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Following PPP’s threat, PM Shehbaz ‘approves’ Rs25bn for flood affectees

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  • PPP threatened not to vote for the budget.
  • Amount to be utilised for Sindh flood victims.
  • PM to also hold meeting with PPP today.

ISLAMABAD: To address the reservations of a critical government ally, the Pakistan Peoples Party (PPP), Prime Minister Shehbaz Sharif has approved Rs25 billion in aid for flood victims, sources told Geo News on Monday.

The allocated amount — expected to be added to the debt-driven budget — will be spent rehabilitating the flood victims, the sources mentioned.

The PM committed to set aside the amount during a meeting with the party’s leaders last week.

Senior politicians Syed Naveed Qamar, Sherry Rehman, Syed Khurshid Shah, Qamar uz Zaman Kaira, Syed Murad Ali Shah, and Nisar Khuro were part of the PPP delegation.

A statement from the PM’s Office mentioned that during the meeting, the PPP leadership appreciated the prime minister for measures for public welfare in the budget despite the difficult economic conditions.

But PPP Chairman Bilawal Bhutto-Zardari, a day later, slammed his coalition partners and demanded amount be allocated for flood victims, or his party won’t support the government’s budget, which has to be passed this month.

In a rally held in Swat on Saturday, Bilawal — also the foreign minister — complained to the prime minister about not being able to fulfil his promises in the budget.

Reacting to the foreign minister’s statement, Planning, Development, and Special Initiatives Minister Ahsan Iqbal suggested discussing the matter in the cabinet and avoiding opening a new front.

When speaking to Geo News on Sunday, the minister said the coalition partners were consulted on every stage of preparation of the federal budget and its approval by the National Economic Council (NEC) meeting.

He said that the 2023-24 federal budget was tabled in the National Assembly with the consent of Sindh Chief Minister Murad Ali Shah.

To address the issues further, Premier Shehbaz will chair a meeting today (Monday) to address PPP’s concerns.

The meeting will also be attended by FM as well as ministers and experts related to the financial affairs of both parties.

In conversation with Geo News, PPP’s senior leader Nafisa Shah said the coalition partners had unanimously agreed that flood affectees would be provided relief and rehabilitated.

“Bilawal spoke about providing relief to the flood victims, who are, to date, still without homes,” she lamented.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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