EU to Provide €46.8million for Development of Rural Areas in Balochistan
Germany to Provide Six Million Euros to Pakistan for the Challenges of Climate Change
European Union will provide 46.8 million Euros to Pakistan for the development of rural areas in Balochistan. An agreement to this effect was signed in Islamabad today. Speaking on the occasion, the EU representative said the union will continue to provide developmental assistance to Pakistan. In another agreement, Germany committed to provide six million euros to Pakistan to meet the challenge posed by climate change.
WB Approves $200m for Balochistan's Water Management Project
The World Bank has approved 200 million dollar for a water management project in Balochistan, which will benefit some 43,000 farm households in the province. Balochistan Integrated Water Resources Management and Development Project will support investment in two of the eighteen basins in Balochistan Nari and Porali river basins. International Development Association will finance the project.
Pakistan's Cotton Imports to Hold near Record Highs as Output Dwindles
Cotton imports by Pakistan are expected to remain near record-high levels in the year to July 2017. As erratic weather forces farmers in the world's fourth-biggest producer to trim area under the crop, industry officials said. A supply crunch in Pakistan, at a time when back-to-back droughts have taken a toll on output at top producer India, could boost global cotton prices from their current near 11-month highs. The two countries have already taken turns this year to buy from each other to fill shortages at home.
SECP, Financial Institutions Bills Approved by Senate Body
The Senate Standing Committee on Finance approved the Securities and Exchange Commission of Pakistan (Amendment) Bill 2016 and the Financial Institutions (Recovery of Finances) (Amendment) Bill 2016, besides approving an amendment to the Credit Bureaus (Amendment) Ordinance 2016. These bills, already approved by the National Assembly, will now be forwarded to the Senate and, if approved, will need the presidential assent to become a law.
The SECP Bill 2016 covers all the deficiencies and shortcomings in the existing law. The commission succeeded the Corporate Law Authority (CLA) in 1999 as a unified regulator of the capital markets, and for the superintendence and control of corporate entities.