Day: November 19, 2021

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RUDA, CBD projects to promote modern residential, business facilities in country: PM

Prime Minister Imran Khan says Ravi Urban Development Authority and Central Business District projects will promote modern, self-sustained, clean and green residential and business facilities in the country.

Chairing a review meeting in Islamabad on Friday, he said these projects are very crucial for attracting foreign direct investment in housing and construction sectors in the country.

The Prime Minister directed the authorities to win over maximum investment for both the projects.

Earlier, the Prime Minister was informed that work on the development of basic infrastructure including roads, sewerage and drainage in the Central Business District is in full swing and is likely to be completed ahead of schedule.

Moreover, the construction work on Bab-e-Pakistan Project will also start soon.

The Prime Minister was apprised that Ravi Urban project is all set to develop its Saphire Bay Project.

Moreover, a state of the art industrial estate, powered by renewable energy, is also ready to be launched very soon.

Source: Radio Pakistan

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NCRC launches awareness campaign for Prevention of Child Abuse

An awareness campaign to mark the World Day for the Prevention of Child Abuse was launched in Islamabad today [Friday].

The National Commission on the Rights of Child together with the European Union funded Huqooq e Pakistan Project, launched the Campaign.

The campaign aims to educate, equip, and empower children, parents, caregivers, and society about child abuse.

Source: Radio Pakistan

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Fakhar Imam Stresses Measures to Ensure Maximum Wheat Productivity

Federal Minister of National Food Security Syed Fakhar Imam conducted a high level meeting with the provincial counterparts to monitor the ongoing sowing of wheat in the country.

The meeting attended by representatives from all provinces, including Punjab agriculture minister Hussain Jahania Gardezi was conducted to ensure that every province is on track to meet the assigned wheat targets.

The Minister was briefed that Punjab stood at 51% sowing, Sindh at 42% whereas Khyber Pakhtunkhwa (KPK) and Balochistan at 40%.

Imam discussed the outstanding issues that the provincial agriculture departments are facing in order to meet the assigned targets. The minister was briefed that the Certified Seed of wheat is sufficiently available with all provinces. The minister said that it is imperative that a track and trace system is established to ensure maximum productivity of wheat in the country.

Imam was told that Punjab is facing a shortage of fertilizer. Imam ensured the participants that necessary steps will be taken to ensure that the factors of production are available in ample supply.

He also praised the efforts of Punjab agriculture minister Hussain Jahania Gardezi in ensuring timely sowing of wheat. Gardezi briefed Fakhar Imam that the government of Punjab conducted numerous seminars to create awareness in addition to partnering with five agricultural universities of Punjab to mobilize agricultural students in ensuring proper sowing of wheat seeds.

Source: Pro Pakistani

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Pakistan’s Current Account Deficit Reaches Its Highest Level in FY2022

Pakistan’s current account recorded the highest deficit of $1.66 billion during the current financial year 2021-22 in October 2021 according to the statistics released by the State Bank of Pakistan (SBP) on Friday.

The current account deficit surged to $1.66 billion in October 2021 from $1.13 billion in September 2021 due to high energy prices and an uptick in services imports, despite some moderation in nonenergy imports.

Overall, the current account deficit stood at $5.08 billion from July to October 2021 as against the current account surplus of $1.33 billion reported in the same period the last year.

Economic Analyst A.A.H Soomro told ProPakistani,

The current Account is heating up despite depreciation & various demand-reducing measures by SBP & the govt. These levels are not sustainable amid rising demand growth & stubborn food & energy prices. It’s time for curb the demand & protect the precious dollars.

The trade deficit also surged to an alarming $14.8 billion at the end of October, widening by 97% percent from $7.51 billion in the same period of last fiscal year.

Remittances, on the other hand, posted double-digit growth of 11.9% year-on-year recording inflows of $11.5 billion.

The current account deficit is heating up despite depreciation and various demand-reducing measures by SBP and the government.

The government and the banking regulator imposed strict measures to contain the imports of the goods and commodities which are considered as non-essential. The impact could be further visible gradually in the coming months.

The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Friday raised the policy rate by 150 basis points to 8.75 percent from 7.25 percent.

The State Bank of Pakistani in the latest MPC Statement stated that “In Pakistan too, high import prices have contributed to higher-than-expected CPI, SPI, and core inflation outturns. At the same time, there are also emerging signs of demand-side pressures on inflation, and inflation expectations of businesses have risen on account of further upside risks from domestic administered prices.”

“With respect to the balance of payments, the current account deficits in September and October have been larger than anticipated, reflecting both rising oil and commodity prices and buoyant domestic demand. The burden of adjusting to these external pressures has largely fallen on the rupee”, the bank added.

Source: Pro Pakistani