Pakistan Economy - News & Updates - Archive

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Sindh to focus on industrial infrastructure this year​

KARACHI, July 2: The Sindh government will spend Rs1,129 million on industrial development in the province during 2008-09. The amount is Rs407 million more compared to Rs722 million allocated for the purpose last year.

The major focus of development this year will be on development of infrastructure in industrial estates in Karachi, Nooriabad, Hyderabad and Sukkur, etc.

A major scheme for which Rs200 million has been earmarked is laying of water pipeline from Keenjhar Lake to the Site Nooriabad, in addition to construction of a 5 MGD (million gallons per day) filter plant at Site Hyderabad at a cost of Rs10 million, and establishment of development and management companies in Site Sukkur and Kotri at a cost of Rs500 million.

Another scheme is to set up a small industrial estate for power-looms in Hyderabad on five acres at a cost of Rs10 million.

In the development plan for industries in 2008-09, Rs1,007 million will be spent on new schemes while Rs378 million have been allocated for 10 ongoing schemes.

Of the ongoing schemes, a major allocation of Rs158 million has been made for a small industrial estate at Northern Bypass in Karachi, extension of small industrial estates at Hyderabad at Rs15.5 million, a small industrial estate at Ghotki at Rs10.6 million, a Sindh handicraft display centre in Islamabad at Rs31.3 million and a small industrial estate at Naushahro Feroze at Rs15 million and upgradation of nine small industrial estates at Thatta, Sanghar, Dadu, Hala, Badin, Nawabshah, Rohri, Sehwan and Mirpurkhas at a cost of Rs17 million.

Among the on-going schemes being implemented by Site Ltd Rs71 million has been earmarked for improvement of infrastructure facilities in various estates at Karachi, Nooriabad, Kotri, Hyderabad and Sukkur.

Industries secretary Mohsin Haqqani told Dawn on Wednesday that under the new industry setup in which labour and transport departments have been separated, it would have more time to focus on industrial development.

He said that the ministry was preparing a plan for rapid industrialisation in the province, especially in the interior, to create job employment opportunities.

Marla Menorah, a former additional secretary and now consultant to the ministry, told Dawn that despite a policy of austerity and cuts in expenditures, the government has increased outlay for industrial development from Rs722 million to Rs1,129 million this year.

In a major move to expedite industrial development in the interior, the ministry lifted a decade-old ban on sugar mills and issued permission to set up six new mills in areas having abundance of sugarcane.

The ministry also released Rs250 million each this year for development of infrastructure at four industrial areas in Karachi, namely Korangi, Landhi, North Karachi and Federal B. Area.

Sindh to focus on industrial infrastructure this year -DAWN - Business; July 03, 2008

 

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WB, ADB, other donors halt work in restive areas ​

LAHORE: International donor agencies have asked their personnel to stay out of the NWFP and Balochistan, Dawn News reported. The UN security advisory service has issued cautions to the World Bank, the Asian Development Bank and other agencies about the risks in the restive areas, the channel reported. The ADB communication officer confirmed the report. daily times monitor

Daily Times - Leading News Resource of Pakistan

 

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Healthy growth seen in cement export ​

KARACHI (July 03 2008): Pakistan's cement exports have witnessed a healthy growth of 142 percent to historical level of 7.712 million tonnes during the 2007-08 fiscal year in the wake of rising international demand, industry sources said. They said that at present, regional countries were facing huge shortage of cement, which had played a key role in achieving landmark cement exports during the last fiscal year.

"During the last fiscal year, strong external demands from the Gulf countries have continued pushing local companies to invest more in the cement sector, besides utilising their maximum capacity to meet international demand," they said.

Statistics, available from All Pakistan Cement Manufacturers Association (APCMA), show that cement export registered a robust increase of 4.528 million tonnes during the 2007-08 fiscal year (July-June) and it has touched a new mark of 7,716,620 tonnes as against 3,188,494 tonnes exports in the same period of 2006-07.

Pakistani companies are exporting cement at an average rate of 60-70 dollars per tonne and as per average price overall exports stood at some 500 million dollars in 2008 fiscal year.

Overall cement dispatches have also increased by 24.31 percent to an all time high level of 30,112,142 tonnes during the last fiscal year as compared to 24,222,775 tonnes during the 2006-07 fiscal year, depicting an increase of 5,889,367 tonnes during July-June of 2008 fiscal year. However, the local dispatches showed poor performance, as their growth witnessed a six percent fall during the 2008 fiscal year.

Local dispatches during the last fiscal year stood at 22,395,522 tonnes as compared to 21,034,282 million tonnes, depicting an increase of 6.10 percent during the last fiscal year. To meet international and local demand, the cement companies had used maximum capacity utilisation during the 2007-08 fiscal year 2006-07, which stood at about 80 percent, sources said.

Overall cement dispatches witnessed an increase of 24 percent in June 2008 to 2,771,210 tonnes as compared to 2,225,630 tonnes in June 2007. During the last month, cement export stood at 916,604 tonnes with an increase of 133 percent, while the local dispatches have gone up by 1.16 percent to 1,854,606 tonnes during June 2008.

Cement industry's installed capacity had more than doubled during the last five years, which helped the industry touch an all time high dispatches mark during the last fiscal year, industry sources said. "Low prices trend has helped to capture the regional cement market. However, they deserve a raise in the duty drawback", they added.

They said that the raise in the export had emerged after the government decisions regarding restoration of the duty drawback on cement exports, in which the Federal Board of Revenue (FBR) had allowed duty drawback at the rate of Rs 25.08 per tonne on cement export.

The duty drawback facility is effective since September 27, 2006. However, despite the increases in the dollar rate and other changes it still stood at Rs 25 per bag, which needs to be increased, they said.

They said that slow growth in the dispatches is compromised by increasing cost and high tax burden standing at Rs 90 per bag, some 30 percent of overall cement bag price. "Enhancement of production by local cement factories is the another prominent reason behind this huge increase of 142 percent in cement exports", they added.

However, they pointed out that 85 percent of the listed cement companies have registered huge losses from operations amounting to Rs 14 billion during the first nine months of the current fiscal.

These losses occurred mainly due to rising cost of doing business and an imbalance in supply-demand phenomenon, resulting in depressed market rates, they added. "The government should realise the impact of taxes imposed on the local sale of cement and give some relief to the cement sector", the demanded.

Business Recorder [Pakistan's First Financial Daily]

 

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Britain gives Pakistan £1bn to fight extremism​

Zahid Hussain in Islamabad
From Times Online: July 3, 2008

Britain is doubling its aid to Pakistan to almost $1 billion, reflecting concern over rising Islamic militancy which threatens the battle against the Taleban in neighbouring Afghanistan.

About a third of the money is expected to be spent in provinces abutting the porous western border, where the Taleban and other militant forces are increasingly challenging the authority of the government.

Douglas Alexander, the International Development Secretary, today announced the £480 million package that will make Pakistan the second largest recipient of British aid by 2011.

More than £250 million will be earmarked for education, with plans to get five million Pakistani children into school and to boost training opportunities for young people.

Much of the extra money will on improving schools in the border areas, in an attempt to tackle poor levels of literacy, particularly among girls, which lag far behind Pakistan’s already low rate of about 50 per cent. There are hopes that such programmes will help the Pakistani government counter the influence of the radical madrassas which have become seedbeds of Islamic militancy.

“You can’t have any real successful efforts to counter radicalism without education,” said Robert Templer, director of the Asia Program at the International Crisis Group. “It’s desperately needed. If this area isn’t dealt with, it's going to be a festering problem for decades to come.”

It is the first time that significant funding will be channelled towards Baluchistan and the Federally Administered Tribal Areas, with a big increase also going to North West Frontier Province, all areas which serve as a base for militants linked to the Taleban and al-Qaeda. Thousands of Pakistani troops are currently engaged in fighting the insurgents responsible for cross-border attacks on Nato forces.

Development work in these areas, considered unsafe for Western aid workers, is likely to pose a significant challenge. Regional hostility to outsiders has increased since US missile attacks on the suspected militants inside Pakistani borders. Most of the money will be channelled through central and local government, DfiD said, while acknowledging that corruption would be a problem.

“We have been committed to helping Pakistan’s efforts in the fight against poverty for many years,” Mr Alexander said. “Our aim is to continue to help improve poor people’s lives in key areas, making sure they have access to better healthcare, schools and employment opportunities.”

In addition to the health and education programmes, Britain will provide £50 million to the State Bank of Pakistan to help make loans and bank accounts available to the poor.

Funds will also be available for reconstruction work in Pakistani-controlled Kashmir. More than 80,000 people died in the earthquake which hit Pakistan’s northern areas in 2005. UK has previously provided £128 million in relief and reconstruction aid for the affected areas.

Yesterday, Mr Alexander visited areas hit by the earthquake and promised: “The reconstruction work of the British Government in areas affected by the Pakistan earthquake will go on.”

Britain gives Pakistan £1bn to fight extremism - Times Online

 

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Government keen to promote investment in housing, energy: Prime Minister ​

KARACHI (July 03 2008): Prime Minister Yousuf Raza Gilani has said that housing, agribusiness and energy are some of the areas in which the government is keen to promote domestic and foreign investment to generate and expedite economic activity in the country.

He stated this while talking to a delegation of bankers, who called on him here on Wednesday. Sindh Chief Minister Syed Qaim Ali Shah, Special Assistant to the PM on Economic Affairs Ms Hina Rabbani Khar, Special Assistant to the PM on Special Sector Ms Shahnaz Wazir Ali and Ms Fauzia Wahab, MNA, also attended the meeting.

Prime Minister Gilani said that foreign investment invariably follows domestic investment and the best way to promote it is through establishing joint ventures between Pakistani and foreign investors. He said joint ventures promote foreign investors' confidence in the country and that's why the government is encouraging them.

He said that his government is considering various proposals to promote foreign direct investment in the country, adding the government will provide a-level-playing-field to both local and foreign investors by allowing foreign investors to hold 100 percent equity without restriction on the movement of capital.

Talking about the priorities of his government, the prime minister said that the government is committed to providing housing to all segments of the population and has already announced construction of one million houses. He said that he would welcome suggestions from the private sector to help the government achieve this objective.

Prime Minister Gilani said that his government is also keen to promote agribusiness in the country especially dairy development as 75 percent of the population is connected to agriculture for its livelihood. He said that the government is taking several measures to modernise and promote agriculture, which is the mainstay of the economy.

The delegation gave several proposals for promoting FDI in Pakistan and for the strategic realignment and reprioritisation of resources to achieve this objective. The prime minister said that he has established Economic Advisory Council in which the private sector is fully represented. He said that he would direct the Council to consider the various proposals given by the bankers and associate with various professional groups to benefit from their advice and experience.

The bankers delegation comprised Khalid Amin, chief executive, New Project Duabi-9 Group; Zaigham Rizvi, consultant to World Bank Housing Expert; Athar Naseem Sheikh, senior partner, Arkan Capital Partners Dubai; Humayun Murad, head, Orix Leasing Pakistan and Middle East; Javed Callea of SECP Saudi Pak Investment Company and Wamiq Rizvi, secretary, Pak-Kuwait Investment Company.

Business Recorder [Pakistan's First Financial Daily]

 

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Pakistan may seek Japanese assistance in energy, water sectors ​

ISLAMABAD (July 03 2008): Pakistan is likely to seek Japanese assistance in the development of energy, water resources and some other key sectors of the economy, as the two countries will hold the fourth round of high-level economic policy dialogue this month. Sources told Business Recorder on Tuesday that the fourth round will be held in Tokyo later this month.

The two sides will also look into the Japanese co-operation in social sectors, the sources added. They said that Economic Affairs Division (EAD) has informed different ministries including ministries of water and power and petroleum and natural resources to identify the areas where Pakistan and Japan could look into prospects of mutual co-operation for the benefit of both countries.

According to the sources, Pakistan desperately needs investment from local and foreign sources in power sector as it is confronting huge gap in electricity demand and supply. The electricity shortage has exceeded 5000 MW daily and the country's urban and rural areas face power outages for eight and six hours respectively every day.

The government has planned to construct a number of small and big dams and Pakistani delegation is expected to seek some assistance from the Japanese companies to invest in the non-controversial projects especially in small dams, the sources added.

The Japan-Pakistan High Level Economic Policy Dialogue was first agreed between the then Japanese Prime Minister Junichiro Koizumi and President Pervez Musharraf during the latter's visit to Japan in March 2002. The first round of dialogue was held in Islamabad in February 2004 while the second round was held in Tokyo in July 2005. The third round was held in July 2007.

Pakistan's exports to Japan are in a miserable situation. The amount has kept on decreasing since 1996, and in 2005 it became a quarter of the amount in 1995. Now, Japan's imports from Pakistan are of almost negligible amount. Pakistan is expected to seek some market access from Japan, the sources said. The exports of textiles and clothing occupy about 60 percent of the total Pakistani exports to Japan, but these are declining due to uncompetitiveness of the products.

Business Recorder [Pakistan's First Financial Daily]

 

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China invited to participate in low cost housing project ​

BEIJING (July 03 2008): Pakistan has invited China to participate in the government's ambitious low cost housing project for low paid workers. Federal Minister for Housing and Works Rehmatullah Kakar extended the offer when he met Secretary General of CPC, Kashgar, Shi Dagang, a senior official of Pakistan Embassy said here on Wednesday.

The Federal Minister was in Kashgar to represent Pakistan at the week-long forth Kashgar Central and South Asia Trade Fair that started on June 28, Commercial and Economic Counsellor of Pakistan Embassy Dr Naeem Khan told newsmen on return from Kashgar.

Giving details of the project, the minister said that government planned to build one million housing units yearly for low paid workers and participation of China in this mega project would be welcomed. He invited the Chinese investors, contractors and builders to participate in this mega housing project.

The meeting was also attended by Chinese Ambassador to Pakistan Luo Zhao Hui, Managing Director of Pakistan Housing Authority Raja Mohammad Abbas besides other members of Pakistani delegation.

Business Recorder [Pakistan's First Financial Daily]

 

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Work on most hydropower projects to start next year ​

Friday, July 04, 2008

LAHORE: The Water and Power Development Authority is striving for optimal exploitation of hydropower potential to cope with increasing demand of electricity in the country.

WAPDA Chairman Shakil Durrani stated this during a visit to project sites of Diamer-Basha dam, Dasu, Pattan and on-going three high-head hydropower projects namely Khan, Allai and Dubair Khwar on Thursday.

According to a statement issued here, the WAPDA chairman said nature had blessed Pakistan with the potential of generating more than 54,000 megawatts of hydel electricity.

With a view to injecting low-cost electricity into the national grid, WAPDA was working on feasibility studies and detailed engineering designs of a number of hydropower projects with accumulative capacity of about 25,000MW including Kohala (1,100MW), Bunji (5,400MW) and Dasu (4,000MW), he added.

Durrani revealed that feasibility study of Dasu hydropower project was expected to be completed in October this year, adding rest of the studies were also at advanced stages of completion and most of the projects would be available for construction by next year.

He said the multi-purpose Diamer-Basha dam and run-of-river Dasu hydropower project would contribute more than 18,000 and 19,000 gigawatt hours of electricity annually to the national grid.

On the occasion, the WAPDA chairman was briefed that three Khwar projects of 323MW would start power generation one by one from 2009 onwards.

Expressing satisfaction over the progress, the chairman directed project officials to expedite work on the projects and not compromise on laid down standards of quality and safety.

During the visit, Durrani also met local notables and the civil administration, assuring them of all possible help from WAPDA to resolve settlement problems.

Work on most hydropower projects to start next year

 

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SBP governor for expansion of microfinance industry ​

Friday, July 04, 2008

ISLAMABAD: Governor State Bank of Pakistan Dr Shamshad Akhtar said on Thursday that Pakistan like other countries of the world was facing the challenges of higher inflationary pressures owing to spike in POL and commodities’ prices.

“We will have to put in place a demand management policy and fiscal restraint in order to lower down inflationary pressures,” Governor SBP said while talking to reporters here on Thursday.

Quoting some multilateral creditors’ reports, she said the prices of food registered an increase of 180 per cent, whereas POL prices also surged, which are negatively affecting economies like Pakistan. She said the central bank would continue to further tighten its monetary policy in order to reduce inflationary pressures.

However, according to a press statement issued by the Pakistan Poverty Alleviation Fund (PPAF), Dr Shamshad Akhtar has said that the role of Pakistan Poverty Alleviation Fund (PPAF) in the growth of microfinance sector is unmatched and without any iota of doubt it (PPAF) is the “father of micro credit sector in Pakistan.”

The Governor of State Bank of Pakistan said this while inaugurating Pakistan Poverty Alleviation Fund’s flagship project “Programme for Increasing Sustainable Microfinance (PRISM)” for financial sustainability and expansion of microfinance organisations in the country on Thursday.

Ya Tian, Country Programme Manager for International Fund for Agricultural Development (IFAD), Kamal Hyat, CEO/MD, PPAF, and others were also present on this occasion.

Offering collaboration to PPAF, Dr Shamshad Akhtar said that the Apex organisation is the pioneer in microfinance industry and has also helped in developing infrastructure for poverty alleviation.

She said that before 2000, there were a few retailers and the whole venture has been made possible not because of the number of microfinance institutions, but due to PPAF interventions across the country. She said that the role of the central bank would be to facilitate the growth of microfinance institutions.

Lauding the role of PPAF in augmenting MFIs, Dr Shamshad Akhtar said that microfinance was in a great demand in the rural areas and microfinance institutions should target the poor living in these areas. “Go to rural areas where micro credit is in high demand,” she stressed, adding that we need to have 3 million microfinance clients by the end of 2009.

Kamal Hyat said that PPAF, since its inception, was following a holistic approach for service delivery and poverty alleviation. He said that they would like to seek guidance from the central bank to build synergies for providing technical assistance to PPAF partner organisations. He applauded the facilitating role of Federal Ministry of Finance and Economic Affairs Division (EAD) for taking up the PRISM.

Congratulating the Ministry of Finance and PPAF, Ya Tian said that IFAD recognises microfinance as an important tool for poverty alleviation and PPAF efforts on this front are unparalleled.

The US$45 million programme (supported by IFAD) is in direct response to the current environment for microfinance that focuses on microfinance organisations, which have or are approaching financial sustainability and are positioned to substantially expand their operations.

The anticipated outcomes of the programme would enable microfinance institutions (MFIs) to diversify their sources of funding by accessing funding from commercial sources. It would also help operate MFIs as financially sound, sustainable organisations and would further expand microfinance outreach to rural areas.

The core programme component seeks to develop a set of credit enhancement mechanisms targeted at sustainable MFIs and microfinance banks to become attractive potential clients for banks/commercial financial markets. It would also enable the most dynamic MFIs to access commercial financing to realise their growth potential and expansion to rural areas, besides facilitating the MFIs to strengthen their institutions and access commercial funding.

http://www.thenews.com.pk/daily_detail.asp?id=122049

 

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4,500 computers to be donated to govt schools ​

Friday, July 04, 2008

KARACHI: Intel Pakistan Corporation and the Ministry of Education (MOE) recently announced an ‘ICT for Education’ initiative intended to support the country’s goal to help its citizens become more competitive in today’s knowledge-based global economy.

Put into effect by a Memorandum of Understanding (MoU) under Intel’s World Ahead programme, ‘ICT for Education’ begins with Intel intending to donate 4,500 computers to government schools across the country over the next five years in a continued effort to enhance lives and bridge the digital divide by providing uncompromised access to technology.

Intel Pakistan has already donated up to 750 PCs to government schools to date and plans are under way to donate 1,080 computers during 2008, stated a press release.

“We are pleased to be working with Intel on this initiative, particularly since it is an important step towards MOE’s long-term goal of realising the 1:1 e-learning model, where each teacher and student has a computer, as the optimal model for integrating technology in the curriculum of basic education,” said Jahangir Bashar, Secretary Ministry of Education.

4,500 computers to be donated to govt schools

 

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Foreign firms, investors required to pay dual tax ​

ISLAMABAD (July 04 2008): In addition to income tax, foreign companies and investors are now required to pay another 10 percent tax on transfer of profits by their subsidiaries or branches operating in Pakistan.

A senior taxation expert requesting anonymity told Business Recorder on Thursday that profits transferred from Pakistan by a branch of a foreign company would be treated as dividend chargeable to tax at the rate of 10 percent of gross amount under the Finance Act 2008.

Previously, foreign companies having their branches/subsidiaries in Pakistan were not liable to any tax on the transfer of profits to their head office or parent company. These foreign investors had been retaining some amount and transferring the remaining sum to their head offices without paying any taxes. The foreign companies, which have made investment in Pakistan, were liable to one tax. The income arising from Pakistan operations by foreign companies has been liable to tax.

Now, such companies have to pay two types of taxes, ie, income tax as well as 10 percent tax on transfer of profits to their parent companies. It remains to be seen whether or not this measure, which is said to be aimed at bringing foreign companies at par with local companies, will discourage foreign investment in the country, said another expert.

On the other hand, the FBR said a non-resident can form a Pakistani company for operating in Pakistan or conduct business activity through its branch in the country. After tax, profits in the case of a foreign controlled resident company are distributed through payment of dividend, which attracts 10 percent income tax whereas such profits in the case of a branch of a non-resident company are remitted outside Pakistan without payment of any tax. This has created disparity of taxation between the two said situations.

Therefore, profits transferred from Pakistan by a branch of a foreign company are treated as dividend chargeable to tax at the rate of 10 percent of gross amount. It will be in line with international best practices prevalent in some European countries, USA and Canada. It will also check outflow of foreign exchange and provide a level playing field to non-residents operating by incorporating a Pakistani company or through branch of a foreign company, the FBR added.

Business Recorder [Pakistan's First Financial Daily]

 

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UK to raise its assistance to 480 million pounds by 2011 ​

ISLAMABAD (July 04 2008): The UK government will double its assistance for Pakistan up to 480 million pounds by 2011. The UK assistance will continue to focus on health, good governance and reconstruction of earthquake-hit areas. This was stated by British Secretary of State for International Development Douglas Alexander in a meeting with Finance Minister Syed Naveed Qamar here on Thursday.

Douglas and his team held bilateral discussions with Pakistani authorities on matters relating to fight against poverty in Pakistan and British government's overall Country Assistance Plan.

It was appreciated that the British Secretary of State announced outline of the Country Assistance Plan focusing GoP over the forthcoming five years. This would enable Pakistan to be the second largest recipient of UK aid programme by 2011.

There will be an additional emphasis on assistance for border areas as well as on education, with more than 250 million pounds being made available to bring five million children into schools and to increase training opportunities for young people.

The British Secretary said that the UK has long been a great friend of Pakistan. The two countries are united by a shared history and strong cultural and economic ties. Britain is committed to helping Pakistan's efforts in fight against poverty for many years. The UK's aim is to continue help to improve poor people's lives in key areas to ensure that they have access to better healthcare, schools and employment opportunities.

Naveed Qamar acknowledged DFID strategy, which is marked by a common approach of identifying short and medium term priorities to fight poverty in Pakistan and help achieve the target of the Millennium Development Goals (MDGs).

He added that Pakistan remembers UK's timely and generous assistance of 128 million pounds for the relief and reconstruction of the October 2005 earthquake affected areas. As part of its commitment, the UK government will also provide 50 million pounds to the State Bank of Pakistan to support a new drive to open up financial services to poor people - to encourage wealth and job creation by making available loans and access to bank accounts.

An MoU to this effect was signed on behalf of GoP by State Bank of Pakistan Governor Dr Shamshad Akhtar and British Secretary of State on behalf of DFID of the UK government.

In his opening statement on the occasion, the finance minister said that Pakistan and UK have now institutionalised the development co-operation in the form of a unique 10 years' Development Partnership Arrangements.

Through this partnership, the government of UK has doubled the quantum of its annual assistance up to 160 million pounds for 2008-09 and onwards, and the bilateral relations with the UK are marked with goodwill and mutual trust and expected to increase as UK and Pakistan go along.

Earlier during one-on-one meeting with UK Secretary of State, the finance minister said that the government currently is focusing on its privatisation portfolios, besides widening its domestic and foreign investment plans. Measures are under way to attain economic stability by providing impetus to agriculture and manufacturing sectors. The government's overall objective is to reduce poverty, encourage its citizenry towards self-development and finally attain economic targets, he added.

Business Recorder [Pakistan's First Financial Daily]

 

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Pakistan's foreign exchange reserves dip by $1.4 million ​

KARACHI (July 04 2008): Country's foreign exchange reserves declined by $1.4 million to $11.2845 billion from $11.2859 billion in last week. The State Bank of Pakistan (SBP) on Thursday issued latest statistics of the foreign reserves, which depict that the reserves held by SBP has declined by 30.2 million during the weeks ended on June 28, 2008.

After the current decline, the reserves held by SBP dipped to $8.6254 billion, which earlier stood at $8.6556 billion on June 21, 2008. However, the reserves held by banks show an increase of $28.8 million to $2.6591 billion from the previous $2.6303 billion.

Business Recorder [Pakistan's First Financial Daily]

 

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24 small dams planned in Pothohar belt of Punjab ​

LAHORE (July 04 2008): Irrigation and Power Department (I&P) is conducting investigation and feasibility of 24 new small dam projects in Pothohar belt of Punjab comprising of Attock, Chakwal, Jhelum and Rawalpindi districts. An amount of Rs 90.84 million is being utilised for this purpose, said Minister for Irrigation and Power, Raja Riaz Ahmad at a meeting of Pothohar area farmers here on Thursday.

Raja Riaz said that I&P Department is conducting feasibility study and identifying potential sites for construction of small dams for utilising rain water for irrigation purposes in Barani areas. The farmers should also make it a point to cultivate crops needing less water. Geological investigations, topographic survey, hydrological studies and soil investigations is also under way, he added. The delegation praised the government for promoting small dams infrastructure in the Barani areas.

Business Recorder [Pakistan's First Financial Daily]

 

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Government urged to initiate work on Kurram Tangi Dam project ​

LAKKI MARWAT (July 04 2008): The Member, National Assembly from Lakki Marwat, Humayun Saifullah Khan has demanded of the federal government to initiate Kurram Tangi Dam project construction work at the earliest in view of its significance for the development of the southern districts of NWFP. He said this while talking to various delegations of Lakki Marwat on Thursday.

Khan showed great exception over the decrease in the allocation of funds for the Kurram Tangi Dam project in the Federal budget and demanded of the government to enhance allocation for the project.

Business Recorder [Pakistan's First Financial Daily]