Year: 2020

AGP recovers Rs5.66bn in July, August

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The Auditor General of Pakistan (AGP) has recovered Rs5.66 billion during the first two months of the current fiscal year ending June 30, 2021.  According to the data available with this scribe, the recoveries from federal government departments stood at Rs5.411 billion while that from provincial and district offices were recorded at Rs243.9 million.  According to break-up figures, the highest recovery during the period under review was made by Lahore director general audit (petroleum and natural resource) that recovered Rs3.757 billion followed by Lahore director general audit (postal & telecommunication)…

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Punjab Govt To Welcome Investment For Solar Panels Manufacturing

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MULTAN, (APP – UrduPoint / Pakistan Point News – 22nd Sep, 2020 ) :Provincial Minister for Energy Dr. Akhtar Malik said on Tuesday that the Punjab government would welcome investment for manufacturing of solar panels in the country. He expressed these view in a meeting with officials of two Chinese companies including China Machinery Engineering Company (CMEC) and Zhunergy, said an official release issued here. CMEC branch manager Saman and Zhunergy general manager Gordon Gao expressed interest in investment in alternate sources of energy. Alternate sources of energy could serve as game changer for Pakistan and different companies were showing interest in…

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Time to go back to import substitution

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Globalization has lost its shine for the rich countries which in the first place had been its promoters as they went around the world looking for cheap labour in the 1980s. East Asia and then in a big way China became their sweatshops. The result was, not only millions were lifted out of poverty in these regions, but the transfer of manufacturing to these regions had brought them stunning economic advancement bringing in the process China almost at par economically with these rich countries. Now China is seriously challenging the…

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CPEC: Gwadar Emerging As Immense Trade, Energy-transportation Hub, To Economise Landlocked States

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LAHORE, (APP – UrduPoint / Pakistan Point News – 22nd Sep, 2020 ) :The China Pakistan Economic Corridor (CPEC) project intends to build Pakistan‘s most needed infrastructure and boost its economy by constructing modern transportation networks, setting up of Special Economic Zones (SEZ) and numerous energy projects. Geo-strategically, CPEC project is located between three key important landlocked regions of the globe including economically emerging and rich-resourced Central Asia, oil-rich Western Asia and thickly populated South Asia. �After globalization, digital technology is transforming the world into global-digital-village in the real sense of modern technology usage, and regional integration is a key aspect of this information mechanism.�� If…

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After debt reduction, PSO to reap benefit in next quarter

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Despite declaring a loss after tax of Rs 6.465 billion for the year ended June 30, 2020, Pakistan State Oil (PSO) may have found a silver lining as the company has managed to retire Rs 42 billion debt in the company’s short-term borrowings. As per details, PSO short term borrowings reduced from Rs 121.678 billion in FY19 to Rs 79.032 billion in FY20, signifying a debt decline of an impressive 35 percent. As per a report from Foundation Securities, the decline in short-term debt is likely to have a strong positive…

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