Tag: Funds

KARACHI - Despite Zakat and Ushr having been devolved to the provinces under the 18th Constitutional Amendment, the federal government has refused to transfer at least Rs6.5 billion to the provinces, Pakistan Today has learnt.
Sources told Pakistan Today that the funds are currently available with the Ministry of Finance, but the federal authorities have turned down all efforts by the provinces on the pretexts of economic crisis and shortage of funds. Of the funds, Sindh stands

KARACHI - The Sindh Technical Education and Vocational Training Authority (STEVTA), which was established by the present government, lacks funds to improve its Technical, Education and Vocational Training (TEVT) system.
Moreover, STEVTA officials recently approached the World Bank (WB) and the Asian Development Bank (ADB) for financial assistance to successfully manage the authority's affairs and ensure its effective working, well-placed sources in the Sindh government

KARACHI - The federal government has rebuffed the Sindh government's pleas to release funds for the federally-funded Rs 29.20 billion scheme - the Right Bank Outfall Drain (RBOD) - and asked the province to arrange the money on its own due to the prevailing financial crunch.
Well-placed sources in the Irrigation Department told Pakistan Today that the project, scheduled to be completed by the end of 2008, was extended for two years until June 30, 2010, but the lack of funds from

LAHORE - Women members of the provincial assembly (MPA) from both the treasury and opposition benches staged a walkout from the Punjab Assembly (PA) session over non-allocation of development funds accusing the Punjab government of gender discrimination and humiliating their mandate.
Issue of non-provision of funds to female legislators remained under discussion in the House and Pakistan People's Party (PPP) MPAs also boycotted the House proceedings to register their protest

GENEVA - The Swiss government on Wednesday ordered a freeze on any funds that might be held by Tunisia's ousted president Zine El Abidine Ben Ali in Switzerland, Foreign Minister Micheline Calmy-Rey said.
The three-year blocking order announced after a regular cabinet meeting followed domestic political pressure as well as legal action by Tunisian exiles in Switzerland this week.
The Federal Council "decided to block with immediate effect any possible funds in Switzerland of

DASKA - Punjab Chief Minister (CM) Shahbaz Sharif has directed the elected representatives, concerned officials and the district heads of the nation-building departments to ensure the transparent utility of the development funds for the social welfare, besides ensuring the maximum benefits of these developmental schemes to the local people.
Addressing an important meeting of the local elected representatives held for reviewing the pace of the ongoing development projects in

KARACHI - The net assets of the mutual funds have exhibited impressive growth in the current financial year. In June 2010, the net assets held by the funds stood at Rs 199.70 billion which have improved to Rs 221.17 billion by November 2010, showing a growth of Rs 21.47 billion in just five months. With the industry total standing at Rs 221.17 billion, NIT is the largest Asset Management Company (AMC) in Pakistan with a share of Rs 40.4 billion which constitutes roughly 18.2 percent

SYDNEY - Australian football star Tim Cahill and his Socceroo teammates have led the domestic sports community in fundraising for victims of the Queensland floods. Nine people have died and 66 were missing after flash floods swept through parts of Australia's eastern state on Monday.
Everton midfielder Cahill dedicated his two-goal performance in Australia's 4-0 Asian Cup win over India in Doha on Monday to families affected by the floods. Cahill used his goal celebrations to

KARACHI - A number of projects for the promotion of national exports, announced by the Ministry of Commerce, have been jeopardised due the non-release of over Rs 4.0 billion earmarked for Trade Development Authority of Pakistan (TDAP) under the Export Development Fund (EDF).
The non- release of funds allocated under the Strategic Trade Policy 2009-12 for new trade initiatives has come at a time when the authority is apparently unable to bear the expenditure of many of the

LAHORE - Late Punjab Governor Salmaan Taseer had demanded a bullet proof vehicle from the Punjab government, but the summary was rejected by the Punjab chief minister over financial constraints, Pakistan Today has learnt. Taseer had sent a summary to the provincial government to release Rs 25 million for purchasing a Mercedes Benz.
The summary was sent to Punjab Chief Minister Shahbaz Sharif on November 9, last year. However, the government rejected the requisition owing to the

KARACHI - Al Meezan, the largest asset management company in the private sector in Pakistan, announced the second interim dividends for its three fixed income funds. According to a statement of Al Meezan Investment Management Limited, the second interim dividends for its three fixed income funds, including Meezan Sovereign Fund (MSF) Meezan Cash Fund (MCF) and Meezan Islamic Income Fund (MIIF) stood respectively at Rs 0.65, Rs 1.25 and Rs 1.0 per unit.
The payouts are in the form

JAVED MAHMOOD: The dual collection of the Capital Gains Tax from the investors of the mutual funds was not only discouraging the growth of this sector, but also keeping investors away.
The government is collecting CGT at the time of the sale/purchase of the units of the mutual funds and this tax is deducted again from the profit of the investors. This was an injustice to investors and whole the sector, CEO/Managing Director Pak-Oman Asset Management Company Hina Ghazanfar told

LONDON - Sudanese President Omar al-Bashir siphoned off nine billion dollars (6.79 billion euros) of oil money into British bank accounts, according to US diplomatic cables revealed by WikiLeaks on Saturday. A senior official in Bashir's ruling National Congress Party (NCP) denied the claim.
The document quotes the chief prosecutor of the International Criminal Court as saying US officials should go public with the allegations about Bashir in order to turn Sudanese public opinion

LONDON: Pakistan is nearly ready to launch a privatisation programme which aims to bring in foreign management expertise and tap international markets to turn around its flagging state-owned industries, the privatisation minister Waqar Ahmed Khan said in an interview. "You will see in the next 12 months about 5 or 6 deals coming on the block," he said on Sunday, adding that he expected the first deal in January.
Pakistan privatisations in the past have been dogged by allegations

KARACHI: The Sindh government has decided that a letter with serious reservations would be sent to the federal government about the delay in the transfer of assets and funds of the five departments transferred to the provinces by the centre.
The decision was made in a meeting at the Chief Minister's House headed by Qaim Ali Shah. The meeting reviewed various matters related to the transfer of the five departments from the federal government in accordance with the 18th

ISLAMABAD: The United Nations on Wednesday expressed increasing alarm over sluggish funds for the country 21 million flood victims, appealing to donors to act swiftly to stave off a new winter emergency.
"We are getting more concerned that the funding is slowing down," UN spokeswoman Stacey Winston told a press conference in Islamabad.
Only 39 percent of a record appeal for nearly $2 billion - about $760 million - has been received and almost another $8 million pledged, UN

PESHAWAR: The militant groups in the volatile Federally Administrated Tribal Agencies (FATA) are taking their 'share' from the development funds, it has been learnt reliably.
Sources privy to the matter revealed to Pakistan Today that the militants would not oppose any development work in areas under their complete control once they got their 'share'. They said the militants were getting 15 to 20 percent of the money being spent in the development projects, which would some times