A $2.3 billion loan agreement with a Chinese consortium, announced by Finance Minister Miftah Ismail on Wednesday, indicates that the government is indeed exploring multiple avenues for financing. This injection is reportedly going to be directed towards shoring up our foreign reserves, which is extremely important in the current period of stagnation and low growth. Going forward, one of the key tasks for the finance team of the government in the next year should be to shore up our foreign reserves. This will be crucial in stablising the Rupee and bringing up its value if the government also looks to adjust other policies alongside. The government’s move to make this financing option available for us in record time—even before the IMF deal has been officially reinstated—is nothing short of an achievement.

The government could amend the Income Tax Ordinance through the Finance Act 2022 to plug a loophole which is often exploited by the rich Pakistanis to avoid tax payment, according to sources in the Federal Board of Revenue (FBR). During the past few years, the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Tehreek-e-Insaf (PTI) governments brought substantial changes to the Income Tax Ordinance 2001 aimed at improving tax recovery from abroad. In the budget, the government has also proposed 1% capital value tax on the movable and immovable assets abroad. The proposed changes may still exclude one capital asset under self-occupation owned by the resident person from the deemed income tax. Sources said that the finance minister considered the options to again lower the advance income tax on mobile phone calls amid opposition by the FBR.

ISLAMABAD – Pakistan has imposed a 10 percent 'super tax' on large-scale industries and sectors to tackle the deepening economic crisis and save poor segment of society. Prime Minister Shehbaz Sharif made the announcement while addressing the nation on tough decisions being taken by the incumbent coalition government to revive the $6 billion IMF loan programme. The premier announced that super tax or poverty alleviation tax will be imposed on automobile, cement, steel, sugar, oil and gas, fertilizer, banking industry, cigarette and other sectors. PM Shehbaz Sharif said that the first budget of the incumbent government will give an economic vision to the country. He also urged affluent people of the society to spare a portion of their wealth to drive Pakistan out of the deepening economic crisis and help poor.

ISLAMABAD – Senator Raza Rabbani on Thursday asked the government to summon an in-camera joint session of the parliament (Majlis-e-Shoora) to seek input of the parliamentarians regarding the ongoing negotiations with the Tehreek-e-Taliban Pakistan (TTP). Speaking on a point of public importance in the Senate, he said the parliament should be taken into confidence regarding negotiations with the TTP. Senator Mushtaq Ahmed also called for taking the parliament on board about the talks with TTP. Haji Hidayatullah Khan called for devising a strategy to rid the country of the ever increasing loans. Sana Jamali urged the government to switch over to alternate energy sources for producing cheap energy as producing power from fuel was very costly.

Prime Minister Muhammad Shehbaz Sharif has reiterated that the coalition government will complete its constitutional term and steer the country out of the current economic crisis. Addressing the Senators of PML-N in Islamabad today (Thursday), he said the nation is facing economic challenges due to the wrong decisions of the Pakistan Tehreek-e-Insaaf government. The Prime Minister said the PTI government accepted the conditions of the International Monetary Fund to impose 30 rupees Petroleum Development Levy and 17 percent General Sales Tax and later violated this agreement. Shehbaz Sharif reaffirmed government’s stance of restoring the cordial relationship with China, brother Islamic countries, and global institutions. He said government is taking practical steps to end load-shedding in the country.

Jesse Puljujarvi and Kailer Yamamoto will be getting significant raises when they sign their new deals. Yamamoto and Puljujarvi are eligible to file for arbitration and they have until July 18th at 3 p.m. MT to file. They can’t choose a two-year deal if a player is only one year from being an unrestricted free agent. Yamamoto produced 20-21-41 in 81 games (0.51 PPG) while Puljujarvi scored 14-22-36 in 65 games (0.55 PPG). Puljujarvi has 29-32-61 in 120 games (0.51 PPG) and Yamamoto scored 28-34-62 in 133 games (0.47 PPG).

Finance Minister Miftah Ismail on Thursday said the government was aware of the financial hardship faced by the people due to record inflation as he defended the need to make “difficult decisions” to stabilize the economy. In a press conference alongside Information Minister Marriyum Aurangzeb, the finance minister claimed that the government would be able to control the economic situation within three months. He added that former prime minister Imran Khan violated the agreement with the International Monetary Fund (IMF), which resulted in the country's current economic difficulties. During the press conference, Miftah also lashed out at Imran Khan for leaving the country on the “brink of bankruptcy”. He added Imran left a deficit of $120 billion.

Pakistan Tehreek-e-Insaf Chairman Imran Khan has finally broken his silence on a theory purportedly fed to the media by his political rivals that he had fallen out with the military leadership because he wanted to bring in the next army chief of his choice. I never planned who I will approve as the next army chief in November [2022]. Point to ponder here: Does this mean they were convinced that their accountability would cease if someone else becomes the army chief? Or does it mean they want to bring in an army chief of their choosing who could help them,” Imran asked. “I said in my CNN interview that this official must be sacked for his bad manners,” the PTI chairman said.

Prime Minister Shehbaz Sharif on Thursday said that the country may witness more difficult times as it struggles to steer out of the ongoing economic crisis. PM Shehbaz Sharif, while addressing PML-N senators, said that some of his "companions" suggested making election reforms and announcing elections but the government plans to complete its constitutional term. "We faced many challenges when I took oath as the prime minister," the premier said. He said that the former government had struck the deal with the IMF to pass on the international prices of oil and gas. PM Shehbaz Sharif said that the conditions with the International Monetary Fund have been finalised and the deal with the Fund will close soon.

Hot weather expected in most parts of countryMainly hot and dry weather is likely to prevail in most parts of the country during the next twelve hours. However, rain with wind and thundershower is expected in Gilgit-Baltistan, Kashmir and adjoining areas. Temperature of some major cities recorded this morning:Islamabad and Quetta twenty degree centigrade, Murree fifteen, Lahore twenty-five, Karachi twenty-eight, Peshawar twenty-one, Gilgit thirteen and Muzaffarabad nineteen degree centigrade. According to met office forecast for Indian Illegally Occupied Jammu and Kashmir, partly cloudy weather with chances of rain and thunderstorm is expected in Srinagar, Leh and Pulwama, hot and dry in Jammu while partly cloudy and dry in Anantnag, Shopian and Baramulla.

ISLAMABAD – The National Security Committee (NSC) was informed on Wednesday that talks with the Tehreek-i-Taliban Pakistan (TTP) facilitated by the Afghan government, are being held under the ambit of the Constitution of Pakistan. “Talks with the TTP will be held within the ambit of law and constitution. Imran Khan should also be questioned regarding the details of 70 cases against Shehbaz Sharif,” he said. He said every citizen, including front men of Imran Khan, will benefit from these amendments. He said Imran Khan is trying to mislead the nation regarding reforms in NAB law to build a new narrative.

MULTAN – Secretary Forest and Fisheries South Punjab, Sarfraz Magsi, accompanied by DG Wildlife and Fisheries Anwar Maan Wednesday visited Dera Ghazi Khan here. They visited Cage Cluster Development Project at Ghazi Ghat and a Laboratory set up for fishing department at DG Khan. Secretary Fisheries South Punjab Sarfraz Magsi talking on the occasion, said that the Cage Cluster project was the best plan to promote fisheries through which large number of fish could be produce on a small area. The Secretary Fisheries has also visited DG Khan zoo and instructed the authorities to renovate Zoo in view of the up comming Eid-ul-Adha. Deputy Director Wildlife and officers of Fisheries department gave briefing to Secretary Fisheries South Punjab and DG Wildlife.

The Sindh High Court (SHC) on Wednesday suspended an earlier order by the judicial magistrate regarding TV host Aamir Liaquat Hussain's exhumation and subsequent autopsy. The purpose of the applicant seeking Aamir Liaquat's autopsy was to get cheap fame," he stated. "Autopsy of Aamir Liaquat will desecrate his grave," he pleaded. The court then directed Awan to read the written judgment of the magistrate and after the advocate complied, the court suspended the earlier order. Dr Aamir Liaquat Hussain passed away in Karachi on June 9, weeks after “bidding farewell” to Pakistan in an emotional video message.

Prime Minister Shehbaz Sharif has expressed deep condolence over the sad demise of former President Asif Ali Zardari’s mother. In his condolence message, the Prime Minister prayed to Allah Almighty to rest the departed soul in Heaven and grant courage to the bereaved family to bear this irreparable loss. The Prime Minister said the death of a kind figure like a mother is a great shock.

After much delay and speculation, on Tuesday the government announced a broad agreement with the IMF on the next year’s budget that has seen its size increased to Rs9.9 trillion. This increase has come about as the government agreed to reintroduce tax on people earning up to Rs100,000 and a petroleum levy from July 1 onwards. Given how uncertainty and anxiety was mounting over the revival of the IMF deal, this news will definitely help calm a lot of nerves as this was desperately needed to instill some sense of stability to the economy. The government has also decided to impose an Income Support Levy on people and companies earning Rs150 million a year and above. In order to get the economy back up on its feet, efforts will have to be focused on boosting consumption and production.