Chief Minister Punjab Usman Buzdar announced the program of 13 Special Economic Zones (SEZs) and Industrial estates on more than 10,000 acres of land which will be the opportunity of a million jobs. He defined that the industrial city would have more than 550 industrial units. According to him this project will also attract the international companies and bring the foreign investment in Pakistan. He mentioned that the project of the Allama Iqbal Industrial City which would be more than 3,000 acres of land and generate employment opportunities for 300,000 youths.

            Furthermore, CM also introduces the concept of one-window system, which will facilitate the firms, local and international, in making investments.

 CM is hopeful about this project and called it a game changer project for Pakistan’s economy. He also criticized the previous governments and politicians as there were only three economic zones which have been established in the entire history of Pakistan.

A project of implanting optical fibre cable had been operationalized from Khunjrab to Islamabad mentioned. The news revealed by special assistant to the Prime Minister on Information and Broadcasting, Lt-Gen (retd) Asim Saleem Bajwa via tweet.

            He also mentioned the next phase of the cabling project which would be laid from Islamabad to Karachi and Islamabad to Gwadar. He said that the project is being executed under CPEC and with the cooperation of China, as he is also the Chairman of China Pakistan Economic Corridor.

Government has issued a notice which directs the oil industry to import petrol and diesel no less than Euro-V standard from Aug 1, 2020, and Jan 1, 2021, respectively. This decision has generated a kind of resistance mood among the oil industry against the government, as the oil industry already poles apart on petroleum pricing mechanism and regarding the issue of 20-day stocks.

The oil industry has given a number of reasons that prove that the given instruction is not possible to practice. This decision will cause Rs7-8 per litre price hike and $200 million annual foreign exchange loss. The Oil Companies Advisory Council (OCAC) sent a letter to the Petroleum Division, explained that it is impractical for them to compliance of EURO-V with other fuels. They also highlight the expected cost of the shift in energy, which is dreadful. The industry has realized its impact on its storage and logistics of OMCs at every stage; from port to retail outlets, which can give serious damage to the country’s economy.

            This shift of energy is also not easy from the consumer end. Consumers will have to pay more price than they are paying right now. Moreover, the condition of country’s motor vehicles is not in a position to accept the shift in nature of the fuel, as there are a large number two- and three-wheelers vehicle and very old cars as well which are consuming more than 50pc petrol.  The oil industry demanded a smooth and step by step shift in energy as other countries did, which will not disturb the supply chain, avoid a sudden shift in price, give time to examine its environmental benefits, upgrading the engines of vehicles and giving sufficient time to local refineries to prepare their plants.

Alto 660cc VX model, also called the city car, now is not in reach in most of the city dwellers. The price of the car has increased Rs63,000 to Rs1.198 million from July 7, as Pak Suzuki Motor Company Limited (PSMCL) announced a new price list.

          PSMC has already increased the price of two-wheelers in the wake of July i.e. 1^st July, which is about Rs3,000-6,000. The new prices of GD110S, GS150, GSX150SF are RS175,000, Rs185,000, Rs202,000, Rs279,000 and Rs579,000 respectively.

          Whereas, the company did not mention any particular reason for the price hike in the letter sent to authorized dealers. Although, those who have already booked the model with full payment, will not have to pay the upward price difference.

          The news of the rise in the price of PSMC’s product also awakes the other industries of vehicles, such as N.J. Auto Industries, assembler of the Super Power 70-250cc bike models has also revised their already raised prices and made it Rs1,200-2500 which was Rs1,000-2,000 according to the report of 1^st July. Assemblers of Unique bikes raised the prices of 70-100cc models by Rs1,200-2,200 effective from 10^th July. Moreover, the Chinese and the Japanese are not far behind and also announced their new price hikes in the range of Rs500-20,000 on July 1^st.           The reason which has been given behind the price hikesis rupee’s depreciation against the dollar, and increase the demand of rupees to import the parts of vehicles.

The State Bank of Pakistan (SBP) has expanded the scope of the Refinance Facility to Combat Covid-19 (RFCC) to the manufacturing sector producing medical equipment and accessories. Earlier, the facility was limited to the expansion and establishment of hospitals.
“The scheme now allows manufacturers of protective gears and equipment, including items such as masks, dresses, testing kits, hospital beds, ventilators etc. to avail financing under RFCC,” said the bank.
It said the decision was taken in view of the encouraging response for the facility and the potential to help the development of health facilities in the country.
The SBP on Mar 17 introduced the RFCC to support hospitals and health sector fighting against the Covid-19.
Under the scheme, banks will give out concessional loans at a maximum end-user rate of three percent for five years to hospitals and medical centers to purchase medical equipment and set up isolation wards to fight against Covid-19.
As of July 2, Rs6.4 billion of concessional credit has been approved to hospitals and other eligible facilities.
Moreover, to cope with the rising needs for health facilities in general in the country, SBP has allowed hospitals serving patients even other than Covid-19 to avail this facility.
The refinance facility will be available for setting up or expansion of the existing hospitals fulfilling minimum specified standards. For setting up new hospitals under this scheme, payments will be released by the banks on completing relevant milestones.
The RFCC is a highly subsidized facility through which the SBP provides refinance to banks at 0 percent whereas banks can keep a maximum margin of 3pc.