Business

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

Published

2 years ago

Farwa

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.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

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

Published

1 week ago

Farwa

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.

Business

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

Published

1 week ago

Farwa

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.