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Business and Economy: Pakistan


Federal Government has so far released Rs 47.87 billion under Public Sector Development Programme (PSDP) for various development projects against total allocation of Rs 525 billion for the fiscal year 2014-15. According to the latest data released by the Ministry of Planning, Development and Reforms, Rs 9.02 billion has been released for various projects of Pakistan Atomic Energy Commission out of its total allocations of Rs 51.48 billion earmarked under PSDP for FY 2014-15.

ImagePresident Mamnoon Hussain reiterated the resolve to take all necessary measures for the socio-economic uplift of tribal areas and bringing the region at par with the developed parts of the country. The President paid rich tributes to the sacrifices rendered by Internally Displaced Persons (IDPs) of North Waziristan Agency in the wake of military operation Zarb-e-Azb and assured of government's commitment for their early rehabilitation and reconstruction of damaged infrastructure, in the area.
Federal Minister for Finance Muhammad Ishaq Dar on Monday chaired a meeting with a delegation from the Competition Commission of Pakistan (CCP) to review its performance and address the issues it has been facing in undertaking its functions. Dr Joseph Wilson, acting Chairman of the CCP, briefed the Minister about the performance of the Commission since the promulgation of the Competition Ordinance 2007.
President of Multan Chamber of Commerce and Industry (MCCI) Khawaja Muhammad Usman on Monday has criticised Mepco for issuing inflated bills for the month of August 2014, and urged the government to conduct a thorough investigation into this matter as more than 60 percent citizens are unable to pay excessive bills. He said industrial workers, employees, salesmen and sanitation staff are getting salaries of 7,000 rupees to 10,000 rupees per month in South Punjab but they had received electricity bills up to 18,000 rupees.
The PIAF-Founders Alliance Monday made clean sweep by winning all the seven seats of the LCCI Corporate Class for the year 2014-15. As many as 1068 votes were polled out of 2386 while 15 votes were rejected because of technical reasons. PIAF-Founder Alliance got 547 panel votes while the Progressive Group got 268 panel votes.
Faisalabad Chamber of Commerce and Industry (FCCI) has strongly refuted the allegations of forced extortion of donations for the flood affectees and said that local business community in line with its strong and glorious traditions of philanthropy is voluntarily helping out their brethren in need.
President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) Shah Faisal Afridi while appreciating the revival of Pakistan Textile city project hoped that it would attract local and foreign investors in large number. About the significance of the project, Afridi said textiles has always been serving the country as the backbone of Pakistan's industrial base providing about 60 percent of foreign exchange earnings and employing around 40 percent of workforce.


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Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln