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Finance Minister Ishaq Dar would be leaving for Dubai today (Tuesday) to head the policy-level talks with the International Monetary Fund (IMF) under the mandated quarterly eighth review of $6.64 billion Extended Fund Facility (EFF), it was learnt.

Ms. Sri Mulyani Indrawati, Managing Director World Bank called on Prime Minister Muhammad Nawaz Sharif at PM House here today. The Prime Minister appreciated the World Banks' continuous support to Pakistan. He said that priority areas of development strategy are Energy, Economy, and Education sectors. He welcomed the co-operation of World Band and the Development Partners in these areas.
World Bank Managing Director Sri Mulyani Indrawati along with her economic team met Finance Minister Ishaq Dar at the Finance Division Monday. Mulyani and her team discussed with the minister important issues related to growth and energy DPCs of the World Bank and the progress so far being made to reform the economy of Pakistan.
Banks have asked the Federal Board of Revenue (FBR) to clarify whether withholding tax under section 236P of the Income Tax Ordinance, 2001 is applicable on foreign currency accounts, instruments and Home Remittance Exchange Companies transactions. Sources told Business Recorder Monday that Pakistan Banks Association (PBA) has asked the FBR to respond to the queries and clarifications with respect to applicability of collection of advance tax under section 236P of the Income Tax Ordinance, 2001.
Karachi stocks ended positive Monday primarily due to what equity analysts said pre-results rally in banking, fertilizer and cement scrips. Also, the Consumer Price Index inflation, which slid to 12-year low to 1.8 percent, Year-on-Year, during the just-concluded July, made some highly leveraged cement and fertiliser scrips attractive for investors.
Karachi stocks ended positive Monday primarily due to what equity analysts said pre-results rally in banking, fertilizer and cement scrips. Also, the Consumer Price Index inflation, which slid to 12-year low to 1.8 percent, Year-on-Year, during the just-concluded July, made some highly leveraged cement and fertiliser scrips attractive for investors.
A division bench of the Lahore High Court has allowed a 19-year-old appeal by the Sharif family that objected to an "incorrect" assessment of the income tax for 1988-89. The bench set aside the impugned decisions of the Income Tax Tribunal. The appellants include the Sharif brothers, Mian Muhammad Farooq Barkat, Mian Muhammad Iqbal, Hassan and Hussain Barkat, Mian Muhammad Zahid, Javed Shafi, Tariq and Pervez Shafi, Mian Muhammad Idrees Bashir, Mian Muhammad Aslam Bashir and the Ittefaq Textile Mills.
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Index Closing Chg%
Arrow DJIA 17,598.20 0.52
Arrow Nasdaq 5,115.38 0.25
Arrow S&P 2,098.04 0.25
Arrow FTSE 6,688.62 0.11
Arrow DAX 11,443.72 1.19
Arrow CAC-40 5,120.52 0.75
Arrow Nikkei 20,548.11 0.11
Arrow H.Seng 24,411.42 0.91
Arrow Sensex 28,187.06 0.26





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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune-July
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln