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Domestic debt goes up by Rs2tr in 10MFY21


June 8, 2021

KARACHI: The country’s domestic debt has increased by over Rs2 trillion during the current fiscal year (FY21). However, the amount was less than the amount borrowed in the same period of FY20. The latest data issued by the State Bank (SBP) on Monday showed that government’s borrowing has slightly decreased during FY21. Analysts attribute this development to higher foreign exchange …

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Realtors warn ‘inspections’ may hit construction sector investments


June 8, 2021

ISLAMABAD: The real estate sector has warned of a serious setback to investments in Prime Minister Imran Khan’s priority construction sector due to planned inspections of offices of the property dealers, developers and investors by authorities of Designated Non-Financial Business and Professions (DNFBPs). Speaking at a news conference on Monday, Muhammad Ahsan Malik, Vice President, (Punjab) Federation of Realtors (FOR) …

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No cut in local ghee, oil rates despite falling world prices


June 8, 2021

ISLAMABAD: The prices of ghee and edible oil have started to ease in the international markets amid the harvest of fresh palm oil crops in Malaysia and Indonesia. However, the impact is yet to be felt locally while investors are hoarding stocks ahead of the upcoming budget. Key players in the supply chain have accumulated stocks of finished products as …

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Covid impact on work four times worse than 2008 economic crisis: ILO


June 8, 2021

GENEVA: The United Nations said on Monday that the Covid-19 pandemic’s impact on the world of work was four times worse than the 2008 economic crisis. The UN’s International Labour Organisation (ILO) said the pandemic had had a “devastating” and even “cataclysmic” effect, as it sought to tackle an uneven recovery from the coronavirus crisis. The ILO on Monday kicked …

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Shehbaz accuses govt of fudging revenue figures


June 7, 2021

LAHORE: Leader of Opposition in the National Assembly Shehbaz Sharif has criticised the government for what he calls fudging revenue figures in a bid to show its performance on the economic front. “The Accountant General of Pakistan’s objection to release of Rs140 billion to the Federal Board of Revenue has exposed the credibility of the official economic statistics,” Mr Shehbaz …

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Why banks need structural changes


June 7, 2021

Imagine yourself as the newly minted finance minister. Given the unceremonious exit of your predecessor, you are unsure of your tenure. Regardless, you have high confidence in your abilities. You understand the issues and have your heart set on making structural changes with lasting effects on the bottom of the pyramid rather than the bottom line of the commercial banking …

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Pakistani startup ‘Abhi’ raises $2 million to launch salary advance app for employees


June 7, 2021

Abhi, a Karachi-based startup, that provides employees salary advances based on accrued wages, has raised $2 million for their seed round. The funding round, led by VEF, the emerging market fintech investor, and Sarmayacar, the local lead, also included a number of international and local investors including Village Global, i2i Ventures, and Zayn Capital. This is Village Global’s first FinTech …

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NEC likely to approve development outlay of Rs2.1tr today


June 7, 2021

ISLAMABAD: The National Economic Council (NEC) meets here on Monday (today) to approve about Rs2.135 trillion worth of next year’s consolidated development budget (FY2021-22) of the federal and provincial governments — almost 61 per cent higher than the current year’s development allocation of Rs1.324tr. The country’s highest constitutional forum on economic decision-making will also set next fiscal year’s GDP growth …

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Balochistan budget to have Rs5.5bn for health insurance


June 7, 2021

QUETTA: Balochistan Chief Minister Jam Kamal Khan Alyani has said that Rs5.5 billion will be allocated in the next financial year’s budget for providing health insurance to people of the province. While announcing his priorities for the next year, he said on Sunday that an interest-free loan scheme would also be introduced for establishing small businesses. He said the provincial …

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Ministry approves 10 products for registration as GI


June 6, 2021

ISLAMABAD: The ministry of commerce on Saturday announced that it has approved 10 products for registration as Geographical Indications (GI). The products include Chaunsa and Sindhri mangoes, Kinnow, Hunza Ruby, Swat Emerald, Kashmiri Tourmalin, Skardu Topaz and Aquamarine, Peridot Stone and Peridot Valley. GI will serve as the potential economic tool to promote and enhance national and international trade by …

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