Govt rolls back POL price hike

Gilani announces decision in National Assembly

Parliamentary leaders taken on board; Opposition hails decision

Special Correspondent/ Agencies

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Thursday announced restoration of prices of POL products to the level of December 31, last year and withdrew the latest increase announced by the government. Making a policy statement on the issue in the National Assembly, he said the decision has been taken in deference to the demand of the public, parliament and the political leadership.

He said the decision was arrived at the meeting of leaders of all parliamentary parties in Islamabad where they were briefed by the Finance Minister and other members of the government’s economic team on the petroleum prices and the overall economic situation. Prime Minister said there was consensus in the meeting that the latest increase should be withdrawn.

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Posted in: assassination,back,decision,Govt,hike,issue,Minister,parliamentary,POL,price,prices,Prime Minister

Govt blamed for fiscal deficit

ISLAMABAD: Government’s expenses consistently on the rise and if the trend goes on it will only lead to wider budget deficit. This was expressed by Governor State Bank, Shahid Hafeez Kardar while briefing Senate’s Standing Committee on Finance here Tuesday.  Senate Standing Committee meeting was chaired by Senator Ahmed Ali.

Governor State Bank of Pakistan told the committee if government expenditures remain on the higher side, then fiscal deficit may reach to 6 per cent of the gross domestic product. Governor SBP informed that during the current fiscal revenues were increased by 7 per cent whereas government expenses rose by 9 per cent.
Kardar added that government has borrowed Rs374 billion for its expenses from the central bank, whereas for the purchase of commodities Rs366 billion more had been borrowed while Rs368 billion extra also loaned for public sector entities. Governor central bank said that government still paying monthly Rs20 billion subsidy on power while Rs29 billion annual subsidy being paid on urea. On the occasion Federal Secretary Finance told the Committee that subsidies on power sector and security-related expensed are the biggest ingredients to the rising inflation, added that circular debt in the power sector has reached to Rs145 billion so far.

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Posted in: billion,cent,central bank,Committee,deficit,fiscal,Governor,Govt,Senate,Standing Committee,that

Govt not buying BP asset, SC told

ISLAMABAD: Counsel for the Oil and Gas Development Company Limited and Pakistan Petroleum Limited apprised the Supreme Court of Pakistan here Tuesday that the government had no intention to purchase $800 million assets of the British Petroleum.

They assured the court that their clients would not buy the assets at higher prices as their bidding was already low, which had not been entertained.
A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry disposed of the petition, which was filed by former Jamaat-e-Islami Amir Qazi Hussain Ahmed.
Qazi Hussain Ahmed had filed a plea against the government’s bid to purchase its sold-out assets from the British Petroleum (BP) at higher rates, and claimed that it would cause a loss of $800 million to the national exchequer.
His counsel had contended that the government had first sold the assets to the same company at a low price and now was buying it at an exorbitant price. -APP

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Posted in: asset,BP,buying,Govt,higher,Hussain,Limited,Pakistan,Petroleum,price,SC,that

Govt, MQM iron out wrinkles in alliance

Malik assures resolution of outstanding issues

KARACHI: The on-going tension within the ruling alliance seems to have been resolved much to the satisfaction of the MQM, as Interior Minister, Rehman Malik assured the resolution of all issues. Talking to media here outside Bilawal house Saturday, Interior Minister Rehman Malik said that PPP is not going to present bill for restoration of Commissioners’ system in Assembly.

He further said that reservations of MQM would be removed while such steps would be taken that would satisfy MQM chief Altaf Hussain. He added that MQM did not demanded replacement of Home Minister Sindh Zulfiqar Mirza.
He further said that meeting with Governor Sindh Ishrat-ul Ebad was amicable. Answering to question about traveling on without number plate vehicle, he replied that the without number plate vehicle has been used to hide identity in wake of security concerns.

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Posted in: Ali,Asif,asif ali zardari,Govt,Malik,Minister,MQM,Rehman Malik,Sindh,that,Zardari

Govt oblivious to B’stan issue: Sharif

LAHORE: PML-N Quaid, Mian Muhammad Nawaz Sharif has blamed the government for ignoring the Balochistan issue, which would make the situation more severe with the passage of time. Addressing the Workers Convention in Lahore, PML-N Chief Mian Muhammad Nawaz Sharif said that it seemed that Balochistan is not included in the policy of the government, adding that the history of Dhaka-Fall is repeating in the Balochistan.

He further said that a committee of senior parliamentarians should be formed to resolve the issues being faced in Balochistan. Mian Nawaz Sharif while congratulating the workers over foundation day said hat those who are calling the revolution are part of the corrupt government.

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Posted in: Balochistan,country,Govt,issue,Mian Muhammad Nawaz Sharif,Mian Nawaz Sharif,Nawaz,Nawaz Sharif,PML,Sharif,that