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Pakistan's debt stands at Rs 18,241 billion as of end- June 2014. This includes Rs 16,321 billion of government (public) debt, equivalent to 89% of the total debt. The rest, Rs 1,920 billion, is owed by public sector enterprises, banks and companies, mostly with external creditors. Public debt has mushroomed rapidly since 2006-07. It was Rs 4,896 billion in June 2006-07, and has risen annually by 19%. At this rate, it is effectively doubling every four years. Today, each citizen of Pakistan has the burden of debt of Rs 87,200 on his/her head.

The Chairman of Federal Board of Revenue (FBR) has recently stated that in Pakistan millions are outside tax net-this is incorrect statement as millions of mobile users alone pay advance income tax though the vast majority of them have below taxable income. There is a distinction between a taxpayer and return filer. Our tax base is not narrow but number of return filers is pitiably low due to the pathetic performance of FBR. The real failure is that of FBR in forcing taxable persons, their number is not less than 15 million.
Spanish authorities are taking a tougher line against corruption by the country's long untouchable elites as a lengthy economic downturn fuels public outrage. With a year to go until the next general election, political parties, which have long been accused of turning a blind eye, talk of stepping up the fight against corruption at a time when one in four Spaniards is out of work. The most famous name to pay the price is Rodrigo Rato, a former head of the International Monetary Fund and one of the pillars of the ruling conservative Popular Party.
"So who won?"
As reported by CNN, Iraqi TV is airing a popular black comedy these days parodying life under the so-called Islamic State (IS) rule. Among several characters portraying IS' tyrannical rule and barbaric behaviour against minority communities and Western hostages, featuring in it, of course, is a man brandishing a blood-soaked sword. Interestingly, there is also a cowboy representing the US, accompanied by Satan and a woman - purported to be a former wife of the Amir of Qatar - wearing a Star of David pendant. The director is convinced that America, with support from Qatar, brought Satan and Israel together to give birth to IS. Missing from this drama imitating life though are two important characters, namely Saudi Arabia and Kuwait.
This article examines and reviews Directors' liabilities of an insolvent company under the US and the English law. Insolvency in English law stands defined in section 214(6) of the Insolvency Act 1986. The insolvency in the US law is considered as a combination of the definition given by section 1302 of the Delaware General Corporation Law and section 101(3) of the Bankruptcy Code, that means, proceedings initiated under Chapter 11 for reorganisation or under Chapter 7 for liquidation amount to insolvency.
Policymakers in Pakistan have not adopted policies, which could help in achieving higher growth in the real sense. Food inflation still remains high due to bottlenecks in the supply chain. Cost of bank borrowing still hinders new business opportunities. The economic managers may be making tall claims, but the current situation is far from satisfactory for a nation with per capita income of 1370 dollars and a growing gap between the rich and the poor.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln