Tag: labour force

  • Pakistan to receive $10 billion investment in refinery sector soon

    Pakistan to receive $10 billion investment in refinery sector soon

    Minister of State for Petroleum, Musadik Malik, announced that Pakistan will soon receive a $10 billion investment in its refinery sector. The investment, to be inaugurated by Prime Minister Shehbaz Sharif, holds significant details that cannot be disclosed at this time, according to Malik’s statement at a ceremony.

    This development follows the approval of a new refinery policy by the current government, which aims to incentivise greenfield investment.

    Malik emphasised the need for sustained GDP growth of 5 per cent in Pakistan’s growing population. To achieve this, he stated that an annual energy sector growth rate of 7.5-10 per cent is necessary. As part of this plan, the government aims to establish a comprehensive energy agreement with Central Asian countries and Russia, which will be made public by the end of the year.

    Additionally, Pakistan intends to leverage its historical ties with the Gulf Cooperation Council (GCC) countries for trade and commerce, including meeting energy needs such as LNG and petroleum products.

    The government also plans to open energy corridors with Central Asia and the GCC countries. Malik highlighted the significance of purchasing crude oil from Russia, stating that it will have a transformative impact on Pakistan, leading to industrial proliferation. The goal is to establish small industrial areas in rural regions to promote value addition.

    Malik underscored that Pakistan possesses the necessary infrastructure, labour force, and technology to present itself as an attractive investment destination. He emphasised the government’s efforts to enhance border enforcement to curb oil smuggling from Iran, expressing confidence that the flow of smuggled oil will reduce in the coming days.

    In an off-camera meeting with media persons, the minister revealed that vessels carrying 100,000 tonnes of discounted Russian oil will arrive at Pakistan’s ports in the first week of June as part of the government’s energy security plan. The oil will be transported from Oman port to Pakistan in smaller vessels within seven to ten days. Malik assured that although transportation costs may increase slightly, the impact will be minimal.

  • ‘Women participation in economic activities on the rise in Pakistan,’ says IMF

    IMF’s new report “Women in the Labour force: The role of fiscal policies” highlights an average of 2pc rise of the female workforce in Pakistan and 1pc decrease in India, DAWN reported.

    According to the IMF’s staff report, women in most countries do not have the same opportunities to participate in economic activities as men have. This gender inequality has reduced to a good extent, but the average of female labour participation is below the male rate.

    Globally, about on-quarter of countries experienced a decline in female force participation. Countries such as India and Sri Lanka facing an average annual decrease of one per cent between 1990 and 2018, whereas Pakistan, Peru and Spain experienced an average annual increase of 2pc.

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    The report also says “Many countries have adopted fiscal policy measures to promote gender equality since the mid-1980s. Countries use tax and expenditure policies to address gender inequality and the advancement of women in areas such as education and economic empowerment. Fruthermore, in 2018, at least 80 countries have used gender-responsive fiscal policy interventions to reduce gender inequality.

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    Women’s economic empowerment is the key to growth and productivity. Greater participation of women in the labour force also brings greater diversity that can foster new ideas for production and management, boosting aggregate productivity.