Latest news with #477
Express Tribune
19-05-2025
- Business
- Express Tribune
Govt lags in using development funds
Taxpayers allocating a proportion of their income for their country expect to see the results of their contribution in the form of some development work implemented by the government to improve the quality of life of people in the country. In Sindh, however, development is reduced to a buzzword, with the majority of funds underutilized even as the year ends. With only weeks remaining before the books close, several provincial departments are still issuing tenders for new development schemes, according to sources. In the first week of May alone, the Highways Division of the Sindh government invited tenders for more than 200 projects, including the construction of 125 roads in Umarkot, setting up of a paver block in Larkana alongside the installation of 77 CC drains. It should be noted that the current financial year will end on June 30th and work on the projects will start only in the next financial year. This is because even after these tenders are floated, contracts take time to be awarded and work to begin-making the timely completion of projects within the year a pipe dream. While development funds are often released in scattered tranches, non-development allocations tend to be readily spent. According to figures obtained from the Finance Department, by the first week of May, Rs1,477 billion out of Rs1,925 billion allocated for non-developmental expenditures, had been released to provincial departments, which ended up spending 88 per cent of this amount. On the contrary, out of the Rs959 billion budget allocated to provincial departments for development projects, Rs571 billion was released, of which only 69 per cent was utilized. An official from the Finance Department, speaking on the condition of anonymity, confirmed that provincial departments spent a large chunk of the development budget on ongoing schemes, while very little was spent on new schemes. "Since there is no need to complete new formalities for ongoing schemes, it is easy for departments to spend money on existing projects. However, it is difficult to spend on new development schemes since it takes a long time for them to complete all the formalities," explained the official. Dr Kaiser Bengali, a renowned economist, highlighted various technical reasons behind the underutilization of development funds. "Funds are allocated in the budget for new development projects, but the financial year is spent completing their formalities. Any new development project has to go through various stages from approval and preparation of PC-1 to the release of funds. This process often takes a long time hence its implementation is delayed. The relevant institutions of the provincial government should include in the budget only those development schemes for which PC-1 has already been prepared. This will reduce the amount of time taken to implement them," opined Dr Bengali. The problem of timely utilization of funds is not limited to the funds allocated by the provincial government since the allocation received by the Sindh government from the federal government too is not utilized in a timely manner. This can be gauged from a report published by the Auditor General of Pakistan regarding the non-utilization of Zakat funds. Every year, the federal government distributes the funds collected in the form of Zakat to all the provinces, which are obliged to spend this money on the deserving people. With this money, financial assistance must be provided to the impoverished households in the provinces by giving them subsistence allowances. This amount should also be spent on the welfare of orphans, treatment of poor patients and scholarships for underprivileged students at universities. According to the report, the federal government provided Rs4.63 billion as Zakat to Sindh during the financial year 2021-22. However, despite the passage of a whole year, the provincial government spent only Rs850 million on public welfare.
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New Straits Times
19-05-2025
- Business
- New Straits Times
MARKET PULSE AM MAY 19, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia opened in the red today, weighed down by a lack of fresh catalysts to drive the domestic market. The broader market was in negative territory, with the technology sector leading the decline, falling by nearly two per cent. For today, the FBM KLCI is expected to hover within the range of 1,570 to 1,580. In the cryptocurrency market, Bitcoin climbed to RM452,244. Conversely, Ethereum dipped to RM10,477, while Solana fell to RM720. That's it for Market Pulse.
Express Tribune
15-04-2025
- Business
- Express Tribune
Industry backs early approval of solar projects
Listen to article Stakeholders from the industry and the government have voiced strong support for the early approval of centralised solar projects while citing their competitive tariffs and potential to reduce national electricity costs and subsidies. At a public hearing convened by the National Electric Power Regulatory Authority (Nepra) on K-Electric's (KE) auction evaluation reports for its 120-megawatt and 150MW solar projects in Deh Halkani and Deh Metha Ghar, respectively – both located in Sindh – the stakeholders shared their views on the proposed tariffs and project execution. The Request for Proposals (RFP) for KE's 640MW renewable energy projects had been floated early in 2024. In December 2024, Nepra conducted hearings on the power utility's 150MW solar projects in Winder and Bela (Balochistan), followed by hearings in February for its 220MW hybrid project in Dhabeji. Company officials highlighted that they had assessed the reduction in KE's generation cost through the addition of 120MW and 150MW projects and the expected displacement of power generation based on expensive fuel. It was ascertained that annual savings would be Rs3,477 million while aggregate savings over 25 years would go up to Rs86,937 million. These projects will also help realise foreign currency savings of $765 million in the entire time frame. KE officials emphasised that the bidding process had been carried out transparently and in accordance with the regulatory guidelines. They mentioned that the inclusion of both physical and electronic submissions pointed out the company's dedication to fairness and openness throughout the process. The officials stressed that the bidding process, which yielded a tariff bid from Kapco, followed Nepra's guidelines and was conducted transparently, including advertisements in the international and local newspapers. Nepra voiced concern over the justification of accepting a single bid and asked why a second round was not initiated. KE responded that procedural delays impacted feasibility timelines and may have deterred other bidders. KE said that the decision was based on comparative benchmarking with similar projects and the urgency of delivering low-cost energy to consumers. Nepra also discussed the prudence and assumptions underpinning the business plan, particularly regarding the debt-equity structure and fuel displacement figures. KE officials responded that all the standard prudency checks had been observed, with estimated annual fuel savings of Rs1.6 billion and Rs1.8 billion from these projects, alongside potential annual foreign exchange savings of over $30 million. They added that across KE's full portfolio of 640MW of renewable energy projects, expected savings could reach up to Rs12 billion per annum. The proposed tariff is levelised – not cost-plus – and was defended as competitive and economically justified under the current market conditions. KE reiterated that the associated transmission infrastructure had already been assessed with support from the World Bank and necessary NOCs were secured. The proposed tariff structure was lauded, with hearing participant Rehan Javed describing it as very good and advantageous for both consumers and the government. He emphasised the affordability of the tariff and stressed the need for expediting approvals pertaining to the right of way and transmission infrastructure. It was suggested that Hesco and Sepco should also be involved in future planning to encourage industrial growth in the south and reduce transportation costs. Another participant requested Nepra to share the timeline for issuing a decision on KE's renewable energy projects so that the benefit could be passed on to consumers; to which Nepra member assured that it would be announced within two months. Transaction Adviser to the Government of Sindh Irfan Yousuf expressed confidence in the competitiveness of the process and emphasised that it was conducted transparently and provided all bidders with an equal opportunity to participate.
Jordan News
08-03-2025
- Business
- Jordan News
222 Million Dinars in Exports from Amman Chamber of Commerce in Two Months - Jordan News
The value of certificates of origin issued by the Amman Chamber of Commerce for the export of goods to Arab and foreign countries increased by 21.2% during the past two months compared to the same period in 2024. اضافة اعلان According to the data, the number of certificates of origin issued by the Amman Chamber of Commerce during the past two months also increased by 32.2%, reaching 4,487 certificates, compared to 3,394 certificates for the same period last year. Unusually, Syria topped the list of the top five countries to which goods and products were exported through the certificates of origin issued by the chamber, with 1,072 certificates and a value of about 12 million dinars. Iraq had the highest value in terms of exports. Following Syria in the number of certificates issued was Iraq, with 477 certificates and a value of 96 million dinars, making it one of the largest importers from Jordan according to the certificates of origin issued by the Amman Chamber of Commerce. The data also revealed that the number of certificates issued to Switzerland was 6, with a value of about 26 million dinars, to Egypt 125 certificates, with a value of 15 million dinars, and to the UAE 380 certificates, with a value of around 14 million dinars. These countries are among the largest in terms of export value. As for the type of products, the value of exports of foreign-origin products (goods of foreign origin) reached about 104 million dinars. Industrial products were valued at 52 million dinars, agricultural products at 19 million dinars, and Arab-origin products at about 16 million dinars, with the remaining value attributed to other products. A certificate of origin is a document used in international trade to certify that the goods in a particular shipment have been produced, manufactured, or processed in a specific country. Customs authorities use the certificate of origin to determine the eligibility of the goods for specific duties and to verify the country of origin of the goods. It is worth noting that the Amman Chamber of Commerce issues certificates of origin for agricultural and animal products, raw Jordanian natural resources, foreign goods that are re-exported, and foreign goods purchased from the local market under certain conditions. Certificates of origin are also issued for Jordanian industrial products upon the exporter's request, based on the original factory invoice certified by an industrial chamber, along with an original certificate of origin, certified according to the law, issued by an industrial chamber, proving that the goods are of Jordanian origin. This is in accordance with the provisions of Article (29) of the Jordanian Chamber of Commerce System No. (45) of 2009 and the Instructions for Issuing Certificates of Origin for 2013.
Yahoo
05-03-2025
- Business
- Yahoo
Ex-chairman: 1MDB couldn't have borrowed US$975m from bank without Najib's approval
PUTRAJAYA, March 4 — Sovereign investment firm 1Malaysia Development Berhad (1MDB) would not have been able to borrow US$975 million from a bank in 2014, if then finance minister Datuk Seri Najib Razak had not signed off his approval on behalf of the company's shareholder, the High Court heard today. Former 1MDB chairman Tan Sri Che Lodin Wok Kamaruddin, 75, said this while testifying as the 12th defence witness for Najib in the latter's trial, where more than RM2 billion of 1MDB's money allegedly entered the then prime minister's personal bank accounts. The prosecution today suggested that the 1MDB's board of directors had signed a resolution on August 21, 2014 to accept the US$975 million loan from Deutsche Bank, because Najib had already signed resolutions dated the same day for 1MDB's shareholder Minister of Finance (MoF) Incorporated to approve the borrowing. But Lodin disagreed with this suggestion. Deputy public prosecutor Kamal Baharin Omar then asked if 1MDB subsidiary 1MDB Energy Holdings Limited's (1MEHL) agreement to take up the US$975 million bank loan could not have been done without Najib's signing of the two shareholder resolutions (known in this case as P563 and P564), and Lodin agreed. Kamal Baharin: Without P563, P564, Datuk Seri Najib's approval, that agreement cannot be continued? Lodin: Cannot. Correct. Previously, the prosecution said documents and evidence produced in the 1MDB trial showed that RM40,477,420.70 or RM40.47 million originating from the US$975 million loan to 1MEHL ended up in Najib's personal AmIslamic bank account in late 2014. Kamal Baharin also asked if 1MDB's projects could not be done without the actions that Najib had taken, namely signing off on resolutions on behalf of the company's sole shareholder, the Minister of Finance Inc, and making notations on documents regarding 1MDB matters. Lodin confirmed the company constitution does require the shareholder to grant approval to certain 1MDB matters, and said its board had left it to the management to fulfil all that was required under the company constitution. Lodin also denied that he was actually a proxy to Najib in 1MDB. Lawyer Tan Sri Muhammad Shafee Abdullah expects to complete the reexamination of Lodin tomorrow morning, with one other defence witness ready to testify tomorrow and that attempts would be made to get another witness to be on standby. — Picture by Firdaus Latif Najib's lead lawyer Tan Sri Muhammad Shafee Abdullah was expected to question Lodin at this point, but told the court that he could not do so due to 'technical hiccups', which caused delays in the defence receiving the court's recordings of the 1MDB trial proceedings, which in turn delayed the transcript needed for his team to prepare to reexamine this particular witness. Shafee suggested that the 1MDB trial continue tomorrow morning instead with Lodin's reexamination as his team did not have any other witness ready to testify today. According to Shafee, the team wanted two 1MDB's ex-lawyers to testify in court, but 1MDB had yet to give clearance or permission for these lawyers to waive their client-solicitor privilege. Shafee said the 1MDB chairman, namely Treasury secretary-general Datuk Johan Mahmood Merican, would be the one who can give the waiver for 1MDB. Shafee said he had contacted Deputy Public Prosecutor Ahmad Akram Gharib about three weeks ago and gave him a letter requesting 1MDB to grant a waiver for the witnesses offered by the prosecution to the defence. Akram said the prosecution had on February 18 sent a letter to 1MDB, while attaching Shafee's letter to the company. Akram also said 1MDB had to discuss this in a board meeting. Trial judge Datuk Collin Lawrence Sequerah then asked if the court would have to wait for the board meeting before the trial could proceed. Akram said he was informed by 1MDB's lawyer that the reply letter is ready, adding that he was told this morning that the reply letter would be signed by 1MDB's chairman today. 'If it's not done today, let me know tomorrow so I can make whatever necessary orders at my disposal to expedite the trial, because I don't think I'm very keen to wait for anyone there to put pen to signature, to hold up this trial which is of public interest,' Sequerah replied. Shafee said he expects to complete reexamination of Lodin tomorrow morning, with one other defence witness ready to testify tomorrow and that attempts would be made to get another witness to be on standby. Separately, 1MDB had previously applied to strike off Najib's subpoenas of two 1MDB company secretaries to come and testify as his defence witnesses in this 1MDB trial and to bring all 1MDB board meeting minutes from 2018 to 2024 to court. Those two 1MDB company secretaries have yet to testify in court. 1MDB had argued that the company's board meeting minutes are privileged documents, and that these documents that Najib wants to access are irrelevant to his charges in this trial, and described his attempt as a 'fishing expedition' and an abuse of court process. Najib's lawyers have yet to present their arguments in court to respond to 1MDB's application, and the High Court is scheduled to continue hearing the subpoena striking-out application on March 12.
