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Tomorrow’s planning committee meeting will adopt the budget for the following year.

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While the new fiscal year’s budget is being planned, the Annual Plan Coordination Committee will meet on May 31 to discuss important matters related to the future fiscal plan.

The yearly macroeconomic plan and development program are being approved at this conference in an effort to set the stage for the nation’s economic agenda for the upcoming year.

For the Public Sector Development Programme (PSDP), the Ministry of Planning has created two proposals that detail the Rs. 2,441 billion in funding needed for 1,370 development projects. For 248 projects, the first proposal asks for Rs1,172 billion, while the second proposal requests Rs1,500 billion for 628 projects.

It was also addressed how to prioritize the completion of projects that are 80% complete when allocating Rs769 billion for projects that receive foreign money.

The coordination committee has suggested setting aside Rs 328 billion for ongoing projects and Rs 71 billion for new ones in an effort to fully address the nation’s development demands, according to sources in the Planning Ministry.

Furthermore Read: Sri Lankan rupee behind Pakistani rupee in Asia’s currency rankings

Additionally, the sources stated that an estimated Rs. 200 billion will be obtained through public-private partnerships, with the remaining Rs. 108 billion designated for non-specific projects.

The Ministry of Finance will distribute the development budget, giving priority to important areas for investment and considering the government’s financial capabilities. For the upcoming fiscal year, 3.7% GDP growth and 11.8% inflation targets have also been suggested.

The approval of the National Development Outlay was another topic covered at the conference, highlighting the government’s commitment to promoting development and economic growth in a number of industries.

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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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