The staff report released by the International Monetary Fund (IMF) last week mentions the repayment of $14.68 billion due for $21.8 billion bilateral and commercial loans that Pakistan owes to China. The report provided some comfort to the supporters of the China-Pakistan Economic Corridor (CPEC) as well as China itself.
The International Centre for Settlement of Investment Disputes (ICSID) has announced a huge award of $5.976 billion against Pakistan in the Reko Diq case. The management of the Tethyan Copper Company (TCC) working the mine had initially claimed $11.43 billion in damages. The TCC lodged the case against Pakistan on January 12, 2012, more than 7 years ago.
Google is currently investigating the leak of almost 1,000 conversations recorded by its smart speakers. They claimed the recordings came from their human reviewer who works on improving the device's linguistic abilities. 153 of the recordings were private conversations that the device should not have recorded as they did not contain the phrase "Ok Google".
The State Bank of Pakistan (SBP) has not cleared Syed Muhammad Talib Rizvi for his appointment as president/CEO of the Bank of Punjab (BOP) in their ‘Fit and Proper Test’ (FPT). In response to the letter seeking clearance for Mr. Rizvi, the State Bank stated that he lacks diversified experience and the skill set required for the position.
Talib Rizvi was appointed as BOP’s President and CEO by the government of Punjab in April, However, the State Bank of Pakistan (SBP) refused to clear Talib Rizvi for the position despite all other agency clearances and checks in place, stating his lack of ‘diversified experience’ as the core reason.
An accountability court has recorded the statement of the investigation officer, Nadir Abbas, in the assets reference against former finance minister Ishaq Dar. Mr. Abbas recorded his statement in the court before accountability judge Muhammad Bashir. The statement could not be completed and so the court summoned Mr. Abbas in the next hearing to complete his witness account.
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari has said that the new budget has started to badly affect Pakistan’s economy. He further called the budget rigged and referred to it as the "PTIMF" budget, thereby criticising IMF's role in the Pakistani economy. "Imran thinks you won’t notice his economic murder if he arrests all his critics," he added.
A UNDP report stated PML-N government lifted 6.2% of its population out of acute poverty during its five-year term. Number of people living in multidimensional poverty stood at 38.3% in 2018. The report also shows that over one-third of children in Pakistan under the age of 5 years were malnourished and suffering from intra-household inequality.
The Federal Board of Revenue (FBR) extended on Friday the deadline for filing of income tax returns for the year 2018 to Aug 9. Earlier, on July 14, FBR had extended the last date for filing tax returns for the year 2018 till August 2. FBR Chairman urged people to take advantage of this opportunity and file their income tax returns as soon as possible.
US Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns were addressed, piling further pressure on the controversial project. Raised concerns included: privacy, money laundering, consumer protection and financial stability.