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Regarding the 2024–25 budget, PM Shehbaz ‘directs’ to inspire trust in partners.

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As per the sources, today Ali Pervez Malik, the Minister of State for Finance, will travel to Quetta to inform the Balochistani administration about the budget measures.

The PM of Azad Kashmir and the chief minister of Gilgit-Baltistan, together with parliamentary parties like the PPP and MQM, have reportedly concluded their deliberations, according to sources.

The sources stated that all four chief ministers have received invitations to the National Economic Council meeting, where they would receive briefings on the policies and goals of the budget.

Additional sources stated that the government will request parliamentary party agreement for the budget and that Chief Minister KP Ali Amin Gandapur will be invited to the meeting.

Now expected to be presented on June 12, the budget 2024–25 was originally slated to be unveiled on June 10.

Sources stated that following the council meeting on June 10, the Pakistan Economic Survey 2023–24 will be delivered on June 11.

Probably by June 26th, the Senate will approve the government budget for 2024–2025. According to the IMF’s request, the Pakistani government is expected to remove tax exemptions in the FY2024–2025 budget.

Phase-wise elimination of sales and income tax exemptions is anticipated in Pakistan, according to budget proposals for 2024–2025.

Additionally, tractors and insecticides may see price increases as a result of the government’s proposed sales tax. These are necessary agricultural supplies.

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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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