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Showing posts from February 7, 2019

Mushahid says CPEC China's vote of confidence in Pakistan

Murtaza Ali ShahThu, Feb 07, 2019LONDON: The Chairman of Senate Committee on Foreign Affairs Senator Mushahid Hussain Sayed has said that China-Pakistan Economic Corridor (CPEC) is China’s vote of confidence in Pakistan and its promising future.Mushahid Hussain Syed was speaking to student at the School of Oriental and African Studies at a seminar organsied by Abdurrehman Chinoy, the Co-President of Queen’s Mary Pakistan Students Society. Senator Anwar-ul-Haq Kakar also spoke on the occasion.Mushahid Hussain Syed said that China posted confidence in Pakistan and invested billions when no other country was ready to look at Pakistan and many countries were calling Pakistan a write-off case. “Today, things have changed and the naysayers are nowhere around. Now the talk has shifted to Pakistan’s legitimate position as a global and international player.Syed said that Chinese investment has brought many advantages to the South Asian country. The PMLN Senator said that during 2013 election c…

Pakistan: Govt to pay Rs3.6 trillion on defence, debt servicing

By Shahbaz RanaPublished: February 7, 2019Finance Minister Asad Umar. PHOTO:AFPISLAMABAD: The federal government would pay a whopping Rs3.6 trillion on account of defence and debt servicing that is equal to 68.2% of the current fiscal year’s revised budget, the centre on Wednesday sensitised the provinces about the grave fiscal situation that has thrown the country into a debt trap.After excluding debt servicing and defence related obligations, the net federal revenues for fiscal year 2018-19 are negative Rs632 billion, Federal Secretary Finance Arif Ahmad Khan briefed the four provinces during the first meeting of the ninth National Finance Commission (NFC).The NFC meeting included a detailed presentation by the federal finance secretary, focusing on the country’s overall current fiscal position.The federal government’s total gross revenues are estimated at Rs5.5 trillion. Out of this sum, the provinces will get Rs2.581 trillion as their share in the federal divisible pool. This leav…