Connect with us

Business

Aurangzeb set to represent Pakistan at IMF, World Bank meetings in Washington – SUCH TV

Published

on

Aurangzeb set to represent Pakistan at IMF, World Bank meetings in Washington – SUCH TV



Finance Minister Senator Mohammad Aurangzeb is set to leave for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).

Earlier, the finance minister virtually addressed a business session arranged for the visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi.

The event was jointly hosted by OICCI and the Pakistan Business Council (PBC).

Expressing gratitude to both organizations for the invitation, Aurangzeb said he regretted not being able to attend in person due to his imminent departure for Washington to participate in the IMF and World Bank meetings.

Recalling his recent meeting with His Highness Prince Mansour and members of the Saudi delegation at a luncheon hosted by the Prime Minister, the minister reaffirmed Pakistan’s commitment to empowering the private sector as the main driver of economic growth, with the government acting as a facilitator by ensuring an enabling environment.

Highlighting Pakistan’s improving macroeconomic indicators, Aurangzeb said that stability had been restored, with all three major global rating agencies now aligned after several years. He added that stable financing rates, a steady exchange regime, and healthy reserves had made capital and profit repatriation a routine matter.

Referring to Pakistan’s timely repayment of a US$500 million Eurobond on September 30, he remarked, “When there is macroeconomic stability, such events become non-events — there is no drama.”

Aurangzeb noted that while the government had made significant progress on economic stabilization, it was also advancing structural reforms in taxation and the energy sectors through a consultative process with the private sector.

He acknowledged the valuable input of OICCI and PBC in shaping these reforms and appreciated the growing strategic partnership with Saudi Arabia, particularly under the guidance of His Excellency Al-Tuwaijri, citing the Kingdom’s Vision 2030 as a model of successful execution.

The minister reiterated Pakistan’s focus on strengthening export-led growth — a key driver for sustainable development — and informed participants that the Federal Cabinet had recently approved the historic Security Pact signed between Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif.

He termed this development a significant step in deepening the multifaceted ties between the two brotherly countries.

He said Pakistan currently enjoys a unique confluence of favorable factors – macroeconomic stability and positive geopolitical tailwinds – with longstanding partners such as Saudi Arabia, China, and the United States engaging with us on trade and investment, emphasizing that the Saudi delegation’s visit is both timely and strategically important in unlocking new avenues of bilateral cooperation.

On the domestic front, Senator Aurangzeb said that the government is finalizing rapid damage assessments following recent floods and will prioritize the use of domestic resources for rescue and relief operations before considering external assistance for rehabilitation and reconstruction.

Regarding the ongoing engagement with the International Monetary Fund, the Minister reaffirmed that talks with the IMF mission remain constructive, with only a few outstanding issues, and expressed optimism about reaching a staff-level agreement shortly during his upcoming meetings in Washington.

Addressing His Highness Prince Mansour and the Saudi business delegation, the Finance Minister commended the thought leadership and professionalism of Pakistan’s private sector, represented by OICCI and PBC.

He noted that the session would highlight key sectors of mutual interest including agriculture, mining, IT, pharmaceuticals, and tourism, while presenting concrete project opportunities.

The Minister also apprised the participants of two major reform tracks being personally led by the Prime Minister on taxation reforms and Pakistan’s digital transformation towards a cashless economy.

He pointed out that while Pakistan’s recorded economy stands at US$411 billion, nearly half remains undocumented, implying that “the real size of our economy is close to a trillion dollars.”

He added that digitization and documentation will be pivotal in broadening the tax base and improving fiscal discipline.

Concluding his remarks, Senator Aurangzeb extended his best wishes to His Highness Prince Mansour and the Saudi delegation for their engagements in Karachi and Lahore, and expressed hope for fruitful deliberations and enhanced investment partnerships between the business communities of both countries.

He also looked forward to meeting the Saudi leadership again during the forthcoming Future Investment Initiative (FII) in Riyadh.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Serial rail fare evader faces jail over 112 unpaid tickets

Published

on

Serial rail fare evader faces jail over 112 unpaid tickets


One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.

Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.

He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.

He will be sentenced next month.

District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.

He pleaded guilty to 76 offences on Thursday.

It came after he was convicted in his absence of 36 charges at a previous hearing.

During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.

They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.

But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.



Source link

Continue Reading

Business

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports

Published

on

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports


JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.

Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra. 

According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.

Add Zee News as a Preferred Source


Expected Powertrain

The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.

Design

In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction. 

Size

The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.

Price

Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.

Jetour

Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.



Source link

Continue Reading

Business

John Swinney under fire over ‘smallest tax cut in history’ after Scottish Budget

Published

on

John Swinney under fire over ‘smallest tax cut in history’ after Scottish Budget



John Swinney has been pressed over whether this week’s Scottish Budget gives some workers the “smallest tax cut in history” – with Tory leader Russell Findlay branding the reduction “miserly” and “insulting”.

The Scottish Conservative leader challenged the First Minister after Tuesday’s Holyrood Budget effectively cut taxes for lower earners, by increasing the threshold for the basic and intermediate bands of income tax.

But Mr Findlay said that would leave workers at most £31.75 a year better off – saying this amounts to a saving of just £61p a week

“That wouldn’t even buy you a bag of peanuts,” the Scottish Tory leader said.

“John Swinney’s Budget might even have broken a world record, because a Scottish Government tax adviser says it ‘maybe the smallest tax cut in history’.”

Raising the “miserly cut” at First Minister’s Questions in the Scottish Parliament, Mr Findlay demanded to know if the SNP leader believed his “insulting tax cut will actually help Scotland’s struggling households”.

The attack came as the Tory accused the SNP government of increasing taxes on higher earners, with its freeze on higher income tax thresholds, which will pull more Scots into these brackets.

This is needed to pay for the “SNP’s out of control, unaffordable benefits bill”, the Conservative added.

Mr Findlay said: “The Scottish Conservatives will not back and cannot back a Budget that does nothing to help Scotland’s workers and businesses.

“It hammers people with higher taxes to fund a bloated benefits system.”

Hitting out at Labour – whose leader Anas Sarwar has already declared they will not block the government’s Budget – Mr Findlay said: “It is absolutely mind-blowing that Labour and other so-called opposition parties will let this SNP boorach of a budget pass.

“Don’t the people of Scotland deserve lower taxes, fairer benefits and a government focused on economic growth?”

Mr Swinney said the Budget “delivers on the priorities of the people of Scotland” by “strengthening our National Health Service and supporting people and businesses with the challenges of the cost of living”.

He insisted income tax decisions in the Budget would mean that in 2026-27 “55% of Scottish taxpayers are now expected to pay less income tax than if they lived in England”.

The First Minister went on to say that showed “the people of Scotland have a Government that is on their side”.

Referring to polls putting his party on course to win the Holyrood elections in May, the SNP leader added that “all the current indications show the people of Scotland want to have this Government here for the long term”.

Benefits funding is “keeping children out of poverty”, he told MSPs, adding the Budget contained a “range of measures” that would build on existing support.

The First Minister said: “What that is a demonstration of is a Government that is on the side of the people of Scotland and I am proud of the measures we set out in the Budget on Tuesday.”

Meanwhile he said the Tories wanted to make tax cuts that would cost £1 billion, with “not a scrap of detail about how that would be delivered”.

With the weekly leaders’ question time clash coming less than 48 hours after the draft 2026-27 Budget was unveiled, the First Minister also faced questions from Scottish Labour’s Anas Sarwar, who insisted that the proposals “lacks ambition for Scotland”.

Pressing his SNP rival, the Scottish Labour leader said: “While he brags about his £6 a year tax cut for the lowest paid, one million Scots including nurses, teachers and police officers face being forced to pay more.

“Even his own tax adviser says this is a political stunt. So why does John Swinney believe that someone earning £33,500 has the broadest shoulders and therefore should pay more tax in Scotland?”

Mr Swinney, however, said that many public sector workers would be better off in Scotland.

He told the Scottish Labour leader: “A band six nurse at the bottom of the scale will take home an additional £1,994 after tax compared to the same band in England.

“A qualified teacher at the bottom of the band will take home £6,365 more after tax in Scotland than the equivalent in England. There are the facts for Mr Sarwar.”



Source link

Continue Reading

Trending