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Provinces underspend on development, return Rs 202b to Center

ISLAMABAD: Pakistan’s four provinces transferred a cash surplus of Rs202 billion to the Center, from amongst the funds earmarked for development projects. The amount was provided in the first quarter of the current fiscal year. According to the website of the ministry of finance, the revenue surplus accumulated as the provincial governments spent less on various development and infrastructure projects ... Read More »

Pakistan sets kinnow export target at 300,000 tons

LAHORE: Export of Kinnow from Pakistan has just commenced and an export target of 300,000 metric ton has been set for the current season which is expected to generate valuable foreign exchange of US$ 19.5 million. Of the anticipated Kinnow production of 2.2 million ton, around 15-20 % would be exported. According to Waheed Ahmed , Patron-in-Chief All Pakistan Fruit ... Read More »

Govt notifies 11 paisa per unit increase in power tariff

ISLAMABAD: The government has notified an increase of 11 paisa per unit in electricity prices in a bid to apply a uniform tariff to all categories of consumers, except for domestic consumers. The tariff increase has been notified on account of periodic tariff adjustment for the first-quarter (Jul-Sept) of fiscal year 2019-20, as determined and recommended by the National Electric ... Read More »

NAB summons Senate Deputy Chairman Saleem Mandviwalla on Dec 9

RAWALPINDI: The National Accountability Bureau (NAB) Rawalpindi has summoned Senate Deputy Chairman Saleem Mandviwalla on December 9. Saleem Mandviwalla – Pakistan Peoples Party (PPP) leader – has been directed to appear before the anti-graft body for investigation regarding fake bank accounts. On the other hand, an accountability court in Sukkur has extended the judicial remand of another senior PPP leader ... Read More »

Pakistan submits report comprising answers to FATF’s remaining 22 action plans

ISLAMABAD: Pakistan submitted a report comprising answers to 22 questions to the Financial Action Task Force (FATF). According to media, the report details Pakistan’s actions against the groups the United Nations has listed as terrorist organisations as well as sentences handed to them by the courts. Prepared by the representatives of the ministries of foreign affairs, interior, and finance, Securities ... Read More »

SBP wants to shift Pakistan to export based economy: Reza Baqir

KARACHI: The State Bank of Pakistan (SBP) Governor Reza Baqir has said that SBP wants to shift Pakistan to an export based economy in order to achieve sustainable growth. During interview with Bloomberg Baqir said “Countries that have sustainably raised their living standards, emerging markets particularly, have relied on exports,”. “In our view, a very key shift that has to ... Read More »

Rs702b recovered from corrupt elements in one year: NAB

ISLAMABAD: In a record achievement, the National Accountability Bureau (NAB) has recovered Rs702 billion looted money  from corrupt elements during the past 12 months. According to the officials of anti-graft watchdog, NAB has recovered over Rs5 billion form the plunders of national wealth through plea bargain. The officials noted that 141 people were taken into custody on corrupting charges during ... Read More »

PM Imran launches ‘Digital Pakistan Vision’

ISLAMABAD: Prime Minister Imran Khan on Thursday launched Digital Pakistan Vision. Addressing the ceremony at the Prime Minister’s Office in Islamabad on Thursday, he said that only those who set goal of their lives make progress, adding that the one who make tough decisions always succeeds. The prime minister said that ‘Digital Pakistan Vision’ should have been focused long ago. ... Read More »

China categorically rejects reports of abuse, organ trade involving Pakistani brides

ISLAMABAD: The Chinese Embassy in Islamabad categorically rejected the media report by an American press agency that had claimed that at least 629 Pakistani girls were sold as brides to China. The Associated Press on December 4 had reported that more than five hundred Pakistani girls were sold as brides to China recently, alleging acts of abuse, organized prostitution, organ ... Read More »

Govt decides to sell unused state properties at Dubai Expo

ISLAMABAD: The federal government has decided to sell its precious unutilised state properties at the Dubai Expo to attract foreign and Pakistani investors to the country and the funds generated through the exercise will be spent on public welfare schemes related to education, health, food and housing. It was decided at a meeting on abandoned state properties held at the ... Read More »

WAPDA all set to commence Diamer Basha Dam construction

ISLAMABAD: WAPDA is all set to commence construction work on Diamer Basha Dam following award of contract in six to eight weeks, while the under-construction Mohmand Dam and Dasu Hydropower Project (Stage-I) will be completed in 2024-25. These mega projects are going to change fate and destiny of the country. This was stated by WAPDA Chairman Lt Gen ® Muzammil ... Read More »

ANF seizes 25kg cocaine worth Rs750m

KARACHI: The Anti-Narcotics Force seized on Tuesday four containers of cocaine from the South Asia Pakistan Terminals (SAPT) in Karachi’s Keamari. According to the ANF spokesperson, the cocaine is worth Rs 750 million in the international market and was seized from a container landed at the port after coming from abroad. The drugs, which were hidden in the wooden box ... Read More »

SBP sells Rs398.44b worth of T-Bills

KARACHI: The State Bank of Pakistan (SBP) conducted Treasury Bills auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth worth Rs398.44 billion for 3, 6 and 12 months. The auction target was Rs300.00 billion against a maturing amount of Rs74.90 billion. Cut off yield for 3, 6 and 12 months were 13.5391, 13.2899 and 13.14 percent. The ... Read More »

China Development Bank keen to invest in various development projects

ISLAMABAD: A delegation of China Development Bank held a detailed meeting with Adviser to Prime Minister on Revenue, Finance and Economic Affairs Dr. Abdul Hafeez Shaikh. The Chinese delegation was led by its Director-General Gao Ming Gang. During the meeting with Hafeez Shaikh Chinese bankers expressed their keen interest to invest in various development sectors of Pakistan. Chinese bankers showed ... Read More »

Govt rejects reports regarding 22pc inflation during November

ISLAMABAD: Ministry of Finance strongly rejected news which was being aired on some private news channels regarding 22 percent inflation during the month of November. The ministry clarified that during the month of November inflation percentage remained 12.3 as compared to Base Year 2007-8 and as compared to base year 2015-16 inflation remained 12.7 percent. Ministry of Finance stated that ... Read More »

Promotion of digital economy essential for country’s progress: Asad Umar    

ISLAMABAD: Federal Minister for Planning and Development Asad Umer on Tuesday said that promotion of digital economy is vital for Pakistan to move forward on the path of progress and development. Addressing a conference titled ‘Sustainable Development in a Digital Society’ in Islamabad, Asad Umar said that revenue generation and documentation of economy has been a major challenge for the ... Read More »

NAB to probe Rana Sanaullah for having assets beyond means of income

ISLAMABAD: The National Accountability Bureau (NAB) has given green signal for probing Rana Sanaullah for having assets beyond means of income. The approval was given during a meeting of the executive board under NAB Chairman Justice (retd) Javed Iqbal. During the meeting, the NAB chairman said that concluding the mega corruption cases will be a priority for the probe body. ... Read More »

LNG case: NAB files reference against Shahid Khaqan nine others

ISLAMABAD: The National Accountability Bureau (NAB) has on Tuesday filed a reference against nine suspects – including Shahid Khaqan Abbasi – in the Liquefied Natural Gas (LNG) import contract case in an Islamabad’s accountability court. Former finance minister Miftah Ismail has also been nominated in the reference which states that former secretary of the petroleum ministry has turned approver in ... Read More »

US delegation lauds govt’s economic measures

ISLAMABAD: US Deputy Assistant Secretary Asia Robert Copperworth held a meeting with Adviser to Prime Minister on Finance, Revenue Dr. Abdul Hafeez Shaikh. During the meeting, US Ambassador to Pakistan Paul Jones and Secretary Finance Naveed Kamran Baloch were also present. The US delegation lauded the measures taken by the Government to stabilize economy which paved way for reducing current ... Read More »

Ora Developers Naguib Sawiris shows interest in PM’s housing scheme

ISLAMABAD: Ora Developers Chairman Naguib Sawiris has shared with Prime Minister Imran Khan his company’s future expansion plans in Pakistan, particularly in the real estate sector. Sawiris had met with PM Imran Khan where he was accompanied by Overseas Minister Zulfiqar Bukari and the top management of Eighteen. The meeting was themed around the multi-billion-dollar investments that Sawiris has made ... Read More »