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World Bank approves $304m for reforms in Punjab

Web Desk 12:59 PM | 24 Oct, 2020
World Bank approves $304m for reforms in Punjab

ISLAMABAD – The World Bank has approved a $304 million loan for reforms in Punjab’s taxation system as provincial tax revenues are declining for the past two years, these years happened to be PTI govt first years.

The World Bank’s Board of Executive Directors approved $304 million in financing for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE).

Cost of the tax reform project is estimated at Rs90 billion or $554 million and the remaining $250 million equivalent financings will be arranged by the provincial government.

The programme supports efficiencies in public resource management that generate savings and create fiscal space for growth generating investments in the Punjab province, said the World Bank.

The loan has been obtained for improving business process re-engineering, revision, change of rules and regulations, development of comprehensive automated systems, the introduction of e-services and institutional capacity building.

World Bank Country Director for Pakistan Najy Benhassine said The PRIDE programme is integral to the World Bank’s whole-of-country approach in helping Pakistan strengthen public financial management systems at the federal and provincial levels.

World Bank documents showed that the economic downturn was projected to increase unemployment in Punjab by 5 to 8 million, pushing many households below the poverty line. In recent years, the province has made efforts to increase its own source revenues, which come mainly from provincial taxes, to ramp up investment in development priorities.

The economic fallout from the pandemic is, however, expected to reduce the province’s own revenues, leaving it with fewer resources to finance its emergency response and sustain the already modest investment in human capital and infrastructure.

According to World Bank’s estimates, Punjab has the potential to increase its tax revenues, without imposing new taxes or raising tax rates.

World Bank documents showed that the total provincial tax collection was constantly on the decline for the last two fiscal years.

The Punjab government followed in the footsteps of the federal government that also acquired a loan of $400 million from the World Bank in the name of tax reforms.

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Daily Pakistan Global Web Desk

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 7, 2022 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279 282
Euro EUR 296.67 297.26
UK Pound Sterling GBP 331.71 332.41
U.A.E Dirham AED 74.8 75.1
Saudi Riyal SAR 73.21 73.51
Australian Dollar AUD 190.31 192.72
Bahrain Dinar BHD 732.23 740.23
Canadian Dollar CAD 205.22 207.42
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 174.19 176.19
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.11 723.11
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 297.31 299.81
Thai Bhat THB 8.25 8.4

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 203,400 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs173,360.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 203,400 PKR 2,350
Karachi PKR 203,400 PKR 2,350
Islamabad PKR 203,400 PKR 2,350
Peshawar PKR 203,400 PKR 2,350
Quetta PKR 203,400 PKR 2,350
Sialkot PKR 203,400 PKR 2,350
Attock PKR 203,400 PKR 2,350
Gujranwala PKR 203,400 PKR 2,350
Jehlum PKR 203,400 PKR 2,350
Multan PKR 203,400 PKR 2,350
Bahawalpur PKR 203,400 PKR 2,350
Gujrat PKR 203,400 PKR 2,350
Nawabshah PKR 203,400 PKR 2,350
Chakwal PKR 203,400 PKR 2,350
Hyderabad PKR 203,400 PKR 2,350
Nowshehra PKR 203,400 PKR 2,350
Sargodha PKR 203,400 PKR 2,350
Faisalabad PKR 203,400 PKR 2,350
Mirpur PKR 203,400 PKR 2,350

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