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.
The Abu Dhabi Emergency, Crisis and Disasters Committee for the COVID-19 Pandemic has updated procedures to enter Abu Dhabi from within the country as part of proactive efforts to contain and eliminate the spread of COVID-19. The new procedures are effective from Sunday, 17 January.
The eagerly anticipated new season of #letsmajaz is back, and set to open at the Al Majaz Amphitheatre in Sharjah on Feb.5, with a grand celebration of the rich musical traditions of Iraq.
“The two most important days in your life are the day you are born and the day you find out why,” said the American writer Mark Twain. “Why” here refers to finding out one’s life purpose or passion.
The Information City, under the chairmanship of Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, with its strategic partner MTN inaugurates the new year 2021 by dedicating a number of humanitarian and social initiatives, as it has promised over the past fifteen years. The Information City emphasised through those initiatives its determination to continue its efforts in light of the difficult circumstances imposed by the global COVID-19 pandemic.