Tag Archives: condition

To stay within the $ 6 billion IMF program, Pak is over-targeting tax cuts | Instant News


ISLAMABAD: In an effort to fulfill IMF‘s condition With regard to the $ 6 billion (Rs 917 billion) ‘surcharge’ arrangement for Pakistan, Imran Khan’s government has committed to increasing taxes to nearly 2.8% of its GDP (Rs 1.272 trillion), granting no new tax exemptions or amnesties. , and raised electricity rates by nearly Rs 5 per unit in the remaining three months of the current financial year to continue the EFF that was discontinued last year.
While acknowledging that the tax revenue target for the current fiscal is “unattainable”, the government has committed to targeting Rs 5,963 trillion for the next budget, compared to the revised target of Rs 4,691 trillion for the current fiscal.
Documents published by the IMF on Thursday at its second, third, fourth and fifth review of the EFF which ended last month reveal that the government has set ambitious targets for revenue increases. The document also suggests raising levies on petroleum products to a maximum level (Rs 30 per liter) this year and next year to raise around Rs 510 billion this year rather than the budgeted target of Rs 450 billion.
In the agreement, Pakisatan will also reduce this year’s development program to Rp1.169 trillion from the budgeted target of Rp1.324 trillion.
The government has also given the ability to make gas tariff adjustments and does not consider future tax exemptions or tax amnesty.
In addition, the government has committed to ensuring transparency of its Covid-related spending. It said information about the contracts awarded and beneficial ownership would be uploaded on a publicly accessible website at the end of April, adding that the procurement of Covid-related supplies and payments would be audited by the Auditor General of Pakistan and published in the finance ministry. website also at the end of April.
Pakistan will meet various conditions within six months to stay within the $ 6 billion IMF program, but its economic resilience still hinges on the survival of $ 11 billion in China.
This condition is one of 11 actions that the government will take in September this year. They are in addition to five previous actions taken to convince the IMF board to approve the case. They include the introduction of a mini budget of Rs140 billion, an increase in electricity prices of Rs 4.97 per unit from December 2020 to January 2021 due to quarterly and annual rates, introduction of amendments to State Bank of Pakistan (SBP) Act, and approval of a circular debt management plan by the cabinet.
According to the IMF, Pakistan’s gross foreign financing needs – the funds needed to pay off foreign loans and finance its imports – amount to $ 27 billion over the next 12 months. These financing needs, said the IMF, will be met with support from China $ 10.8 billion, UAE $ 2 billion, World Bank$ 2.8 billion, that is G20$ 1.8 billion worth of initiatives, Asian Development Bank$ 1.1 billion, and Islamic Development Bank$ 1 billion, Pakistan tells the IMF.

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Committee formed to improve the conditions of the graves: Administrator | Instant News


KARACHI – Karachi administrator Laeeq Ahmed said on Monday that a management committee was being formed to improve burial conditions in the metropolitan city.

“The involvement of social and welfare organizations in cemetery management will improve the overall situation,” the Administrator expressed this view while speaking at a meeting at the cemetery where representatives from various Karachi social and welfare organizations participated.

He said that in the first phase, work would start on the six cemeteries which would be expanded to the whole city gradually.

Senior Coordination Director Khalid Khan, Director Land Tariq Siddiqui, Cemetery Director Iqbal Pervez, Senior Manager Al-Khidmat Manzar Alam, JDC Secretary General Zafar Abbas, Yahya Attari from Faizan Global Foundation, Rehan Yaseen and Faheem Anwar from Alamgir Welfare Trust, Arif Jamali and Sajjad from Chhipa Welfare President of Sunni Ittehad Council Khalid Noor and others also attended the occasion.

Laeeq said a management committee should be formed to oversee funeral affairs. The committee will also formulate procedures for issuing certificates, he said.

Committee members will provide services to every citizen without discrimination and will provide all possible facilities to citizens who come to the cemetery for the burial of their loved ones and relatives, he said.

The first six graves include Sakhi Hassan Cemetery, Mohammad Shah Karachi North Cemetery, Issa Nagri Cemetery, Colony Model Cemetery, Tariq Street Cemetery and Al-Noor Cemetery where the situation will radically change once the management committee takes over.

Ahmed said efforts would be made to persuade residents not to insist on burying their loved ones in the cemetery where the bodies were already buried.

In the debriefing on this occasion, the Director of the Tombs Iqbal Pervez said, there were 203 graves in the city, 89 other public graves, while 39 were registered and 50 were not registered. Among the graves listed are 11 in the Central district, two in the East, 13 in the West, 9 in Malir and 4 in Korangi.

Pervaiz said: “Even though most of these graves are full, his relatives insist that burials should take place in a specific cemetery. The situation has changed due to the COVID-19 outbreak and an increase in the death rate. “

The Karachi administrator said that apart from the construction of a new grave, the condition of the existing cemetery must also be improved because it will solve many problems for the residents.

Ahmed said that it is very commendable that the social and welfare organizations working in the city have reached out to help improve the conditions of the graves.

“These organizations are aware of the burial situation in different parts of the city. Their cooperation in this work will be important, “he said.

The administrator warned that the mafia would not be allowed at funerals, adding that citizens have the right to a place at the cemetery at a fair price for the burial of their loved ones. One window operation is introduced in this case.

He said that the issuance of a certificate after being buried in a grave is also an issue that will be worked out through the executive committee to formulate a strategy, in which all rules and regulations will still be considered. Ahmed hopes that the work, which started with 6 cemeteries in the city, will gradually expand to the rest of the city and people will not face any difficulties for the burial of their loved ones in the future. “This is one of the main responsibilities of local agencies to manage funeral affairs and Karachi Metropolitan Corporation (KMC) will fulfill all of its responsibilities in this regard,” he concluded.

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The DMX rapper ‘survived’ in the ICU after a drug overdose | Instant News


Rapper DMX has been hospitalized and is in critical condition after experiencing an overdose. Video / Getty

The DMX Grammy-nominated rapper, real name Earl Simmons, remains in a New York hospital in dire straits following a heart attack triggered by a drug overdose.

Despite yesterday’s reports that he is now breathing on his own, that’s still untrue and the rapper remains in a life-support condition and in critical condition.

His family has been allowed to visit him in recent hours, but DMX reportedly remains unresponsive and with “little brain activity”.

TMZ reports DMX received visits from his fiancé, Desiree Lindstrom, and his mother, Arnett Simmons, who were able to see him in ICU because he was “alive”.

The DMX rapper speaks during the 2012 Rock the Bells Festival press conference and the Fan Appreciation Party at the Santos Party House on June 13, 2012 in New York City.  Photo / Getty Images
The DMX rapper speaks during the 2012 Rock the Bells Festival press conference and the Fan Appreciation Party at the Santos Party House on June 13, 2012 in New York City. Photo / Getty Images

Musicians and other celebrities have used social media to send congratulations to the rapper and ask the world to “pray for DMX”.

“Prayers to DMX and their family,” wrote Missy Elliott on Twitter.

Another celebrity chorus joined the congratulations, as the rapper has remained in serious condition since being hospitalized on Friday (US time).

The 50-year-old rapper, who has fathered 15 children, remains at the White Plains hospital in New York.

DMX has previously opened up about his addiction to cocaine, which started when he was 14 after he smoked marijuana laced with the drug.

The rapper rose to stardom in the early 1990s, with his debut album It’s Dark and Hell Is Hot in 1998, which received critical acclaim and commercial success, selling 251,000 copies in its first week of release.

Since then she has topped the charts many times, in the US and around the world.

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The economy is much better than 2018: Hammad | Instant News


ISLAMABAD: Finance and Federal Revenue Minister Hammad Azhar said despite the challenges, the country’s economy is in a much better shape than it was in 2018 when the incumbent government took power.

Speaking in a joint direct call session with Prime Minister Imran Khan, the federal minister said there were undoubtedly challenges but there were a sea of ​​differences between Pakistan in 2018 and Pakistan today. He said in 2018, the country was on the verge of default but today Pakistan, even after the COVID-19 outbreak, is moving forward on a path of growth and progress in a way that is better and way ahead of growth forecasts.

He said that in 2018, economic indicators were in a worse condition and could not be disseminated to the public through the media because of the negative impact. “If we talk openly with people about this indicator, it will create a crisis in the currency market and stock market,” he said, saying that the country was almost on the verge of default.

Foreign reserves are running low and the remaining US $ 7 to $ 8 billion, which is in Bank Negara, is a reserve based on short-term loans that must be paid back in two to three months. In this condition, continued the Minister of Finance, the government must make difficult decisions and must devaluate the currency and raise interest rates. After that these decisions started to pay off and the historic current account deficit, which was inherited by the government, turned into a surplus after 17 years.

After that the world organizations, which had previously downgraded the economy, began to upgrade it one year after the incumbent government took power. He said that in the midst of a successful economic recovery journey occurred when the COVID-19 pandemic hit the world and contracted the economy by 5 to 10 percent including in India, Britain and other countries.

However, he said, Pakistan is witnessing a contraction of only 0.4 percent in economic growth due to prudent government policies that take the right decisions at the right time to save people’s lives as well as their livelihoods.

“We are moving forward with the right strategy and not following Western policies blindly and our economy contracted only 0.4 percent and that too recovered very early,” he added.

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Economic conditions are much better than 2018, claims Hammad Azhar | Instant News


ISLAMABAD – Minister of Finance and Federal Revenue, Hammad Azhar on Sunday said despite the challenges, the country’s economy is in a much better shape than it was in 2018 when the incumbent government took power.

Speaking in a direct call session with the Prime Minister, Imran Khan, the federal minister said there was undoubtedly a challenge but there were a sea of ​​differences between Pakistan in 2018 and Pakistan today.

He said, in 2018, Pakistan was on the verge of default, but now Pakistan, even after the Covid-19 outbreak, is moving forward on the path of growth and progress in a way that is better, and way ahead of growth forecasts.

He said that in 2018, economic indicators were in a bad condition and could not be disseminated to the public through the media because of the negative impact.

“If we talk openly with people about this indicator, it will create a crisis in the currency market and stock market,” he said, saying that the country was almost on the brink of default.

Foreign reserves are running low and the roughly $ 7 to $ 8 billion in the State Bank of Pakistan (SBP) is reserves based on short-term loans, which must be paid back in two to three months.

In this condition, continued the Minister of Finance, the government must make difficult decisions and must devaluate the currency and raise interest rates. After that these decisions started to pay off and the historic current account deficit, which was inherited by the government, turned into a surplus after 17 years.

After that the world organizations, which had previously brought down the economy, began to increase it one year after the incumbent government came to power.

He said that in the midst of a successful economic recovery journey, when the Covid-19 pandemic hit the world and the economy contracted by five to ten percent including in India, Britain and other countries.

“We are moving forward with the right strategy and not following western policies blindly, and our economy contracted only 0.4 percent and it also closed very early,” he added. He said the government had introduced a timely package during COVID-19, waiving electricity bills for three million businesses, while 170 million families were provided direct assistance through the EHSAS program.

He said businesses were given easy loans and packages announced that resulted in economic recovery and growth. This is evident from the SBP which currently predicts double growth compared to the previous projection.

He said, despite COVID-19, large-scale manufacturing (NGOs) grew eight percent while cars and cement saw historic sales. Sales of urea fertilizer broke a 10-year record while tractor sales were also on record.

Meanwhile, he said, about 100 textile factories closed in PML tenure were revived, while thousands of electric looms closed in Faisalabad were also restored.

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