Connect with us

Business

In a first, interim govt to release Rs29bn in development funds

Published

on

  • 24-member steering committee to monitor release of funds. 
  • Committee includes senators from PML-N, PPP, PTI, JUI-F.
  • It can also cancel or stop release of funds for any scheme. 

ISLAMABAD: The incumbent caretaker government, led by Prime Minister Anwaar-ul-Haq Kakar, is set to release Rs29 billion in development funds for the first time in the country’s history, The News reported Wednesday. 

The federal cabinet has also constituted a 24-member steering committee — headed by caretaker Minister for Communication Shahid Ashraf Tarar — to monitor and supervise the release of funds, said official sources. 

The committee, which includes four caretaker ministers also comprises senators belonging to Pakistan Muslim League Nawaz (PML-N), Pakistan Tehreek-e-Insaf (PTI), Jamiat Ulema-e-Islam-Fazl (JUI-F), Pakistan Peoples Party (PPP), Awami National Party (ANP), National Party (NP), Pakhtunkhwa Milli Awami Party (PkMAP) and senior officials of ministries and divisions concerned.

The previous Shehbaz Sharif-led government reserved Rs90 billion for development funds for the fiscal year 2023-2024, out of which Rs61 billion was released in four months.

The sources said the PPP and other parties have raised the issue of failure to release the remaining development funds.

Headed by the caretaker minister for communication, the steering committee also includes federal ministers Sarfraz Bugti, Dr Nadeem Jan, Madad Ali Sindhi; senators Danesh Kumar (BAP), Palwasha Khan (PPP), Irfan Siddiqui (PML-N), Mohsin Aziz (PTI), Kamran Murtaza (JUI-F), Syed Faisal Sabswari (MQM-P), Tahir Bazinjo (NP), Arbab Umar Farooq (ANP), Sardar Muhammad Shafiq Tareen (PkMAP) and federal secretaries for finance, planning and development, petroleum, power, housing and development.

The steering committee also comprises the Punjab Planning and Development Board chairman and Balochistan, Khyber Pakhtunkhwa and Sindh development additional secretaries. It will also have the power to cancel or stop the release of development funds for any scheme.

Caretaker Minister for Information and Broadcasting Murtaza Solangi, when approached to comment on the formation of the steering committee, said it was not in his knowledge. 

“I have no knowledge of that,” he said in a one-liner.

Business

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

Published

on

By

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.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

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.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

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.

Continue Reading

Trending