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The country's total liquid foreign exchange reserves fell by $255 million during last week following payment to the IMF. According to weekly forex report issued by State Bank of Pakistan (SBP) on Thursday Pakistan's total liquid foreign exchange reserves stood at $17.494 billion as on May 22, 2015 compared to $17.749 billion on May 15, 2015.

Prime Minister Nawaz Sharif on Thursday approved taxation measures of around Rs 262 billion for budget 2015-16, including over Rs 100 billion through withdrawal of concessions and exemptions granted by issuing statutory regulatory orders (SROs), to achieve ambitious tax projections of Rs 3,100 billion for the next fiscal year. Sources told Business Recorder here on Thursday that the government has decided to impose a 2 percent additional sales tax on supplies made to un-registered persons in the upcoming budget.
Opposition Leader in Sindh Assembly and Muttahida Qaumi Movement (MQM) leader Khawaja Izharul Hassan had urged Sindh government to accommodate the recommendations from all opposition parties in the forthcoming fiscal budget for 2015-16. Talking to newsmen after a meeting MQM parliamentary party at Sindh Assembly, Hassan asked the government to make sure that the priority is given to the redressal of public issues and grievances for which the provincial government should announce development schemes for all districts of the province.
A specially-convened All-Party Conference (APC) on Thursday gave a go-ahead to the government on China-Pakistan Economic Corridor (CPEC) and agreed on priority development of the Western corridor to link Gwadar with Kashgar. Prime Minister Nawaz Sharif, chairing the second All-Party Conference here at the PM House, said the political leaders endorsed the CPEC project, aimed at building roads, rail networks, airports and sea ports, along with economic zones and power houses across the country.
Federal ministries submitted their demand of Rs 1,200 billion to the Ministry of Planning, Development and Reforms while Rs 580 billion have been proposed under Public Sector Development Programme (PSDP) for the next fiscal year. The Planning Commission shared these facts with the Senate Standing Committee on Planning, Development and Reforms during a briefing on the functions of the ministry. The committee met with Senator Colonel Syed Tahir Hussain Mashhadi (Retd) in the chair at Parliament House on Thursday.
Leaders of different political parties have expressed their satisfaction over the consensus reached in All Parties Conference convened by Prime Minister Nawaz Sharif on China-Pakistan Economic Corridor (CPNE) route. Talking to media persons, PTI leader Shah Mahmood Qureshi said that the corridor would open new opportunities of progress and prosperity for the country. He said that his party would fully support the corridor and Chinese investment.
The Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to reverse its decision regarding Gas Infrastructure Development Cess (GIDC) as it would damage adversely impact the economic activities in the country. Those also present were Front Chairman Irfan Iqbal Sheikh raised this demand at a meeting of Ferozepur Road Industrial Association where Senior Front Vice Chairman Tanveer Ahmed Sufi, former Chairmen Mian Shafqat Ali, Muhammad Ali Mian, Sheikh Muhammad Arshad, Lahore Chamber Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi.
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln