Tag: housing

  • 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.

  • Inflation in Pakistan reaches nearly 50-year high, raising concerns for citizens

    Inflation in Pakistan reaches nearly 50-year high, raising concerns for citizens

    Pakistan’s inflation, as measured by the consumer price index (CPI), surged to a record-breaking 31.5 per cent in February, largely driven by steep price hikes in food, housing, and transportation groups. This concerning development was recently reported by the Pakistan Bureau of Statistics (PBS), and has heightened expectations of an increase in interest rates during the upcoming monetary policy committee (MPC) meeting, which the central bank has scheduled for March 2.

    The February inflation rate marks the highest figure since available data dating back to July 1965, surpassing the previous record of slightly over 29 per cent in April 1975. The unexpected pace of price increases has surpassed the finance ministry’s expectations, who had projected an inflation range of 28 per cent to 30 per cent just a day before the report.

    According to Geo, the monthly inflation rate surged by 4.3 per cent in February compared to January, primarily due to increased average prices of food items such as poultry, fruits, pulses, oil, vegetables, ghee, LPG, gas charges, and domestic petroleum products.

    The inflation reading raises concerns that the government will need to review its strategy to secure the critical $1.1 loan tranche from the International Monetary Fund (IMF). Despite repeated efforts, the government has been unable to regain lost ground with the IMF and is continually delivering financial shocks to the people.

    According to PBS, the inflation rate rose in both urban and rural areas. Urban inflation increased to 28.8 per cent in February, while rural inflation soared to 35.6 per cent compared to the same month last year. In February of the previous year, urban inflation was recorded at 11.5 per cent, while rural inflation was at 13.3 per cent.

  • Pakistan inflation hits highest level since 1973

    Pakistan inflation hits highest level since 1973

    According to the Pakistan Bureau of Statistics (PBS), Pakistan’s Consumer Price Index-based inflation (CPI) climbed by 27.3 per cent on a year-over-year basis in August 2022 as opposed to an increase of 24.9 per cent the previous month and 8.4 per cent in August 2021.

    Inflation has increased by an average of 26.1 per cent in the first two months of the current fiscal year 2023 compared to 8.36 per cent in 2022. August’s inflation rate was the highest since November 1973.

    According to brokerage house Arif Habib Limited (AHL) the Consumer Price Index (CPI) for the month of Aug’22 clocked in at 27.26 per cent YoY (+2.45 per cent MoM). This takes 2MFY23 average inflation to 26.1 per cent compared to 8.36 per cent in 2MFY22.

    CPI inflation

    Urban

    In August 2022, urban CPI inflation was 26.2 per cent on an annual basis, up from 8.3 per cent in August 2021 and 23.6 per cent the month before.

    It climbed by 2.6 per cent month over month in 2022, compared to 4.5 per cent the month before and 0.5 per cent in August 2021.

    Rural

    In addition, rural CPI inflation reached 28.8 per cent on an annual basis in August 2022, up from 8.4 per cent in August 2021 and 26.9 per cent in the preceding month.

    In August 2022, it climbed by 2.2 per cent month over month, compared to 4.2 per cent the month before and 0.7 per cent in August 2021.

    Further increase expected

    Rising inflation has become a major worry for Pakistan’s economy, which is already experiencing a loss of foreign exchange reserves.

    In the midst of severe flash floods that have resulted in at least 1,100 fatalities, extensive destruction, and millions of displaced people, experts have cautioned that the country will experience additional increases in food costs.

  • Three low-cost housing societies approved for Punjab

    Three low-cost housing societies approved for Punjab

    Mian Muhammad Aslam Iqbal, Punjab’s Minister for Housing and Urban Development, approved the launch of three low-cost housing societies on Thursday.

    This was announced at the 86th meeting of the Punjab Housing and Town Planning Agency (PHATA) board, which was presided over by the Housing Minister, at the agency’s office.

    These housing schemes will offer locals access to high-quality, low-cost homes:

    1. Al-Rasheed Garden, Gujranwala
    2. Al-Noor Garden Residencia, Sangla Hill
    3. Campbellpur Greens, Attock  

    According to The News, a monitoring committee was also formed to oversee the housing developments. The delegates also agreed on the development of pension laws for PHATA workers, as well as other administrative issues.

    Furthermore, in each of the housing complexes, a 20 per cent quota was set aside for the Naya Pakistan Housing Program (NPHP).

    The Minister stressed the need of assisting developers in order to promote a smooth working environment and stated that corruption or dishonesty will not be allowed in his team.

    He went on to say that the NPHP is a key priority for the province administration and that it intends to finish as many housing schemes as feasible in the shortest amount of time.

    Earlier this month, the Housing Minister stated his aim to accelerate the creation of low-cost housing projects, saying, “Low-cost housing schemes should be finished quickly by working day and night.”

    He also stated that a special cell will be established to encourage foreign Pakistanis to engage in the housing business.