Balochistan Provincial Finance Minister Mir Shoaib Nosherwani Friday presented the province’s budget for the fiscal year 2024-25 with a total outlay of Rs. 930 billion, with Rs. 25 billion surplus. The minister, while presenting the budget, said Rs. 609 billion has been allocated for non-development expenditures while Rs. 321 billion for developmental expenses. He said that Rs. 146.9 billion has been earmarked for the education sector, while Rs. 20 billion for health. The finance minister said Rs. 23.8 billion has been placed for the development of the agriculture sector while over Rs. 1 billion for food security. The minister also…
Category: Tech and Telecom
Pakistan’s IT Exports Cross $330 Million in May to Hit Record High
Pakistan’s IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by around 23 percent during the first eleven months (July-May) of the current fiscal year 2023-24 and stood at $2.925 billion compared to $2.371 billion during the same period of last fiscal year. The official data showed that ITeS exports’ remittances increased by around 7 percent on a month-on-month (MoM) basis in May 2024 and stood at $332 million compared to $310 million in April 2024. On a year-on-year (YoY) basis, the sector export remittances increased by around 41 percent compared to $236 million…
Balochistan Announces Massive Increase in Salaries
On Friday, the Balochistan government revealed its budget for the fiscal year 2024-25, amounting to Rs 955 billion. Provincial Finance Minister Mir Shoaib Nosherwani presented the budget, which includes a proposed salary increase for government employees. The development budget under the Public Sector Development Program (PSDP) is set at Rs 321 billion. The budget outlines a 25 percent salary hike for employees from grade 1 to 16, and a 22 percent increase for those from grade 17 to 22. Furthermore, a 15 percent rise in pensions for retired employees is proposed. The major allocations in the budget are: Rs 138…
CCP Approves Acquisition in Pakistan’s Solar Market
The Competition Commission of Pakistan (CCP) has approved the 100 percent acquisition of M/s. Actis Holdings S.a.r.l (Actis Holdings), a Luxembourg-based company having a presence in Pakistan’s solar power market, by M/s. General Atlantic Partners, L.P. (GA), a US-based firm. Actis Holdings is a sustainable infrastructure investor with a diverse portfolio in energy infrastructure, long-life infrastructure, digital infrastructure, real estate, and private equity sectors. Funds managed by Actis hold a majority interest in Solis, which is a majority shareholder in Yellow Door. Yellow Door is actively engaged in the solar electricity business in Pakistan. The acquirer General Atlantic Partners, L.P.…
Pakistan Records Foreign Direct Investment of $271 Million in May 2024
The net Foreign Direct Investment (FDI) in the country stood at $271 million in May 2024, up 74 percent over the FDI of $156 million in the same month of FY23. In May 2024, foreign direct investment inflows stood at $339 million, up 66 percent over inflows of $204 million in May 2023. While outflows in May 2024 stood at $68 million, up 42 percent compared to outflows of $48 million in May 2023. Net FDI inflows during the eleven months of the current fiscal year (11MFY24) stood at $1.729 billion, up 15 percent compared to FDI inflows of $1.505…
Decoding the Fastest First Over of All Time
When we talk about express pacers, a lot of names come to mind. Today there’s Mark Wood, Jofra Archer, Anrich Nortje, Haris Rauf and more. In the past, there was Shoaib Akhtar, Shaun Tait, and Shane Bond among others but one who managed to stand out amongst all of them owing to his insane longevity, adaptability and street smarts mixed with fury is Brett Lee. What made Lee special other than the fact that he managed to take 700+ international wickets was the fact that he not only had so many gears as a bowler. He could go looking for…
Euro 2024 Live Streaming: How to Watch France vs Netherlands Euros 2024 Match in Pakistan?
The highly awaited clash of Euro 2024 in Group D, Netherlands vs France, at the Red Bull Arena which is RB Leipzig football club’s home ground will take place tonight. The excitement for UEFA Euros 2024 is building up, and football enthusiasts in Pakistan are eager to join in on the action. With Europe’s top national teams competing, it’s essential to know how you can catch all the matches live from the comfort of your home. The mega-event will be played all over Germany with top football nations including France, England, Italy, Spain, Portugal, Croatia and plenty of others taking…
Gold Price in Pakistan Rises With Sarafa Association Further Enhancing Discount
The price of gold in Pakistan posted an increase of Rs. 1,600 per tola on Friday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,600 per tola to Rs. 242,900, while the price of 10 grams went up by 1,372 to Rs. 208,248. The Sarafa Association said that the price of gold has been kept under cost by Rs. 4,500 due to the reduction in purchasing power of the buyers. This is the highest discount the association has offered in recent weeks, previously the highest discount offered by the association…
Sindh to Spend Over Rs 500 Million for New Flats in Governor’s House
The Sindh government has earmarked Rs573 million in the latest budget for the construction of 48 new flats within the Governor’s House premises. These flats will be distributed across four different blocks and are designated for the employees of the Military Secretary Wing and the Governor Secretariat. The decision to build new flats stems from the necessity for the Governor House staff to be on 24-hour alert. Employees who live far away from the Governor’s House often face difficulties when they are suddenly called in for duty. The current staff accommodations, built in the 19th century during the British colonial…
Senator Faisal Vawda Unhappy With Non-Filers Getting Exemptions for Umrah, Hajj
Senator Faisal Vawda today questioned the rationale behind exemptions for non-filers during religious pilgrimages like Hajj and Umrah and suggested re-evaluating these exemptions. He also highlighted the need to protect media workers’ interests and restore salaries that were cut during COVID-19. Vawda made these remarks during a meeting of the Senate Standing Committee on Finance and Revenue on Friday. Senator Senator Salim Mandviwala chaired today’s session while other senior officials were also in attendance. The committee discussed the government’s decision to increase the tax rate from 15 percent to 18 percent on retailers using the Federal Board of Revenue’s (FBR)…
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