Rs40b spent, RBOD-II declared unviable as govt halts project

KARACHI: The Sindh Assembly’s Public Accounts Committee (PAC) was informed on Wednesday that the Rs61.985 billion Right Bank Outfall Drain-II (RBOD-II) project has been declared non-feasible and structurally compromised, despite the expenditure of over Rs40 billion, triggering the Provincial Irrigation Department to refuse further work on the scheme. The 273-kilometre project, stretching from Sehwan to…

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Iqbal invites investment from Pak-American businessmen

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Wednesday addressed a gathering of Pakistani-American business leaders in Chicago, comprising 20 entrepreneurs, technologists and financiers, of which more than a third were former Fortune 500 executives, and invited them to bring their capital, networks and expertise to Pakistan. The minister stressed that…

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Steps underway to facilitate businesses

ISLAMABAD: Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan has emphasised that small and medium-scale enterprises (SMEs) constitute the backbone of Pakistan’s economy and remain central to the strategy for sustainable economic development. He said the government was undertaking comprehensive measures to empower SMEs, improve ease of doing business and…

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Gold prices in Pakistan Today

Gold prices rose in both international and local markets on Thursday, while silver prices remained stable. In the international bullion market, the price of gold increased by $36 per ounce to reach $4,113. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market rose by…

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‘Acquired land cannot be repurposed’

ISLAMABAD: The Federal Constitutional Court (FCC) has held that private land acquired for a specified purpose may not, as a general rule, be diverted to a different purpose at the discretion of the beneficiary or its successor-in-interest. “Although we have no hesitation to observe that the acquisition of land under the Act being an exercise…

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IMF keeps growth forecast low at 3.5%

ISLAMABAD: The International Monetary Fund (IMF) on Wednesday kept Pakistan’s economic growth forecast unchanged at 3.5% for the new fiscal year, while warning about the possibility of a renewed Middle East conflict that could heighten price volatility. In an update to its World Economic Outlook (WEO) report, the IMF showed Pakistan’s economic growth rate at…

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PSDP spending surpasses revised allocation by Rs92b

Key ministries exceed budget authorisations, putting IMF-mandated primary surplus target at risk An employee counts Pakistani rupee notes at a bank in Peshawar, Pakistan August 22, 2023.Photo: Reuters ISLAMABAD: The federal development spending shot up to Rs912 billion, exceeding the downward revised allocation by Rs92 billion, after key ministries incurred more expenses than their authorisations…

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