Govt reallocates funds to PM discretionary fund

The federal government has diverted funds from several key schemes, including the Diamer-Bhasha Dam project, to provide Prime Minister Raja Pervaiz Ashraf additional space for discretionary spending in a bid to lure voters, The Express Tribune has learnt.

Funds have also been diverted from projects initiated by former premier Yousaf Raza Gilani, especially those in Multan – . . . → Read More: Govt reallocates funds to PM discretionary fund

Remittances worth $13.5b to be send to Pakistan this year

“Pakistan will receive a record $13.5 billion in foreign remittances – a sign of overseas Pakistanis’ confidence in the economic policies of the government, which have now put the national economy on the path to stability and growth,” Finance Minister Dr Abdul Hafeez Shaikh said on Monday.

. . . → Read More: Remittances worth $13.5b to be send to Pakistan this year

And the award for highest inflation goes to *drumroll* Pakistan

The Economic Co-ordination Committee (ECC) of the Cabinet declared Pakistan as the lead country in South Asia in terms of inflation, followed by neighbour, India.

However, Finance Minister Dr Abdul Hafeez Shaikh urged that his Cabinet colleagues should highlight the achievements in the economy in print and electronic media for public consumption.

. . . → Read More: And the award for highest inflation goes to *drumroll* Pakistan

Scam in the making in Pakistan Railways

High-ups of Pakistan Railways have allegedly hatched a plan to pocket millions of dollars in kickbacks in procurement of 150 locomotives through another “tailor-made” tender that only suits American suppliers.

It is the second such attempt to allegedly deprive the country of millions of dollars as the Lahore High Court earlier scrapped a similar . . . → Read More: Scam in the making in Pakistan Railways

Squandered decade: Poverty reduction spending proves useless

Some $1.2 billion dollars spent by the Pakistan Poverty Alleviation Fund (PPAF) in the past ten years has gone to waste as poverty levels in Pakistan kept increasing instead of decreasing during that period.

Members of the Cabinet’s Economic Coordination Committee reached this conclusion in their January 13 meeting.

. . . → Read More: Squandered decade: Poverty reduction spending proves useless

Pakistan Steel: Cabinet to decide fate of 5,000 employees

The cabinet will today (Wednesday) deliberate over laying off up to 5,000 employees of Pakistan Steel Mills (PSM) as part of the restructuring of the loss-making entity. This will be the first litmus test of the government after promising the opposition to reform bleeding public sector entities.

The present strength of the Pakistan Steel employees is . . . → Read More: Pakistan Steel: Cabinet to decide fate of 5,000 employees