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 presented a Rs7.13 trillion tax-free deficit federal budget in the National Assembly on Friday with its major portions allocated for debt servicing and defence.
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.
A group of students of determination took part in the ‘healthy cooking’ competition organized by the Rashid Center for People of Determination in the presence of artist Shatha Hassoun, Emirati Chef Somaya Obaid and Chef Abdul Rahman Al Shugairi.
The Dubai Public Prosecution referred a 39-year-old African sales representative to the Criminal Court on charges of bringing and possessing one and a half kilogrammes of cocaine for promotion.
The UAE Ministry of Education (MoE), represented by the Certificate Equivalency Department, has notified the Customer Happiness Centres nationwide to stop attesting certificates issued by four universities operating within the UAE, including: Al Hosn University, University of Modern Sciences, Maktoum Bin Hamdan Dental University College, and Al Jazeera University.
In his weekly tweet with the hashtag “#FlashesofLeadership,” the Dubai Ruler said, “If the needy comes to you, help him... And if the oppressed comes to you, support him... And if the owner of the idea comes to you, support him also… And if the world comes to you, listen to the world...”