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Net borrowings increase by seven percent in FY2016-17

ISLAMABAD: The net borrowings by the government witnessed increase of 7 percent during the outgoing fiscal year 2016-17, the Senate Committee on Finance Revenue, Economic Affairs, Statistics and Privatization was informed Wednesday. The committee meeting, chaired by Saleem Mandviwalla, was attended among others by Senators Ilyas Ahmad Bilour, Muhamamd Mohsin Khan Leghari, Mohsin Aziz and…

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Ishaq Dar says customs procedures are being improved

ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar said Tuesday that comprehensive measures were being taken to improve and upgrade customs procedures in Pakistan in line with international standards. The Minister was talking to Visiting Secretary General, World Customs Organization (WCO), Kunio Mikuriya who called on him here Tuesday. Dar said that the government has also…

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Ishaq Dar says improved security attracting int’l investors

ISLAMABAD: Finance Minister Ishaq Dar has said the improved security situation in the country has attracted a number of international companies and investors to explore business opportunities in Pakistan. He said this while chairing a meeting to review matters related to financial requirements of Pakistan Air Force in Islamabad. Ishaq Dar assured the government will…

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Govt making efforts to revive economy: President Mamnoon

ISLAMABAD: President Mamnoon Hussain said the government is giving equal importance to the revival of economy and elimination of the menace of terrorism.       He was addressing a function hosted by Lahore Chamber of Commerce and Industry in Islamabad. The President said Pakistan has entered into a bright period of economic progress due to prudent…

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JIT aftershocks: Bears continue rule over PSX

KARACHI: The aftershocks of Panama Papers JIT report against Prime Minister Nawaz Sharif continued to influence Pakistan Stock Exchange (PSX) for the third consecutive day on Wednesday. According to our correspondent, the benchmark PSX-100 Index plunged 1000 points as the day’s trading commenced. Within minutes of the market opening, the benchmark KSE-100 index plunged over…

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PSX 100-index sheds 1800 points

KARACHI: The factors of Panama Papers JIT report against Prime Minister Nawaz Sharif proved to be negative for Pakistan Stock Exchange on Tuesday as the benchmark PSX-100 Index plunged 1,800 points, Samaa reported. From outset of the trade, the PSX saw bears rule the bourse under factors of uncertainty and panic, a day after JIT’s…

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Pakistan, Turkey to sign FTA to enhance bilateral trade

ISLAMABAD: Pakistan and Turkey will sign Free Trade Agreement on 14th of next month to enhance bilateral trade. Telling to a local news agency, a senior official of Ministry of Commerce said that the two countries reached the agreement in the seventh round of negotiations. He said that the two sides also discussed the specific…

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Ishaq Dar says foreign investors are keen to invest in Pakistan

ISLAMABAD: Finance Minister Ishaq Dar has lauded the role of United Nations for its cooperation in development programs in Pakistan. He was talking to the United Nations Executive Secretary for Asia and Pacific Dr Shamshad Akhtar, who called on him in Islamabad on Friday. During the meeting, Dr Shamshad Akhtar apprised the Finance Minister of…

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Trump and Putin find chemistry, draw criticism in first meeting

HAMBURG: In a meeting that ran longer than either side had planned, U.S. President Donald Trump and Russia’s Vladimir Putin discussed alleged Russian meddling in the U.S. election on Friday but agreed to focus on better ties rather than litigating the past.

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We are being held accountable since 1972, says Nawaz

ISLAMABAD: Prime Minister Nawaz Sharif has said that that they are being held accountable since 1972, Samaa reported. Speaking to media persons upon his return to the country from Tajikistan on Thursday, PM Sharif said that conspiracies are being made against the federal since the sit-ins in 2014 came to an end. He added that…

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Rise in dollar value to be thoroughly probed: Ishaq Dar

ISLAMABAD: Voicing concerns over the recent depreciation of Pakistani rupee, Federal Finance Minister Ishaq Dar said the recent sharp uptick in dollar value is beyond his comprehension. Addressing a press conference here, “Previously, I considered it mere speculations hinged on the country’s political circumstances.” Dar said he had convened a meeting of presidents of the…

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SBP vows stability in financial markets at all costs

KARACHI: The State Bank of Pakistan said it will continue to closely monitor developments in the foreign exchange markets and ensure stability in the financial markets. In a statement, the Bank said the current exchange rate is broadly aligned with the economic fundamentals. It said the Pakistani rupee-US dollar exchange rate in the inter-bank market…

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Indian cinemas shut in tax protest

New Delhi: More than 1,000 cinemas in the Indian state of Tamil Nadu have closed in protest at a hike in taxes after the government introduced a nationwide levy. Movie theatres in the southern state darkened their screens from Monday, saying a state tax of 30 percent on tickets on top of the new national…

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SBP announces bank holiday on July 3

KARACHI: The State Bank of Pakistan will remain closed for public dealings on July 3, 2017 (Monday) which will be observed as Bank Holiday. All banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) shall, therefore, remain closed for public dealings on the aforesaid date. However, all employees of the banks / DFIs /…

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US to aid Rs19b to Pakistan to boost economic opportunities

ISLAMABAD: The United States will provide nineteen billion rupees to Pakistan to create economic opportunities in Pakistan and pursue economic and political reforms. A press release issued by the US Embassy said the assistance will be given to Pakistan under US-Pakistan Enhanced Partnership Agreement signed recently by the US Agency for International Development and the…

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IMF lauds Pakistan’s economy with favorable outlook

ISLAMABAD: The International Monetary Fund has termed Pakistan’s economic outlook as “favorable” with improved availability of energy, and growth-supporting structural reforms. According to latest report released by IMF, confidence of investors in Pakistan is growing as its economy has stabilized after completing a bailout program. It cited Chinese infrastructure investments as one of the reasons…

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Balochistan, AJK governments unveil deficit budgets

KARACHI: The Balochistan and Azad Jammu and Kashmir government have unveiled their budgets showing a hefty deficit. The Balochistan government plans to spend Rs328.5 billion on its operations and infrastructure development in the province during the next financial year despite a much smaller estimated resource envelope of Rs.276.4bn, showing a hefty deficit of Rs52.1bn or…

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Pakistan to be part of elite club of G20 by 2030: Ishaq Dar

ISLAMABAD: Minister for Finance Muhammad Ishaq Dar said Pakistan will be part of elite club of leading world economies G20 by 2030. He was speaking at a contract signing ceremony of “Broadband for Sustainable Development Projects and National Incubation Centres”. He said Prime Minister Nawaz Sharif put the country on the path to sustainable development….

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Balochistan, AJK budgets to be presented today

QUETTA/ MUZAFFARABAD: Balochistan and Azad Kashmir budgets for next fiscal year will be presented today. Balochistan budget for fiscal year 2017-18 with a total outlay of 321.67 billion rupees will be presented in Balochistan Provincial Assembly in Quetta. Meanwhile, the AJK budget for the next fiscal year will be presented in the Legislative Assembly in…

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Video: Cows and buffaloes being distributed

Cows and buffaloes are being distributed among the deserving women to boost dairy farming in Punjab. Cattle are being provided to the women through draw by Punjab’s department of livestock. Watch the video report.

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National Assembly to begin session today

ISLAMABAD: The National Assembly will resume its session at the Parliament House in Islamabad on Tuesday at three in the afternoon. According to the agenda, the House will bring under the discussion the recommendations made by Senate. Finance Minister Ishaq Dar will also wind up general discussion on the budget for next fiscal year in…

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