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WB approves $149.7 million for two Pakistani projects

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Details show that the funding was approved to support projects pertaining to enhanced flood resilience and the digital economy.

The global financial organization made this clear in a statement.

Financial management is anticipated to be improved through data-driven decision-making and technology-driven solutions through the 78 million dollars allotted for the Digital Economy Enhancement Project.

Increased transparency, faster public services, and economic growth are all anticipated benefits of investing in the digital economy.

Increased flood resistance is also anticipated as a result of the $71.7 million allocated for the Sindh Barrages Improvement Project.

The Punjab Family Planning Program, which aims to boost the use of family planning services in Pakistan’s Punjab state, received US$100 million in July from the World Bank Board of Executive Directors on Thursday.

The World Bank’s Country Director for Pakistan, Najy Benhassine, stated that the program’s major goals are to provide family planning methods to 60% of the population in Punjab by 2030 and to provide universal access to reproductive healthcare.

“This is essential to Pakistan’s development because rapid population growth stunts progress, decelerates the accumulation of human capital, and keeps families impoverished.”

The Punjab Family Planning Program will offer timely, cost-free access to high-quality family planning services, according to the announcement. The system that delivers family planning services will also institutionalize high standards of care.

Innovative family planning practices that have been tested in many Punjabi districts and have improved family planning outcomes—like clinical franchising, voucher programs, and family planning counseling via community leaders—will be expanded by the program.

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Punjab permits restaurants to remain open till ten o’clock at night.

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As a result of the decrease in the level of smog that has been observed throughout the province, the Punjab Environment Department has declared that the hours of operation of hotels, restaurants, and other food outlets will increase.

All hotels, restaurants, and other food outlets are now permitted to remain open until 10 o’clock at night, as stated in an official notification that was issued by the department today. During these hours, we will also be offering services for takeaway, parking, and dining in.

However, there will be no time constraints placed on the services that are provided for home delivery, it was stated.

Following an improvement in environmental conditions in Punjab as a result of rainfall and a change in the direction of the wind, the decision to update the limits was made, according to the announcement. Following an improvement in the quality of the air, the limits that were first imposed on November 15 have now been loosened.

For the purpose of ensuring that the amended standards are implemented correctly while continuing to monitor environmental conditions, the Environment Department has given the district administration instructions to follow.
In an effort to loosen regulations, the government of Punjab released a statement earlier today allowing eateries in Lahore and Multan to transport food beyond 8 o’clock. Every restaurant, including hotels and fast food shops, will be allowed to continue offering delivery services after the curfew of 8 o’clock, according to a new notification that has been issued.

However, it was said that the dinner-in service would continue to be restricted to a cut-off time of four o’clock, but takeaway orders would be permitted until eight o’clock.

Lahore and Multan have been declared to be in a state of health emergency as a result of the Punjab Senior Minister Marriyum Aurangzeb’s announcement of a set of immediate emergency measures. These steps were made in response to the rising smog situation in the province.

Additionally, you may also be interested in reading: Smog crisis: school holidays extended, Punjab to go into full lockdown

As a result of the rising haze in Lahore and other cities in Punjab, the minister announced the following actions to be taken:

In an effort to reduce pollution, all furnace-based factories and brick kilns in the cities of Lahore and Multan have been shut down by Friday.

Both Lahore and Multan would be subject to a total prohibition on the presence of heavy vehicles in their respective cities.

Should the situation not improve by Wednesday, a complete lockdown will be implemented on Friday, Saturday, and Sunday. – If the situation does not improve by Wednesday.

Only until four o’clock in the afternoon will customers be authorised to dine at restaurants; after that time, take-away services will be considered acceptable. Every single restaurant will be required to shut down fully at eight o’clock.

All of the educational institutions in Punjab, with the exception of Murree, have been given the order to transition to online learning and have had their vacations extended till November 24.

Activities related to construction have been prohibited beginning on Friday in the cities of Lahore and Multan. The erection of national-level buildings, on the other hand, will be permitted.

Hospital outpatient departments (OPDs) will henceforth be open until 8 o’clock in the evening, and holidays for medical professionals, nurses, and paramedical staff have been cancelled.

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Present day gold prices in Pakistan as of today.

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On Tuesday, the price of gold in Pakistan, which mirrors a surge in the international market, experienced a large increase. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola experienced a significant increase of Rs3,600, ultimately reaching Rs273,500.

The price of ten grammes of gold increased by Rs3,086, reaching a final level of Rs234,482 in a similar fashion. On Monday, the price of one tola of gold hit Rs269,900, which was a gain of Rs2,500. The increase in gold prices occurred the day after that, on Tuesday.

As a result of the rise in international gold rates, the local gold prices have also been on an increasing trend. The price of one ounce of gold on the global market hit $2,623 on Tuesday, representing a $36 gain from the previous day for the price. In addition, the APGJSA observed that the worldwide price was increased by twenty dollars.

The price of silver has stayed steady at Rs3,250 per tola, despite the fact that gold prices have been on the rise.

Over the course of the past several months, the price of gold in Pakistan has significantly increased, reaching an all-time high of Rs287,900 per tola in the month of October. As a result of a weakening of the United States dollar and widespread anticipation over impending announcements from officials of the Federal Reserve regarding future interest rate adjustments, the foreign market also experienced a lift on Tuesday.

After a 2% increase on Monday, spot gold reached its highest level since November 12 at $2,623.54 per ounce, showing a 0.4% increase. This marks the highest level since November 12.

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In terms of Pakistan’s Current Account: As information technology exports reached $330 million in October, Pakistan reports a CA surplus of $349 million.

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With a surplus of 349 million dollars in the Current Account for the month of October 2024, Pakistan’s information technology exports reach the 330 million dollar milestone. This is in contrast to the surplus of 86 million dollars and 29 million dollars that Pakistan experienced in September 2024 and August 2024, respectively.

In October 2024, Pakistan’s information technology exports reached 330 million dollars, representing a 36 percent year-on-year increase and a 13 percent month-on-month gain.

IT exports in the first four months of fiscal year 25 were around 1.21 billion dollars, which is a 35% increase from the previous year. This is the thirteenth straight month of year-over-year growth on the IT export front.

In October 2024, Pakistan’s current account showed a surplus of 349 million dollars, which is significantly higher than the surpluses of 86 million dollars observed in September 2024 and 29 million dollars in August 2024, respectively.

It is the third consecutive month that a current account surplus has been recorded, and the volume of this surplus is the greatest it has been since March of 2024, according to statistics that was issued by the State Bank of Pakistan.

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