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Islamabad to seek US waiver for Iran pipeline


March 26, 2024

ISLAMABAD: The newly elected governm­ent has decided to seek exemption from potential US sanctions against Pak­istani entities to be inv­olved in the construction of Pak-Iran gas pipeline. “We will seek exemption from US sanctions. Pakistan cannot afford sanctions in the gas pipeline project,” Minister for Petroleum Dr Musadik Malik told journalists during an informal chat on Monday evening. This is …

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PM for action to identify tax evaders, enforce tracing system


March 26, 2024

ISLAMABAD: Prime Minister Shehbaz Sharif while taking notice of delays in the implementation of Trace and Track System (TTS) in tobacco, sugar, cement and fertilizer industries on Monday ordered immediate action against tax defaulters and evaders. The premier issued directives to the authorities concerned to form a committee to identify the hurdles in the implementation of TTS and those involved …

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Industry sends SOS amid heavy influx of Iranian oil


March 26, 2024

ISLAMABAD: The increasing scale of smuggling of petroleum products has brought the country’s oil supply chain — from import to refineries and from marketing companies to pipeline transport network — to its knees. With a massive drop in registered sales, the country’s oil industry has sought emergent action from the prime minister and other state agencies to stop the smuggling …

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CM Maryam meets finance minister, vows to fix economy


March 26, 2024

LAHORE: Punjab Chief Minister Maryam Nawaz Sharif met Finance Minis­ter Muhammad Aurangzeb on Monday and vowed to pull the country out of the current economic crisis. She said the finance minister will make people-friendly decisions for the economic turnaround. “To­­gether, we will pull Pakis­tan out of the economic crisis,” Ms Sharif said. Later, Defence Minister Khawaja Asif also called on …

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New IMF deal to unleash tsunami of inflation, warns PTI


March 26, 2024

ISLAMABAD: Adviser to the Khyber Pakhtun­khwa chief minister on finance Muzzammil Aslam on Monday raised an alarm, warning that the new IMF bailout package, laced with “harsh conditions”, would unleash a tsunami of inflation and exacerbate public suffering. The PTI leader suggested the government refrain from hastily signing an agreement with the lender and instead involve the federating units to negotiate …

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The perennial economic woes


March 25, 2024

In eight months and one week of this fiscal year — between July 1, 2023, and March 8, 2024 — the federal government’s budgetary borrowings from commercial banks more than doubled to about Rs4.2 trillion from Rs2.01tr. Meanwhile, the private sector’s net borrowings slumped to Rs73 billion from Rs246bn. Want to know more about why banks and bankers generally remain …

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Beijing told it faces ‘fork in the road’ as China Development Forum opens


March 25, 2024

BEIJING: China needs to “reinvent itself” with economic policies to speed resolution of its property market crisis and boost domestic consumption and productivity, the International Monetary Fund’s Managing Director Kristalina Georgieva said on Sunday. “China faces a fork in the road rely on the policies that have worked in the past, or reinvent itself for a new era of high-quality …

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Dar hopes PIA’s UK operations to resume soon


March 25, 2024

LONDON: Foreign Mini­ster Ishaq Dar has said PIA flights to the UK will res­ume “in weeks, not months”, and that he took up the matter of banned flights of the national carrier with British government officials here over the weekend. Mr Dar made this anno­uncement during a brief visit to London on his ret­urn from Brussels, where he attended the First Nuclear …

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Caretakers hiked project costs by 30pc before exit


March 25, 2024

ISLAMABAD: Just before the end of its tenure, the caretaker government allowed a cost escalation of about 30pc to “ongoing contracts” of hundreds of development projects, financed under the Public Sector Development Programme (PSDP) of the federal government. The country’s large development portfolio has always been subject to time and cost overruns, leading to repeated revisions in financial costs, besides …

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PM wants foolproof security for Reko Diq workers, logistics


March 25, 2024

ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to ensure foolproof security for workers of the Reko Diq gold and copper mining project and for the logistics and transport from the project’s site to Gwadar port. Mr Sharif issued the directive while chairing a meeting on the Reko Diq project in Lahore, the PM Office said in a statement on Sunday. A delegation from …

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