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Pakistan and Italy clinch Rs6.3bn concessional credit for agriculture skills project

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Pakistan and Italy inked a concessional loan agreement worth €20 million (approximately Rs 6.3 billion) on Monday to back the Professional Capacity Building and Extension in Agriculture project of Pakistan’s Technical and Vocational Education and Training (TVET) National Reform Programme, aiming to enhance agricultural skills development and vocational education in the country.

The agreement was signed by Secretary, Ministry of Economic Affairs, Muhammad Humair Karim and Ambassador of Italy, Marilina Armellin in the presence of senior officials from Italian Agency for Development Cooperation, Ministry of National Food Security and Research and provincial departments.

The project was designed to improve the quality and relevance of Pakistan Technical and Vocational Education and Training (TVET) system with a special emphasis on the agriculture sector through improved professional skills, better technical certification and promotion of innovation across agricultural value chains.

The effort aimed to develop the ability of farmers, extension workers, trainers and other stakeholders through contemporary, demand-driven training programmes that contributed towards better production, sustainable agricultural practices and improved livelihoods.

The initiative would focus on the development of high-value crops and the enhancement of agro-food value chains. Dedicated training facilities would benefit players in horticulture production, processing and marketing and promote product diversification and value addition.

The project would concentrate on crops such as olives, pistachios, dates, mushrooms, cherries, grapes, peaches and almonds, drawing upon Italian experience in current agronomic approaches and Pakistan’s vast agricultural potential.

The plan would also produce 11 standardized training curricula to assist the delivery of 720 training sessions over a period of 42 months, benefiting an estimated 18,398 participants, including farmers, women, youth and trainers.

The infrastructure investments will include setting up of 12 Model Orchards and Nurseries, 8 Eco-Villages with Climate Resilient Technologies, 5 Agro-Food Processing Units and 2 National Centres of Excellence for Citrus and Date Crops at Sargodha (Punjab) and Turbat (Balochistan).

The project would be implemented by Pakistan Oilseed Department in coordination with Provincial Agriculture Departments and it was expected to generate rural employment, increase producer incomes, reduce post-harvest losses, strengthen farmer cooperatives and enhance the competitiveness of Pakistan’s agriculture sector.

The signing of this agreement was a reflection of the strong and long-standing development partnership between Pakistan and Italy and underscored their shared commitment towards the promotion of sustainable agricultural development, skills enhancement and inclusive economic growth through strengthened bilateral cooperation.

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Business

Pakistan Stock Market crosses 180,000 mark

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Pakistan Stock Market began the third day of the business week by getting back the 180,000-point threshold, with the benchmark KSE-100 Index adding almost 1,000 points.

The stock market opened on a strong note with the KSE-100 Index gaining over 1,000 points to hit 180,863 points.

The development came a day after the benchmark index ended lower. The KSE-100 Index ended the previous trading session with a fall of 1,463 points to close at 179,846 points.

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Taxpayers to be fined Rs25,000 for submitting returns after September 30

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A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.

According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.

Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.

According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.

Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.

Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.

It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.

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Pakistan reduces fuel price by Rs1.70, increases diesel price by Rs1.39

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Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.

The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.

The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.

In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.

OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.

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