The foreign direct investment (FDI) sharply declined by 49 per cent during the first 11 months of the current fiscal year, as reported by the SBP. Investment from China, UK, US, Hong Kong among other major countries have shown significant decreases. On the flip side, FDI from Norway, Japan and UAE recorded significant increases.

The government has formed a high-powered body to formulate economy-oriented policies of the country. The National Development Council (NDC) to be headed by Prime Minister Imran Khan will also have Chief of the Army Staff Gen Qamar Javed Bajwa as one of its members. The federal cabinet approved the formation of the NDC on Tuesday.

The Federal Board of Revenue (FBR) has received details of accounts having more than Rs5 million in deposits from banks nation wide. FBR Chairman Shabbar Zaidi reported this to the National Assembly’s Standing Committee on Finance and Revenue and further said that the assets declaration scheme (tax amnesty) could not be extended beyond the 30th of June.

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has formed an Anomaly Committee to identify and remove the technical and legal anomalies in the Finance Bill 2019. The committee will be chaired by tax expert Ashfaq Tola whereas the co-chairman of the committee will be FBR Member (IR-Policy) Dr Hamid Ateeq Sarwar.

Lahore’s ‘elite’ Dolphin Squad shot at and injured a civilian after members of the force alleged that he was a robber. The victim, Umar Raza, was reportedly going to a medical store to buy medication for his ailing mother when a Dolphin Squad team signalled him to stop. Raza failed to stop and was shot at, injuring his leg.

The Baluchistan government is set to present its budget for the 2019-20 fiscal year in the provincial assembly today. Finance Minister Mir Zah­o­or Ahmed Buledi will present the province’s budget. Sources said the total outlay of the budget is expected to be around Rs. 390 billion with Rs. 60 billion deficit.

Former Pakistan captain Intikhab Alam slammed national team’s poor performance in the ongoing World Cup. He especially spoke about their performance against traditional rivals India. He further demanded an immediate inquiry against the players who have been allegedly seen enjoying themselves in a shisha cafe the night before the match.

After consensus between the treasury bench and the opposition that they will hold a discussion free of disruption in the National Assembly over the budget, the debate on the budget began in the assembly on Wednesday. The Leader of the Opposition Shehbaz Sharif opened up the budget discussion by criticising the budget and the overall performance of the government.

Five people have allegedly tortured a man by kidnapping him, forcing him to strip off his clothes, and further forced him to drink their urine. All of this was done over a minor squabble in village Mangwal-Zafarwal near Narowal, Punjab. The victim, Shamraiz Ahmed aged 26, filed the FIR against the five accused.

According to projections released by the United Nations, Pakistan has been predicted to be among the nine countries where more than half of the projected world population increase will be concentrated over the next few years. The world’s population is expected to increase from 7.7bn currently to 9.7bn by 2050. Among the other eight countries are India, Indonesia, and the United States.