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China and 20 other countries moved forward on Friday towards setting up an Asian infrastructure lender seen as a counterweight to Western-backed international development banks. The signatories put their names to a memorandum of understanding to establish the Asian Infrastructure Investment Bank (AIIB) at a ceremony in the Great Hall of the People in Beijing.

Federal Minister of Finance and Revenue Senator Mohammad Ishaq Dar on Friday signed a Memorandum (MoU) Understanding on the establishment of the Asian Infrastructure Investment Bank (AIIB) in Beijing as one of the 21 Prospective Founding Member countries. The signing of the MoU signifies that the parties have jointly decided to establishing AIIB that would accelerate the negotiation process of the Articles of Agreement (AoA) for the bank.
Prime Minister Nawaz Sharif Friday directed Ministries of Petroleum & Natural Resources, Water & Power and Finance Division to ensure that an additional electricity of 2,400-2,500 MW comes to the system by February 2015, both in the case of LNG and new on-site generation.
Finance Minister Ishaq Dr has yet to arrange an interaction between the media and the Pakistan Bureau of Statistics (PBS) to discuss the methodology used to determine the disputed 4.1 percent growth rate. Finance Minister promised during the press briefing at the launch of Economic Survey 2013-14 that he is ready to arrange an interaction between the media and the PBS on the methodology employed to work out the growth figure. Subsequently, independent economists also disputed the 4.1 percent figure.
The federal government has so far released over Rs 72.68 billion including Rs 8.73 billion foreign aid under Public Sector Development Programme (PSDP) for various projects against total allocations of Rs 525 billion for the fiscal year 2014-15. According to the latest data of Ministry of Planning, Development and Reforms, Rs 23.74 billion including Rs 5.3 billion foreign aid has been released for various projects of Pakistan Atomic Energy Commission, out of its total allocations of Rs 51.5 billion, earmarked under PSDP for financial year 2014-15.
Chairman of Pakistan Tehreek-i-Insaf (PTI) Imran Khan on Friday announced that he would stage 'a show of power' in Islamabad on November 30. Addressing a huge public meeting at Zahoor Elahi Stadium here, the PTI chief said the government would not be able to withstand 'the sea of the people' in Islamabad. He said PTI people from across the country would gather in Islamabad.
Speaker National Assembly Sardar Ayaz Saddiq on Friday issued a final notice to Pakistan Tehreek-e-Insaf (PTI) lawmakers and set a deadline of October 29, 2014 for verification of their resignations.
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Foreign Debt $61.805bn
Per Cap Income $1,386
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WeeklyOctober 23, 2014
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