Latest news with #Rs319
Khaleej Times
24-03-2025
- Business
- Khaleej Times
Forests are not just resources but lifelines, says Chief Minister Khyber Pakhtunkhwa of Pakistan
Khyber Pakhtunkhwa (KP) has long been at the forefront of Pakistan's environmental conservation efforts, recognising that forests are not just resources but lifelines for our people, biodiversity, and the planet, its top official says. Ali Amin Khan Gandapur, Chief Minister, Khyber Pakhtunkhwa, said KP stands as Pakistan's Carbon Sink, with 37 per cent of its land is reserved for forests and national parks, removing 50 per cent of the nation's carbon emissions. 'With 40 per cent to 45 per cent of Pakistan's total forest cover, KP plays a crucial role in climate mitigation. However, conservation comes at a cost, with Rs3 billion spent annually on deforestation control and equivalent of Rs319 billion required for protection efforts — directly or indirectly into protecting and maintaining the forest of the size of the one that KP has,' Gandapur told Khaleej Times during an exclusive interview. Khyber Pakhtunkhwa, the third-largest province of Pakistan by population and the smallest province by area, has a varied geography of rugged mountain ranges, valleys, rolling foothills, and dense agricultural farms. It is bordered by Balochistan to the south; Punjab, Islamabad Capital Territory, and Azad Kashmir to the east; and Gilgit-Baltistan to the north and northeast. It shares an international border with Afghanistan to the west. Investing in Green Energy Since 2017, the Chief Minister said KP has allocated Rs675 billion for development projects that support forestation and afforestation efforts — directly or indirectly, yet sustainable funding remains essential. To maintain this momentum, the Chief Minister of KP advocates for a 10 per cent share of the National Finance Commission (NFC) award for forest conservation, following the successful model of India, where allocations increased from 7.5 per cent to 10 per cent. 'Our forests hold the potential to generate approximately Rs38 billion in voluntary carbon credits and approximately Rs115 billion in compliance markets, reinforcing the need for national and international support. By rewarding provinces for conservation efforts, we can ensure long-term ecological and economic benefits,' Gandapur said. 'In our first year in government, we have launched another ambitious project, Billion Trees Plus at an estimated cost of Rs7.5 billion to enhance KP's forest cover beyond 26 per cent. At the same time, we are investing in green energy through investments in hydropower and shifting our government institutes on solar power, including schools, colleges, universities, hospitals as well as other facilities,' the Chief Minister said. Billion Trees Tsunami project was originally launched by former Prime Minister Imran Khan in 2015 to turn the tide on land degradation and loss in the mountainous, formerly forested KP province in the Hindu Kush Mountain range. The then provincial government of PTI had claimed that one billion trees were planted. The 'Billion Trees Plus' campaign is in full swing with senior officials of the district administration distributing saplings among departments in the district. According to the district administration, the drive has been launched in line with provincial government directives to increase forest cover and ensure a clean and healthy environment for citizens. 'This ambitious project aims to not only plant trees but also protect and restore entire ecosystems, while creating green jobs and improving livelihoods in the region,' according to an official. Gandapur said KP's vision for a greener future includes incentivising forest budgets, promoting reforestation, compensating conservation trade-offs, and supporting local communities with healthcare, education, and employment. 'With collaborative efforts, we can protect our forests, strengthen Pakistan's resilience to climate change, and build a more sustainable future for generations to come,' the Chief Minister said. The Billion Trees Plus project is an important programme of Khyber Pakhtunkhwa's vision for a greener future and it strengthen Pakistan's resilience to climate change and generates thousands of jobs in the province, says a government official. Muzammil Aslam, Advisor Finance, Khyber Pakhtunkhwa (KP), said the ambitious Billion Trees Plus project will also promote green tourism in the province as the KP Government has also introduced home stay project to encourage locals to build their home suitable for tourist stay. 'With Billion Trees Plus and forest management, the provincial government has created more than 175,000 jobs. All the forests under Billion Trees project are not developed on state land as majority of the area is private where forests have planted. It will give them ideal opportunity in revenue sharing in forest related output and carbon credits. With the scientific management of forest, it is estimated that Pakistan can generate up to $7 billion dollar worth of timber,' Aslam told Khaleej Times. In reply to a question, he said this environment-friendly project is also helpful in promoting sustainable tourism in the province. 'Obviously, Khyber Pakhtunkhwa is tourism hub of Pakistan. It attracted over 20 million tourists in 2024-25 from across Pakistan. He said Khyber Pakhtunkhwa is currently working on four new tourism sites in the province. 'Already, the Billion Trees Plus project is underway and the KP govt has also introduced a home stay project to encourage locals to build their home suitable for tourist stay,' Aslam said.
Express Tribune
19-03-2025
- Business
- Express Tribune
Gold rush continues, hits Rs319,000
Listen to article Gold prices continued their upward trajectory in both domestic and international markets, with the price per tola reaching Rs319,000 in Pakistan on Wednesday after a Rs1,650 increase. Similarly, the price of 10-gram gold climbed to Rs273,491, marking an increase of Rs1,415, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). A day earlier, the per tola price had risen by Rs2,550, setting a then-record high of Rs317,350. Globally, gold prices also surged, with APGJSA reporting an international rate of $3,038 per ounce (including a $20 premium), reflecting a $16 increase during the day. The precious metal remained above the critical $3,000/oz mark, hovering near the previous session's record high, as geopolitical tensions in the Middle East and economic uncertainties fuelled its demand. Investors were also closely monitoring the Federal Reserve's decision later in the day, which could further influence market trends. "The market conditions remain unchanged, with gold reaching a high of $3,045, once again matching its all-time peak," said Adnan Agar, Director of Interactive Commodities. Currently, gold is trading at $3,027, with a low of $3,022. He noted that the US monetary policy announcement scheduled for 11:00PM Wednesday could lead to further price fluctuations, with a possibility of a minor correction before the market resumes its upward trend. Agar emphasised that while interest rates are expected to remain unchanged, the Federal Open Market Committee (FOMC) chairman's press conference will be crucial. It will provide insights into the Federal Reserve's economic outlook, ongoing trade tensions, inflation trends, and future policy direction. Market movements will depend on key updates from the conference. Meanwhile, the Pakistani rupee saw a slight appreciation against the US dollar, gaining 0.02% in the interbank market on Wednesday. By the end of the trading session, the currency stood at 280.21, marking an increase of 6 paisa from the previous day's closing rate of 280.27. On the global front, the US dollar struggled to recover as investors awaited key interest rate decisions from the Bank of Japan (BOJ) and the Federal Reserve. Additionally, geopolitical tensions escalated as Israeli airstrikes on Gaza resulted in over 400 casualties, while diplomatic efforts between US President Donald Trump and Russian President Vladimir Putin failed to secure a ceasefire in Ukraine. Moreover, the State Bank of Pakistan (SBP) raised Rs1.3 trillion through recent auctions for Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs). The spread on 10-year PIBs increased by six basis points compared to the last auction, according to Optimus Capital Management. Currently, the reference rate stands at 11.64%.
Express Tribune
19-03-2025
- Business
- Express Tribune
Gold prices continue record-breaking streak, reach Rs319,000 per tola
Gold prices surged to record highs in both international and local markets on Wednesday, driven by inflation concerns and increased gold reserves accumulation by various countries. According to market reports, persistent global economic uncertainties and aggressive gold buying by central banks have pushed prices to new peaks on a daily basis. In the international bullion market, the price of gold per ounce rose by $16, reaching an all-time high of $3,038. The impact was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,650, reaching a record Rs319,000. Similarly, the price of 10 grams of 24-carat gold increased by Rs1,415, setting a new high at Rs273,491. Meanwhile, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,555, while the rate for 10 grams remained at Rs3,047. Market analysts attribute the rising gold prices to ongoing economic instability and the growing demand for gold as a safe-haven asset.
