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PM UNVEILS BALOCHISTAN’S ‘REVOLUTIONARY’ ENERGY PLAN TO TRANSFORM AGRICULTURE Tuesday, 9 July, 2024 I |2 Muharram, 1446
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Rs 50.00 | Vol XV No 9 I 36 Pages I Islamabad Edition
PM emphasizes critical role of advancing g 28,000 tube wells in Balochistan to be Balochistan for nation’s overall progress shifted to solar power within three months QUETTA
STAFF REPORT
RIME Minister Shehbaz Sharif has announced a significant initiative to convert all 28,000 tube wells in Balochistan to solar power within three months, with an estimated cost of 55 billion rupees. In the subsequent phase, the government plans to transition ten lakh tube wells across Pakistan to solar energy. This decision was reached during a cabinet meeting in Balochistan, attended by key figures including the Governor, Chief Minister, and federal and provincial ministers. The premier underscored that without advancing Balochistan, Pakistan’s overall progress would be incomplete. The federal government has earmarked 500 billion rupees for the tube wells project, benefiting 28,000 farmers. Seventy percent of the funding will come from the federal government, with the
remaining thirty percent from the provincial government. The project is slated for completion within three months. PM Shehbaz highlighted that the federal government has historically spent substantial sums annually on electricity bills for Balochistan’s tube wells,
amounting to billions of rupees. By transitioning to solar power, these costs will decrease, relieving the burden on the federal budget. Balochistan has assured full commitment to the challenging task of converting 28,000 tube wells to solar systems within the specified timeframe.
Noting that the country currently operates one million tube wells on diesel, costing approximately 3.5 billion dollars annually, Shehbaz unveils that plans are underway to swiftly implement a nationwide model for their conversion to solar energy, with farmers offered favourable loan terms to facilitate this transition. In terms of education, the budget has allocated specific funds for Balochistan’s educational institutions. However, Shehbaz acknowledged that addressing the province’s broader challenges requires more substantial financial support, comparable to other regions. Furthermore, Pakistan plans to send one thousand children to China for agricultural education, with Balochistan receiving a ten percent higher allocation compared to other provinces. The premier emphasized that these decisive measures are aimed at enhancing the nation’s welfare, cautioning that failure to act now could necessitate future visits to the IMF for support.
Upcoming IMF bailout will not be the last if govt fails to boost tax revenue, says finance minister g
Emphasises need for immediate action to deliver results in next two to three months PROFIT
MONITORING DESK
Finance Minister Muhammad Aurangzeb has said that Pakistan’s upcoming IMF bailout will not be the last if the government fails to significantly boost tax revenue. “We do not have five years for our programme,” Aurangzeb stated, emphasising the need for immediate action to deliver results in the next two to three months. Muhammad Aurangzeb said he was “relatively confident” of reaching a staff-level agreement with the IMF
this month on a loan, which his ministry has previously pegged at between $6 and $8bn. “But it will not be our last fund programme if we don’t bring our tax revenues up,” he told the Financial Times in an interview. Pakistan narrowly avoided default last year with a $3 billion IMF emergency loan, which expired in April. In response, Aurangzeb announced a tax-heavy budget to raise public revenue and meet IMF conditions, targeting Rs13 trillion ($46.6 billion) by next July. This aims to reduce a debt burden consuming 57 percent of government revenue through interest payments.
The budget increases taxes primarily on salaried workers, a small segment of Pakistan’s largely informal economy, and some retail and export businesses. It also includes punitive measures for tax avoiders, such as restrictions on mobile phone, gas, and electricity access, and the ability to travel abroad. The finance minister acknowledged recent economic improvements, including reduced inflation and increased central bank reserves, but stressed the need for longer-term growth and debt sustainability.
CONTINUED ON BACK PAGE
SC directs ECP to consult LHC CJ to resolve election tribunals dispute LAHORE
STAFF REPORT
The Supreme Court (SC) on Monday issued a written order regarding the Election Commission of Pakistan’s (ECP) appeal against the establishment of eight election tribunals by the Lahore High Court (LHC). In the order, the apex court stated that both the ECP and the office of the Chief Justice Lahore High Court (LHC) are constitutional institutions deserving of the highest respect. It emphasised that a face-to-face, meaningful consultation between these two bodies could resolve the issue. The top court also noted that the attorney general also agreed on the need for meaningful consultation. The court decided to keep the case pending without delving into its merits, considering it appropriate for the CJ of LHC and the ECP to engage in meaningful consultation. The Judicial Commission of Pakistan (JCP) unanimously approved Justice Aalia Neelum’s elevation to the position of chief justice of the LHC on July 3. The court further ordered the suspension of the Election Commission’s letter dated 26th April, the notification, and the Lahore High Court’s decisions dated 29th May and 12th June, until the next hearing. It stressed the urgency of holding meaningful consultations as soon as the chief justice LHC takes oath, after which the case will be scheduled for hearing. On July 4, the apex court suspended the decision of the LHC and the notification by the ECP concerning the establishment of election tribunals in Punjab. Additionally, the court dismissed PTI leader Niazullah Niazi’s objection to the inclusion of Chief Justice Qazi Faez Isa in the larger bench in the election tribunal case. A five-member larger bench, headed by Chief Justice Isa, convened to hear the Election Commission’s appeal against the Lahore High Court’s decision on forming election tribunals. The hearing, however, commenced with a heated exchange between CJ Isa and PTI lawyer Niazullah Niazi. Niazi objected to the inclusion of the CJ in the bench, a motion swiftly dismissed by Chief Justice Isa.