While Pakistan suffers from extreme economic disability with IMF down its throat, Finance Minister Miftah Ismail on Friday proposed a Rs9.5 trillion inflationary federal budget. The new budget for fiscal year 2022-23 provides solace to the salaried class whose tax burden has been significantly lessened in addition to 15% increase in salaries of the inflation-stricken government employees.
Pakistan Stock Exchange (PSX), which had won the title of Asia’s best performing stock market in August 2020, took a U-turn and became the third worst performing market in the region. Amid the boiling political temperature and melting economy, investors witnessed the wipeout of 16.27% (or Rs1.35 trillion) of investment at the PSX. The petroleum refinery was the worst-hit sector in terms of losing market capitalisation.
Pakistan has urged the UN General Assembly not to be silent on the offensive remarks made by BJP officials in India last week. Foreign Minister Bilawal Bhutto-Zardari warned that silence on such issues could be mistaken for complicity. hutto-Zardari called UN General Assembly President Abdulla Shahid on Friday and apprised him of the derogatory remarks made by two senior officials of BJP.
Prime Minister Shehbaz Shareef has lauded tanker driver Faisal’s bravado who drove a blazing truck out of a petrol pump without caring for his own life. Head of Prime Minister’s Strategic Reforms team Sufi Salman called the truck driver Faisal and applauded him for his selfless act on behalf of the PM. The PM has also ordered to call Faisal to Islamabad and reward him.
A central figure in FIA’s Rs16 billion money laundering case against the Shehbaz Sharif family, Malik Maqsood Ahmad — frequently referred to as Maqsood ‘Chaprasi’ — has passed away in the UAE. Maqsood died of a cardiac arrest on June 6. He was 49, according to a death certificate issued by UAE authorities. Special Prosecutor Bajwa said Maqsood’s death would not impact the money laundering case.
Bahria Town Chairman Malik Riaz on Sunday said that an audio clip attributed to him on social media was fake. Riaz’s statement came after Pakistan Muslim League-Nawaz (PML-N) leaders played an audio tape — purportedly a conversation between the Bahria Town chief and his daughter – revealing how Farah Gogi ‘demanded a gift’ for former first lady Bushra Bibi.
The government on Friday increased the defence budget for the outgoing fiscal year by nearly 6% to over Rs1.45 trillion. The decision was taken in a bid to meet the needs of the armed forces, including their enhanced salary requirements. The Ministry of Defence had demanded an additional Rs80 billion defence budget for “critical shortfalls”.
Despite passage of over 50 hours and use of 800,000 gallons of water, the fire in the basement of ‘illegally’ built warehouse of a famed departmental store had not been completely controlled until Friday evening, admitted officials. The store is located in a multi-storey building (Summaya Bridge View) in PECHS Block-3 near Jail Chowrangi on Shaheed-i-Millat Road.
The counsel for the Federal Investigating Agency (FIA) confirmed to a special court in Lahore on Saturday that the agency wanted to arrest Prime Minister Shehbaz Sharif and his son, Punjab Chief Minister Hamza Shehbaz, in a Rs16 billion money laundering case. The court also reissued the arrest warrants for suspects Suleman Shehbaz, Tahir Naqvi and Malik Maqsood in the case.
Popular bus-sharing service Swvl announced on Thursday that it would be “pausing” daily rides within Karachi, Lahore, Islamabad and Faisalabad from Friday (June 3) “in light of the global economic downturn”. The announcement comes as the government has increased the prices of petroleum products by Rs30 per litre in a move aimed at placating the International Monetary Fund (IMF) for an economic bailout.