ISLAMABAD: The Asian Development Bank (ADB) has given its approval for a $180 million loan designated for water supply and solid waste management services in the Punjab region of Pakistan.
The project, endorsed by the Asian Development Bank, is expected to benefit approximately 1.5 million individuals in Punjab. Key components include the expansion and modernization of the Rawalpindi Urban Water Supply system. Additionally, enhancements to the solid waste management system in Bahawalpur are part of the initiative.
This endeavor aims to enhance municipal services in both Bahawalpur and Rawalpindi. The project outlines the construction of a water treatment plant in Rawalpindi with a daily capacity of 54 million liters. Approximately 82,000 households will receive access to clean water through newly laid pipelines.
In parallel, a delegation of technical experts from the International Monetary Fund (IMF) has arrived in Islamabad with the objective of expanding the tax net in Pakistan. Over the course of a week, the IMF delegation is set to offer guidance on improving tax efficiency, in line with the Fund’s insistence on increasing the tax-to-GDP ratio to 15%. The IMF is also pushing for measures to bring wealthier individuals into the tax net.
Discussions during the consultations are expected to cover the inclusion of retailers in the tax net, with the global lender providing policy recommendations for the proposed scheme.
KSE-100 Index Hit Another Record By Surpassing 60000 Points For The First Time
Meanwhile, as was expected, the KSE-100 benchmark index of the Pakistan Stock Exchange (PSX) continued its bullish trend to break another record by crossing 60,000 points for the first time in its history.
The market gained 611 points to reach 60,423 points at 10:00 in the morning on Tuesday.
On Monday, the KSE index breached 59,811 points indicating that it will hit another record on Tuesday morning. The PSX index obtained 725 points or 1.23% to close at 59,811.34. Analysts said the equities market has been thriving since the successful first review with the International Monetary Fund (IMF), which will lead to the release of the next loan tranche.
