Business

KARACHI — Sindh Chief Minister Syed Murad Ali Shah presented the 2026–27 provincial budget to the Sindh Assembly, focusing on the province’s diverse socio-economic needs. Commitment to Key Sector Investments The proposed budget outlines significant investments in infrastructure, education, and healthcare. This commitment aims at improving public services across Sindh. Pursuing Sustainable Development Chief Minister Shah emphasized sustainable development and fair resource distribution. His strategy seeks long-term economic growth and regional stability. Legislative Review and Economic Debate The session involved extensive debates and discussions among legislators. They assessed the budget proposals to ensure effective promotion of economic growth and fiscal stability.

A Pakistani delegation is currently in Canada for the second round of negotiations on the Foreign Investment Protection and Promotion Agreement (FIPPA) and Bilateral Investment Treaty (BIT). These discussions aim to enhance economic cooperation and safeguard mutual investment interests between Pakistan and Canada. Strengthening the Legal Framework The negotiations center on reinforcing a legal framework designed to protect investors and boost confidence in cross-border investments. This collaborative effort is intended to foster an environment conducive to economic growth and new business opportunities. Commitment to Economic Growth The delegation, comprising senior officials, emphasizes Pakistan’s commitment to building strong trade and investment relations with Canada. These efforts focus on creating robust connections that can drive economic growth on both sides. Foundation for Future Agreements These discussions aim to lay the groundwork for future agreements that will facilitate bilateral economic growth. Both countries anticipate opportunities that such agreements could provide to enhance trade and investment dynamics.

The Sindh government has announced an ambitious revenue target exceeding Rs 775 billion for the fiscal year 2026-27. This target emphasizes both provincial taxes and non-tax revenue sources. Provincial Tax Revenue Sindh aims to collect approximately Rs 690 billion from various provincial taxes. Efforts are underway to enhance tax collection mechanisms to meet this ambitious goal. Strategies for Tax Collection Implementation of advanced tax collection systems Strengthening compliance measures Expanding the tax base Non-Tax Revenue Sources The province anticipates generating an additional Rs 85 billion from non-tax revenues. This will be crucial in boosting Sindh’s financial resources in the next fiscal year. Sources of Non-Tax Revenue Public sector enterprise dividends Fees and services Resource-based income Economic Growth and Development Achieving this revenue target is pivotal for strengthening Sindh’s economic autonomy. It supports numerous development projects aimed at sustaining long-term economic growth for the province. Impact on Sindh’s Economy Increased investment in infrastructure Enhanced public services Job creation and skill development

ISLAMABAD — The Pakistani Rupee experienced a slight appreciation, gaining 3 paisa against the US Dollar during interbank trading on Wednesday. It closed at Rs 278.27, up from the previous day’s rate of Rs 278.30. US Dollar Rates in Open Market The Forex Association of Pakistan reported the US Dollar’s open market buying and selling rates at Rs 279.00 and Rs 279.35, respectively. International Currency Movements The Euro’s value against the Rupee decreased by Rs 0.23, settling at Rs 322.96, according to the State Bank of Pakistan. Stable and Varying Exchange Rates The Japanese Yen’s exchange rate remained stable at Rs 1.73. The British Pound saw a slight increase of Rs 0.02, ending at Rs 373.37. The Emirate Dirham’s rate remained steady at Rs 75.77. The Saudi Riyal slightly declined by 1 paisa, closing at Rs 74.15.

ISLAMABAD — Dr. Kabir Ahmed Sidhu, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), highlighted the transformative role of financial technology in enhancing access to capital market investments for all Pakistanis. Speaking on Wednesday, he explained that fintech solutions are vital for simplifying, securing, and easing investment processes for ordinary citizens. Enhancing Investment Access with Fintech Dr. Sidhu outlined how leveraging technology could broaden public participation in economic growth and wealth creation. By embracing digital advancements, the SECP aims to remove existing entry barriers, enabling more individuals to engage with and benefit from capital markets. Strategic Commitment to Financial Inclusion The SECP chairman reiterated his commitment to expanding financial inclusion through technological innovations. This strategic focus aligns with the Commission’s efforts to support Pakistan’s economic development objectives.

ISLAMABAD — The Retailer Tax Scheme has launched a one-year pilot phase to help the government evaluate its effectiveness and address any implementation issues. This initiative was announced by Syed Naveed Qamar, Chairman of the National Assembly Standing Committee on Finance and Revenue. Objectives of the Pilot Phase The primary goal of the pilot phase is to identify and rectify shortcomings before the scheme’s full-scale rollout. Ensuring a smooth implementation process is a key focus. Importance Highlighted in Committee Meeting During a recent committee meeting, Qamar emphasized the necessity of recognizing potential challenges throughout the trial period. This proactive approach aims to secure a successful deployment of the scheme. Component of Broader Fiscal Reforms The Retailer Tax Scheme is part of extensive fiscal reforms designed to enhance tax compliance and increase revenue collection within the retail sector. These improvements are vital for maintaining a healthy market economy.

OTTAWA — A high-level Pakistani delegation, led by Additional Secretary of the Board of Investment Zulfiqar Ali, has arrived in Ottawa to discuss the proposed Foreign Investment Protection and Promotion Agreement (FIPPA) with Canadian officials. Objective of the Bilateral Investment Treaty The agreement, also known as the Bilateral Investment Treaty (BIT), aims to enhance economic cooperation between Pakistan and Canada. It seeks to strengthen ties and boost investment opportunities for both countries. Delegation Composition and Importance The Pakistani delegation includes senior officials from various sectors. Their presence underscores the importance both nations place on fortifying economic connections. Including diverse sectors highlights the comprehensive approach to these negotiations. Key Discussion Points During the talks, both parties are expected to address mutual interests and concerns. The goal is to ensure a framework that promotes investment flows between Pakistan and Canada. Key areas of focus include: Investment agreements and frameworks Legal protections for investors Economic growth opportunities Anticipated Outcomes These negotiations represent a significant step forward in strengthening bilateral relations. The proposed treaty is anticipated to provide legal protection for investors from both countries. It is expected to encourage greater economic engagement and foster a robust economic partnership.

RAWALPINDI — Engineer Aamir Khattak, the Commissioner of Rawalpindi Division, emphasized the urgent need to complete the Rawalpindi Master Plan and the Commercial Market rehabilitation project promptly. At a meeting focused on these projects, Khattak highlighted their crucial role in supporting the planned growth and sustainable urban development of the city. Key Features of the Rawalpindi Master Plan The Rawalpindi Master Plan serves as a crucial framework for managing urban expansion and directing necessary improvements in infrastructure. During the meeting, Khattak urged stakeholders to coordinate their efforts effectively, ensuring all project elements are implemented as per the plan. Revitalizing the Commercial Market The rehabilitation project for the Commercial Market is an extensive initiative designed to rejuvenate key urban areas. This effort aims to enhance commercial activities and improve the city’s visual appeal. Commissioner Khattak stressed the importance of adhering to the established timelines to efficiently meet these goals.

ISLAMABAD — Parliamentary Secretary for National Health Services, Regulations and Coordination, Nelson Azeem, praised the federal budget for its strategic approach amidst challenging circumstances. He appreciated the finance team’s relief measures aimed at boosting the economy. Key Points from the Budget Debate Azeem pointed out during the budget debate that no new taxes were imposed in a way that would significantly burden the population. This strategy is designed to maintain public trust and stimulate economic activity. Advocacy for a Population Control Policy Azeem emphasized the importance of a comprehensive population control policy. He believes such a policy is essential for achieving long-term sustainable economic growth. This strategy seeks to align population trends with available resources, fostering overall economic stability.

QUETTA — The Balochistan government has unveiled significant investments aimed at enhancing youth education and skill development. During a budget session, Provincial Finance Minister Shoaib Nosherwani announced these pivotal initiatives. Commitment to Education and Skill Development The government has allocated Rs 54 million to the Shaheed Benazir Bhutto Scholarship (SBBS). This fund is designed to assist deserving students in pursuing their educational goals. Investment in Digital Skills Furthermore, Rs 1.7 billion is dedicated to the Digibizz program, a strategic initiative to develop digital competencies among the youth. This aligns with the growing demand for tech-savvy professionals across diverse industries. Comprehensive Regional Development Strategy These educational initiatives form part of a broader strategy to enhance the region’s educational infrastructure. Additionally, Rs 2 billion has been allocated to the Low Cost Housing Project. This demonstrates a comprehensive commitment to improving both housing and educational opportunities in the region.