Connect with us

Business

CPEC is essential to Pakistan’s economic prosperity, according to PM Shehbaz.

Published

on

In an interview with the Chinese media company, the PM referred to the China-Pakistan Economic Corridor (CPEC) as a turning point in Pakistan’s growth and advancement.

Said to be a remarkable initiative of Chinese President Xi Jinping, he described the One Belt One Road as reflecting the Chinese leadership’s belief that global peace is essential to development and prosperity.

Speaking about Thar’s immense coal deposits, the prime minister claimed that by producing power at a lower cost than with imported fuel, this enormous treasure can help save billions of dollars.

As the corridor moves into a new phase, he expressed gratitude to Chinese President Xi Jinping for the massive investment made in Pakistan under the CPEC banner, noting that business-to-business will be a key component of it.

Shehbaz Sharif indicated his wish to pick up agricultural knowledge from Chinese experts. He stated that we will be signing several agreements with Chinese enterprises for this goal and expressed the expectation that the Chinese leadership will assist us completely.

On his five-day official visit to China earlier in the day, PM Shehbaz had stated that investment was a top priority.

According to a Prime Minister’s Office (PMO) announcement, “PM Shehbaz Sharif has arrived in Shenzhen, China on an official visit.” Vice Mayor Luo Huanghao of Shenzhen, China, greeted him upon his arrival.

The prime minister is on his first official visit to China since taking office, and he is being accompanied by senior Cabinet ministers, deputy prime minister, and foreign minister Muhammad Ishwar Dar.

On the Premier’s formal tour to China, Shenzhen is the first place he will go.

The leader of Guangdong Province, the Shenzhen Municipal Government, as well as prominent Chinese businesses in the high-tech and innovative industries, will be among the people the Prime Minister and his delegation encounter during their two days in Shenzhen.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

on

By

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Continue Reading

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

on

By

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Continue Reading

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

on

By

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

Continue Reading

Trending