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Economy

Support to Greece is support to EU

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german greek and EU

ATHENS: Germany’s support to Greece during the difficult bailout period from 2010 until August 2018, as well as in the post-bailout era, is support to the EU’s cohesion, Greek President Prokopis Pavlopoulos said today, welcoming German Chancellor Angela Merkel to Athens.
“You supported in many ways Greece’s course towards the exit of the painful period of the memoranda, By supporting Greece today you support the cohesion of the European Union and the eurozone,” Pavlopoulos said before the camera of Greek national broadcaster ERT.  “We have great interest that Greece not only remains a member of the EU but a strong member of the EU. Last year 4 million German tourists visited Greece. We are very interested. And of course, we are glad that Greece was able to leave the programs behind,” the German leader said on her part. Germany will continue to support Greece in this new stage, she stressed, repeating the remark she made also on Thursday upon her arrival in Athens during the first meeting with Greek Prime Minister Alexis Tsipras.  Speaking before the camera on Friday, both presidents also underlined the need that all EU member states join forces to face more common challenges, such as the migration-refugee issue and the threat of populist anti- European parties.  “In the upcoming elections let’s prove we, the real Europeans, that we are ready to defend Europe and the European edifice,” Pavlopoulos said.  Before departing from Athens on Friday afternoon, Merkel also laid a wreath at the Tomb of the Uknown Soldier in front of the Greek parliament and held talks with main opposition New Democracy party leader Kyriakos Mitsotakis.

 

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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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