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US Senate blocks extension of Patriot Act -
WASHINGTON, May 23 (APP): The United States Senate early Saturday rejected the extension of the Patriot Act, which was enacted in 2001 to help the government in preventing future terrorist attacks.


UN to recognize peacekeepers service in world's hot spots; five Pakistanis to get posthumous awards -
UNITED NATIONS, May 23 (APP): The United Nations is set to honour at a solemn ceremony next week the sacrifices of more than one hundred peacekeepers, including five Pakistanis, who paid the ultimate price in serving the cause of peace in hot spots around the world last year.


Modest global economic growth set to continue for rest of year: UN report -
UNITED NATIONS, May 23 (APP):  A new United Nations report released Friday says that modest paced global economic growth continues, and predicts a gradual improvement in the situation over the second half of 2015 and into next year.


UN chief strongly condemns terrorist attack on mosque in Saudi Arabia -
UNITED NATIONS, May 22 (APP): UN Secretary-General Ban Ki-moon has condemned "in the strongest terms" Friday's terrorist attack targeting a Shia mosque in the town of al-Qudaih in the Eastern Province of the Kingdom of Saudi Arabia, and  called for bringing the culprits to justice.



UN official calls for 'converting commitments to kilowatts' for people without electricity -
NEW YORK, May 22 (APP):  More than a billion people - one  in five globally - lack electricity to light their homes  or conduct business, according to a World Bank report. 


Sport News
Army clinch National Netball Championship
ISLAMABAD, May 24 (APP): Pakistan Army beat Army 31-29 in a nail-biting final to clinch the 54th National Men Netball Championship title here at Hamidi Hall, Pakistan Sports Complex on Sunday.

 
Arrangments reviewed at Gaddafi stadium
LAHORE, May 24 (APP): Pakistan Cricket Board (PCB) officials on Sunday reviewed the arrangements at the Gaddafi stadium before beginning of second T-20I.
 
Second entrance point opened for spectators
LAHORE, May 24 (APP): A second entrance point has been opened to facilitate the cricket spectators before the start of second T-20 match between Pakistan and Zimbabwe.
 
National Ranking Tennis Championship from May 27
ISLAMABAD, May 22 (APP): Pakistan Tennis Federation (PTF) will organize the third edition of PTF Development Series National Ranking Tennis T-III Championship from May 27 at the Clay Courts of the PTF Complex here.
 
Pakistani cueists fly to Iran for Asian Team 6-Red Snooker on Saturday
KARACHI, May 22 (APP): A six-member Pakistan squad is due to leave for Kish Island en-route Dubai and Tehran (Iran) on Saturday to take part in Asian Team event and 4th 6-Red Snooker Championships being staged there from May 24 to 31.
 
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Education must for country\'s progress : Ahsan Iqbal - Youth empowerment to strengthen economy: Shahbaz - Dar discusses measures for enhanced revenue collection - Finance Minister forms committees on business index - Machine Readable Passport service starts at Pak Consulate in Birming... - Pb govt delegation leaves for Qatar for labour export
Base year for national accounts to change every 10 years: Dar PDF Print E-mail
ISLAMABAD, Dec 11 (APP): Federal Minister for Finance, Economic Affairs Senator Mohammad Ishaq Dar Wednesday said government had decided to change the base year for national accounts after every ten years, and the next re-basing  would be held in the financial year 2015-16.Highlighting the change of base years from time to time, the Minister said that the base year for the national account was changed in financial year 1980-81, then in the year 1999-2000 and the last base year was changed in the year 2005-06.He stated this while addressing a press conference here after presiding over the meeting of the Board of Directors of Pakistan Bureau of Statistics (PBS).
Senator Dar said that previously the figures relating to economic performance were released or announced annually, but now it had been decided that these figures would be announced on quarterly basis and made public to know about the performance of the national economy.
He said that Quarterly National Accounts (QNA) for Pakistan has been prepared and presented for the first time.
He said that the QNA has been adopted on the same principles and definitions as the Annual National Accounts (ANA).
Senator Dar said that QNA will be consistent with ANA and pattern of finalization will be the same for both accounts.
The Minister said that Gross Domestic Product (GDP) for the 1st quarter (July-September) has shown growth by 5.1%.
Highlighting the fiscal position of current financial year upto November 30, 2013, the Minister said that FBR has collected a tax revenue of Rs 792 billion as against Rs 679 billion realized by FBP upto November 2012 (last year), showing a growth of 17%.
Senator Mohammad Ishaq Dar said that the government during the first quarter of the current financial year has released Rs 143 billion against the total allocation of Rs. 340 billion under Public Sector Development Programme (PSDP).
He said that budget deficit has been brought down to 2.2% equal to Rs 570 billion compared to  2.9% equal to Rs 690 billion last year.
Regarding the Foreign exchange reserves, the Minister said that reserves were falling on account of overall negative inflows.
The Minister said that Foreign exchange will improve from now onwards due to short term BOP support borrowing ($ 225 million / $ 100 million received).
He added that the second tranche of US $137 million from Islamic Development Banks (IDB) has been received.
The Minister said that IFC has announced trade financing facility of ($ 500 million) while Global rupee bond, Euro Bond $ 500 million would be launched and Financial Advisor (FA) in this regard would be appointed shortly.
Senator Ishaq Dar said that Remittance-based Bond would be launched while (FA appointment will follow Euro Bond launch.
He added that fast-track of capital-market-based disinvestment of government shares would be made while $ 1.6 billion World Bank and ADB policy loans, $ 850 million Coalition Support Fund (CSF) and $ 800 million outstanding from Etisalat would also be recovered.
Government, he said has expedited its efforts for the recovery of $800 million from Etisalat company.
He added that government has also expedited its efforts for $ 1.2 to $ 2 billion spectrum auction while overseas Pakistanis workers remittances have increased to US $ 6.4 billion showing a 7% growth.
Secretary Finance Dr Waqar Masood Khan, Advisor Finance Ministry Rana Asad Ameen, Governor State Bank of Pakistan Yasin Anwar, Secretary PBS Asif Bajwa and Chairman Federal Bureau of Revenue (FBR) Tariq Bajwa and senior officials of the ministry of finance and economic affairs were also present on the occasion.
 
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