Mounting Dues

KARACHI: Pakistan State Oil (PSO) is grappling with an escalating financial challenge as its mounting dues have surpassed a substantial Rs. 700 billion, according to sources.

Recent reports indicate that PSO is actively pursuing the collection of a massive Rs. 765 billion from various sources, including government entities and other institutions.

One noteworthy debtor, Northern Sui, has attracted attention with a significant liability of Rs. 487 billion owed to PSO. This staggering amount emphasizes the scale of the financial transactions involved and the critical need for debt recovery.

The accumulating dues pose a significant financial burden on PSO, affecting its ability to maintain operational efficiency and meet its financial obligations.

Addressing this challenge and streamlining the collection of outstanding debts is crucial for PSO’s financial stability and continued service provision to the public and private sectors.

Principal Secretary Tauqir Shah Resigns From Key Position

Meanwhile,

The Establishment Division issued a notification on Friday, accepting the resignation of Principal Secretary to the Prime Minister, Tauqir Shah, with effect from October 31. The notification granted Shah permission to leave without serving the customary one-month notice.

Tauqir Shah was initially appointed to serve Prime Minister Shehbaz Sharif in April 2022 and later received a one-year extension in December, on a contractual basis. In September, he assumed the position of the World Bank’s executive director for a four-year term.

Earlier reports indicated that he had expressed his desire to resign but was asked by Prime Minister Anwaar-ul-Haq Kakar to remain in his role until the end of his term.