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Economy

Pakistan fell into debt because of two NROs: PM

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IMran Khan

ISLAMABAD: PM Imran Khan has announced here on Sunday that he was making a high-powered commission to figure out how did the previous governments raised the debt in ten years.

The high-powered commission, that will probe the robbed people’s wealth, will include representatives of FIA, IB, ISI, FBR, and SECP.

Referring to the early promise to transform Pakistan into a welfare state like Madina, Imran Khan said that the state of Madina was not established in one day.

Stating that he would not bow before any blackmailing or pressure Imran Khan held that no NRO would be given to those who stole people’s money causing huge damage to Pakistan. PM noted that in the past two NROs had caused huge damage to the country.

Pointing out that NAB was an independent entity that could not be pressurized, the PM said that the government had obtained information from abroad after reaching agreements with different countries on the basis of which they had traced out 10 billion dollars accounts operated by Pakistanis abroad.

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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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Economy

Russia warns against ‘hasty conclusions’ over tanker attacks

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Russia Iran

MOSCOW: Russia warned Friday against jumping to conclusions over the attacks on two oil tankers in the Gulf of Oman after US President Donald Trump blamed them on Iran.
“We consider it necessary to refrain from hasty conclusions,” the Russian foreign ministry said, calling for a thorough international investigation.

A relevant piece published earlier: 

Trump blames Iran in tanker blasts

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