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-Netflix Confirms Partnership With Telenor Pakistan – Discount Bundles Expected
Telenor Pakistan has unveiled its partnership with Netflix Pakistan, the global leading internet video streaming service. As a part of Partnership, Telenor’s corporate and postpaid users in Pakistan will have the accessibility to add Netflix subscription fee to their monthly bill, eliminating the need of having Debit or Credit card to their Netflix accounts. New and existing Netflix users having Telenor sims will be able to select Telenor Pay options in their checkout box, so they can pay it via mobile.
-Pakistan Hindu Council dedicates upcoming Holi to Pakistan Day
Pakistan Hindu Council (PHC) Sunday unanimously decided dedicating upcoming Holi festival, being celebrated on March 20, to Pakistan. Pakistan Hindu Council, in connection with Holi festival and Pakistan Day, will hold a colorful mega event on Wednesday, March 20, at the Shri Panchumukhi Hanuman Temple, Soldier Bazar, Karachi.
A large number of Pakistani Hindu families, holding national flags, will be present to demonstrate their love for beloved Pakistan. Dr Ramesh Kumar Vankwani, who is also patron-in-chief of Pakistan Hindu Council said that patriotic Pakistani Hindu community has decided to celebrate the Holi in a very unique way.
-SBP Plans Low-Cost Housing Scheme for Disabled, Widows & Transgender
The State Bank of Pakistan (SBP) is planning to launch a low-cost housing scheme for widows, children of martyrs, special persons, transgender citizens and people severely affected by terrorism. In this regard, the beneficiaries of the scheme will get a financing facility of up to Rs. 2.7 million from Islamic banks and Islamic banking divisions for housing units with a maximum limit of Rs. 3 million.
The beneficiary will be required to buy a plot and construct a house on it but they should be first time owners and should never have availed any financing facility from any bank and financial institution. The beneficiaries will repay the amount of financing in the next 12 and a half years including a maximum grace period of six months. The repayment of the amount will be made with a 5 percent additional amount.
-First plea filed in tribal court as judicial system becomes functional in erstwhile FATA
First plea has been filed in a tribal court on Monday after establishment of the judicial system in the tribal districts of Khyber Pakhtunkhuwa (KP), ARY News reported. The newly established judicial system has started working in the tribal districts in which a student hailing from Khyber Agency has filed plea for not registering him in the college.
-Turkish firms to modernise Pakistani submarines.
Turkey's Defense Technologies Engineering and Trade Inc. (STM) will add some state-of-the-art features to Pakistan's Agosta 90B submarines as part of a modernization program. Pakistan's Ministry of Defense in 2016 chose STM over the submarines' French manufacturer for the modernization. The company has since paved the way for Turkish engineering exports, in an area that requires expertise in advanced technology.
The tender initially included an Agosta 90B submarine half-life modernization and was later expanded with the addition of modernization works for a second submarine. As part of the program, STM will enhance the capabilities of Pakistani submarines with the addition of Torpedo Countermeasure Systems and acoustic measurement sensors. To that end, an amendment to the initial contract was recently signed by STM General Manager Murat İkinci.
-Canadian investors urged to benefit from Pakistan’s liberal market economy
High Commissioner of Pakistan in Canada Raza Bashir Tarar urged the Canadian investors to avail the opportunity of investment in Pakistan as the country had a liberal market economy with no restraint on repatriation of dividends for the foreign investors. The high commissioner said this in a meeting with Canada Pakistan Affiliated Chamber of Trade (CPACT) to discuss strategy to facilitate trade contacts between business platforms of Pakistan and Canada, according to a press release on Sunday.
He informed the businessmen associated with the chamber that improved security situation and restored macroeconomic stability in Pakistan had created a favourable environment for economic growth. The envoy emphasised on developing synergy between the chambers and trade bodies of the two countries to exploit full potential of the economic opportunities. He added that the high commission would work with the Canadian chambers and trade bodies to develop partnership with their Pakistani counterparts to explore avenues available to enhance trade relations.
-$4.1bn inflow in next two weeks, says Asad Umar
Finance Minister Asad Umar said on Saturday that there will be an inflow of around $4.1 billion in the next two weeks after which the State Bank of Pakistan’s foreign exchange reserves will swell to over $12bn. Addressing a seminar on “Financing to Support Make in Pakistan”, organised by Pakistan Business Council (PBC), the minister said that an agreement has been reached with Abu Dhabi Fund for Development (ADFD) for a loan of $2bn and the amount is expected to be remitted next week. He said that China is also expected to provide $2.1bn in the week thereafter.
Responding to a question, the minister said that loan from ADFD is being sought at a fixed interest rate of three per cent whereas the loan from China is being charged at 2.5pc. He explained that State Bank of Pakistan (SBP) reserves, which stand at $8.116bn, will climb to over $12bn after these inflows. He said that the country’s bank deposits as a percentage of GDP stand very low as 85pc of the population believes that conventional banking is not Shariah-compliant, therefore Islamic banks will have to play their role in ensuring availability of funds in the banking system.
-Transport group imports decline 28.87pc
The imports of transport group decreased by 28.87 per cent during the first seven months of the current fiscal year compared to the same duration last year. The transport group imports during July-January (2018-19) were recorded at $1,826.127 million against the imports of $2,567.322 million during July-January (2017-18), according to Pakistan Bureau of Statistics (PBS).
Among the transport group, the imports of Completely Built Units (CBU) buses, trucks and other heavy vehicles decreased by 40.05 per cent – from $147.743 million last year to $88.574 million, whereas the imports of CBU motor cars decreased by 36.08 per cent – from $302.616 million to $193.430. The imports of CBU motorcycles also witnessed a negative growth of 41.19 per cent by falling from $3.982 million to $2.342 million.
-Promotion of fintech imperative for economic growth: Asad Umar
Pakistan Business Council on Saturday organised an event titled “Financing to Support: Make in Pakistan” at a local hotel in Karachi. The event was attended by important stakeholders ranging from startups, SMEs, agribusinesses to regulators, bankers and government officials.
In his opening speech, PBC CEO Ehsan Malik said, “The theme of the event, ‘Make in Pakistan’, reflects the council’s efforts in promoting the industrial sector of the country. Pakistan is deindustrializing at an alarming rate, from a high of 17.5pc of the GDP, the share of manufacturing dropped down to 12.1pc in 2018. This drop in the share of manufacturing has led to a reduction in the share of manufactured goods in Pakistan’s exports, besides a reduction in Pakistan’s share in the global exports.” Although the speakers were only given a time slot of 20 to 25 minutes to submit their presentations, they were still able to touch upon a variety of financing issues plaguing their respective sectors and present alternate models that could work as solutions.
-Around 835 people will be given jobs in Qatar, KP CM vows
Khyber Pakhtunkhwa Chief Minister Mahmood Khan announced on Saturday that around 835 skilled workers from Miramshah will be given jobs in Qatar.
After Prime Minister Imran Khan’s meeting with his Qatari counterpart Abdullah bin Nasser bin Khalifa Al Thani in Doha on January 21, a foreign office official had said that Pakistan would also discuss the issue of exporting Pakistani manpower to Qatar under which the people of Miramshah will be provided employment. During his speech, CM Khan said that the students who score well in their exams will be granted Rs30,000 to Rs50,000 as a prize.
“An interest-free loan will also be provided to the youth of Miramshah to set up businesses,” the CM stated. “Tourism will be promoted in Miramshah and all the problems regarding the IDPs of Waziristan will be resolved at the earliest.”
-Govt to Privatize TIP, PTCL and 47 Other Organizations
The federal government has decided to privatize Telephone Industries of Pakistan (TIP) and Pakistan Telecommunication Company Ltd. (PTCL). This was revealed before the National Assembly Standing Committee on Privatization which met with Syed Mustafa Mahmood in the chair. The committee was informed that the government has decided to privatize 49 organizations within the next five years, comprising of two phases.
-Set up of the first information security conference in Pakistan
-Pakistan Foreign Exchange Reserves register significant increase
The total liquid foreign reserves held by the country stood at US$14,956.2 million on March 01, 2019, said weekly report issued by the State Bank here on Thursday.
-Popular Youtube Tourist Drew Binsky annoucnes Pakistan tour.
-Pakistan's first Dalit woman senator to champion girls' education
As the first woman senator from Pakistan’s lowest Dalit caste, Krishna Kumari Kohli has an ambitious to-do list, from tackling honor killings to kidnappings and child marriage. But for the former child bride from a poor Hindu family, the need to improve women and girls’ health and education in the conservative Muslim-majority nation is closest to her heart.
“Never in my wildest of dreams did I think I’d ever become a senator,” she told the Thomson Reuters Foundation. Kohli’s election on Saturday marks a milestone in Pakistan both as a woman - who hold about one in five parliamentary seats - and as a member of the Dalit caste - a term she rejects as derogatory.
-PM Imran approves first-ever tariff policy
Prime Minister Imran Khan has approved first-ever tariff policy recommended by the Ministry of Commerce devised after detailed consultation, ARY News reported on Wednesday.
The new policy formulated on basis of transparency is being termed as an effective tool to simplify existing tariff structure. PM Imran Khan was briefed on the new tariff policy by the commerce secretary which will be presented before the federal cabinet after its formal approval. The premier was apprised that the policy was focused on gaining access to raw material and generation of employment.
-SECP: Company registration up by 26 percent
The Securities and Exchange Commission of Pakistan (SECP) registered 1,290 new companies in February. As compared to the corresponding month of last financial year, it represents a growth of 26 percent raising the number of registered companies to 96,510.
The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, one window facility for company incorporation and NTN generation, reduction of fee, assistance of incorporation by facilitation wings of CROs etc. Around 75 percent companies were registered as private limited companies, while around 22 percent were registered as single member companies. Three percent were registered as public unlisted companies and limited liability partnerships (LLP).
Foreign investment has been reported in 39 new companies. These companies have foreign investors from Argentina, China, Denmark, Germany, Jordan, Kenya, Korea South, Portugal, Russia, Singapore, Sweden and the US. The highest numbers of companies, i.e. 468 were registered in Islamabad, followed by 322 and 240 companies registered in Lahore and Karachi respectively.
-Govt in talks with potential buyers for Pakistan Steel privatization: official
The government has been in talks with five to six parties for privatization of Pakistan Steel, Secretary Privatization on Wednesday told the National Assembly’s standing committee on privatization.
Federal Secretary on Privatization, Rizwan Malik, in a testimony on privatization programme before the National Assembly’s standing committee here said that from Year 1991 to 2018, the governments privatized 172 state-owned entities. The buyers interested in Pakistan Steel intend to enhance the production capacity of the mill to 3.5 million tonnes, the secretary said.
-Pakistan makes offer to Iranian government over various new Railways Routes
Railways Minister Sheikh Rasheed Ahmad has emphasized the need to strengthen the two-way cooperation between Pakistan and Iran in rail sector.
He was talking to Islamic Republic News Agency during his visit to Iran. The Minister said Pakistan can send its products to Central Asian and European states using the Iranian rail network. Sheikh Rasheed Ahmad said Iran and Pakistan should cooperate in building railway links between Taftan and Quetta and Chahbahar and Gwadar.
-Pakistan foreign remittances register significant growth
The workers remitted US $14350.53 million in the first eight months (July to February) of FY19, showing a growth of 11.82 % compared with US $12833.64 million received during the same period in the preceding year. During February 2019, the inflow of worker’s remittances amounted to US $1576.51 million, which is 9.56% lower than January 2019 and 8.71% higher than February 2018.
-Pensioner's benefits to increase
Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Bukhari has said the government is committed to raise Employees' Old-Age Benefits Institution pension amount up to minimum fifteen thousand rupees by 2023. Talking to APP, he said it is imperative to utilize EOBI funds rationally to handle the expenses to be incurred in five years.
-Pakistan Arms imports reduce significantly, Weapons imports from US drastically cut by 81%: Report
Pakistan's arms imports have reduced significantly during the last five years. Pakistan Arms imports decreased by 40 per cent between 2009-13 and 2014-18. US arms exports to Pakistan fell by 81 per cent between 2009-13 and 2014-18, it said. Pakistan has instead turned to other suppliers. For example, in 2018 it ordered 4 frigates and 30 combat helicopters from Turkey.
-PM Khan issues orders issuing of directive banning ministers from using more than one car
Prime Minister Imran Khan has taken notice of ministers using more than one official car and has directed the Chief Minister of Punjab, Usman Buzdar, to issue a notification banning all provincial ministers from using more than one car.
In this regard, CM Usman Buzdar has issued a notification and has directed Additional Chief Secretary Punjab and the Department of Administration and General Services to ensure that the policy is implemented with full effect; they have been further directed to enforce this policy forthwith.
-Pakistan Turkey FTA to take bilateral trade near $4 billion
President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai has appreciated the efforts of Governments of Pakistan and Turkey to enter Strategic Economic Framework (SEF) for enhancement of bilateral relations in various sectors including trade, tourism, healthcare, hospitality, industry, education, housing, agriculture, aviation and banking. He stated the main purpose of SEF was to enhance bilateral trade by five times from current volume of $ 800 million (approximately). For achieving this goal, it was expected that both the governments might sign Free Trade Agreement during the current year. Pakistan and Turkey both were the members of ECO, D-8, CACCI and OIC and the existing trade volume does not reflect the strong friendly relations, said a FPCCI release here on Monday. FPCCI president urged the government of Pakistan to resolve/negotiate on all anti-dumping barriers imposed by Turkey on Pakistani textile and other items before the signing of the FTA .
-Pakistan inks CPEC Phase II with China
Foreign Minister Shah Mehmood Qureshi on Sunday said Pakistan had made an agreement for phase two of the China Pakistan Economic Corridor (CPEC) agreement with China
-KP launches afforestation plan
The Khyber Pakthunkhwa Government has started work on a gigantic afforestation plan to increase forest areas up to 30 percent in next five years to mitigate growing effects of global warming and climate change in the country.
Under the plan, Billion Trees Afforestation Project (BTAP) has been extended to merged tribal districts of erstwhile FATA to use its vast land for plantation and efforts would be made to enhance forest cover to 30 percent from existing 26.3pc by 2023 in Khyber Pakthunkhwa, a senior official of Forest Department KP told APP on Sunday.
-Pakistan to receive $2 billion cash from friendly country
Abu Dhabi has agreed to deposit US$2 billion to the State Bank of Pakistan as part of its agreement to loan $3 billion to Islamabad. A deposit agreement was made between the State Bank of Pakistan and the Abu Dhabi Fund for Development on Saturday. The funds are expected to be received shortly. In January, the State Bank of Pakistan received $1 billion of the $3 billion loan promised to the country by the UAE . The rate of return for the loan is 3%.
-Pakistan National Savings register unprecedented rise of 126%
The Central Directorate of National Savings (CDNS) has achieved the net target of Rs217 billion during first eight months (Jul-Feb) of the financial year 2018-19, as compared to the collection of Rs96 billion during the same period last year, showing a surge of 126pc. The total savings held by the CDNS stood at Rs1,376 billion as of February 28 while the directorate had Rs726 billion by the same date a year ago, a senior official of CDNS said.
-26 LPG Plants worth Rs 48 billions to be installed in Balochistan
Minister for Petroleum Ghulam Sarwar on Friday said that Rs48 billions has been released for establishment of 26 LPG air-mix plants in Balochistan to meet the gas demand there.
-Exxon Mobil report on Pakistani oil and gas discoveries to be released on March 15th
Drilling was stopped due to the srill strking ample rock, causing damage. The drilling will be resumed again in next two to three days after replacement of necessary parts in the equipment. Mehmood Molvi said offshore drilling report was due to be submitted on March 7, but it will now be released after March 15.
-PM Imran Khan launches medical package for the people of Tharparkar
Prime Minister Imran Khan said it was his first public meeting after the general election 2018, and he opted to visit Tharparkar as it was one of the most backward districts of Sindh, where 75% people were living below poverty line and some 1300 children had died due to malnutrition over the last three to four years. Imran Khan said his main objective behind the political struggle and reaching the power corridors was to pull the people of Pakistan out of poverty. He said today 112,000 families of Chachro were getting Sehat Insaf Cards, which would provide them Rs 720,000 per annum facility for free of charge treatment of various diseases at public and private hospitals. “We will provide this facility to every family throughout the district”, he added. The Prime Minister also announced two mobile hospitals equipped with medical and surgical facilities as well as four ambulances to cater to the medical needs of people in far flung areas of District Tharparkar. In order to address the water problem faced by the people of Tharparkar, he also announced the sanction of 100 reverse osmosis (RO) plants, to be installed in the area. The Prime Minister said the federal government would also provide electricity to the far flung areas of Tharparkar through solar system, which would also help run the RO plants in the area. He said the federal government would do whatever it could to help lift up the people of Tharparkar, who had left behind other areas of the country. The Prime Minister announced the launching of a political campaign in Sindh and invited the political workers and leaders to join Pakistan Tehrik-e-Insaf in serving the people of the province.
-Chinese company expresses interest in investing billions of dollars in PM's housing plan
HSS Group Wednesday expressed its commitment to allocate US$2 billion in partnership with Xuzhou Construction Machinery Group Co Ltd (XCMG) of China for building the five million homes project of the prime minister. This commitment was expressed by a delegation headed by XCMG General Manager Dr Hanson Liu and HSS Facility Management Chairman Syed Saman Hashemi, which called on Prime Minister Imran Khan here. Advisor to the Prime Minister on Commerce Abdul Razak Dawood and Special Assistant to PM Syed Zulfiqar Abbas Bukhari were also present during the meeting. HSS Group is a global partner of XCMG and other major Chinese companies. XCMG is China’s nimber one leading total solution provider for global construction industry equipment and machinery. XCMG also expressed its willingness to set up a heavy equipment manufacturing plant/assembly-line in Pakistan. The prime minister was apprised that XCMG with its expertise of constructing high-rise buildings and housing units wanted to partner in prime minister’s five million housing program.
-NFIS targets three million new jobs, $5.5bn additional exports by 2023
The government has set a target of creating at least three million new jobs and additional exports of $5.5 billion by 2023. National Financial Inclusion Strategy (NFIS), according to the Ministry of Finance, will enhance the usage of digital payments to 65 million active digital transaction accounts, increase deposit-to-GDP ratio to 55pc, promote financing to 700,000 small and medium enterprises, increase agricultural finance disbursements to Rs.1.8 trillion, serve six million farmers through digitalised solutions and enhance the share of Islamic banking to 25pc in the banking industry.
Chairing a meeting of the NFIS Council on Tuesday, Finance Minister Asad Umar said that his government was fully committed to improving the livelihoods of Pakistanis through job creation, promotion of entrepreneurship and enhancement in the access to formal financial services. During the 6th meeting of NFIS Council, Asad Umar said that the government prioritized NFIS as part of its agenda to achieve inclusive economic growth through digitalization of government payments, enhanced access to finance and deposit base, promotion of SMEs, easy and affordable access to finance to farmers, facilitation in low-cost housing finance and provision of Shariah-compliant banking solutions.
-Opportunity for Pakistan as US withdraws duty-free benefits from India
Pakistan is ready to avail the opportunity that emerged after the announcement made by the US that it was withdrawing special duty benefits on Indian exports under the Generalized System of Preference (GSP). “On March 5, the United States decided to withdraw import duty benefits which were in the range of 1-6pc, under its GSP programme,” a senior official of the Ministry of Commerce and Textiles told APP on Thursday.
He said that the US gave the status of GSP to 121 developing countries, including India, Afghanistan and Botswana, in order to get non-reciprocal, duty-free imports of certain products. “Around 2,000 Indian products were enjoying the duty-free status before the announcement.” The senior official said that the United States and Pakistan would discuss the matter in the coming meeting of the Trade and Investment Framework Agreement, which would be held this month. The meeting would also deliberate upon resolving different trade issues between the two countries, he added.
-South Asia’s first ever remote-controlled cranes arrive in Pakistan
Hutchison Ports Pakistan received three new remote-controlled quay cranes to mark the beginning of the terminal’s second phase in Karachi. The development will make Pakistan the first country in the South Asia region to install semi-automated, cabin-less cranes.
Hutchison Ports Pakistan, the country’s first and only deep-water container port, received the first installment of these high-tech cranes as part of its agreement signed with Shanghai Zhenhua Heavy Industries Co Ltd (ZPMC) for the purchase of eight new cabin-less remote-controlled quay cranes and 24 remote-controlled rubber-tired gantry cranes (RTGCs). This incoming equipment will be the first of its kind in the country. Hutchison Ports Pakistan is the first container terminal in Pakistan that has adopted remote-controlled, semi-automatic and driver-less cab technology for its quay cranes. The new remote-controlled quay cranes will be able to lift a container weighing up to 65 tonnes under the spreader, ensuring safe and smooth operations.
-Rs 530 million illegally sent abroad have been recovered through its Assets Recovery Unit (ARU).
Rs 530 million illegally sent abroad have been recovered through its Assets Recovery Unit (ARU). “The amount has been recovered after tracing offshore properties and bank accounts”, sources said.
-Delegation of Mitsubishi Corporation encouraged by the business friendly policies
Kimihide Ando said that the company is encouraged by the business friendly policies of the present government and intends to further strengthen its footprint especially in meeting energy requirements of the country.
He also conveyed to the Prime Minister that the Government of Japan has decided to increase its engagement with Pakistan and support Japanese companies in increasing investment in Pakistan. The Prime Minister welcomed the decision of Japanese Government and the interest of Mitsubishi Corporation regarding exploration of greater business opportunities in Pakistan.
-Benami law implemented
PTI government has finally implemented the Benami Act in a bid to document the economy. It has given a go-ahead to the tax officials to seize properties, vehicles, and bank accounts registered with fictitious individuals. From now onwards, all moveable and immovable assets registered with fictional entities to avoid taxes will be confiscated.
The law will finally take effect today following a delay of more than two years. Notably, the term ‘Benami’ means holding assets or properties in the name of a person other than the benefiter of that account.
-Pakistan and Turkmenistan sign final version of TAPI Gas Pipeline network
Pakistan and Turkmenistan signed the final version of the Host Government Agreement on TAPI Gas Pipeline network in Islamabad today. The agreement was signed by the Secretary Petroleum Mian Asad Hayauddin and Chief Executive of TPCL Amanov.
Speaking on the occasion, Minister for Petroleum Ghulam Sarwar Khan reiterated Pakistan's commitment for an early and successful implementation of the TAPI project. He hoped the ground breaking of the project will be held in Pakistan this year.
-230 Pakistanis released from Saudi Arabia jail reach home
Special Assistant to Prime Minister Imran Khan on Overseas Pakistanis & Human Resource Development Zulfikar Bukhari on Tuesday said 230 Pakistanis released from Saudi Arabia’s jail had reached the country, ARY News reported.
“The previous governments did not do anything for overseas Pakistanis. The ministry of overseas Pakistanis was known for corruption in Overseas Pakistanis Foundation (OPF) and Employees Old-Age Benefits Institution (EOBI),” Zulfikar Bukhari said in a statement.
Every department of the ministry was ruined and the incumbent government would require some time to fix them, he said adding that he was not eager to announce new housing scheme for the OPF. “I want to first deliver to those from whom the ministry got money in the past.”
-Pakistan successfully test fires extended range missile from JF-17 Thunder
Pakistan Air Force successfully test fired indigenously developed extended range smart weapon from JF-17 multi-role fighter aircraft, today.
It is indeed a great milestone as the weapon has been developed, integrated and qualified solely through indigenous efforts of Pakistani scientists and engineers. The successful trial has provided JF-17 Thunder a very potent and assured day and night capability to engage variety of targets with pinpoint accuracy.
-Barca legend Puyol to visit Pakistan for WSS promotion
Barcelona legend Carles Puyol will land in Karachi on March 16 to officially kick-off the ticket sales for the 2019 World Soccer Stars event. Teams led by football greats Luis Figo and Ricardo Kaka will play two matches in Lahore and Karachi respectively between April 26 and 29. Earlier, french great Nicolas Anelka visited Islamabad for the promotion of the event, after Figo and Kaka visited Pakistan too.
-Choppers to take tourists to northern areas
In line with directives of the prime minister, the government has decided for the first time to issue licenses to private airlines to commence helicopter services in the northern areas. The separate category of license will be issued in order to promote licenses and will be known as Tourism Promotion and Regional Integration (TPRI). The firms desiring to offer helicopter services at the tourist spots will have licenses issued on their requests in two months and they will be valid for five years.
-Punjab aims to achieve 7% economic growth by 2023
After seven months in power, the provincial government of Punjab has revealed its growth strategy for 2018-23, reflecting the Pakistan Tehreek-e-Insaf’s (PTI) long-term plan. The five-year plan is aimed at developing a people-centric growth strategy and addressing fundamental and structural imbalances in Punjab. Economic managers of the province want to move towards sustainable and regionally equitable economic growth.
The provincial government aims to achieve annual growth of 7% by 2023 through these strategies. The government also plans to reduce the ratio of idle youth in Punjab from 10.3% in 2017-18 to 8.8%. The success of the policy is conditional as the provincial government needs to launch vigorous efforts to raise its own resources.
-Govt approves machine tool factory’s revival plan
The government has approved the handing over of Pakistan Machine Tools Factory (PMTF) to the Strategic Plans Division in an effort to turn around the ailing state-owned tools manufacturing unit. The Ministry of Industries and Production informed the Economic Coordination Committee (ECC) of the cabinet, in a meeting held last month, that PMTF’s assets as on June 30, 2018 were worth Rs6.92 billion and its liabilities stood at Rs5.59 billion. The liabilities included overdraft of Rs1.108 billion, accrued mark-up of Rs700 million and outstanding arrears of Rs865 million in salary and retirement benefits.
The ministry proposed three options for PMTF’s revival which included injection of Rs3.94 billion by the government comprising a soft loan of Rs2.105 billion and grant of Rs1.84 billion. The company management has projected a pre-tax profit of Rs195 million by financial year 2022-23.
-Govt approves Rs2bn worth Ramazan relief package
The Economic Coordination Committee (ECC) of the Cabinet, while deliberating upon a summary proposed by the Ministry of Industries and Production on Tuesday, approved Rs2 billion worth Ramazan relief package for the year 2019. According to sources, the Ministry of Industries and Production recommended the ECC to add 19 essential commodities, including ghee, sugar, flour, oil, pulses (channa, moong, mash, masoor), white gram, baisen, dates, rice (basmati, sella, broken), squashes & syrups (1,500ml and 800ml bottles), black tea, spices and milk, in the relief package for Ramazan.
“The main objective of the subsidy is to ensure the availability of essential commodities at reasonable prices for low-income families,” sources said, adding that the ministry also proposed the ECC to bring the Ramazan relief package to effect from May 1, 2019, as the holy month would commence from the second week of May. Sources said that the cabinet in its sitting this Thursday would most likely endorse the ECC’s decision with regard to the Ramazan package.
-Pakistan to offer gas fields to foreign explorers, investors
Pakistan plans to offer dozens of gas field concessions in the coming year to fill in a fuel shortage, a senior official said, with Islamabad hoping a sharp drop in militant violence and changes to exploration policy will attract foreign investors. Much of the mineral-rich South Asian nation remains unexplored despite gas discoveries dating back to the 1950s. Conventional gas reserves are estimated at 20 trillion cubic feet (tcf), or 560 billion cubic meters, and shale gas reserves, which are untouched, at more than 100 tcf.
Italy’s ENI and US oil major Exxon Mobil are jointly drilling for gas offshore in Pakistan’s Arabian Sea, but many other Western companies have not returned after leaving more than a decade ago because of Islamist militant violence. Nadeem Babar, head of Prime Minister Imran Khan’s Task Force on Energy Reforms, said that the government was amending its natural gas regulation and drawing up its first-ever shale gas policy, with licensing rounds to follow later this year.