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.
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.
The Sharjah Debt Settlement Committee, SDSC, has approved Dhs72.28 million to settle cases for citizens in the emirate, as part of its 19th batch of payments, under the directives of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to provide a stable and decent life for the citizens.
The Dubai Criminal Court on Monday began the trial of a gang of five Asians, an Arab businessman and another (fugitive) who are facing charges of stealing cars and exporting them as spare parts.
In light of World Diabetes Day, various initiatives and awareness campaigns were held across the UAE to increase awareness among the residents about the disease.