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Last update: Sat, 03 Dec 2016 05am

Business and Economy: Pakistan

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Foreign investors repatriated $540 million on account of profit and dividend in first four months (July-October) of this fiscal year (FY17). Economist said although, the repatriated amount is lower than the same period of last fiscal year, however it is much higher than the overall Foreign Direct Investment (FDI) arrived during this fiscal year. They said the decline in repatriation has been attributed to petroleum refining, power, communication and oil & gas exploration sector.
Minister for Finance Senator Ishaq Dar on Friday said the strengthening of energy infrastructure and improvement in security situation will be the key to achieving higher levels of growth in Pakistan. Addressing the participants of National Security Workshop at Institute for Strategic Studies, Research and Analysis (ISSRA), National Defence University, he noted that the slowdown in the global economy had posed a risk for Pakistan like other developing economies.
While the mid-year review for Punjab Annual Development Programme (ADP) for 2016-17 would be held in January 2017, preparation of ADP for 2017-18 would also begin from that month. Punjab Minister for Planning and Development, Malik Nadeem Kamran said this while chairing his first progress review briefing on implementation of Annual Development Programme 2016-17 in the Punjab province.
The Punjab Provincial Development Working Party (PPDWP) approved two development schemes of Urban Development and Mines & Mineral sectors with an estimated cost of Rs 123.04 million. These schemes were approved in the 35th meeting of the PPPDWP of current fiscal year 2016-17, a spokesman of Planning & Development department said.
The Provincial Development Working Party (PDWP) held its meeting under the chairmanship of Muhammad Azam Khan, the Additional Chief Secretary (ACS) Khyber Pakhtunkhwa here Friday. The meeting was attended by Shahab Ali Shah, Secretary P&D Department, its members and respective administrative secretaries.
Overseas Pakistanis Commission (OPC) and Board of Revenue (BoR) have joined hands to expedite disposal of cases of Overseas Pakistanis in Revenue Judicial courts of the province. The high-ups of both institutions would hold fortnightly meetings to review the case disposal. Modalities in this regard were finalised in a meeting between Commissioner OPC Afzaal Bhatti and Senior Member (BoR) Jawad Rafiq Malik.
President of SITE Association of Industry (SAI) Asad Nisar has termed the new FBR Audit Policy 2016 as unfair and discriminatory. He expressed his dismay over the provision of re-audit of previous years' audited accounts which would be highly detrimental to the productivity of the businesses.