Latest news with #Rs105
Express Tribune
01-07-2025
- Business
- Express Tribune
KMC ends charged parking at 32 roads
Rates of charged parking displayed on the official board placed in the busy Saddar Bazaar are not followed by the contractors. Photo: Jalal Qureshi/Express The Karachi Metropolitan Corporation (KMC) partially abolished its charged parking system, ending parking fees at 32 designated locations under its control, starting July 1. However, charged parking will continue across the city's 25 towns, six cantonments, and areas managed by different authorities. According to the KMC notification, charged parking was discontinued on various roads in KMC-administered areas, including at 20 locations in District East, seven in Korangi and Malir, three in District South, and two in Keamari. Additionally, 10 parking sites within boundary walls in District Central and District South were exempted from parking fees. This move is part of a decision announced earlier this year by Mayor Murtaza Wahab, who committed to eliminating parking fees at 45 out of 106 KMC-controlled sites, in the new fiscal year. Interestingly, despite abolishing fees from these parking areas, KMC's projected revenue from parking remains unchanged. According to the approved city budget, the target for parking revenue in the last FY was Rs105 million, with the same figure set for the upcoming FY. Meanwhile, expected income from parking at wedding halls and banquets has increased from Rs5 million to Rs10 million. Most charged parking continues to take place in the Saddar Town area, which houses the largest concentration of commercial centers. Saddar Town's Director of Charged Parking, Basheer Memon, clarified that charged parking on roads managed by towns and cantonments remains unaffected by KMC's recent decision.
Express Tribune
15-06-2025
- Business
- Express Tribune
CM outlines fiscal, development agenda
Sindh Chief Minister Murad Ali Shah outlined a fiscal and development agenda for the province while highlighting serious financial challenges and federal shortfalls. Addressing a post-budget press conference on Saturday, the CM criticised the federal government for failing to meet its financial commitments, revealing that Sindh was informed just one day before the budget presentation that Rs105 billion in expected funds would be withheld. Sindh has received Rs1,478.5 billion from the divisible pool since last year, but Rs422.3 billion remains outstanding. He expressed hope that the withheld amount would be disbursed by the end of June. Despite being under an IMF programme that demands strict fiscal discipline, the Sindh government will allocate Rs590 billion for development projects this year, with a total budget of Rs3.45 trillion, Rs1 trillion for development and Rs2.15 trillion for current expenditures. Notably, Rs1.1 trillion is earmarked for salaries and pensions, leading to salary increases of 12 per cent for lower-grade employees and 10 per cent for higher grades. Sectoral budget increases include an 18 per cent rise in education funding and an 11 per cent increase in health. Funding for agriculture, irrigation, and local government projects has also seen significant boosts. Furthermore, Rs236 billion has been allocated for infrastructure projects in Karachi, including public-private partnership initiatives. CM Shah highlighted Sindh's social welfare achievements, particularly in housing for flood victims, with 500,000 homes built and another 850,000 under construction, totalling 1.3 million. To enhance rural living standards, the CM announced a Rs600-billion-project for rural water and sanitation, benefiting 4.5 million villagers. Regarding taxation, Murad noted that no new taxes were introduced in the budget, with some taxes eliminated or reduced, including the abolition of the entertainment tax and cuts to restaurant taxes. The stamp duty on third-party vehicle insurance has been reduced to Rs50, with a drop in the insurance tax from 15 per cent to five per cent. To modernise governance, the Sindh government is digitising land records through block chain for easier access. The CM claimed that free laser levellers will be provided to small farmers, with subsidies for larger ones, alongside the implementation of cluster farming technology. The CM said that improvements in education and health include the establishment of 34,000 new caste centres and expanded support for persons with disabilities. Cognitive Remediation The CM outlined the K-4 water project structure, where the federal government is responsible for sourcing water from Keenjhar Lake, while the Sindh government manages distribution and has allocated necessary funds. A total of Rs20 billion is earmarked for the K-4 feeder, alongside plans for a costly five-million-gallon desalination plant. The CM also noted 20,000 to 25,000 job vacancies in grades I to IV, with plans for recruitment via IBA-administered tests for BPS-V to VII and filling higher Grade 16 positions. The CM mentioned Sindh's conditions for supporting the federal budget, emphasising equitable distribution of development schemes and the detrimental cut of university funding from Rs4 billion to Rs2 billion, which has sparked protests. On the critical Sukkur-Hyderabad Motorway, the CM expressed concern over the halving of federal funding from Rs30 billion to Rs15 billion. The CM emphasised that major projects are not included in the Federal Public Sector Development Programme (PSDP) and criticised the 18 per cent tax on solar panels as unjust. He warned that the Pakistan Peoples Party would not support the federal budget if unresolved.
Business Recorder
14-06-2025
- Business
- Business Recorder
Post-budget press conference: Sindh CM unveils fiscal & development roadmap
KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Saturday unveiled an ambitious fiscal and development roadmap for the province, reaffirming a strong commitment to social welfare, infrastructure reform, and digital progress, besides highlighting a shift towards corporate farming. At the same time, he sharply criticized the federal government for persistent financial shortfalls and what he described as discriminatory treatment towards Sindh. At the start of an extensive post-budget press conference, the Chief Minister condemned Israel's recent attack on Iran and criticized opposition lawmakers for their disruptive behaviour during the passage of a resolution against the aggression. He questioned the motives behind their resistance, accusing them of politicizing a humanitarian issue, and underscored the provincial government's firm position against terrorism. Highlighting governance continuity, he noted that the Pakistan Peoples Party has now presented its 17th consecutive provincial budget — an achievement attributed to democratic stability and consistent public service delivery. However, he delivered a sharp rebuke to the federal government for failing to honour financial commitments, revealing that Sindh was informed just a day before the budget presentation that Rs105 billion in expected transfers would be withheld. While the province has received Rs1,478.5 billion from the divisible pool since last year, a substantial Rs422.3 billion remains unpaid. He expressed cautious optimism that the outstanding amount would be cleared by the end of June. Despite the province operating under an IMF programme that enforces strict fiscal discipline, Murad announced that Sindh has allocated Rs590 billion for development spending this year. Out of the Rs3.45 trillion total budget, Rs1 trillion has been designated for development and Rs2.15 trillion for current expenditures. Of the current expenditure, Rs1.1 trillion is committed to salaries and pensions, supporting a 12 percent pay rise for lower-grade employees and a 10 percent increase for those in higher grades. Sectoral allocations have seen notable growth, including an 18 percent increase in education spending and an 11 percent boost in health. Infrastructure development in Karachi will receive Rs236 billion, with a significant share directed through public-private partnership models. Sectors such as agriculture, irrigation, and local governance have also secured sizable increases in funding. Sindh CM Murad presents Rs3.45trn provincial budget for FY2025-26 The Chief Minister drew attention to Sindh's achievements in disaster recovery, noting that 500,000 homes have already been constructed for flood victims, with another 850,000 under construction — bringing the total to 1.3 million. He said this rapid response has earned international recognition, surpassing Nepal's post-earthquake reconstruction efforts. Murad unveiled a Rs600 billion rural water and sanitation programme that will benefit 4.5 million villagers. Designed to be completed during the current government's tenure, the project will adopt a community-led model managed by NGOs. The initiative aims to reduce waterborne diseases, and PPP Chairman Bilawal Bhutto Zardari has described it as revolutionary. Turning to taxation, he confirmed that no new taxes were introduced in the budget. Several levies have either been abolished or reduced, including the entertainment tax and restaurant taxes. Stamp duty on third-party vehicle insurance has been slashed to Rs50, and the insurance tax reduced from 15 percent to 5 percent. In line with IMF requirements, a list of tax-exempt goods will soon be published. Digital governance is also on the agenda. The provincial government is piloting blockchain-based digitisation of land records in Matli and Sukkur to improve access and transparency. Free laser levellers will be distributed to small farmers, while subsidies for larger units will support the adoption of cluster farming techniques. In the social sectors, the province will establish 34,000 new caste centres and expand support for persons with disabilities. Cognitive Remediation Therapy services will be extended, and youth development centres will be set up in every district. The Sindh Institute of Child Health has launched a broad paediatric network, while the Sindh Hari Card programme has been allocated Rs8 billion for direct support to farmers. On water security, Murad offered a detailed update on the K-IV water project, clarifying that the federal government is responsible for sourcing water from Keenjhar Lake, while Sindh will handle distribution. Rs20 billion has been earmarked for the K-IV feeder infrastructure. He also announced plans for a five-million-gallon desalination plant to meet Karachi's growing water needs. Job creation remains a priority. He revealed that 20,000 to 25,000 vacancies in Grades 1 to 4 will be filled, while recruitment for Grades BPS-5 to BPS-7 will be conducted through IBA-administered exams. Senior positions in Grade 16 and above will also be filled. He expressed frustration with the federal government's development priorities, noting that only 18 of 25 Public Works Department projects were transferred to Sindh. He criticized the halving of university funding from Rs4 billion to Rs2 billion, which has triggered widespread protests. On the stalled Sukkur-Hyderabad Motorway, he noted that federal funding had been cut from Rs30 billion to Rs15 billion. While the Islamic Development Bank is supporting three sections, negotiations for international funding to complete the project are underway. Murad regretted the Centre's rejection of Sindh's offer to co-finance the project with Rs25 billion, provided the federal government matched the amount. He also condemned the 18 percent federal tax on solar panels, calling it unjustified. He reiterated that the PPP would withhold support for the federal budget if such regressive measures are not withdrawn. Sindh, in contrast, has allocated Rs25 billion for solarization under its own climate strategy, and has launched afforestation efforts to tackle environmental degradation though he acknowledged these must be scaled up. On the Safe City project, Phase-I is expected to conclude by September or October 2026. Surveillance systems are already active in key areas, including II Chundrigar Road, where security cameras are successfully identifying individuals on watch lists. Funds for Phase-II are secured for 2026 implementation. The chief minister acknowledged delays in operationalizing 150 buses in Karachi, citing funding limitations, but pointed to progress in sanitation and infrastructure development. Though digitisation of land records remains incomplete, he said blockchain-based pilots are already underway. Population growth, he argued, remains Pakistan's most serious challenge. In response, Sindh has merged the health and population welfare departments for improved coordination. Murad also criticized the federal government for failing to fund large dam projects and reaffirmed his province's alignment with the Prime Minister's position to avoid controversial water infrastructure proposals. Responding to criticism over a new helicopter and vehicles for the CM's office, he clarified that the existing helicopter is 36 years old and that the vehicles haven't been updated in years. A ban on vehicle purchases will apply in the next fiscal year as part of cost-cutting measures. On agricultural policy, he noted a shift towards corporate farming while ensuring inclusion of existing farmer networks. Murad acknowledged rising poverty in Sindh, attributing it to constraints under the IMF programme. He stressed the importance of economic growth for poverty alleviation and defended the province's approach to transparent budgeting, saying repeated attempts were made to brief the opposition. He accused opposition members of exploiting humanitarian concerns particularly the Israel resolution for political advantage and derailing efforts at constructive dialogue. He asserted that the PPP-led Sindh government will not be blackmailed by either PTI or MQM. While not a formal coalition partner at the Centre, the province successfully argued its case for long-standing under-funding, resulting in an Rs86 billion allocation to help bridge disparities with other provinces. Copyright Business Recorder, 2025
Express Tribune
09-06-2025
- Business
- Express Tribune
Pakistan Economic Survey 2024–25: wins, warnings and what's next
Pakistan has unveiled its Economic Survey 2024-25, revealing measurable improvement across key indicators, though challenges remain in the agriculture and manufacturing sectors. Here is a look at its key highlights: Growth and Investment Agriculture sector The agriculture sector demonstrated resilience in FY2025, recording growth of 0.56%, primarily driven by livestock performance. The sector's share in GDP declined slightly to 23.54% from 24.03% in FY2024. Important crops declined by 13.49% due to reduced cultivation area and adverse weather conditions, significantly affecting cotton (-30.7%), wheat (-8.9%), sugarcane (-3.9%), maize (-15.4%), and rice (-1.4%). Cotton production was recorded at 7.08 million bales, sugarcane 84.24 million tonnes, wheat 28.98 million tonnes, and rice at 9.72 million tonnes. Other crops grew by 4.78%, driven by robust performances in potato (11.5%), onion (15.9%), and mash (4.7%). Cotton ginning lost momentum, declining by 19.03% compared to the growth of 47.23% in the previous year. The livestock sector, contributing 63.60% to agriculture and 14.97% to Pakistan's GDP, grew by 4.72% in FY2025, up from 4.38% the previous year. The forestry sector recorded growth of 3.03%, maintaining a steady contribution of 2.31% to agriculture and 0.54% to GDP. The fisheries sector grew by 1.42%, improving from 0.81% last year, with a sectoral share of 1.31% in agriculture and 0.31% in GDP. Growth and investment Real GDP recorded growth of 2.68% in FY2025, underpinned by broad-based stabilization across key macroeconomic indicators. The industrial sector posted 4.77% growth driven by manufacturing recovery, while the services sector expanded 2.91%, maintaining its position as the largest GDP contributor with a 58.40% share. GDP at current market prices increased to Rs114,692 billion, reflecting a 9.1% increase from the previous year's Rs105,143 billion. The investment-to-GDP ratio reached 13.8% compared to 13.1% in FY2024, while the saving-to-GDP ratio increased to 14.1% from 12.6% last year. Fiscal Performance The fiscal deficit narrowed to 6.5% of GDP from 7.4% last year. Revenue collection grew 29% to Rs10.8 trillion, with tax revenue increasing 38%. Current expenditures rose 26% due to higher interest payments. Monetary situation Inflation declined sharply to a record low of 0.3% in April 2025, down from 17.3% in April 2024. The average CPI inflation for July-April was 4.7%, marking a significant decrease from 26.0% in the same period last year. The State Bank cut policy rates by 450 basis points to 17.5% since July 2024. Broad money supply grew 13.7%. External sector Per capita income reached $1,824, up from $1,662 in the previous year, showing a 9.7% increase supported by improved economic activity and a stable exchange rate. The current account recorded a $1.2 billion surplus (0.3% of GDP), while remittances grew 11% to $32 billion. Foreign reserves reached $14.3 billion, covering 3.6 months of imports. Health and education Pakistan's health sector showed modest improvements in FY2024- 25, with infant mortality declining to 52 per 1,000 live births from 56 last year, though national health expenditures remained at just 1.4% of GDP. The education sector saw literacy rates rise to 62.8%, while primary school enrollment reached 28.6 million children, yet education spending stayed at 2.1% of GDP, below regional benchmarks. Technology and Infrastructure The IT sector emerged as a bright spot, with exports surging 32% to $3.5 billion and digital banking transactions growing 89% to Rs12.7 trillion, as mobile broadband penetration reached 57% of the population. Transport infrastructure expanded with road networks growing to 284,772 km and aviation passenger traffic jumping 24%, though rural connectivity gaps persist. Demographics and Labor Population growth slowed slightly to 2.4%, with urban residents now comprising 40.1% of Pakistan's 241.5 million people, while labor force participation remained stagnant at 37.2%, with significant gender disparities. "Our digital transformation is accelerating, but human development needs matching investment," Finance Minister Muhammad Aurangzeb told reporters during the survey's launch. Debt and Capital Markets Pakistan's public debt stood at Rs67.8 trillion (74.1% of GDP) by March 2025, marking a 2.3 percentage point decline from last year's 76.4% debt-to-GDP ratio. Domestic debt comprised 61% of the total at Rs41.4 trillion, while external debt accounted for Rs26.4 trillion. The capital market demonstrated robust growth with market capitalization at the Pakistan Stock Exchange surging 50% to Rs10.2 trillion, while the benchmark KSE-100 index gained 78,000 points during FY2025. Corporate bond issuance increased 38% year-on-year to Rs480 billion. Manufacturing and Mining Manufacturing output showed mixed results, with the industrial sector posting 4.77% growth driven by a recovery in manufacturing. Small-scale manufacturing and slaughtering helped offset contractions in large-scale manufacturing (LSM). The auto sector rebounded strongly with 42% production growth, while cement output declined 7.2%. The mining sector grew 2.1%, with coal production increasing 12% to 10.4 million tonnes. However, mineral exports fell 9% to $682 million due to global price fluctuations. Chromite production dropped 18% while rock salt output grew 5%. The mixed results come ahead of Tuesday's budget announcement, with observers watching for increased allocations to health and education. The survey noted particular challenges in maternal healthcare and secondary school enrollment, where rates continue to lag behind regional peers despite incremental improvements.
Business Recorder
15-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs6,700 in Pakistan
Gold prices in Pakistan continued to fall in line with their decrease in the international market. In the local market on Thursday, gold price per tola reached Rs335,200 after it shed Rs6,700 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs287,379, after it decreased Rs5,745. On Wednesday, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day. The international rate of gold also decreased on Thursday. The rate was at $3,168 per ounce (with a premium of $20), a decline of $67, as per APGJSA. Meanwhile, silver price per tola also decreased by Rs105 to settle at Rs3,377.
