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NEC approves Rs2.113T development budget

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SANA MAHMOOD

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. 

 

 

 

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PSX: Bourse closes at 40,248 shedding 17 points!

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KARACHI: Continued political noise discouraged investors to the extent that bears forced the bourse close flattish on week’s last trading day.

Rs. 4.5b worth of 106.3m shares were traded today. Value of the shares of 162 companies plummeted, 152 augmented, while 14 remained stagnant.  

Power Generation & Distribution, Textile and Banking Sectors led the trading today with 17.8m, 10.8m and 8.7m shares respectively.

Today’s top five traders of shares were: K-Electric Ltd., 25.9m shares (+6.00pc); Azgard Nine: 9.5m shares (+3.23pc); Bank of Punjab, 5.3m shares (-0.72pc); Tri-Star Poly(R), 5.0m shares (-17.78pc); TRG Pak Ltd., 4.0m shares (-0.36pc).

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PSX: Bears enter the bourse today forcing it close at 40,266!

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KARACHI: Ongoing political noise, particularly the high-drama associated with Finance Minister’s medical leave, had allowed bears enter the bourse today coloring it red causing Benchmark KSE-100 Index shed 326 points.

Rs. 5.4b worth of 102m shares changed hands today. Value of the shares of 203 companies plummeted, 102 augmented while 11 remained stagnant.

Power Generation & Distribution, Technology and Refinery Sectors led the trading with 13.9m, 12.9m and 11.9m shares respectively.

Top five traders of shares today were: K-Electric Ltd., 9.1m shares (-3.57pc); TPL Trakker Ltd., 7.6m shares (+14.14pc); WorldCall Telecom, 7.5m shares (-0.66pc); Byco Petroleum, 7.2m shares (+3.73pc); TRG Pak Ltd., 4.9m shares (-1.89pc).

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Unconstitutional diversion of gas to other provinces incurred losses to Sindh: CM

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KARACHI: Maintaining that over 1000 mmcfd of gas out of 2,800 mmcfd produced by Sindh is diverted to other provinces, CM Murad Ali Shah said that was incurring heavy financial losses to the gas-producing province.

He was speaking at a session here today convened to prepare for CCI meeting: “If this 1,000 mmcfd gas of Sindh is not diverted to other provinces, Sindh can produce 5,000 megawatts of electricity from it at a rate of Rs8 per unit against Rs15 per unit which we are charged”, he held.

According to the CM Sindh Article 158 of the Constitution recognizes precedence of the right of utilization by the gas-producing province: “This right of our people has been denied”.  

Lamenting that thousands of villages in Sindh was deprived of gas and electricity he demanded the implementation of Article 158. He said that a resolution apropos this matter would be presented before SA.

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