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Economy

Information Ministry resolves advt. rates issue

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PBA

ISLAMABAD: The Ministry of Information and Broadcasting has concluded an amicable settlement to the issue of government rates of advertisements for broadcast media.
The new slabs agreed with Pakistan Broadcasters Association (PBA) are estimated to result in savings of seventy percent to the Government. These rates will be for peak hours only and will be applicable to all federal and provincial governments’ departments and autonomous bodies.
On the directions of Federal Minister for Information and Broadcasting Chaudhary Fawad Hussain, Secretary Information and Broadcasting Shafqat Jalil held negotiations with PBA in Karachi on Friday and agreed to an amicable settlement on the issue of rates for government advertisements for electronic media
The Information Minister hoped that this would benefit the media industry and is in line with the policy of the present government to strengthen media industry.
Chaudhry Fawwad Hussain reiterated the commitment of the present government to the freedom of media and expression.
The Pakistan Broadcaster’s Association was represented by its Chairman Shakil Masood, Duraid Qureshi, General Secretary, Sultan Lakhani and others.

 

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Economy

Pakistan’s economic condition has improved: Dr Reza Baqir

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Reza Baqir

ISLAMABAD: State Bank of Pakistan Governor Dr Reza Baqir, while addressing a press conference here, has said that Pakistan’s economic condition was improving due to the positive policies taken by the government.

“Our external deficit and fiscal deficit are being addressed according to our economic plan,” he said, adding the government was striving hard to bring economic stability in the country.

He said that the government was taking measures to restore people’s confidence in the economy and added that Pakistan’s economic future was bright. In the past, government had been interfering in the exchange rate system, he added.

The SBP governor said that the burden of external debt payments reduced due to the devaluation of rupee. He said that exchange rate policy was the part of reform process. Baqir said that the government was not taking loan from SBP during  the current fiscal year.

Earlier on June 14, good economic policies ensured a strong national economy, Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh had said.

The adviser was addressing a gathering of the Council of Foreign Relations in Karachi. The governments in the past failed to devise the policies for lasting economic development, the finance adviser had said.

 

 

 

 

 

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Economy

Nahakki Tunnel opened for traffic

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TUNNEL

ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.

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Asia

Turkey hits out at Moody’s after credit rating cut

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Moodys

ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.

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