PM relaxes fiscal deficit limit for next three years
Showing signs of a popular budget ahead of the next year’s general election, the government on Thursday decided to maximize spending in 2017-18 with a six per cent growth target for the national economy
As a consequence, Prime Minister Nawaz Sharif agreed to relax the limit for the fiscal deficit for the next three years. Incentives will be provided to the farmers’ community and key investments will focus on the China-Pakistan Economic Corridor (CPEC), energy, communications and poverty reduction, according to an official announcement.
Belt, road initiative attractive to countries promoting free trade, win-win cooperation
The Belt and Road Initiative will be able to attract those countries which promote free trade and stimulate cooperation between them, a European Union expert has told Xinhua news agency. "If China and the EU can strengthen their common understanding on free trade, this will help further their cooperation," said Jing Men, professor of the College of Europe. It is pertinent to mention that the Belt and Road Initiative was brought up by Chinese President Xi Jinping in 2013 with an aim to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road routes.
Nepal signs up to China´s new Silk Road plan
Nepal on Friday signed up to China´s new Silk Road drive, a massive infrastructure project spanning some 65 countries at the centre of the Asian giant´s push to expand its global influence. The long discussed deal between impoverished Nepal and its much bigger neighbour comes just days before China hosts a summit for 28 leaders near Beijing, showcasing the ambitious plan.
7,500MW to be added to grid in 2017-18: PPIB
The Private Power and Infrastructure Board (PPIB) said on Thursday more than 7,500 megawatts of private power projects will be added to the national grid in 2017-18. At the same time, however, the private sector has been involved in the transmission segment and will complete the first transmission line by the end of 2019. In a statement, the PPIB said it is currently facilitating a total of 31 independent power projects (IPPs) of more than 19,000MW based on hydro, R-LNG and coal fuels. This mix is expected to balance energy costs and fulfil future electricity requirements at an affordable tariff.
Full-day report: Bulls pull KSE-100 up by more than 300 points
The Pakistan Stock Exchange has ended Thursday’s trading session on a positive note, with the benchmark KSE-100 index gaining 322.50 points, or 0.63 per cent, by the close of the trading session to reach 51,426.01. Trading was primarily led by commercial banking stocks as volumes surged to nearly 112 million shares.