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Some years ago I came across an article that made an interesting observation about the pre-eminence of Islamic civilisations and how it is rooted in their ability to discover new knowledge and build constructively on it to form "knowledge societies". It went on to say that even as global knowledge advanced at lightning speed, many societies became more vulnerable to gaps in that knowledge, to what might be described as Knowledge Deficits. And, ultimately, the divide between those nations experiencing prosperity and progress and those that lagged fell to a failure to evolve societal structures based on the acquisition and application of new knowledge.

Announcing an official higher or lower poverty number by the country sends the following kinds of signals to the international stakeholders, ie, foreign governments, multilateral and bilateral donors, international NGOs and foreign private investors: A high poverty number or rising trend in poverty incidence signifies that the country needs continuous financial assistance in many forms to alleviate transitory, chronic and extreme poverty among its citizens. Implicitly the high poverty incidence indicates that since real incomes are low or not rising, purchasing power is weak and therefore the country cannot be pressed for raising revenues through direct or indirect taxes and moreover would require loans on easy terms.
ImageWhen an Egyptian officer said recently on national television that the conflict with Ethiopia over the waters of the Nile was "not yet" a military one, his words sounded more threatening than reassuring. Colonel Ahmed Mohammed Ali may have been trying to calm tempers, but long-standing animosities between the two countries has flared up with renewed bitterness.
"Dar told the finance committee that he would waive the one percent rise in sales tax if the committee helps the government generate 60 billion rupees."
The Federal Budget presented by Finance Minister Ishaq Dar is a week old now, and has evoked mixed reactions, mostly critical and highly suspicious of government's ability to meet the ambitious targets set therein. The objectives the budget has set are, building confidence, increased self-reliance, turning private sector into engine of growth, friendlier market regulation, less government role in business activities, betterment of the poor, and development of human resources.
Are you happy (at least for now) or sorry with the change wrought in the government by the general elections? Let me put the question another way? Would you want the changes ushered in by the general elections somehow undone so that we end up again with the ruling set-up as it existed before? "No! Almost anything else would be better!" would probably be the anguished response of an overwhelming majority of the people of Pakistan! No surprise there! I could not agree more!
Afghanistan's security forces are braced for an uphill struggle as they take over lead responsibility for operations in the last remaining areas of the country, ahead of the withdrawal of international troops next year. The last stages of the handover, expected this week, are a milestone for the national forces, little more than a decade old but already facing dozens of engagements with the Taliban and other armed groups every day.

 



 
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyMay
Trade Balance $-2.171 bln
Exports $2.175 bln
Imports $4.346 bln
WeeklyJune 17, 2013
Reserves $11.446 bln