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Time of India
04-06-2025
- Politics
- Time of India
More trees outside President's estate cut in Dehradun on eve of Environment Day
Dehradun: At least three more trees were felled outside Rashtrapati Ashiana, the President's estate, on Wednesday, just a day before World Environment Day, despite a protest last week over the cutting of a 100-year-old Toon tree near the estate. Some officials claimed the trees were removed to clear space for a 9m-wide visitor entry gate being constructed as part of preparations to open the estate to the public on June 20. The move has angered environmental activists, who pointed out that authorities had earlier assured them that no harm would come to the surrounding ecology when they raised concerns about the project disrupting one of Dehradun's last remaining green stretches. The Toon tree was allegedly cut to make way for a foot overbridge (FOB), intended to connect the 186-year-old estate to a new parking lot being developed on defence land opposite the site. Currently occupied by the President's Bodyguard (PBG) regiment of the Indian Army, the estate will offer visitors access to the main building, a museum on the PBG's 251-year history, an equestrian facility, and other amenities. "One tree was felled earlier, three now. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 임플란트 최대 할인 지원해드려요 임플란터 더 알아보기 Undo At least three more hang precariously by their roots along the boundary where drain work is being carried out. Many more are in the way of the entry gate and FOB, and we are afraid they will be lost too. From the ongoing work, it is clear that many trees are being cleared inside the estate as well, but we don't have any details on how many," said Ashish Garg, an environmentalist. Public Works Department (PWD) officials maintained that "only two" trees were cut on Wednesday, one of which was already tilting. "This was done for public safety. The action was taken with due permission from the forest department and executed by Van Nigam. These are the only trees that will be affected. The hanging trees will be secured once the drain work is complete. The department understands the value of green cover and has no intention of causing unnecessary damage," said a senior PWD official on condition of anonymity. A TOI spot visit revealed two leftover stumps and another tree that was uprooted and removed. However, eco-activists are not convinced by such assurances. "They assured us that no green cover would be lost. After the first tree was chopped, we protested, and PWD said that would be the only casualty. Now more are gone. How many more trees must we lose to unchecked infrastructure in Dehradun? Authorities are labelling even healthy trees as risky and chopping them," said Himanshu Arora from Citizens for Green Doon, a social organisation working to safeguard the Doon valley's green cover. Dehradun residents are also questioning the rationale behind sacrificing green cover for tourism. "This is Sahastradhara Road all over again," said Garg, referring to the 2,000 trees which were removed to widen the road. Activists warn that road expansion, slip roads, drainage work, and even sidewalk concretisation threaten to further damage the remaining tree cover.
New Indian Express
04-06-2025
- Business
- New Indian Express
ADB approves USD 800 million package for Pakistan, despite concerns raised by India: Reports
The Asian Development Bank (ADB) has approved a significant financial package for Pakistan, comprising a USD 300 million policy-based loan (PBL) and a USD 500 million program-based guarantee (PBG). This despite concerns expressed by India, reports said. The development comes a month after Pakistan secured a $1 billion (around Rs 8,500 crore) package from the International Monetary Fund (IMF). Khurram Schehzad, advisor to the finance minister confirmed the development relating to the ADB package in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG). The ADB package aims at bolstering Pakistan's fiscal sustainability and enhance public financial management through comprehensive reforms. The PTI quoted ADB country director for Pakistan, Emma Fan as saying that Pakistan has made significant progress in improving macroeconomic conditions. This programme, according to the news agency, backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth. The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management. It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending. Meanwhile, the Moneycontrol quoting sources said that 'India shared deep concerns regarding the potential misuse of ADB resources, particularly in light of Pakistan's increasing defence expenditure, its declining tax-to-GDP ratio, and the lack of demonstrable progress on key macroeconomic reforms.' (With inputs from PTI)
Express Tribune
04-06-2025
- Business
- Express Tribune
PSX hits intraday record as KSE-100 crosses 121,000 points for first time
The Pakistan Stock Exchange (PSX) reached a new milestone on Wednesday, with the KSE-100 index breaching the 121,000-point mark for the first time during intra-day trading. The index stood at 121,690.71, gaining 1,239.84 points or 1.03% at the time of this report's filing. The highest point reached during the session so far was 121,736.39, while the lowest was 120,896.13. Total trading volume stood at 218,586,173 shares, with a transaction value of 18,626,764,104. The previous close was 120,450.87. The positive momentum at the PSX follows the recent approval of an $800 million financial package by the Asian Development Bank (ADB) for Pakistan under the Resource Mobilization Reform Program (Subprogram-II). Read more: ADB approves $800m financial package for Pakistan The package consists of a $300 million policy-based loan (PBL) and a $500 million program-based guarantee (PBG), which has helped to bolster investor sentiment. Previously, ADB had postponed the approval of a $800m financing package for Pakistan for five days on the request of India that sought time to evaluate the loan documents, exposing flaws in the lender's rule book that allows such extensions. Earlier on Tuesday, the PSX also saw a record-breaking close, with the KSE-100 index finishing at 120,450.87, marking its first-ever close above the 120,000-point threshold. Also read: PSX closes above 120,000 points for first time The market gained 1,573.07 points, or 1.32%, during the session, reaching an intra-day high of 120,693.83 and a low of 119,129.51. Trading volume that day was 315,235,806 shares, with a total value of 20,897,236,653. The gains on Tuesday were reportedly attributed to positive sentiments in the market ahead of this month's budget announcement. Despite a sharp decline in the market earlier in the week, which saw the KSE-100 index drop by 813 points (0.68%) on Monday due to concerns over proposed tax hikes and inflation, the record highs reflect renewed investor confidence as the country's budget approaches.
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Business Standard
03-06-2025
- Business
- Business Standard
Asian Development Bank approves $800 million package for Pakistan
The Asian Development Bank (ADB) approved USD 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management, an official said on Tuesday. Khurram Schehzad, advisor to the finance minister confirmed the development in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG). He said, ADB approves USD 800 million financing package for Pakistan under the Resource Mobilisation Reform Programme. Separately, the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the Improved Resource Mobilisation and Utilisation Reform Programme includes a policy-based loan of USD 300 million, and ADB's first-ever policy-based guarantee of up to USD 500 million, which is expected to mobilise financing of up to USD 1 billion from commercial banks. Pakistan has made significant progress in improving macroeconomic conditions, said ADB country director for Pakistan, Emma Fan. This programme backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth. The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management. It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending, it said. Quoting ministry officials, The Express Tribune newspaper reported that it aims to enhance domestic resource mobilisation and stabilise the economy through financial reforms. The support will help improve the tax system, increase revenues, and promote fiscal discipline. The programme is also expected to broaden the country's revenue base and marks a key step toward economic self-reliance.
Time of India
03-06-2025
- Business
- Time of India
ADB approves $800 million package for Pakistan
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Asian Development Bank (ADB) approved USD 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management , an official said on Schehzad, advisor to the finance minister confirmed the development in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG).He said, "ADB approves USD 800 million financing package for Pakistan" under the Resource Mobilisation Reform the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the "Improved Resource Mobilisation and Utilisation Reform Programme" includes a policy-based loan of USD 300 million, and ADB's "first-ever policy-based guarantee" of up to USD 500 million, which is expected to mobilise financing of up to USD 1 billion from commercial banks."Pakistan has made significant progress in improving macroeconomic conditions," said ADB country director for Pakistan, Emma Fan. "This programme backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth."The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management."It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending," it ministry officials, The Express Tribune newspaper reported that it aims to enhance domestic resource mobilisation and stabilise the economy through financial support will help improve the tax system, increase revenues, and promote fiscal discipline. The programme is also expected to broaden the country's revenue base and marks a key step toward economic self-reliance. PTI
