advertisement this month that they should submit the layout plan of their plots as soon as possible. Allotments will be cancelled for those who do not submit their layout plans and fail to start construction work," said Abro. Anis Qadir Mangi, Director of the Shaheed Benazir Bhutto Housing Cell, told The Express Tribune that 6,000 houses were to be constructed in Karachi under the project. "I have submitted a proposal to the Sindh Finance Department in this regard," said Mangi.
Business Recorder
13 hours ago
- Business
- Business Recorder
Ministries, divisions: ECC approves 14 summaries seeking TSGs worth Rs2.629trn
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved 14 summaries seeking technical supplementary grants (TSGs) worth around Rs2.629 trillion for various ministries and divisions to meet the cost of ongoing projects and initiatives during the current financial year 2024-25. The ECC of the Cabinet that met under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb also approved natural gas pricing structure for fiscal year 2025-26 which also allowed price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10 percent. The ECC reviewed and approved several TSGs to meet the cost of ongoing projects and initiatives from different ministries and divisions during the current financial year 2024-25. Ministries & Divs: ECC clears TSG summaries These include, Rs829.67 billion TSG and Rs1,774.20 billion TSG for Finance Division for repayment of domestic debt and for foreign loan repayments respectively, Rs15.839 billion TSG for the Ministry of Defence to cover the shortfall in admissible pay and allowances, in employees-related and non-employees related expenditures and clear the outstanding dues as part of the PM's Package for the martyrs of the recent Pak-India war, Rs63 million TSG for Finance Division to cover the shortfall under unavoidable and mandatory expenditures on account of rent for office and residential buildings of the Department of the Auditor General of Pakistan during the current fiscal year 2024-25. The ECC also approved Rs100 million TSG for Ministry of Foreign Affairs to meet the expenditure under the Head of Account 'Other Delegation Abroad' during the current fiscal year 2024-25, Rs1.765 billion TSG for Ministry of Interior and Narcotics Control to meet the operational requirements as well as to clear the outstanding/pending liabilities of the Frontier Corps KP (North and South) and Frontier Corps Balochistan (North and South) during the current fiscal year 2024-25, Rs300 million TSG for Ministry of Interior and Narcotics Control to clear outstanding liabilities under various Heads of Account of the ICT Police during the current fiscal year 2024-25, Rs100 million TSG for Ministry of Interior and Narcotics Control to clear the outstanding liabilities of various vendors provided services and supplies during the law and order situation in the ICT region during the current fiscal year, Rs52.241 million TSG for Ministry of Interior and Narcotics Control to meet the cost of up-gradation/uplifting and availability of latest investigation equipment and friendly environment at ICT police stations during the current fiscal year and Rs100 million TSG for Ministry of Interior and Narcotics Control in respect of Frontier Corps KP (North) during the current fiscal year 2024-25. The ECC also approved Rs5.5 billion TSG for Strategic Plans Divisions as rupee cover to Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) during current fiscal year 2024-25, Rs117.97 million TSG for Petroleum Division to meet the cost of PSDP project titled, 'Expansion and Up-gradation of Pakistan Petroleum Corehouse' during the current fiscal year 2024-25, Rs254.57 million TSG for Finance Division for onward release to Government of Balochistan in terms of incentive package for PAS/PSP officers posted under it and Rs198 million TSG for Ministry of Interior and Narcotics Control for repair and maintenance of the Executive Building, Islamabad. The ECC also took up a summary submitted by the Petroleum Division, seeking approval for a revised natural gas pricing structure for the fiscal year 2025–26, to take effect from July 1, 2025. Under the OGRA Ordinance, the federal government is required to notify revised consumer gas prices within 40 days of OGRA's determination to ensure cost recovery and regulatory compliance. The submission also aligns with structural benchmarks agreed with the International Monetary Fund (IMF), including rationalisation of captive power tariffs and a shift from cross-subsidies to direct, targeted support for low-income consumers. The ECC considered the proposed adjustments in energy sector tariffs and decided to maintain gas prices to protect household consumers with only fixed charges re-adjusted in domestic sector to recover the asset costs. It also allowed price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10 percent. The ECC also considered a proposal brought on by the Ministry of National Food Security and Research (MNFSR) for import of sugar to stabilise the sugar prices. The ECC discussed the summary and approved the proposal of the Ministry for constitution of a 10-member steering committee led by Federal Minister for MNFSR and including Federal Minister for Commerce, SAPM to Ministry of Foreign Affairs, secretary Finance Division, chairman FBR and others to come back to the ECC with their recommendations on the matter. The ECC also discussed a summary by the Finance Division regarding changes in the home remittances incentive schemes, and tasked the State Bank of Pakistan and the Finance Division to propose and present a proper plan by 31st July to ECC, ensuring impact analysis and a roadmap for a properly-managed transition. The Cabinet body also considered a summary by the Finance Division for the launch of a risk coverage scheme for small farmers and under-served areas, and accorded in-principle approval to the proposal with instructions for further fine-tuning and incorporating in it additional safeguards before its planned launch on 14th August 2025. The ECC was told that the scheme would likely bring 750,000 new agricultural borrowers into the formal financial system and generate an incremental credit portfolio of Rs300 billion during its disbursement tenure of three years from fiscal year 2026 to fiscal year 2028. The budgetary requirement for meeting risk coverage and operational cost of the banks is estimated to be Rs37.5 billion, spread over fiscal year 2027 to fiscal year 2031. The meeting was attended by several key federal ministers, including Minister for Power Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Ali Pervaiz Malik, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, and senior officials from various ministries and divisions were also present. Copyright Business Recorder, 2025
Express Tribune
15 hours ago
- Politics
- Express Tribune
Flood warnings trigger evacuation along Nullah Leh
The water level rose to 18 feet at Nullah Leh after a heavy downpour in the twin cities on Tuesday. PHOTO: Agha Mahroz/EXPRESS As the pre-monsoon season approaches, residents and traders living near Rawalpindi's low-lying areas and along the 22-kilometre-long Nullah Leh have begun moving their belongings to safer locations. Many traders in the inner city have already emptied their warehouses and shifted goods to secure storage to avoid flood losses. Once a pristine stream fed by springs and rainfall from the Margalla Hills, Nullah Leh entered Rawalpindi at New Katarian, flowing through both city and cantonment areas before merging with the River Soan. Over 500 years ago, Mehmood Ghaznavi camped beside its banks. Aryan settlers made it their home centuries ago, and Arya Mohalla still bears their name. Until 1925, it had clean, fish-filled waters used for drinking and religious rituals. After partition, unchecked urbanisation and industrial waste transformed it into a sewage drain. Municipal records show the nullah spans 500 to 1,000 feet in width and stretches 22 kilometres, 11 km through the city and the rest through cantonment zones. Floods through the years Rawalpindi has witnessed at least seven major floods over the decades. The most devastating occurred on July 23, 2001, killing 65 people and hundreds of animals, and causing damages worth Rs7 billion. Subsequent floods in 1967, 1969, 1972, 1975, 1982, and 1986 also caused significant loss of life and property. Despite repeated pledges by successive governments, including those of Zulfikar Ali Bhutto, General Zia, Nawaz Sharif, and Benazir Bhutto, to resolve the issue through projects like the Leh Expressway and separate sewage tunnels, no plan has been fully executed. Unfulfilled promises In 2007, the then-President General Pervez Musharraf launched the Nullah Leh project at an estimated cost of Rs17 billion. Only 25% was completed before the project was shelved in 2008. The cost has now surged beyond Rs100 billion. Every year, WASA and district officials claim to desilt the drain with a reported annual budget of Rs140 million, but locals say the results are negligible. High-risk areas According to an estimate, approximately 0.7 million residents and traders live in these flood-prone zones. The most flood-prone areas include Nadeem Colony, Javed Colony, Arya Mohalla, Dhoke Elahi Bakhsh, Chah Sultan, Raja Bazaar, and Gawalmandi, among others. These densely populated localities suffer extensive damage each year. Significance of Leh Expressway WASA Director Admin Umar Farooq claimed that desilting work on Nullah Leh and 15 associated drains has been carried out efficiently this year. Deputy Commissioner Hasan Waqas Cheema said that all departments are on high alert and that the Pakistan Army's Triple-One Brigade remains on standby. However, residents such as Haji Noor Deen and Fazal Elahi remain unconvinced. They say official preparations are largely cosmetic, and the first pre-monsoon rain last Saturday already left streets submerged in up to two feet of water. Many families are once again packing up and evacuating, bracing for yet another season of flooding. Experts believe that until the Leh Expressway is constructed and a separate tunnel is built for sewage, Nullah Leh will continue to wreak havoc year after year.
Time of India
19 hours ago
- Business
- Time of India
Nashik civic body plans to raise Rs100cr through green municipal bonds
Nashik: The Nashik Municipal Corporation (NMC) is set to raise Rs100 crore through the issuance of municipal green bonds. This move mirrors a similar initiative undertaken by the Pimpri Chinchwad Municipal Corporation (PCMC). The funds secured from these green bonds will be dedicated to various environment-friendly projects in preparation for the upcoming Simhastha Kumbh Mela. These initiatives will encompass crucial areas such as water supply management, waste management, and other related environmental efforts. Municipal commissioner Manisha Khatri , while talking to TOI, said, "We are working in that direction to raise the funds as we will need funds for various green projects in view of the upcoming Simhastha Kumbh Mela. We will raise around Rs100 crore through the green municipal bonds." She also highlighted that central govt offers incentives to municipal corporations that raise funds for green projects through such bonds. The PCMC recently raised Rs200 crore through green municipal bonds and became the first municipal corporation in Maharashtra to do so. The bond issue witnessed substantial investor interest, being oversubscribed by 5.1 times. The bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 crore, oversubscribing the offer by 5.13 times. The base issue of Rs100 crore was fully subscribed within just one minute of opening, indicating strong investor confidence.
Business Recorder
21 hours ago
- Business
- Business Recorder
ECC approves Rs2.63trn in supplementary grants for various ministries, divisions
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Friday approved 14 summaries seeking technical supplementary grants (TSGs) worth around Rs2.629 trillion for various ministries and divisions to meet the cost of ongoing projects and initiatives during the current financial year 2024-25. The ECC, met under the chairmanship of Finance Minister Muhammad Aurangzeb, also approved natural gas pricing structure for fiscal year 2025-26, allowing price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10%. The ECC reviewed and approved several TSGs to meet the cost of ongoing projects and initiatives from different ministries and divisions during the current financial year 2024-25. Import, re-export of defence vehicles: ECC approves amendments to import policy order These include, Rs829.67 billion TSG and Rs1.774.20 trillion TSG for Finance Division for repayment of domestic debt and for foreign loan repayments respectively, Rs15.839 billion TSG for the Ministry of Defence to cover the shortfall in admissible pay and allowances, in employees-related and non-employees related expenditures and clear the outstanding dues as part of the PM's Package for the martyrs of the recent Pak-India war, Rs63 million TSG for Finance Division to cover the shortfall under unavoidable and mandatory expenditures on account of rent for office and residential buildings of the Department of the Auditor General of Pakistan during the current fiscal year 2024-25. The ECC also approved Rs100 million TSG for Ministry of Foreign Affairs to meet the expenditure under the Head of Account 'Other Delegation Abroad' during the current fiscal year 2024-25, Rs1.765 billion TSG for Ministry of Interior & Narcotics Control to meet the operational requirements as well as to clear the outstanding/pending liabilities of the Frontier Corps KP (North and South) and Frontier Corps Balochistan (North & South) during the current fiscal year 2024-25, Rs300 million TSG for Ministry of Interior & Narcotics Control to clear outstanding liabilities under various Heads of Account of the ICT Police during the current fiscal year 2024-25, Rs100 million TSG for Ministry of Interior & Narcotics Control to clear the outstanding liabilities of various vendors provided services and supplies during the law and order situations in the ICT region during the current fiscal year, Rs52.241 million TSG for Ministry of Interior & Narcotics Control to meet the cost of up-gradation/uplifting and availability of latest investigation equipment and friendly environment at ICT Police stations during the current fiscal year and Rs100 million TSG for Ministry of Interior & Narcotics Control in respect of Frontier Corps KP (North) during the current fiscal year 2024-25. The ECC also approved Rs5.5 billion TSG for Strategic Plans Divisions as rupee cover to Pakistan Space & Upper Atmosphere Research Commission (SUPARCO) during current fiscal year 2024-25, Rs117.97 million TSG for Petroleum Division to meet the cost of PSDP project titled 'Expansion & Up-gradation of Pakistan Petroleum Corehouse during the current fiscal year 2024-25, Rs254.57 million TSG for Finance Division for onward release to Government of Balochistan in terms of incentive package for PAS/PSP officers posted under it and Rs198 million TSG for Ministry of Interior and Narcotics Control for repair and maintenance of the Executive Building, Islamabad. The ECC also took up a summary submitted by the Petroleum Division, seeking approval for a revised natural gas pricing structure for the fiscal year 2025–26, to take effect from July 1, 2025. Under the OGRA Ordinance, the federal government is required to notify revised consumer gas prices within 40 days of OGRA's determination to ensure cost recovery and regulatory compliance. The submission also aligns with structural benchmarks agreed with the International Monetary Fund (IMF), including rationalization of captive power tariffs and a shift from cross-subsidies to direct, targeted support for low-income consumers. The ECC considered the proposed adjustments in energy sector tariffs and decided to maintain gas prices to protect household consumers with only fixed charges re-adjusted in domestic sector to recover the asset costs. It also allowed price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10 percent. The ECC also considered a proposal brought on by the Ministry of National Food Security and Research (MNFSR) for import of sugar to stabilize the sugar prices. The ECC discussed the summary and approved the proposal of the Ministry for constitution of a 10-member steering committee led by Federal Minister for MNFSR and including Federal Minister for Commerce, SAPM to Ministry of Foreign Affairs, Secretary Finance Division, Chairman FBR and others to come back to the ECC with their recommendations on the matter. The ECC also discussed a summary by the Finance Division regarding changes in the home remittances incentive schemes, and tasked the State Bank of Pakistan and the Finance Division to propose and present a proper plan by 31st July to ECC, ensuring impact analysis and a roadmap for a properly-managed transition The Cabinet body also considered a summary by the Finance Division for the launch of a risk coverage scheme for small farmers and under-served areas, and accorded in-principle approval to the proposal with instructions for further fine-tuning and incorporating in it additional safeguards before its planned launch on 14th August 2025. Balochistan tube-wells solarisation: ECC approves Rs24.5bn transfer The ECC was told that the scheme would likely bring 750,000 new agricultural borrowers into the formal financial system and generate an incremental credit portfolio of Rs 300 billion during its disbursement tenure of 3 years from fiscal year 2026 to fiscal year 2028. The budgetary requirement for meeting risk coverage and operational cost of the banks is estimated to be Rs 37.5 billion, spread over fiscal year 2027 to fiscal year 2031. The meeting was attended by several key federal ministers, including Minister for Power, Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Ali Pervaiz Malik, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, and senior officials from various ministries and divisions were also present.
