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 UAE Ministry of Health and Prevention (MoHAP) on Thursday said that it had conducted additional 38,000 COVID-19 tests which helped it tot trace 563 new cases.
Dubai Municipality said JBR beach, Al Mamzar, Jumeirah and Umm Suqeim beaches will open to public from Friday May 29.
Wastewater is not in any way wasted and in fact has given birth to a network of man-made lakes which have become a sanctuary for even migratory birds in Sharjah.