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Business Recorder
16-07-2025
- Business
- Business Recorder
PRI financing: IMF asks MoF and SBP to find a way forward
ISLAMABAD: The International Monetary Fund (IMF) has asked the Ministry of Finance and the State Bank of Pakistan (SBP) to sit together and find a way forward for financing the Pakistan Remittances Initiative (PRI) - a scheme for facilitating remittances through formal channels. This was revealed by the finance secretary, while briefing the National Assembly Standing Committee on Finance and Revenue, which met with Syed Naveed Qamar in the chair, here on Wednesday. The committee observed that the remittances' reward paid to banks and exchange companies facilitating overseas inflows through official channels is turning to be a new circular debt. The finance secretary informed the committee that due to fiscal constrain no amount has been allocated for the scheme for the current fiscal year against Rs89 billion earmarked last fiscal year, however, it crossed Rs100 billion. Even if it is paid from the SBP profit, would means indirect payment by the Finance Ministry. 'We are engaged with SBP to find a solution for financing PRI as it has already been decided to revise the scheme,' he added. Govt decides to review Pakistan Remittances Initiative The committee was informed that the reward structure — previously set between 20 to 30 riyals per incremental transaction — has now been revised to a flat rate of 20 riyals across all transaction sizes. The minimum eligible transaction threshold is being raised from $100 to $200. The committee further deliberated upon 'the parliamentary budget office bill 2025,' moved by Rana Iradat Sharif Khan envisaging to establish parliamentary budget office to enhance fiscal oversight, transparency and parliamentary security of budgetary matters. The finance secretary said there is no need of legislation for establishing budget office. Even if it is established, the office should be a lean, he added. The committee constituted a sub-committee under the convenorship of Dr Nafisa Shah for detailed deliberation on the bill and submission of its report within 30 days. Ali Zahid, Arshad Abdullah Vohra, and Muhammad Mobeen Arif, MNAs, will be the members of the newly appointed sub-committee. The committee expressed serious concern over the absence of the Industries and Production secretary, and deferred the agenda item relating to the new electric vehicle policy. The committee deferred discussion on 'The Starred Question No 40', moved by Sharmila Faruqui, MNA, 'The Starred Question No 38', moved by Aliya Kamran, MNA, 'Non-Implementation of Minimum Wages, as announced by the Federal Government in its departments'' matter raised by Syed Rafiullah, MNA, and 'Islamic Banking' matter received from Syed Iftikhar Hussain Naqvi, member Council of Islamic ideology, for the next meeting of the committee. Copyright Business Recorder, 2025
Express Tribune
10-07-2025
- Business
- Express Tribune
Engro Powergen seeks early gas supply from Badar field
Listen to article Engro Powergen Qadirpur Limited (EPQL) has urged the federal government to expedite the long-pending approval of a supplemental agreement that will allow it to utilise low BTU gas from the Badar-1 field. In a letter sent to Power Division Secretary Dr Muhammad Fakhre Alam Irfan, EPQL Chief Executive Officer Adeel Qamar highlighted that despite completing all technical and procedural formalities, including infrastructure readiness and regulatory approvals, the supplemental agreement remains pending, which was submitted to the Central Power Purchasing Agency-Guarantee (CPPA-G) in August 2024. EPQL, which operates a 225-megawatt power plant primarily on permeate gas from the Qadirpur gas field, entered into an agreement with Petroleum Exploration Limited (PEL) on August 5, 2024 for the supply of 8-13 million cubic feet per day (mmcfd) of low BTU gas from Badar-1. It came after the National Electric Power Regulatory Authority (Nepra) formally approved the use of Badar-1 gas through a determination issued on February 20, 2024. However, the EPQL's proposal to amend its power purchase agreement (PPA) with CPPA-G to incorporate the use of this indigenous gas has yet to be approved. The company has cautioned that continuous delay not only undermines the use of cheaper domestic energy resources but also forces reliance on expensive imported fuels amid peak summer demand. In the letter, the company noted that if approval had been granted by October 2024, EPQL could have generated an additional 122 million units of electricity using the low BTU gas, resulting in estimated savings of Rs787 million for power consumers and $9 million in foreign exchange. 'Infrastructure is ready and we can begin immediate offtake. Moreover, the transaction is based on a take-and-pay model, meaning gas will only be utilised when it is competitive under the economic dispatch merit order,' the CEO said in the letter. Since commencing operations in March 2010, EPQL has contributed approximately 18.9 billion units of electricity to the national grid, saving the country an estimated Rs89 billion and $1.6 billion in foreign exchange by using indigenous permeate gas. The company emphasised that this track record of cost-effective generation underlines the urgent need to begin Badar-1 gas supply. While acknowledging past cooperation from government entities, EPQL expressed dismay over the current lack of progress and called on the Power Division to facilitate early approval of the supplemental agreement. Given the summer energy crisis, the company said that the delay was becoming increasingly costly and counterproductive to the national energy security goals.
Time of India
04-07-2025
- Business
- Time of India
Contractors Demand Immediate Release of Rs89,000 Crore in Pending Dues Across Maharashtra
Nagpur: Contractors from the Vidarbha region on Friday met Deputy Resident Collector Praveen Khande and submitted a memorandum demanding the immediate release of Rs89,000 crore in pending dues for govt works carried out across Maharashtra. Tired of too many ads? go ad free now The delegation said contractors were executing key development projects for several departments, including the Public Works Department (PWD), Rural Development Department, Urban Development Department, Water Conservation and Water Resources Department, and the Jal Jeevan Mission. However, despite completing these works, they claim payments were not made for the past eight to ten months. "The dues have reached a staggering Rs89,000 crore statewide, causing immense financial distress to thousands of contractors and workers," the memorandum stated. The contractors have been voicing their concerns through various forms of protest for several months now. They warned that the ongoing delay in payments could lead to a collapse of the construction and public works sector — Maharashtra's second-largest source of employment after agriculture. Such a breakdown, they cautioned, would severely impact the livelihood of millions of workers and derail critical infrastructure and welfare projects across the state. According to figures cited by the contractors, Rs40,000 crore is pending under the PWD, Rs12,000 crore under Jal Jeevan Mission, Rs6,000 crore under the Rural Development Department, Rs13,000 crore under the Water Conservation and Water Resources Department, and Rs18,000 crore under various Urban Development schemes. They urged the state govt to take immediate and concrete action to clear the dues and prevent further disruption to the state's developmental momentum.
Time of India
15-06-2025
- Climate
- Time of India
Air quality in Indira Nagar, Panchavati better than other areas of Nashik city
Nashik: For the past few days, residents of Indira Nagar and Panchavati in Nashik have enjoyed better air quality compared to other parts of the city. Data from the Maharashtra Pollution Control Board (MPCB) shows that the Air Quality Index (AQI) in these two areas consistently registered in the good category. In contrast, areas like Gangapur Road, Ambad MIDC, and other parts of Nashik recorded AQI levels in the satisfied category. The overall average AQI for Nashik city also fell into the satisfied category. Nashik's average AQI has shown improvement over the last two months, shifting from moderate to satisfied, largely attributed to recent rains. According to the Central Pollution Control Board (CPCB), an AQI between 1 and 50 is considered good, indicating minimal impact on health. An AQI between 51 and 100 is deemed satisfied, which may cause minor breathing discomfort for sensitive individuals. An AQI between 101 and 200 is moderate and causes breathing discomfort to people with lung or heart disease, children, and older adults. The AQI between 201 and 300 is poor and causes breathing discomfort to most people on prolonged exposure. The AQI of Indira Nagar areas of Nashik city was 48 on Sunday afternoon, against an AQI of 61 on June 1. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like local network access control Esseps Learn More Undo The AQI of Panchavati areas was 49 on Sunday afternoon, against an AQI of 89 on June 1. The AQI of Gangapur Road areas on Sunday afternoon was recorded at 76 as against 53 on June 1. The AQI of Ambad MIDC areas was 77 on Sunday afternoon, against an AQI of 101 on June 1. Officials from the MPCB said the city experienced rainfall for the past few days, causing the dust particles to settle on the soil, which led to the improvement of the air quality. The Nashik Municipal Corporation (NMC) also undertook various measures to improve the air quality of the city from the funds under the National Clean Air Programme (NCAP) of the centre. The NMC has so far received Rs89 crore from the Centre under the NCAP. "The civic body has spent around Rs55 crore on the projects to improve the air quality of the city," a civic official said. The projects under NCAP include construction of an electric bus depot, EV charging stations, a construction waste recycling plant, electric crematoriums, increasing green cover roadside, among others. These projects are expected to be implemented in the next two years. Also, of the total 250 city buses deployed by the NMC for the city bus service, 200 are CNG-operated and 50 are diesel-operated.
India Gazette
02-06-2025
- Automotive
- India Gazette
Hyundai Motor India reports monthly sales of 58,701 units in May 2025
Gurugram (Haryana) [India], June 2 (ANI): Hyundai Motor India Limited (HMIL) recorded total monthly sales of 58,701 units, including domestic sales of 43,861 units and exports of 14,840 units in May 2025, which shows the demand for the car overseas. According to HMIL, the availability of a few critical models was impacted in May on account of the scheduled biannual plant maintenance shutdown at the Chennai manufacturing facility. Tarun Garg, whole-time Director and Chief Operating Officer, HMIL, commenting on the performance, stated, 'HMIL's total sales volume for May 2025 stood at 58,701 units. May is a month of our routine week-long biannual maintenance shutdown at our Chennai manufacturing facility which affects availability of few critical models. The company also stated, 'We continue to witness consistent growth in our exports volume and this is a testament to the 'Make in India, Made for the World' philosophy that we passionately uphold. Going forward, we remain hopeful of a steady increase in demand for both domestic as well as international shipments with reduced uncertainty on the geo-political front and improved macro-economic situation.' Hyundai contributed 68.5 per cent in domestic SUV supply to the Indian market in FY24-25, with Creta contributing to over 30 per cent in midsize SUV space. The company exported 163K vehicles, while domestic volumes stood at 599K in the last fiscal. Revenues of the company in FY24-25 stood at Rs 691,929 Mn. and EBITDA at Rs89,538 Mn, with EBITDA margin at 12.9 per cent. last fiscal the company has given a dividend of Rs21 per to its shareholders. The product line of Hyundai India includes Grand i10 (Hatchback & Sedan), i20, Venue, Accent (Verna), Creta and Creta Grand. The company currently exports to more than 80 countries. (ANI)
