Business

The Faisalabad Master Plan is deemed unlawful by the LHC.

Published

7 months ago

Farwa

According to the specifics, after hearing the complaint, Justice Shahid Karim mandated the appointment of a consultant to oversee the environmental effects of the Master Plan.

The environment department’s Non-Objection Certificate (NOC) was required in order to create a master plan, the court stated.

He claimed that it was unlawful for the restrictions to have been created after the Faisalabad Master Plan, which was created first.

It is important to note that the adoption of the Faisalabad Master Plan was marred by widespread corruption, as discovered by the anti-corruption establishment last year.

According to specifics provided by the ACE spokesperson, millions of dollars’ worth of harm was done to the nation’s treasury by former DG MDA Zahid Ikram and former FA chairman Mian Waris Aziz.

The spokesman claimed that the accused had accepted a million rupee bribe in order to unlawfully turn the agricultural area into a commercial space.

Nevertheless, the master plan was altered by Zahid Ikram, the newly appointed DG of the Multan Development Authority, using Honey Shehzad as his frontman building inspector.

The fight against corruption In an attempt to apprehend Zahid Ikram, the MDA office in Faisalabad was raided, but Ikram managed to escape. Zahid Ikram and Waris Aziz were the targets of lawsuits filed in the meantime.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.