TEVTA decides short courses for industrial workers

FAISALABAD (APP): Technical Education and Vocational Training Authority (TEVTA) has decided to offer short courses for the uneducated and illiterate industrial workers. TEVTA spokesman told here on Thursday that TEVTA was working with an ambition to provide training manpower to the industrial sector but a large number of industrial workers were illiterate and uneducated due to which they could not get admission in the TEVTA Courses. The TEVTA has also decided to offer short courses to those industrial workers who have no education at all but are working in industrial units for the last many years, he added.He said that the eligibility for these short courses will be only two years experience in any kind of industrial work.

, adding that paper work in this regard is being completed rapidly to launch this project as early as possible.

Thaver appointed as Director Advans Bank

karachi (Staff Reporter): The State Bank of Pakistan has approved the appointment of Zulfikar Thaver as independent director of Advans Pakistan Microfinance Bank Ltd. Thaver a member of the National Committee of SMEs (NCSMEs) and president of the Union of Small and Medium Enterprises (UNISAME) has been working passionately for the sector since the last 14 years and will surely be an asset to the bank said Tariq Baluch the chief executive officer of the bank. Advans Pakistan MFBL was incorporated as a public limited company under the Companies Ordinance, 1984 on April 17, 2012 and was granted licence by the State Bank of Pakistan on June 28, 2012 to operate as microfinance bank in the province of Sindh.

The Bank’s aim is to provide microfinance banking and related services to the poor and underserved segment of the society as envisaged under the Microfinance Institutions Ordinance, 2001. As a registered microfinance bank, Advans Pakistan MFBL offers range of financial services to micro, small and medium-sized enterprises (MSMEs): Loans to MSMEs from PKR 10,000 to PKR 500,000.

SECP forms body to resolve insurance-related disputes  

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has approved the publication of proposed rules, envisaging the formation of committees for resolution of small disputes between the insurers and the policyholders. Through these rules, three committees will be formed in Islamabad, Lahore and Karachi, and each committee shall consist of three members, i.e. a senior chartered accountant, a lawyer and a representative of the Insurance Association of Pakistan (IAP). The purpose of these rules is to provide maximum relief to the insurance policyholders or their legal heirs in case any dispute arises between them and the insurers.

At present, there are two other grievance forums to redress complaints of the policyholders, which are the federal insurance ombudsman and the insurance tribunals.

Amid many other developmental initiatives of the SECP for the insurance industry, a need was felt to reconstitute the existing dispute resolution committee with adequate powers and enhanced jurisdiction with respect to the sum insured of the disputed insurance policy,

The SECP is sure that the reconstitution of the dispute resolution committees will complement the existing grievance-resolution forums (ombudsman and tribunals). The outreach of these forums will be expanded, and the aggrieved policyholders will have a fast-track and free-of-cost remedy to their grievances right on their doorstep.

The SECP said it would greatly appreciate the public’s feedback to improve the proposed rules.

Pakistan’s economy growing due to govt’s efforts: UN report

ISLAMABAD (APP): “Economic growth of Pakistan is expected to improve in the coming years, partly due to government’s major efforts to address electricity shortages and other infrastructural bottlenecks.      “There is urgent need to make this growth more inclusive and broad-based by spreading its benefits to all parts of the country and segments of society”, said former Chief, Economic and Social Commission for Asia and the Pacific (ESCAP) Macroeconomic, Policy and Analysis Section,Dr. Muhammad Hussain Malik,while addressing launching ceremony of the “ESCAP 2015” here on Thursday. While Executive Director, SDPI Dr. Abid Qaiyum Suleri,Dean School of Social Sciences at NUST Professor Ashfaque Hasan Khan also addressing the ceremony.

The survey titled Making Growth More Inclusive for Sustainable Development shows that growth in the region’s developing nations will increase only slightly, to 5.9 per cent in 2015 from 5.8 per cent last year.

According to survey in Pakistan, economic growth picked-up to 4.1pc in 2014 from average of 3.7pc in the previous 3 years and growth is expected to rise to 5.1pc in 2015.

Survey report said that inflation is on the decline and budget deficit is being contained and foreign exchange reserves have significantly improved and market confidence in Pakistan’s outlook seems to have improved.

In April 2014, the country issued Sovereign bonds in international markets for the first time in seven years and it was oversubscribed,survey said.

While Executive Director, Sustainable Development Policy Institute (SDPI),Dr. Abid Qaiyum Suleri said that for growth to catalyse sustainable development it is crucial to achieve macro-economic stability and to distribute its benefits at micro level.

Renowned scholar Professor Ashfaque Hasan Khan emphasized the need to readjust the country’s fiscal and monetary policy to revive inclusive growth.

Launching the Survey in Bangkok, Dr. Shamshad Akhtar, UN ESCAP Executive Secretary emphasized the need to promote quality growth and shared prosperity in the region, calling on regional policy makers to integrate and mainstream inclusive growth by adopting a mixed set of measures to achieve better social and environmental outcomes to enhance public welfare.

The Economic and Social Survey of Asia and the Pacific has been monitoring regional progress, providing cutting-edge analyses and guiding policy discussion to support inclusive and sustainable development in the region since 1947.

Punjab approves Rs740.5m irrigation scheme

LAHORE (INP): The Provincial Development Working Party Punjab approved development scheme of Irrigation Sector with an estimated cost of Rs. 740.537m. This scheme was approved in the speical meeting of Provincial Development Working Party (PDWP) of current fiscal year 2014-15 presided over by the Punjab Chairman P&D Board Irfan Elahi. Provincial Secretary P&D Waseem Ajmal, Members of the PDB, and other senior representatives of the relevant Provincial Departments also attended the meeting. According to Spokesman for P&DD, the approved development scheme included: enhancing capacity of Nullah Bhed and Laila Drain in District Sheikhupura at the cost of Rs 740.537 million.