ISLAMABAD: National Economic Council (NEC), while setting a growth rate target of six percent, has given a nod apropos development budget for fiscal year 2017 and 2018 following a meeting that was chaired by the PM here today.
According to details an amount of Rs.1.001T will be go to the Federal Government and the remaining will be shared by Provinces.
The allocations are as under:
Rs30bn allocated to Prime Minister’s Global SDGs Achievement Programme; Rs40bn for Special Federal Development Programme; Rs7.5bn for ERRA; Rs12.5bn for the Energy for All program; Rs12.5bn for the Clean Drinking Water for All project; Rs5bn for completion of development projects under the China-Pakistan Economic Corridor; Rs90bn for IDPs and security; Rs4.34bn for the Aviation Division; Rs5bn for the Cabinet Division; Rs5.18bn for Capital Administration and Development Division; Rs810.5m for the Climate Change Division; Rs1.2bn for trade industry; Rs13.66bn for the Communications Division; Rs5.305bn, for the Defence Division; Rs4.46bn for the Defence Production Division; Rs270m for the Establishment Division; Rs2.96bn for the Federal Education and Professional Training Division; Rs18.93bn for the finance ministry; of which Rs200m will be allocated towards development projects; Rs35.66bn for the Higher Education Commission; Rs11bn for the Housing and Works Division; Rs300m for the Human Rights Division.
PSX: Bears growl on the week’s last working day!
KARACHI: Benchmark KSE-100 Index closed in the red (45,259) on week’s last trading day shedding 128 points.
Rs. 6.5b worth of 144m shares changed hands today. Value of the shares of 196 companies plummeted, 143 augmented, while 21 remained stagnant.
With trade of 41.7m shares the Chemical Sector led the trading at the bourse. Today’s leading traders of the shares were: Lotte Chemical Pakistan Ltd., 21.8m shares (-2.76pc); Engro Polymer and Chemicals Ltd., 8.3m shares (+0.96pc); Azgard Nine Ltd., 8.0m shares (-5.91pc); Fauji Foods Ltd., 6.9m shares (-2.49pc); Descon Oxychem Ltd., 6.0m shares (-4.80pc).
Ahsan Iqbal calls upon businessmen to focus on competitiveness
ISLAMABAD: Ahsan Iqbal, Minister of Planning Development and Reforms and Interior, called upon the business community here today to focus on improving quality of their products to make them more competitive in the world.
“Made in Pakistan products must be symbol of quality across the world,” the minister said while addressing a launching ceremony of the project “Productivity, Quality, and Innovation, to put Pakistan among top 25 economies by 2025.
Ahsan Iqbal held that competitiveness was not the name of devaluation of currency but it meant to add real value to the products. “Private sector needs to invest in research by creating links with the academia as in today’s world of fourth revolution, innovation is key driver of rapid development”, he added.
Ahsan Iqbal said the private sector must have to sit on the driving seat and the government and academia would be fully supporting it in this regard. He said the government had provided platform to the business community by resolving energy crisis, overcoming law and order situation, and by providing network of roads specially under CPEC and now it was private sector’s turn to perform.
“Road connectivity is basic tool to inclusive growth, therefore despite a baseless criticism by our opponents, the government had built a network of roads which helped connecting far of flung areas to mainstream,” he added.
He said in 2013, Pakistan’s motorway length was 579, while in 2018, the length had risen to 1010 kms while according to the government plan, by 2019, the total length will surge to 3690 kms.
Chinese telecom equipment maker ZTE Corp terms US ban unfair!
SHENZHEN: Chinese telecom equipment maker ZTE Corp said in a statement here today that it will not accept a ban by the United States on the company, calling the decision “extremely unfair.”
The announcement came after the US Department of Commerce imposed a denial of export privileges against ZTE for alleged violations of the Export Administration Regulations earlier this week.
The Shenzhen-based company said it is determined to take all means permitted by law to safeguard its legitimate rights and interests, while it will continue efforts to solve the issue through dialogue.
China’s Ministry of Commerce (MOC) said yesterday (19th of April) that the US action against ZTE will damage itself. “The action targets China, however, it will ultimately undermine the United States itself,” said MOC spokesperson Gao Feng.