Despite Downward Pressures, Employment Increased Post-Lockdown: SBP
Employment is one of the vital indicators of an economy’s performance. Therefore, it is significant to understand the dynamics of the labor market where various changes in employment due to structural shifts or different shocks can be captured.
According to the State Bank of Pakistan’s (SBP) report, “The State of Pakistan’s Economy,” there are 1.3 million new entrants in the domestic labor force every year in Pakistan.
Coupled with the labor market having to deal with several shocks, including the recent COVID-related lockdowns, made rising unemployment a real risk and a real fear for the public and government alike.
Business
January 2, 2021
KARACHI: Banks have approved financing for new projects worth Rs263.8 billion under Temporary Economic Refinance Facility (TERF) by December 24, a giant leap from Rs0.5 billion by end April, hinting recovery in investment and economic activities, data showed on Friday.
“TERF has shown significant growth over the last nine months as reflected by increase in requested amount from Rs36.1 billion by end April 2020 to Rs557.6 billion by December 24, 2020 while over the same period approved financing has reached to Rs263.8 billion from Rs0.5 billion,” a State Bank of Pakistan (SBP) report on TERF performance posted on its website said. The SBP rolled out this scheme in March 2020 to help businesses fund their investment plans and expand projects in the tough time of pandemic.
Matco Foods to set up corn starch plant
Plant will be constructed at Allama Iqbal Industrial Estate at cost of Rs1.38b
Matco Foods announced on Thursday that it would set up a corn starch manufacturing plant at an estimated cost of Rs1.38 billion at a Special Economic Zone (SEZ) in Punjab while availing a five-year tax holiday.
The starch is not only used in making a number of food dishes but is also utilised in industrial manufacturing processes to produce pharmaceutical, textile goods, paper and board and adhesives.
“The board of directors in its meeting held on Thursday, December 24, 2020, approved the plan of corn starch business at the Allama Iqbal Industrial Estate SEZ, Faisalabad,” Company Secretary Danish Ahmed said in a notification sent to the Pakistan Stock Exchange (PSX).
Matco Foods to Enter Corn-Starch Business
The Board of Directors of Matco Foods Limited has approved the business plan of corn-starch business in Allama Iqbal Industrial Estate Special Economic Zone (SEZ), Faisalabad.
According to the notification submitted to the stock exchange (PSX) by the company, the board took this decision in the board meeting held on Thursday, December 24, 2020. The meeting also decided on financing the new business through a mix of debt and equity.
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The estimated cost of the plant and machinery, with a capacity of 200 tons per day of corn grinding, including equipment, will cost Rs. 1 billion. The land required and procured for the business will be 20 acres, incurring a cost of Rs. 190 million. The civil works will cost Rs. 195 million.