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In a major development, the federal government has decided to file cases against misappropriation of billions of rupees in the development funds of Sindh province. According to interior ministry, the government has now decided to file cases against project directors, director generals of the concerned development authorities, concerned engineers and some consulting companies and the resident engineers of the projects.

Countries from five continents formally signed up Monday to the China-led Asian Infrastructure Investment Bank - a potential rival to the Washington-based World Bank - as Beijing steps up its global diplomatic and economic role. Australia was the first country to sign the articles of association creating the AIIB's legal framework at a ceremony in Beijing's Great Hall of the People, an AFP journalist saw, followed by 49 other founding members.
Federal Minister for Finance Ishaq Dar has said that the China Pakistan Economic Corridor (CPEC), which involves a cluster of communications infrastructure and power generation projects, will provide an integrating platform for over three billion people in Central, West and South Asia, the Middle East and Africa regions.
Stunned Greeks faced shuttered banks, long supermarket lines and overwhelming uncertainty on Monday as a breakdown in talks with international lenders plunged their country deep into crisis. With Greece's bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded in vain by phone with European officials to extend the programme until a referendum on July 5 on its future terms.
A Mixed trend was witnessed on the money market on Monday as the rupee played both sides in process of trading, dealers said. The rupee picked up three paisa in terms of the dollar for buying and selling at Rs 101.80 and Rs 101.83, dealers said.
The Sindh government has expressed concerns over swap arrangements of natural gas with imported LNG for RLNG-based power plants in Punjab, saying that neither SNGPL nor SSGCL have the authority to unilaterally and arbitrarily decide swapping of natural gas without provincial consent. Sources said that various questions were raised by the provincial government during a review committee meeting in April 2015. They added that Ministry of Petroleum and Natural Resources informed the committee that imported RLNG would be transported to SNGPL system as SSGCL and SNGPL have agreed upon swap arrangements.
The Federal Board of Revenue (FBR) is facing a gigantic task of collecting Rs 122 billion on the last day of current fiscal year to meet the assigned monthly revenue collection target of Rs 395 billion for June 2015. It is learnt that the provisional revenue collection during current month amounted to Rs 273 billion till June 29 against Rs 270 billion in June 2014, reflecting an increase of Rs 3 billion. The FBR has estimated the revenue collection would reach around Rs 350 billion during this month.
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln