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Canada goes deeper into debt to compete with Trump tax cuts

Ottawa (Web Desk) In a fiscal update on Wednesday Canada’s finance minister ditched a promise to balance the budget next year, and instead rolled out measures to help companies compete with the United States. The delivery of Can$17.6 billion (US$13.3 billion) in new spending and forgone revenue over six years …

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No more hike in power tariff ‘soon’, says minister

ISLAMABAD (Web Desk) Power Minister Omar Ayub Khan on Tuesday said the government would not further increase electricity tariffs “soon” on the demand of the International Monetary Fund (IMF). Talking to the media after a consultative session on the proposed renewable energy (RE) policy, he said the government had only recently …

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Talks on bailout package with IMF inconclusive

ISLAMABAD (Web Desk) Talks remained inconclusive between the International Monetary Fund (IMF) and the government of Pakistan for a bailout needed to build reserves and avert the possibility of a balance of payments crisis. A late night press release issued by the Fund said that “[o]ur dialogue with the Pakistani authorities …

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Iran Eyes $20bln Trade with Iraq

Tehran (Web Desk) Iranian President Hassan Rouhani said Iran and Iraq can increase their annual trade from the current $12 billion to $20 billion. Speaking at a joint press conference with his Iraqi counterpart in Tehran on Saturday, Rouhani said the value of trade and economic interaction between Tehran and …

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PIA, Steel Mills, Railways not to be privatised

ISLAMABAD (Web Desk) The Pakistan Tehreek-i-Insaf (PTI) government has decided not to privatise, instead revive, 195 ‘sick’ state enterprises and ordered bureaucrats to deliver on its policies within six months to secure their three-year term in office. In a federal cabinet meeting chaired by Prime Minister Imran Khan on Thursday, two …

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FBR scheme for late filers of tax returns

ISLAMABAD (Web Desk) The Federal Board of Revenue has asked over one million late filers of tax returns to pay penalty or higher tax for automatic closure of audit proceedings. The late filers of returns for tax years 2015, 2016 and 2017 were selected for audit under Section 214D of the …

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IMF wants end to govt’s role in power tariff determination

ISLAMABAD (Web Desk) Appreciating the role of China-Pakistan Economic Corridor (CPEC) in addressing energy shortages, the International Monetary Fund (IMF) has asked the government to give up its powers on notification of electricity rates, determined by the National Electric Power Regulatory Authority (Nepra), as a key tool to end repeated emergence …

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State Bank of Pakistan warns against fake calls

KARACHI (Web Desk) The State Bank of Pakistan (SBP) has taken serious notice of fake calls being received by the banking customers, warning them not to provide any information on phone calls. “The SBP advises people not to share personal information like CNIC or bank account number, password etc on fake …

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FBR policy, administrative functions to separate in 100 days, IMF assured

ISLAMABAD (Web Desk) The government on Tuesday promised the International Monetary Fund (IMF) to separate policy and administrative functions of the Federal Board of Revenue (FBR) within first 100 days of its tenure and undertake a full-fledged effort for maximum recovery of more than Rs2 trillion tax and power dues. In …

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IMF questions revenue, power sector losses

ISLAMABAD (Web Desk) With primary focus on containing fiscal deficit, Pakistan and the International Monetary Fund (IMF) on Monday began policy discussions on economic and fiscal adjustments required to ensure a fresh fund programme worth around $6 billion. A senior government official said a draft Memorandum of Economic and Financial Policies …

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