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Bridging The Gap
Centre uses petrol levy to cut share of provinces Centre uses petrol levy to cut share of provinces
In a bid to contain transfer of fiscal resources to provinces without undermining the Constitution, the Centre has decided to use petroleum levy as a tool to earn Rs480 billion by imposing an inflationary Rs30 per litre levy on all petroleum products. By increasing the rate of the levy, the government will smartly generate Rs480 billion in extra revenues, besides addressing the issue of sharing...
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PML-N announces historic sixth budget PML-N announces historic sixth budget
After a ruckus in the National Assembly and a walkout by the opposition, Dr Miftah Ismail, the day-old finance minister of Pakistan, announced the budget for fiscal year 2018-19. The speech was preceded by a commotion with leader of the opposition Syed Khursheed Shah criticising the government for announcing the budget as its tenure is due to end next month. Ismail, who was earlier the Board...
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Khawaja Asif disqualified for life by Islamabad High Court Khawaja Asif disqualified for life by Islamabad High Court
In another blow for the Pakistan Muslim League-Nawaz (PML-N), the Islamabad High Court on Thursday disqualified Foreign Minister Khawaja Asif under Article 62 (i) (f) of the Constitution for the non-disclosure of his employment as an occupation and the monthly salary he was receiving. ďThese ought to have been truly declared in the nomination paper of, at best, when the statement regarding fore...
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US diplomat placed on 'blacklist' for killing Islamabad motorcyclist US diplomat placed on 'blacklist' for killing Islamabad motorcyclist
The Ministry of Interior on Tuesday placed the name of US diplomat Colonel Joseph Emmanuel Hall on the blacklist, prohibiting the US defence and air attache from leaving the country. The revelation came during a hearing at Islamabad High Court (IHC) after a petition was filed by the father of the deceased. Representing government, Deputy Attorney General Raja Khalid Mehmood informed the cou...
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Govt injected $7b to keep rupee overvalued in recent years Govt injected $7b to keep rupee overvalued in recent years
The PML-N government has pumped $7 billion into defending the overvalued rupee against the US dollar in recent years, claimed a member of the Economic Advisory Council (EAC) while seeking action against the people responsible for the spending. Neither State Bank of Pakistan (SBP) Governor Tariq Bajwa nor Adviser to Prime Minister on Finance Dr Miftah Ismail contested the claim made by Dr Abid H...
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Current account deficit increases and so do Pakistanís worries Current account deficit increases and so do Pakistanís worries
Pakistanís current account deficit continued to expand, adding to the worries of economic managers as the gap widened 50.6% year-on-year to $12.03 billion in the nine months of the current fiscal year. The State Bank of Pakistan (SBP) reported that the deficit now stands at over $12 billion during July-March, just shy of last-yearís 12-month figure of $12.62 billion. The nine-month deficit for ...
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Pakistan to launch dollar-based savings certificates for overseas residents Pakistan to launch dollar-based savings certificates for overseas residents
The government is all set to launch for the first time dollar-based savings certificates for overseas Pakistanis at a time when the countryís foreign exchange reserves are dwindling fast. ďNon-residents are expected to invest $500 million to $1 billion in savings certificates over the next one year,Ē Central Directorate of National Savings (CDNS) Director General Zafar Masud told media on the s...
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Diamer-Bhasha dam gets go-ahead at last Diamer-Bhasha dam gets go-ahead at last
Pakistan on Tuesday gave a final go-ahead to the construction of Diamer-Bhasha dam at an estimated cost of Rs474 billion aimed at increasing the countryís depleting water storage capacity. Headed by Prime Minister Shahid Khaqan Abbasi, the Executive Committee of the National Economic Council (Ecnec) approved five mega projects at the total cost of Rs504 billion. The Central Development Worki...
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Pakistanís National Development portfolio faces cut of Rs350b Pakistanís National Development portfolio faces cut of Rs350b
ISLAMABAD: Pakistanís National Development portfolio for the new fiscal year faces an allocation cut of Rs350 billion or nearly 17% due to shrinking fiscal space and approval of a new armed forces development plan. The Annual Plan Coordination Committee (APCC) recommended on Monday a Rs1.763-trillion National Development Budget for fiscal year 2018-19 to the National Economic Council, as agai...
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Article 62: Disqualification is for life, SC rules in historic verdict Article 62: Disqualification is for life, SC rules in historic verdict
ISLAMABAD: In a historic verdict set to alter the nationís political landscape, the Supreme Court (SC) on Friday ruled that disqualification under Article 62(1)(f) of the Constitution was for life. ďA person shall not be qualified to be elected or chosen as a member of Majlis-e-Shoora (Parliament) unless-Öhe is sagacious, righteous and non-profligate, honest and ameen, there being no declarat...
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