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The Punjab government is considering a package for individuals who consume up to 300 units of energy.

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9 months ago

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Punjab Finance Minister Mujtaba Shujaur Rehman announced on Thursday that the provincial government is developing a package specifically for individuals who use up to 300 units of electricity. This initiative aims to alleviate the financial burden on low-income groups, who have been disproportionately impacted by ongoing inflation.

During an interview with a journalist outside the Punjab Assembly, Shuja stated that the scheme would be included in the upcoming budget for the fiscal year 2024–25.

According to the statement, Chief Minister Maryam Nawaz had already established a committee, and there was potential for the announcement to be made prior to the budget. It was also mentioned that more than 25 million households in Punjab had a power use of 300 units or less.

The provincial minister attributed the repeated increases in gas and electricity tariffs to the federal government, while highlighting that the rise was a consequence of the PTI’s inefficiency during its time in power.

The founder of PTI previously asserted that he would never choose to borrow funds from the IMF and other sources and instead would opt for taking his own life. Mujtaba informed the media that the PTI’s tenure resulted in an increase in the national debt that exceeded the total accumulated debt of Pakistan over a span of 70 years.

He asserted that Punjab’s economic well-being surpassed that of other provinces and pledged to enhance tax revenue. He also acknowledged the efforts of Shehbaz Sharif, the former chief minister, in addressing this matter.

Shuja asserted that the 2024–25 budget, which will be presented in June, will be exceptional. He also stated that the PML-N has made significant progress in generating revenue.

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In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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