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Sindh provincial budget for FY 2023-24 to be presented on June 10

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Sindh provincial budget for FY 2023-24 to be presented on June 10

The budget for the fiscal year 2023-24 in Sindh province is set to be presented on June 10, according to a recent announcement by the finance department.

The budget presentation will be made by Sindh Chief Minister Murad Ali Shah, with a scheduled time of 11 am. A post-budget press conference is also planned for June 11.

In a letter addressed to the secretary Sindh assembly, the finance department confirmed the date and time for the budget presentation. This annual financial plan holds great significance as it outlines the allocation of funds and government priorities for the upcoming fiscal year.

It is worth noting that the federal budget for the fiscal year 2023-24 is expected to be presented on June 9, just a day before Sindh’s budget announcement.

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The coordination between the federal and provincial budgets will play a vital role in determining resource allocation and development initiatives in the region.

The budgetary decisions and policies outlined in Sindh’s budget presentation will have a significant impact on various sectors, including education, healthcare, infrastructure, and social welfare.

The government’s spending priorities, revenue projections, and proposed taxation measures will shape the economic landscape of the province for the next fiscal year.

As Chief Minister Murad Ali Shah takes center stage on June 10, stakeholders from different sectors will eagerly anticipate the announcement of development plans, funding provisions, and strategies to address pressing challenges faced by the province.

Following the budget presentation, the scheduled post-budget press conference on June 11 will provide an opportunity for government officials to elaborate on the budgetary provisions and respond to questions from the media and public.

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The forthcoming budgets, both at the federal and provincial levels, will set the stage for fiscal policies and economic growth plans, aiming to drive progress and uplift the living standards of citizens in the challenging times ahead.

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

 A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

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The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

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Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Govt jacks up power price by Rs1.47 per unit

Govt jacks up power price by Rs1.47 per unit

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

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Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Hong Kong allows China’s digital yuan to be used in local shops

Hong Kong allows China’s digital yuan to be used in local shops

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

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Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

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The yuan’s use in global finance remains low, though it has shown steady increases.

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