Tag: Development projects

  • CDWP gives go-ahead to 10 development projects valued at Rs115 billion

    CDWP gives go-ahead to 10 development projects valued at Rs115 billion

    In a key meeting held on Friday, the Central Development Working Party (CDWP) approved a total of 10 development projects, with an overall cost of Rs115.458 billion.

    Out of these, eight projects totaling Rs17.297 billion were given the green light by the CDWP forum, while two projects, valued at Rs98.161 billion, were recommended to the Executive Committee of the National Economic Council (ECNEC) for final approval.

    Deputy Chairman Planning Commission Mohammad Jehanzeb Khan chaired the meeting, attended by Secretary Planning Awais Manzur, Planning Commission members, Additional Secretary Planning, and representatives from federal ministries and provincial governments.

    The meeting’s agenda covered a range of sectors, including agriculture and food, energy, governance, health, higher education, physical planning and housing, science and technology, transport and communication, and water resources.

    A notable project from the agriculture and food sector, the “Sindh Livestock and Aquaculture Development Project,” valued at Rs38.36 billion, was recommended to ECNEC for final approval.

    This World Bank-assisted project aims to improve competitiveness, inclusivity, climate resilience, and sustainability in Sindh’s livestock and aquaculture sectors.

    Another significant project from the energy sector, the “765/500/220/132kV Islamabad West Substation,” worth Rs59.801 billion, was also referred to ECNEC for final approval.

    This World Bank-backed initiative is part of the National Transmission and Modernization Project Phase-I and aims to address increasing power demands in the Islamabad region through a new substation and related transmission lines.

    The governance sector saw approval for the “Modernization and Upgradation of Pakistan Mint Phase-II” project, costing Rs2.48 billion, as well as the “Federal Project Management Unit (FPMU) Post-Flood 2022 Reconstruction Program” project, valued at Rs2.38 billion.

    In the physical planning and housing sector, five projects were discussed, including the “Smart Environmental Sanitation System and Landfill Project” in Gwadar, worth Rs3.277 billion, and the “Construction of Audit House, Lahore,” valued at Rs1,528.931 million. Both projects received approval from the CDWP forum.

    A project related to science and technology, the “Establishment of Regional Nuclear Safety Inspectorate at Lahore,” costing Rs515 million, was also approved by the CDWP. This project aims to enhance nuclear safety and oversight in the region.

    The approval of these projects underscores the government’s commitment to advancing critical infrastructure, promoting sustainable development, and addressing energy needs, among other priorities. The recommendations to ECNEC signal the importance of these projects for the country’s growth and development.

  • Govt’s bank borrowings jump 3.15x in six months

    Govt’s bank borrowings jump 3.15x in six months

    The government’s reliance on bank borrowings has displayed a concerning upward trajectory, intensifying the nation’s debt burden and raising doubts about its optimistic economic outlook. 

    Recent data for the six months ending December 2023 reveals a substantial increase in borrowing through banks, soaring to Rs3.214 trillion compared to Rs1.019 trillion during the same period last year—an alarming surge of 3.15 times.

    Notably, this surge occurs amid a caretaker government’s administration, signalling that within six months, the government has amassed a level of debt equivalent to the entire fiscal year 2023. 

    While governments commonly borrow from banks to address financial gaps, refinance debts, and fund public projects, the scale of the borrowing indicates a matter of heightened concern.

    Despite the Federal Board of Revenue’s commendable performance in tax collections, with historic achievements of over Rs1 trillion in December and Rs4.468 trillion in 6MFY24, these impressive figures clash with the substantial reliance on bank borrowings.

     Economic apprehensions grow as these borrowing patterns contradict the government’s objective of optimising the allocation and expenditure of public funds.

    The caretaker government’s limited authorisation of Rs300.904 billion for development funds, out of a total allocation of Rs950 billion for ongoing and new social sector uplift projects, contrasts starkly with the escalating borrowing figures, hinting at the possibility of an expanding Public Sector Development Programme (PSDP).

    Furthermore, this escalating trend in government borrowings raises concerns among economists and financial experts who emphasise the importance of fiscal discipline. 

    The growing debt levels may not only impact the country’s creditworthiness but also strain future budgetary allocations, potentially limiting the government’s capacity to respond to unforeseen economic challenges. 

    As stakeholders closely monitor these developments, there is a pressing need for transparent fiscal policies and strategic measures to ensure a sustainable and resilient economic future for the nation.

  • CDWP approves Rs7 billion for advancing Pakistan’s IT sector

    CDWP approves Rs7 billion for advancing Pakistan’s IT sector

    During the Central Development Working Party (CDWP) meeting, chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, five development projects were given approval, totalling Rs13 billion, according to a press release.

    The meeting focused on projects within the information technology, health, and physical planning and housing sectors.

    Under the Ministry of Information, two projects were presented. The first, “Upgradation of Transmission Network & Replacement of Optical Fibre Cable, AJK & Gilgit Baltistan (revised),” with a budget of Rs2 billion, received approval from the CDWP.

    The second project, “Prime Minister’s Initiatives Support for IT Startups, Specialised IT Trainings, and Venture Capital (revised),” with a budget of Rs5 billion, was also granted approval.

    Furthermore, two projects from the Ministry of Law and Justice were considered and approved. The first involves the “Construction of Litigants Facilitation Centre for Litigants and Lawyers in Sector G-10/1, Islamabad,” with a budget of Rs1.86 billion. The executing agency and financing source for this project is the Capital Development Authority (CDA).

    The second project presented was the “Establishment of 93-No District Courts in Mauve Area G-11/4, Islamabad (revised),” with a budget of Rs2.23 billion.

    A project focused on skill development internships, the “Ba-ikhtiyar Naujawan Internship Program Balochistan,” worth Rs1.85 billion, was also approved by the CDWP. Notably, this project is fully funded through a World Bank loan.

  • Punjab increases govt employees’ pay by 30%, pensioners above 80 to receive 20% raise

    Punjab increases govt employees’ pay by 30%, pensioners above 80 to receive 20% raise

    In a significant development, the interim Punjab cabinet, headed by caretaker Chief Minister Mohsin Naqvi, has approved the provincial budget for the initial four months of the fiscal year 2023-24. The cabinet meeting, held on Monday, saw the endorsement of several key measures aimed at providing relief to the people and promoting various sectors of the economy.

    One of the major highlights of the budget is a 30 per cent increase in salaries for government employees, which will be implemented as an ad hoc relief. This decision is expected to bring significant relief to public servants who have been facing the brunt of rising costs of living. Additionally, pensioners above the age of 80 will receive a 20 per cent increase in their pensions, acknowledging their valuable contributions to society.

    The Punjab cabinet has also taken a bold step to stimulate business growth in the information technology and education sectors. By withdrawing all duties and taxes, the provincial government aims to create a favorable environment for these industries, fostering innovation and progress. An allocation of Rs70 billion has been set aside to provide relief to the people over the course of the first four months of the fiscal year.

    Addressing concerns related to the construction sector, the cabinet rejected a recommendation to increase stamp duty by up to 3 per cent. Instead, it approved fixing the stamp duty ratio at 1 per cent, thereby promoting the growth of the construction industry and encouraging investment in the sector.

    Recognizing the importance of agriculture, the cabinet allocated over Rs47 billion to support and enhance the sector. This move demonstrates the government’s commitment to bolstering the agricultural industry, which plays a crucial role in the province’s economy and livelihoods of the rural population.

    Furthermore, the interim setup has pledged to complete 50 per cent of ongoing development projects within the first four months of the new fiscal year. This ambitious target showcases the government’s determination to prioritise infrastructure development and provide better facilities for the citizens.

    The cabinet’s focus on critical sectors also extends to education and healthcare. An increase of up to 31 per cent in the budget allocation for education and health has been approved for the initial four months of the fiscal year. This decision reflects the government’s commitment to improving access to quality education and healthcare services across Punjab.

    The cabinet’s proactive approach toward promoting technological advancements is evident through the approval to establish an information technology park within the Lahore Knowledge Park. This venture aims to create a hub for technology-driven innovation and attract investment to the region.

    In a noteworthy move, the cabinet also approved the establishment of an endowment fund worth Rs1 billion for journalists. This step recognises the vital role played by journalists in society and aims to support and encourage their professional growth.

    Chief Minister Mohsin Naqvi emphasised that the Punjab budget does not impose any new taxes on the people, providing further relief to the general public. He commended the chief secretary, Planning and Development Board chairman, Punjab finance secretary, and their teams for their diligent efforts in presenting a people-friendly budget.

    The cabinet meeting was attended by provincial ministers, advisors, and secretaries of relevant departments, signaling a collaborative approach to decision-making and ensuring the inclusivity of various stakeholders.

    With the interim Punjab cabinet’s approval of this budget, the province is poised to embark on a path of economic growth, development, and improved quality of life for its citizens.

  • ‘Bushra jald chor degi’: Aamir Liaquat predicts Imran Khan’s divorce, curses him

    ‘Bushra jald chor degi’: Aamir Liaquat predicts Imran Khan’s divorce, curses him

    Former National Assembly member and television host Dr. Aamir Liaquat took to his Instagram handle to lash out at former PM Imran Khan.

    The Aalim Online host has held Imran responsible for his recent split with wife Dania Shah.

    He also accused Imran of paying Dania so that she seeks divorce from him. Aamir went on to predict Imran’s divorce, and predicted that Bushra Bibi will leave him.

    Earlier this month he reacted to the speculation about his potential marriage with journalist and former PM Imran Khan’s ex-wife Reham Khan.

    The Neelam Ghar host reacted to a netizen’s tweet that if he and Reham actually get married then they’ll have a son like Atta Tarar.

    Aamir replied that the answer will soon come from the skies. He also took a jibe at PTI by saying that there is justice on the skies and not Tehreek-e-Insaaf.

    The veteran host stated recently stated that sources from FIA have informed him that PTI’s social media team is behind his character assassination on social media to make Imran Khan happy as he was upset with Liaquat for ditching PTI at a crucial stage.

    Aamir also dragged Fawad Chaudhry’s name in the matter and stated that he overlooks the social media department.

    The Current reached out to Former focal person on digital media to former PM Khan, Dr Arsalan Khalid who dismissed these claims and exclusively said, “Aamir is so irrelevant that we don’t even think about him.”

    Prior to his seperation with Dania Shah, he published a video message against Khan.

    Aamir claimed that ever since Imran has met Russian President Vladimir Putin, he has become like him, adding adjectives like “stubborn, ill-mannered and rebellious.

    In call with Putin, PM Imran stresses coordinated approaches to evolving Afghan situation - World - DAWN.COM

    Last month the Aalim Online star posted a series of video in which he expressed his anger on PTI Chairman Imran Khan’s statement in which he called out politicians who left his political party.

    Aamir said that he is not a traitor, instead former PM Imran Khan is the traitor according to him. The veteran host also slammed PM Khan for dissolving the assembly.

    He posted another video with some aggressive remarks against his opponents.

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