The Government of Punjab recently announced Provincial Budget for 2020-21. Government has budgeted total estimate of revenues as Rs 2,240.63bn and expenditure as Rs 2115.63bn.
A total of Rs 336.5bn was allocated for School Education Department. The Health Care Department was allocated Rs 134 bn by the #Punjab Government. Irrigation Department received 45bn out of the total Budget. The Department of Livestock & Dairy Development was allotted a total of Rs 16.80 bn of the total Budget.
Law & Order Department was handed over Rs 35.90 bn of the total budgeted amount. Governance & Information Technology Department has been allocated Rs2 bn out of the total outlay.
Sugar mills reject government’s Rs63 per kg price, decide to sell at Rs70 per kg
ISLAMABAD: Pakistan Sugar Mills Association (PSMA) on Sunday in a letter to the Ministry of Industry and Production (MoIP) stated that it will sell sugar to the ministry Rs70 per kilogramme (kg) instead of the Rs63 per kg price demanded by the ministry.
According to the letter, sugar mills are willing to provide 60,000 tonnes of sugar at Rs70 per kg, and have rejected the Rs63 per kg price demanded by Utility Stores Corporation (USC) and the MoIP.
PSMA further claimed that the demand for reduced prices from USC and MoIP held no lawful basis and hence the association was not bound to abide by it.
Earlier on June 13, In pursuance of the Islamabad High Court’s (IHC) order, the MoIP directed the Pakistan Sugar Mills Association (PSMA) to ensure the provision of sugar to the USC at reduced rates.
According to official sources, the USC had earlier written a letter to the PSMA, seeking the provision of sugar at Rs63 per kg so that it could be sold at Rs70 per kg to the consumers.
In a letter to PSMA, the MoIP quoted the IHC order, stating, “This order is subject to the sale of sugar to non-commercial consumers at the rate of Rs70 per kilogramme. PSMA and the federal government must ensure that sugar is available and sold to non-commercial consumers at the said price until the next date is fixed.”
It also directed the association to ensure that the commodity was sold at the specified price in other retail outlets as well.
The IHC is also due to hear a petition filed by sugarcane farmers with regard to the inquiry commission report on the sugar crisis on Monday, June 15
> Pakistan plans to seek $15 billion gross foreign loans in the next fiscal year aimed at servicing its maturing external public debt and building official foreign exchange reserves in the absence of non-debt creating inflows.
> Out of the $15 billion estimated external borrowings in fiscal year 2020-21, nearly $10 billion or – two-thirds, will be used to return the maturing loans, excluding interest payments, said sources in the Ministry of Finance. The remaining slightly over $5 billion will become part of the external public debt that has already increased to $86.4 billion as of end March this year.
> The estimated $15 billion borrowings will be the highest loans to be taken by the country in a single year, highlighting challenges that every government faced due to the deepening debt trap. The Pakistan Tehreek-e-Insaf government, like its predecessor, has also remained unable to fully capitalise non-debt creating inflows like exports, remittances and foreign direct investment.
> Because of inability to enhance non-debt creating inflows, Pakistan’s $12 billion gross official foreign currency reserves held by the State Bank of Pakistan (SBP) are largely the product of borrowings – a phenomenon that was also common in the Pakistan Muslim League-Nawaz (PML-N) era
Pakistan’s #Population Growth Falls to 1.89%: Economic Survey
As reported by the Economic Survey of #Pakistan (ESP), the population growth rate of the country has fallen. As compared to 2018, the year that saw 2.4% population growth, 2019 saw a slight depletion in the growth rate as it stood at 1.89%.
If the state’s plans come to fruition, the government foresees the population growth rate coming down to 1.5% by 2025 and 1.1% by the year 2030
Pakistan All Set to Become An Exporter of Medical Equipment
Federal Minister for Science and Technology, Chaudhry Fawad Hussain has revealed that Pakistan is in a position to export safety equipment in the health sector which is a big milestone.
He was addressing a news conference after signing a Memorandum of Understanding (MoU) between Ministries of National Health Services, Regulation and Coordination (NHSR&C) and Science and Technology.
Special Assistant to the Prime Minister on Health, Dr. Zafar Mirza signed the MoU on the behalf of the Ministry of NHSR&C.
Ministers for Science and Technology, Chaudhry Fawad Hussain, Prime Minister’s Special Assistant on National Health Services Dr. Zafar Mirza, Chairman Pakistan Engineering Council and Chief Executive Officer Drug Regulatory Authority of Pakistan (DRAP) were present on the occasion
For those people which are complaining about Defence Vs Education budget.
The Education Budget is only for Federal administrated Area. As under 18th amendment provinces will present their own education and health budget in the coming days.
AB TAX CONSULTANTS 