ISLAMABAD, Dec. 13 (INP-WealthPK): The government has released Rs296.10 million funds to advance nine ongoing petroleum-related projects during the first four months of the current fiscal year (2022-23) under the Public Sector Development Programme (PSDP) against a total allocation of Rs1.48 billion. As per information available with WealthPK, out of total disbursement of Rs296.10 million, around Rs11.44 million has been …

ISLAMABAD, Dec. 13 (INP-WealthPK) — The All Pakistan Business Forum (APBF) has urged the government to exercise strict control over spending and the high cost of debt servicing to reduce the estimated budget deficit of Rs 4 trillion, or around 6% of GDP, for the current fiscal year, 2022–2023. APBF President Syed Maaz Mahmood noted that the one major expense …

ISLAMABAD, Dec. 13 (INP-WealthPK) – Despite depressed economic activity, Pakistan’s glass and ceramics sector earned healthy profits during the first quarter (July-Sept) of the ongoing fiscal year 2022-23, WealthPK reports. Though inflationary pressures resulting from the economic rebound post-Covid-19 pandemic doubled the costs of sales for glass and ceramic industry, six out of seven active trading companies raised gross and …

ISLAMABAD, Dec. 13 (INP-WealthPK): Pakistan can follow the example of the Republic of Korea for a thriving economy by enhancing its exports and discouraging imports, experts say. Pakistan Institute of Development Economics (PIDE), in collaboration with the Embassy of the Republic of Korea, organised a seminar on the theme “40 Years of Diplomatic Relations between Pakistan and Korea: Trade, Investment …

ISLAMABAD, Dec. 13 (INP-WealthPK)— Despite increasing oil prices and rocketing inflation, demand for cost-effective, electricity-chargeable and eco-friendly motorcycles remains low in Pakistan. Electric or e-bikes are designed to use motors powered through electricity charging instead of conventional fuel-based engine. Electric bikes are modelled on conventional bike designs in Pakistan, but with the added specific feature of charging. Most people in …

ISLAMABAD, Dec. 13 (INP-WealthPK)—Federal Minister for Climate Change, Sherry Rehman has said that in future climate resilient infrastructure should be developed to reduce the risk of losses and damages. She said it is very important that resilient infrastructure is developed on modern lines so that houses and public infrastructure can withstand the increased threat of climate induced disasters, while speaking …

ISLAMABAD, Dec. 13 (INP-WealthPK)—The decision of the government of Pakistan to allow multimodal bonded air-to-land transit of Afghan cargo will facilitate exporters and importers of both Pakistan and Afghanistan to a great extent, WealthPK reports. The decision will enhance trade between the two neighbouring countries and ensure an uninterrupted supply of goods to crisis-hit Afghanistan besides leaving a positive impact …

ISLAMABAD, Dec 13 (INP-WealthPK) — Khyber Pakhtunkhwa government is planning to construct three dams in Tank and Dera Ismail Khan districts on priority basis to irrigate more than 109,721 acres of barren land, besides generating 25.5 MW power. The new dams—Tank Zam Dam, Chodwan Zam Dam and Daraban Dam—would help improve water table in these areas as the region has …

LAHORE, Dec. 13 (INP-WealthPK)—The Punjab government will convert the property tax assessment system into a capital value tax system to minmise the complaints of people, WealthPK reports. The provincial government is striving to put in place the system by the next fiscal year to benefit the people. Asif Bilal Lodhi, Secretary of Excise, Taxation Department of Punjab, told journalists during …

ISLAMABAD, Dec. 13 (INP-WealthPK)—The production of the steel industry of Pakistan has shown a decline of 60% in recent months owing to various internal and external factors, WealthPK reports. The recent devastating floods in the country and the ongoing Russia-Ukraine crisis can be cited as major reasons for many financial challenges faced by industrialists and traders in Pakistan. Talking to …