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KHYBER PAKHTUNKHWA BUDGET 2019-20: Rs319bn ambitious development spending planned


June 19, 2019

PESHAWAR: Khyber Pakhtun­khwa’s development outlay for 2019-20 jumped to record Rs319 billion with a big chunk earmarked for the merged tribal districts. KP Finance Minister Taimur Saleem Jhagra presented the budget in the provincial assembly, which in a historic, first also covers the erstwhile Federally Administered Tribal Areas. Out of the total development portfolio, Rs83bn has been allocated for the …

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Trade deficit shrinks amid stagnant exports


June 19, 2019

ISLAMABAD: The country’s trade deficit during first 11 months of the current fiscal year fell by 13.62 per cent to $29.207 billion compared to $33.812bn during the same period last year. The decline in deficit comes on the back of significant fall in the country’s imports as the exports have shown no improvement from the previous fiscal year despite massive …

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FBR gets details of bank accounts holding more than Rs5m


June 19, 2019

ISLAMABAD: The banks have finally shared the details of accounts having more than Rs5 million in deposits with the Federal Board of Revenue (FBR) as the tax machinery puts together multiple data sources to nab maximum tax evaders. Reporting this to the National Assembly’s Standing Committee on Finance and Revenue by FBR Chairman Shabbar Zaidi on Tuesday said the assets …

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Pakistan, World Bank sign loan agreement worth $918 million


June 19, 2019

Pakistan on Tuesday signed three loan agreements worth a total of $918 million with the World Bank. Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh witnessed the signing of the agreement between Country Director World Bank Patchamuthu Illangovan and Economic Affairs Division Secretary Noor Ahmed. The representatives of the Higher Education Commission (HEC) …

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High-powered body to draw up economic plan


June 19, 2019

ISLAMABAD: The government has formed a high-powered body also comprising military authorities to formulate development and economy-oriented policies of the country. The National Development Council (NDC) to be headed by Prime Minister Imran Khan will also have Chief of the Army Staff Gen Qamar Javed Bajwa as one of its members. The federal cabinet approved the formation of the NDC …

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Sindh Assembly begins debate on province’s budget 2019-20


June 18, 2019

KARACHI: The debate on the provincial budget began in the Sindh Assembly on Monday, which was a rare quiet day since the opposition sat on their benches patiently despite rejection of their resolution by Speaker Agha Siraj Durrani, who did it on the grounds that no other business could be taken up during discussion on budget. Before the budget discussion …

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90pc of Rs230bn uplift funds to go to ongoing projects in KP in next fiscal


June 18, 2019

PESHAWAR: The Pakistan Tehreek-i-Insaf government will present Khyber Pakhtunkhwa’s seventh consecutive budget today (Tuesday) with an outlay of around Rs900 billion. Finance minister Taimur Saleem Jhagra will unveil the budget in the provincial assembly, which is scheduled to meet at 3pm. Sources told Dawn that the budget had the highest development allocation in the province’s history of more than Rs230 …

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Consumers brace for inflationary pressure


June 18, 2019

KARACHI: A fresh wave of food inflation coupled with increase in compressed natural gas (CNG) prices has increased inflationary pressures on consumers. Moreover, the aftershocks from the persistent decline in rupee’s value are also likely to take their toll consumer’s buying power in the coming months. Some CNG outlets have also started charging Rs107 per kg of gas compared to …

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Stocks lose 404 points after four-day rally


June 18, 2019

KARACHI: The stock market snapped the four-session gaining streak and reverted to the negative territory. On Monday, the KSE-100 index lost 404.13 points (1.14 per cent) and closed at 35,168.82. It wiped off minor gains of 68 points (0.19pc) that the index had accumulated the previous week as a result of market’s oversold position. The market started out in the …

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Senate committee rejects key budgetary proposals


June 18, 2019

ISLAMABAD: A key parliamentary panel on Monday rejected a number of crucial budgetary measures including the treatment of mis-declaration of value of imports and exports as money laundering with 10-year imprisonment and giving powers to prime minister, instead of the federal cabinet, to appoint judges of customs courts. While discussing the Finance bill 2019, the Senate Standing Committee on Finance, …

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