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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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Pound struggles to rebound in after shock British vote

HONG KONG: The pound struggled on Monday to recover from last week’s sharp losses that came in the wake of a shock British election result that has thrown the country into uncertainty. Sterling took a beating on Friday after Prime Minister Theresa May’s ruling Conservative Party lost their Westminster majority, days before it holds crunch…

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Ishaq Dar to wind up NA discussion on budget today

ISLAMABAD: The National Assembly will resume its session at the Parliament House in Islamabad today at four in the afternoon. According to the agenda, general discussion and consideration of the recommendations made by the Senate of Pakistan will be held during the session. The Finance Minister will also wind up the general discussion on the…

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10 things you should know about Qatar diplomatic crisis

1. Bahrain was the first to announce it had severed ties with Qatar on June 5. It was followed by Saudi Arabia, UAE and Egypt. 2. The reason given by the countries for severing ties with Qatar is that the gulf country supports terrorism and interferes in the internal affairs of other gulf countries. It…

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Free trade agreement with Turkey is at advanced stage: Khurram Dastgir

ISLAMABAD: Federal Minister for Commerce Engineer Khurram Dastgir Khan said Free Trade Agreement with Turkey is at advanced stage.      Chairing 6th meeting of Federal Textile Board in Islamabad, he said that Free Trade Agreement with Iran and Indonesia is under consideration. The meeting agreed to prepare proposals for market and brand focused exports. Representatives…

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Myanmar’s edible bird nest industry comes home to roost

BOKPYIN: The cries of amorous swiftlets echo around the dark room, an unlikely gold mine for traders in southern Myanmar who are cashing in on rising demand for the edible nests from China’s growing middle class. Dozens of buildings dedicated to the tiny birds have sprung up around Bokpyin in recent years, their grey concrete…

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Monthly inflation inches up 5.02 percent in May

ISLAMABAD: Consumer Price Index (CPI) on year-on-year basis during May 2017 witnessed an increase of 5.02 per cent as compared to the same month of the last year. On month-on-month basis, the inflation was recorded at a nominal increase of 0.01 per cent in May 2017 as compared to April 2017, Chief Statistician Pakistan Bureau…

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India loses fastest growing economy tag after sharp growth slowdown

NEW DELHI:  India’s gross domestic product data shocked again on Wednesday as economic growth unexpectedly slumped to its lowest in more than two years in the March quarter, stripping the country of its status as the world’s fastest growing major economy. Annual economic growth at 6.1 percent in the January-March period was even lower than…

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India’s economic growth slows to lowest in more than 2 years

NEW DELHI: India’s economic growth unexpectedly slowed to its lowest in more than two years, dragged down by construction, manufacturing and trade services, and stripping the country of its status as the world’s fastest growing major economy. Annual gross domestic product (GDP) growth for the January-March period came in at 6.1 percent, compared with a…

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EOBI disburses Rs. 17,921.699 mln from July 2016 to March 2017

ISLAMABAD: Employees Old Age Benefits Institution (EOBI) disbursed an amount of Rs. 17,921.699 million among 405,460 beneficiaries through various programmes from July 2016 to March 2017. EOBI distributed Rs. 11,278.511 million under Old-age pension programme among 248,740 million beneficiaries while Rs.6,326.908 million under survivors’s pension project among 148,829 people while Rs. 245.444 million under invalidity…

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Govt taking steps to reduce debt burden

ISLAMABAD: The government is taking steps to reduce the debt burden of the country, place the debt to GDP ratio on a firm downward trajectory and bolster macroeconomic stability. According to official sources, public debt shall be reduced to less then 60 percent of estimated GDP until 2017-18 and thereafter a 15 year transition has…

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Chinese company keen to operate buses in Karachi, other Sindh cities

KARACHI: Chinese company, Yutong Bus makers, has expressed interest to invest in inter-city and intra-city buses operations in Sindh. This was said by a 11-member delegation of Yutong Bus led by General Manager Shi Cun Tu while talking to Chairperson Sindh Board of Investment (SBI), Ms. Naheed Memon at her office here on Tuesday, said…

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Report: Govt imposes new taxes in federal budget 2017-18

The federal government has recommended new taxes worth Rs. 120 billion in the federal budget for the fiscal year 2017-18 whereas 5 to 15 percent regulatory duty has been imposed on non-essential items.

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Salient features of the budget 2017-18

ISLAMABAD: Following relief measures were announced by Finance Minister Mohammad Ishaq Dar while presenting National Budget for 2017-18 at the parliament house on Friday: 1. 10% increase will be given on the pay of all officers and Jawans as special allowance. 2. In the budget speech FY 2016-17 three allowances were merged. However, the 2008…

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10 things you should know about the Pakistan Economic Survey 2016-17

By Shahjahan Khurram ISLAMABAD: The Pakistan Economic Survey was unveiled by Finance Minister Ishaq Dar on Thursday and here are some important points that you should know about it.  1. The GDP has grown by 5.28% in the fiscal year 2016-17, the highest on over a decade.  2. The tax-to-GDP ratio for the outgoing fiscal year…

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