ISLAMABAD - Federal Minister for Energy Musadik Malik Thursday revealed that the government will end subsidy to fertilizer companies and instead has decided to provide it directly to the farmers aiming to enhance agricultural productivity.
Most of the subsidy ends with fertilizer factories owners and is not being transferred to farmers, therefore, it has been decided to provide direct subsidies to the farmers, said Federal Minister for Energy Musadik Malik while addressing a news conference here.
The minister also announced that a comprehensive plan has been devised for solarization of agriculture tube wells.
Expressing concerns over the monopolistic practices in the seed sector, the Minister said that fair competition is essential for agricultural development. By providing high-yielding seeds to farmers, a significant increase in agricultural productivity is expected, he claimed.
Furthermore, Malik said that the investigation into the purchase of costly coal by the Sahiwal Coal Power Plant is underway, promising to share pertinent information upon the investigation’s conclusion. Additionally, Malik pledged to collaborate with the Oil and Gas Regulatory Authority (OGRA) to address incidents involving explosions in LPG cylinders.
Circular debt soared to Rs2.31 trillion by the conclusion of last year, he revealed. We hope to keep it at this level by the end of this year. There is budgeted amount of around Rs300 billion, so there will be no increase in the debt.
Highlighting the government’s initiatives, Malik articulated plans to fortify electricity consumption, particularly during winter months, with a firm commitment to fostering green energy adoption. Additionally, he outlined endeavours aimed at bolstering both electricity and gas consumption through targeted industrial stimulation.
Regarding the Iran-Pakistan gas pipeline project, Malik disclosed the commencement of planning, anticipating the imminent launch of the project. Asserting steadfast dedication, Malik pledged concerted efforts to overcome obstacles hampering the project’s progression.
Expressing dissatisfaction with the performance of electricity companies, Malik decried their incompetence as an injustice to the populace. He further said it will be our effort to bring down electricity generation costs, reduce line losses, and check power pilferage. Doing so, he said, will help gradually bring down the electricity prices.
Malik said each public sector oil company has been directed to establish a separate company for renewable energy. This, he said will help generate cheap electricity and protect the environment. He assured that reforms will be carried out in DISCOs to enhance their efficiency.
Responding to a question, Musadik Malik said progress will soon be seen on Iran Pakistan gas pipeline project.
While disclosing concerning statistics, he said that in Pakistan 30 to 35 percent of fruits spoil before reaching the market. Therefore it has been decided to establish farm industries in villages across every division, he revealed.
The Minister said that banks have been directed to facilitate agricultural industrial loans to support the establishment of these farms, emphasizing the importance of financial assistance in agricultural development.
Musadik Malik highlighted the government’s initiative to provide small loans for urban areas through banks, underscoring efforts to address economic disparities and promote inclusive growth strategies.
Banks will also be asked to provide loans for the promotion of small and medium industries, he maintained.
The minister announced the provision of gas during Ramadan, revealing that it will be available in the from 3 PM to 10 PM and from 2:30 AM to 8 AM.