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Additional tax revenues to be spent on welfare projects: PM Shehbaz

Prime Minister Shehbaz Sharif has said the additional tax collection will be spent on health, education, and other public welfare projects. He said this in a statement in response to the Lahore High Court’s decision of dismissing the stay order on windfall tax on banks’ additional income, benefiting the national treasury by 11.5 billion rupees, and a total of 34.5 billion rupees over the last month. The Prime Minister, taking notice of the stay order cases regarding the windfall tax imposed on banks’ additional income under the Finance Act 2023, had directed the Minister of Law, Minister of Finance, Attorney

SIFC paving way for foreign investments to boost economy

Special Investment Facilitation Council is paving the way for investments from different countries to improve the country’s economic situation. In this regard, Memorandums of Understanding (MoUs) have been signed between Pakistan and the United Arab Emirate aimed at enhancing bilateral cooperation. The UAE has expressed interest in investing in various sectors, including banking, mining, railways and infrastructure. A significant agreement between Pakistan Railways and the UAE’s Etihad Rail is expected to improve the railway network. The strategic partnership between Pakistan and the UAE will enhance cooperation in trade, investment and energy sectors. Pakistan, Uzbekistan set $1 billion trade target: Uzbek

Breakthrough in Baku delivers $1.3tn “Baku Finance Goal”

November: The COP29 Presidency of Azerbaijan today announced the agreement of the Baku Finance Goal (BFG), a new commitment to channel $1.3tn of climate finance to the developing world each year. Success on the COP29 Presidency’s top priority for the UN Climate Summit represents a significant uplift from the previous climate finance goal of $100 billion and will unlock a new wave of global investment. The Baku Finance Goal contains a core target for developed countries to take the lead on mobilizing at least $300 billion per year for developing countries by 2035. This represents a $50bn increase on the

COP29 achieves full operationalisation of Article 6 of Paris Agreement – Unlocks International Carbon Markets

November: Today, the COP29 Presidency announced the end of the decade-long wait for the conclusion of negotiations on high integrity carbon markets under Article 6 of the Paris Agreement. This was one of the Presidency’s top priorities for the year and it drove Parties towards this milestone achievement through intensive dual-track technical and political negotiations. This strategy broke through years of stalemate and finalises the last outstanding item in the Paris Agreement. Article 6 provides trusted and transparent carbon markets for countries as they collaborate to reach their climate goals. This cross-border cooperation is expected to reduce the cost of

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