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Pakistan to get $1 billion loan from a friendly country

KARACHI: Pakistan will get a loan of $1 billion from commercial bank of a friendly country to shore up fast depleting foreign currency reserves, Geo News quoted sources in State Bank of Pakistan as saying.Pakistan's foreign exchange reserves decreased to $17.13 billion in the week ending April 20, compared to $17.54 billion in the previous week, the SBP said on Thursday. After the loan, the reserves would cross $18 billion mark.There were no more details available in this regard, however, a news story in this paper last month had stated that the government is all set to ‘secure commercial loan of $1 billion to $1.5 billion from Chinese banks within the next two weeks’.The country had already raised $1.77 billion short-term commercial loans from various foreign banks, mainly Chinese, against a target of $1 billion for the current fiscal year of 2017/18.With the upcoming transaction, total short-term debt might go close to $3 billion mark.“The planned short-term loan transactions would be meant for two to three years period and efforts would be made to keep the rates low,” an official told The News.Pakistan requires dollar inflows to manage its financing requirements in the wake of yawning current account deficit. The current account deficit is projected to go up to $16 billion in the current fiscal as it stood at $10.4 in the first seven months of the FY18.“We have worked out that some non- debt inflows will pour in the remaining months of the outgoing fiscal year to check depletion of foreign currency reserves,” the official said.“We expect that the foreign direct investment will touch $3 billion mark as it had already poured to the tune of $1.6 billion in first seven months.”The official said the private sector credit in dollars will also bring sizeable inflows.“The remaining gap will be bridged through short-term commercial borrowings from international banks,” he added.“All requirements for obtaining loan in the range of $1 to $1.5 billion have been accomplished and it is hoped that this transaction will be done within first two weeks of next month (April 2018).”The country had already obtained $7.6 billion from multilateral and bilateral creditors in the current fiscal year but the foreign currency reserves held by the SBP continued to decline.Pakistan requires an immediate injection of $6 billion to $8 billion to keeping its foreign currency reserves afloat otherwise rapidly depleting reserves could deepen the crisis in coming months.

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Up or Down? Science Solves The Toilet Seat Conundrum

By Cracked Writers Published: April 28th, 2018

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James Bond Is Objectively The Worst Action Hero

By Quinton Darby Published: April 28th, 2018

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Amazon�€™s Price Hike Is A Good Time To Remember Amazon Sucks

By Cedric Voets Published: April 27th, 2018

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Kanye West Liking Trump Is The Most Kanye West Thing Ever

By Adam Wears Published: April 27th, 2018

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Director of Materials - Vacutech, LLC - Sheridan, WY

This position requires working with our manufacturing personnel, CAD designers, sales team, internal and external project managers, and building long-term,...
From Indeed - Thu, 26 Apr 2018 15:09:49 GMT - View all Sheridan, WY jobs

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Director of Materials - Vacutech, LLC - Sheridan, WY

PSE SALES & SVCS/DISTRIBUTION ASSOCIATE - United States Postal Service - Sheridan, WY

Completing sales transactions. PSE SALES & SVCS/DISTRIBUTION ASSOCIATE. 421 SALES AND SERVICES (V3.9) - Essential Scale:.... $16.98 an hour
From USPS - Fri, 27 Apr 2018 14:44:58 GMT - View all Sheridan, WY jobs

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Ailing hockey legend Mansoor Ahmed offered free heart transplant in India

Pakistan's World Cup winning hockey goalkeeper Mansoor Ahmed has been offered free of coast heart transplant surgery by a private Indian hospital, according Indian media.The offered has been made by the Fortis Group of Hospitals that assured him that the entire treatment would be free of cost, The Times of Indian reported.The offer came less than a week afterr Mansoor Ahmed made an emotional plea to the Indian government to grant him visa on medical grounds.He, however, had made it clear that he was not looking for financial assistance. According to the Times, Dr S Narayani, zonal director, Fortis (Mumbai) told Mumbai Mirror that the group will register Ahmed for a heart transplant in Mumbai and Chennai. “Once he gets a clearance from the government, we can get an assessment done to confirm whether he is fit enough to travel,” Dr Narayani said.

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Imran's Shaukat Khanum hospital accredited by US-based Joint Commission International

The Shaukat Khanum Memorial Cancer Hospital has been accredited by US Joint Commission International, according to Pakistan Tehreek-e-Insaf chairman Imran Khan who has built the medical facility.The former cricket hero and philanthropist took to Twitter on Saturday and wrote "Today is one of the happiest & most fulfilling days of my life as I see SKMCH accredited by US Joint Commission International. This means that after a thorough audit lasting for days, SKMCH has been recognised internationally as a provider of world class services."According to Shaukat Khanum's website "Accreditation is a process in which an entity, separate and distinct from the health care organization, usually nongovernmental, assesses the health care organization to determine if it meets a set of requirements designed to improve quality of care. The initial accreditation survey by the US based Joint Commission International (JCI) will be conducted from April 23 to 27, 2018. QPSD facilitates and supports SKMCH&RC to achieve, sustain and exceed international accreditation standards".In a string of tweets, Khan congratulated to the hospital team "who have worked dedicatedly to achieve this great milestone. I want to thank all the doctors, nurses & staff (all Pakistanis) who have shown that Pakistanis, with commitment & determination, can build & sustain world class institutions."Imran Khan said: "What makes this recognition even more fulfilling is that SKMCH provides free medical treatment to 75 percent of its patients. This provision of world class treatment to the poor at par with that provided to paying patients is unique to

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Training Specialist

Training Specialist (Tetra Tech) - Islamabad

f....[more]

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Rs 25 bln earmarked for multiple uplift projects in Karachi

ISLAMABAD: Finance Minister Mifta Ismail on Friday said the Prime Minister has announced a package of Rs 25 billion for Karachi to carry out major development schemes in the metropolis, including infrastructural and other social sectors facilities.Presenting budget speech in National Assembly, he underscored the significance of the port city's contribution toward national economy, saying; "Karachi is the commercial and trading hub of Pakistan and has a major contribution in the country’s revenue base."The finance minister added that so far, three projects covering roads and flyovers and up-gradation of firefighting system had been approved and Rs 3 billion had been earmarked during current financial year.He said an allocation of Rs 5 billion has been proposed in the PSDP-2018-19, adding, "on my personal request" the Minister for Planning Ahsan Iqbal had provided funds for expansion of Karachi Expo Centre.The minister said that the government has started issuing funds for the K4 water project in Karachi as it was agreed during tenure of the previous government that centre will pay one-third of the cost of the project, adding that federal government would also accomplish a new scheme of sea water desalination plant that will produce 50 million gallons of water per day for Karachiites.The minister said the Green Line Rapid Transit System in Karachi is being funded by the federal government, adding that in the current financial year, Rs16 billion have so far been spent on this project."On behalf of the federal government, I am today offering that if the Sindh government is unable to get buses for Karachi, the federal government will do so," the minister added.

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Budget 2018: Salaried class gets massive relief, says Miftah

ISLAMABAD: The government on Friday announced an adhoc relief of 10 per cent in the salaries and pensions of civil and military employees in the federal budget 2018-19.Newly inducted Federal Finance Minister Miftah Ismail in his budget speech said the increase would be apart from the major relief the salaried class would get due to drastic slash in the Income Tax rates, announced earlier by Prime Minister Shahid Khaqan Abbasi.He said the salaried persons mostly belonged to the middle class and would be the major beneficiary of the relief measures that would have a financial impact of Rs 69 billion.Miftah Ismail said under the income tax relief package for individuals there would be no tax on income of up to Rs 1.2 million annually, 5% on income exceeding Rs 1.2 million to Rs 2.4 million, Rs 60,000 plus 10% on income from Rs 2.4 to Rs 4.8 million, Rs 180,000 plus 15% on income exceeding Rs 4.8 million.Together with the tax cut, the overall relief for the salaried class would be much higher than the 10% adhoc relief announced in the federal budget.He said Rs 5 billion had been allocated for Senior Officers Performance Allowance, details of which would be announced later, while Rs 12 billion were earmarked for advances for the purchase and construction of houses, vehicles, etc for government officials.The House Rent ceiling had been increased by 50%, besides an increase of 50% in the house rent allowance, he added.Ismail said keeping in view the difficulties of low-paid pensioners, the minimum pension had been increased to Rs 10,000 from the present Rs 6,000. He also announced increase in minimum pension to Rs 15,000 for the pensioners over the age of 75, and raise in family pension from Rs 4,500 to Rs 7,500. The Overtime Allowance of staff drivers and dispatch riders had been increased from Rs 40 to Rs 80 per hour, he added.

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Budget 2018: Non filers banned from purchase of property worth Rs4m

ISLAMABAD: The non filers cannot purchase property worth Rs4 million in the next fiscal year whereas the filers would have to only pay one per cent tax on purchase of properties.The step was announced by Finance Minister Miftah Ismail during his 2018-19 budget speech in the National Assembly on Friday.

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