Economic and Business Updates - April 27 to May 03, 2009
Tuesday, May 5, 2009
- More than $350 million allocated by the US for development in Pakistan are lying un utilised owing to the capacity constraints of the USAID and line ministers and departments.
- The country's service sector registers trade deficit of some $ 3 billion in the first nine months of the current fiscal year mainly due to high payments of transportation, travel and financial services.
- The country's wheat import bill has surged by 810 % to $734 million during the current fiscal year due to poor policies, hoarding and smuggling to Afghanistan.
- Against the target of Rs. 56.057 billion for provincial tax receipts, the Punjab government manages to collect around 40 % of it till the end of third quarter of the current fiscal year.
- Pakistan steel posts a loss of Rs13 billion during the last nine months. The loss, is due to economic global recession and ineffective policies.
- Asian Development Bank and the Islamic Development Bank agree to finance the Diamer-Bhasha dam project, and the planning commission has asked the economic affairs division to formally request them for the assistance.
- Emirates investment group is acquiring farmland in Pakistan to export more food to the Gulf region and is seeking international partner.
- The country's import power generation machinery worth $1.2 billion during the current year, depicting a surge of 63% over last year.
Labels: Economy and Business, Pakistan Economy
posted @ 12:14 AM,
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