Business

BUDGET 2020-21: Rs923bn KP budget focuses on health, tax relief

PESHAWAR: The Khyber Pakhtunkhwa government on Friday unveiled the Rs923 billion budget for the financial year 2020-21 which focuses on improvement in the health sector and tax relief for businesses hit hard by the Covid-19 pandemic. KP Minister for Finance Taimur Saleem Jhagra presented the budget in the provincial assembly. …

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$1.5bn loan agreements signed to fight virus

ISLAMABAD: Prime Minister Imran Khan on Friday witnessed the signing ceremony of $1.5 billion loan agreements with three international financial institutions for combating the Covid-19 crisis. According to the Prime Minister Office, the agreements were signed with the World Bank (WB), Asian Development Bank (ABB) and Asian Infrastructure Development Bank …

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Budget 2020-21: No new tax in Rs139.5bn AJK budget

MUZAFFARABAD: With a record outlay of Rs139.5 billion, the annual budget of Azad Jammu and Kashmir (AJK) for the fiscal year 2020-21 proposes Rs115bn for recurring expenditures and Rs24.5bn for developmental activities. Finance Minister Dr Najeeb Naqi, who presented the budget in the AJK Legislative Assembly here on Thursday, claimed …

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$500m sought from World Bank for policy reforms

ISLAMABAD: The government is seeking a loan of $500 million from the World Bank to enhance the policy and institutional framework for improving fiscal management and regulatory framework. It is learnt that the World Bank executive board will approve the government’s request with the start 2020-21 in July. The proposed …

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Nepra wants hydel power reclassified as renewable

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday directed the power sector entities to immediately include hydroelectric power in the definition and policy of the Alternate and Renewable Energy (ARE) sources. The decision comes at a time when the Cabinet Committee on Energy (CCoE), led by Planning Minister …

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BUDGET 2020-21: Sindh reduces ADP to Rs232.9bn

KARACHI: Due to low inflows from the centre, Sindh government has red­uced its Annual Develop­ment Plan (ADP) to Rs232.9 billion for FY21, allocating Rs155bn to provincial and Rs15bn to schemes. The provincial government also expects Rs54.6bn from Foreign Projects Assistance and Rs8.3bn from the Federal PSDP for 10 schemes under …

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Saudi Arabia’s Oil Exports Plunge $11 Billion in First Quarter

The value of Saudi Arabia’s oil exports plunged by 21.9% year on year in the first quarter to $40 billion, corresponding to a decline of about $11 billion, official data showed on Sunday.According to Reuters, brent crude prices fell more than 60% in the quarter hurt by the coronavirus pandemic …

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Iran’s petchem production capacity to increase by 107k tons

TEHRAN: The production capacity of country’s petrochemical industries will be increased by 107,000 tons after launching four new petrochemical projects. Upon $103 million worth of investment in petrochemical industry, country’s production capacity of petrochemicals will soar as much as 107,000 tons at large. Chief Executive of Iranian Investment Petrochemical Group …

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