Karachi, May 30, 2012 (PPI-OT): Economic Survey 2011-12: GDP growth estimated at 3.7pc
According to the MR Securities, the country’s economic survey 2011-12 has estimated 3.7 percent GDP growth against the target of 4.2 per cent and actual growth of 3 per cent in 2010-11
Govt being run by printing notes, taking loans: SBP governor
Instead of raising taxes, the government has in recent months increased its direct borrowing from the central bank, effectively printing money to cover the deficit, said Governor of the State Bank of Pakistan (SBP) Yaseen Anwar. The government has borrowed Rs442 billion directly from the central bank so far this fiscal year, Anwar said — financing requests that he can’t turn down.
Budget 2012-13: Rs 78.22 billion allocated for 24 ongoing hydel projects
Rupees 78.22 billion local and Rs 15.62 billion foreign exchange component has been allocated in forthcoming budget 2012-13 for as many as 24 ongoing hydel projects.
Budget 2013: Increase in salaries of government employees on the cards
The government is contemplating raising the salaries of government employees by as much as 65 per cent in their basic salary.
BoP’s performance reviewed: chief minister chairs board’s meeting
Punjab Chief Minister Shahbaz Sharif presided over a meeting of board of directors of Bank of Punjab, here on Tuesday which reviewed in detail performance of bank, its future programmes and other issues.
Fertilizer pushes up raw material imports to $6.81 billion
The import of raw materials increased by 16 percent to $6.81 billion during July-April FY12 as compared with $5.88 billion in the corresponding period last fiscal year, mainly due to phenomenal rise in import of urea as gas shortage and government subsidy on imported fertiliser prices paralysed the local output
Govt borrows Rs52bn in a week from banks
The federal government’s borrowing from the scheduled banks for budgetary support has rose by Rs52 billion in just one week, according to data released by the State Bank of Pakistan on Tuesday.
E-banking transactions surge to Rs6.9trn in third quarter
The volume and value of overall e-banking transactions in the country have increased marginally by 5.9 and 6.47 percent to reach at 70.9 million and Rs6,871 billion respectively during the third quarter of the current fiscal year (FY12) compared to the preceding quarter.
Budget: Widening the pie – Govt seeks additional revenue
A significant increase in non-development expenses has prompted the government to raise Rs50b through additional taxes in next federal budget, in addition to assigning the Federal Board of Revenue with the task of raising roughly Rs35b through administrative measures and by broadening the tax base.
GolenGol Hydropower project: Wapda confirms violation of procurement rules
Wapda has confirmed violation of Public Procurement Rules (PPR) 2004 in the procurement process of GolenGol Hydropower project and award of contract to unqualified consortium.
Fuel Price Adjustment for April 2012: Discos” tariff raised by Rs 1.97 per unit
National Electric Power Regulatory Authority (Nepra) on Tuesday increased Discos” tariff by Rs 1.97 per unit under Fuel Price Adjustment (FPA) mechanism for April 2012 and 70 paisa per unit for Karachi Electric supply Company (KESC) across the board except lifeline consumers under quarterly tariff adjustment mechanism for October to December 2011 quarter.
Tax authority freezes PTA bank accounts
Tax authority on Tuesday seized all bank accounts of Pakistan Telecommunication Authority (PTA) for recovering an outstanding amount of Rs3.6 billion, in a bid to achieve the revised collection target
Nepra to retire obsolete generation units
The National Electric Power Regulatory Authority (NEPRA) would hold a public hearing on June 14 to initiate an Authority Proposed Modification (APM) in the licenses of generation companies for retiring those units, which have outlived their useful life
Fuel adjustment: NEPRA raises power tariff by Rs1.97
The National Electric Power Regulatory Authority (Nepra) has raised power tariff by Rs1.97 per unit on account of fuel adjustment for April 2012, Express News reported on Tuesday.
OGDC lets SSGC cut the line to receive gas supply
The Oil and Gas Development Company Limited (OGDC) is reportedly letting Sui Southern Gas Company cut the line and receive LPG from one of its fields while other companies wait for their turn.
TDAP holds meeting on currency swap arrangement with Turkey
In order to create awareness about the ongoing efforts of government of Pakistan for having currency swap arrangements especially with regional countries, the Ministry of Commerce and Trade Development Authority of Pakistan (TDAP) had organized a meeting on Tuesday in TDAP Karachi.
PIA to acquire two Boeing-777 aircraft on dry lease
The national flag carrier has planned to take two Boeing aircraft on dry lease for a period of two to three years for smooth Hajj operations this year in order to provide ample relief to the Hajj pilgrims