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SBP offers interest-free loans to women for starting business

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  • Central bank’s decision to back those starting their own businesses.
  • SBP official says women can support families via this opportunity.
  • Bank will provide interest-free loans up to Rs0.5 million.

DERA ISMAIL KHAN: In its bid to ensure economic stability and female participation in the workforce, the State Bank of Pakistan (SBP) is offering interest-free loans to unemployed women to start their large-scale businesses.

The central bank’s Dera Ismail Khan Deputy Chief Manager Fazal Muqeem made the announcement while addressing participants of a seminar ‘Women bankability and banking on equality’ at the Government Polytechnic Institute for Women in Dera Ismail Khan on Sunday.

Women, Muqeem said, will be able to support their families by starting their own businesses. He said the current wave of inflation has impacted the entire society and social strata. The SBP official added that it gets difficult for the poor to manage their everyday expenses due to their income resources.

The employment opportunities are also limited in the country, therefore starting of own business is the only way to handle such a situation, he added. He informed that the prime minister introduced different policies with the support of the central bank to make unemployed women productive citizens.

Under these policies, the bank accounts of unemployed women were being opened along with men on an equal basis so that they could be provided with interest-free loans up to Rs0.5 million.

Addressing the seminar, Assistant Director Muhammad Zubair said that today’s era is of digital mobile app and citizens must take benefit from this facility. He said the citizens should become income tax filers which would make them avoid many taxes.

On this occasion, GPI for Women Principal Sara Khan thanked the guests from the SBP. She said their institution was working to make its students skillful so that they could become self-sufficient and useful citizens of society.

She said many women would benefit from this SBP’s policy in the future. She expressed the hope that such type of useful seminars would be organised in the future so that poor and eligible women of DIK could benefit.

On this occasion, GPI for women Principal Sarah Khan, SBP Dera Ismail Khan Assistant Chief Manager Muhammad Amir Ejaz, Assistant Director Muhammad Zubair, Rizwanullah Shah, GPI (women) Placement Officer Zafar Awan, a good number of teachers and female students were present on the occasion.

Business

April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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