Pakistan’s State Minister for Revenues Hammad Azhar presented budget 2019-20 in National Assembly on Tuesday.
The UAE’s US$3 billion deposit with the State Bank of Pakistan has contributed to alleviating the country’s financial crisis and easing pressure on foreign exchange reserves, according to Pakistan’s State Minister for Revenues.
Hammad Azhar made the remarks on Tuesday as he presented to the National Assembly Pakistan’s general budget with a total outlay of Rs 7.022 trillion for the fiscal year 2019-20, registering a growth of 30 per cent against the revised budget of Rs 5.385 trillion for current fiscal year .
The minister underlined the importance of the financial aid received by his country from Saudi Arabia, which totaled $6.00 billion, and the UAE, as well as $6.00 billion from the International Monetary Fund, which, he said, have all helped stabilise Pakistan’s economy in general and the rupee in particular.
Glenn Maxwell missed a hundred by 2 runs as Australia defeated Pakistan by six runs in the fourth one-day international in Dubai on Friday to take 4-0 lead in the five-match series.
Pakistan Prime Minister Imran Khan’s government vowed to collect more taxes and make cuts in spending in a closely watched budget presented to parliament Tuesday, weeks after reaching a deal with the IMF for a $6 billion bailout.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Recent measures in Pakistan to widen the tax net, initiating a number of proposals like an amnesty scheme to allow people to declare their ‘unknown’ assets, and changes in tariff in many services and products, have created confusion among the Pakistani expatriates in the UAE.
President Donald Trump signed his name Wednesday on a newly constructed section of the US-Mexico border wall, calling it a “world-class security system” that will be virtually impenetrable.
Parts from the stricken plane, which was not carrying weapons and was flying from Belgium to a French base on a training mission, crashed into houses in the Morbihan region around the town of Pluvigner. No one on the ground was hurt.
"The pilot and the co-pilot were able to eject before the crash. They were both located and are alive," the office of the state representative for the region said in a statement.
"Pakistan fully supports the kingdom with all its capacities in confronting these sabotage acts," the state news agency cited him as saying during a meeting with Saudi Crown Prince Mohammed Bin Salman, in the Red Sea port city of Jeddah.