Tag: Funds

ISLAMABAD - The Capital Development Authority (CDA) may not be able to complete many of its projects including the Zero Point Interchange (ZPI) due to paucity of funds. The cash-strapped CDA announced the completion of ZPI by December 2010 but was still not sure how long would it take to materialise the Rs 3 billion project, a CDA official told Pakistan Today.
The official said the ZPI contractor had slowed down the project work and might stop it if the CDA further delayed

LAHORE - The Punjab government has turned its back on district governments clamouring for funds to run their affairs on a daily basis, as the monthly grants of majority of districts and tehsils have been pending for months, Pakistan Today has learnt. The Finance Department issues monthly grants for 36 district governments including five city district governments, 20 cantonment boards, 144 tehsil municipal administrations (TMAs) and 3,464 union administrations.
The monthly grants

ISLAMABAD - In what appears to be a damage-control move amidst criticism over the devolution of HEC by certain quarters, the Finance Ministry on Saturday assured HEC of releasing Rs 7.7 billion soon, a day after refusing to do so.
A senior official at HEC said the Finance Ministry assured HEC that the ministry had decided to release withheld Rs 7.7 billion of HEC and the commission would receive the fund in the next two days. The funds were earlier withheld by the ministry in

KARACHI - Despite the fact that the KSE-100 has performed relatively well, one sector which has not fared as well is the closed-end mutual funds sector. Recently, certain mutual funds have indicated they are looking to convert themselves from being closed-end to being open-end.
Therefore, the high level of discount applicable to the net asset value (NAV) of the funds has reduced significantly for those where conversion has already been announced. The lowest discount level is for

ISLAMABAD - The monitoring and implementation committee of the Public Accounts Committee (PAC) on Wednesday directed the government to stop allocating money to secret funds of various ministries and Pakistani missions abroad.
The committee, which met here with Yasmeen Rehman in the chair expressed annoyance over the secret funds of various government departments and foreign missions abroad. The audit officials told the committee that a British parliament member, George Galloway,

KARACHI - Sindh Chief Secretary Abdul Subhan Memon has called for devising a strategy for investing various funds adequately as well as transparently. He was chairing a joint meeting of the boards of various funds on Tuesday.
These included Sindh Social Relief Fund and the General Provident Investment Fund. The chief secretary said that these funds should be invested in a transparent manner. He stated that all the relevant rules and regulations should also be followed.
The

KARACHI - The federal government has made it mandatory for the stock regulator to submit fortnightly compliance reports to the Ministry of Foreign Affairs with regard to their efforts to freeze the funds of Al-Qaeda, Taliban and their international associates. The move came after Islamabad put half a dozen more Russia based terrorists on its sanctions list of Al-Qaeda, Taliban and its associates identified by the United Nations Security Council.
Pakistan, in line with the UNSC

LAHORE - District governments across Punjab are clamoring for funds to run their affairs on a daily basis, as the monthly grants of a majority of districts and tehsils have been pending for months, Pakistan Today has learnt.
According to details, the Punjab Finances Department issues monthly grants for 36 district governments including five city district governments, 20 cantonment boards, 144 tehsil municipal administrations (TMA) and 3,464 union administrations. The monthly

ISLAMABAD - Inter-Services Public Relations (ISPR) Director General Major General Athar Abbas told a private TV channel on Sunday that the usage of funds in civilian departments should be streamlined instead of criticising the defence budget.
Abbas said that misleading propaganda was being spread under well-planned conspiracies about the expenses of the army. The conspirators were saying that the defence funds could be used for the prosperity of the country, he said.
Abbas

LAHORE - European countries are being used as hot destinations by al Qaeda to route money to India, Indian newspaper The Hindustan Times quoted a report by Peruvian Financial Intelligence Unit (FIU) - disclosed by WikiLeaks - as stating. The report stated that the FIU had found at least one such suspicious transaction by al Qaeda every month and shared them with investigators from the United States.
"The FIU also reports tracking cases similar to that of an OFAC-designated (US

Lahore - The federal and Punjab governments will provide funds to universities for research and development projects, Punjab Governor Latif Khosa said on Thursday.
He was speaking at the launching ceremony of the University of Veterinary and Animal Sciences' (UVAS) website at the conference hall. Khosa acknowledged and appreciated the performance of UVAS Vice-Chancellor (VC) Dr Nawaz. The governor said, "Punjab CM Shahbaz Sharif is an energetic and visionary person who is taking

KARACHI - The government has kept issuing show cause notice to the mutual funds for the sub judice matter of not making contributions to the Workers' Welfare Fund (WWF). "There have been instances whereby show cause notices under Section 221 of the Income Tax Ordinance, 2001 have been issued to a number of mutual funds for the recovery of WWF," Arif Habib Investments told its shareholders at Karachi Stock Exchange.
The government and Mutual Funds Association of Pakistan (MUFAP)

KARACHI - Pediatricians and oncologists on Tuesday recommended allocation of a regular specific amount under Baitul Maal funds for the treatment of children suffering from different forms of cancers in the country. The suggestion was forwarded at a seminar organised at the Children Cancer Hospital on the International Childhood Cancer Day on Tuesday.
"The efforts under way to contain infant mortality caused due to conditions such as diarrhoea and acute respiratory infections also

KARACHI - The Welfare Society for Patient Care recently held a painting exhibition at the Canvas Gallery for raising funds for treatment of underprivileged patients. With Prof Dr Iffat Yazdani as Honorary Administrator, the WSPC caters to the dialysis needs of over 250 patients, 95 percent of whom are dialysed free of charge.
Every month, a letter is dispatched to the donors regarding the clinical progress of the patients dialysed. The WSPC, whose funds are audited every six

ISLAMABAD - Japan has provided US $45 million to the UN-HABITAT (United Nations Human Settlements Programme, a UN agency for human settlements) for assistance to the Pakistani flood victims. "As winter prevails, the needs of the 20 million flood affectees have been growing and the government of Japan has given funds at a very critical time," a press release issued by the UN-HABITAT said Monday.
"This substantial amount will go towards early recovery involving shelter, water,

KARACHI - The chief executive on behalf of the board of directors of Arif Habib Investments Limited (AHI) Management Company has announced monthly dividends for two of its funds. Pakistan Income Enhancement Fund (PIEF) has announced an interim dividend of Rs 0.43 per unit.
An investor holding 100 units as of 25 January, 2011 get 0.8466 units on the ex-bonus price of Rs 50.79 per unit with the proportionate applying to actual holdings. The highest rated Money Market Fund, Pakistan

ISLAMABAD - A sub-committee of the Senate Standing Committee on Communication on Saturday accused Prime Minister Yousaf Raza Gilani of diverting funds of Khyber Pakhtunkhwa to Multan and Larkana. Multan is the hometown of Prime Minister Yousaf Raza Gilani and Larkana - commonly known as the city of Bhuttos - is considered a PPP stronghold.
The committee met under Senator Zahid Khan and the meeting was attended by Senator Ismail Buledi, Planning Commission Secretary Sohail Ahmed,