Business

ISLAMABAD (APP) – Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi Thursday said a major share of foreign financial assistance was being spent in Balochistan for development of the province.


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He said a number of projects were being executed in the province like establishment of Gwadar Port, Energy Terminals and laying of gas-pipelines, adding that a historic foreign investment was pouring in the province that would benefit the entire country.

Speaking on behalf of the Finance Minister during question-hour, the minister said a Petrol Chemical Complex was also being set up in the province in collaboration with China, besides setting up of gas plants there.

Replying to another question, Abbasi said as many as 12,529 commercial bank branches were operating across the country, out of which 3,178 branches were functioning in rural and under-served areas.

He said all banks were following regulations of the State Bank of Pakistan, adding that the bank branches were opened on the need-basis and keeping in view the volume of business.

In some rural areas, he said, the number of bank branches was higher just because of the business as the volume of flowing in foreign remittances was better there.

To another question, the minister said the government was making sincere efforts to increase direct taxes collection and streamlining matters pertaining to the Federal Board of Revenue.