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Railway to achieve target of Rs 40 bln revenue during current FY: Saad

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ISLAMABAD, Dec 7 (APP): Minister for Railways Khwaja Saad Rafique on Wednesday said the revenue of Railway had increased Rs 36.5 billion form Rs 18 billion since last three and half years of the present government.

Speaking in a workshop for the formation of Pakistan Railway Strategic Plan (PRSP), the minister said that ministry of Railway would achieve the target of Rs 40 billion revenue during current fiscal year.

He said the Pakistan Railway has arranged this workshop with the collaboration of Asian Development Bank (ADB) regarding its strategic plan.

He said keeping in view the performance of Pakistan Railway during last three and half year’s, Asian Bank has offered the government for a hefty investment in this sector.

Saad Rafique said the up gradation of railway track from Peshawar to Lahore would be completed with the cooperation of ADB.

He said all railway tracks would be upgraded according to modern technologies adding that locomotive and carriage factories would also be upgraded.

The minister said that all record of railway land would be computerized in next three months and service structure of the institution will be improved.

He said the Peshawar-Torkham track was closed since long time and after the complete study of the track it would be reopened soon.

He said in past people were not ready to travel on rail system due to its poor services but after reforms of the present government their number had increased by 15 millions.

Pakistan looking forward to working closely with Trump administration

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President Trump delays move to shift US embassy to Jerusalem in hope of peace deal with Palestine

WASHINGTON, Dec 7 (APP): Pakistan is looking forward to working
closely with the new administration amid indications that incoming US President Donald Trump intends to be fully engaged in South Asia to advance peace and security and help resolve contentious issues between Pakistan and India, including the Kashmir dispute.

Special Assistant to the Prime Minister, Syed Tariq Fatemi, is in
Washington to have interaction with the current US administration and reach out to officials who are likely to join the new administration of President-elect Donald Trump.

Trump has announced nominees for 10 Cabinet jobs, subject to Senate
confirmation, but there still remain 10 slots that await nomination, including the most prominent post of Secretary of State.

Those who have been nominated, or likely to be officially announced
include retired General James Mattis for the post of Defense Secretary, Senator Mike Pompeo, Central Intelligence Agency, Jeff Sessions for Attorney General and Steve Munichin, for the Treasury.

Nominations for Transportation, Health and Human Services, Commerce, Education, Housing and Urban Development have also been announced.

In his interaction with the leading US print and electronic media, Mr.
Fatemi underscored that Pakistan was looking forward to working closely with the new US Administration and wanted the bilateral relations to be further strengthened in future.

Once President-elect Donald Trump assumes his office, Pakistan would
look forward to meaningful engagement with USA to further improve bilateral relations with the US both in the context of regional and international issues.

Mr. Fatemi stressed that Pakistan could play a significant role in
promoting peace and stability not only in Afghanistan, but to the entire region. Pakistan has confluence of interests with USA and there was a solid track record of US and Pakistan working together over 07 decades to promote regional peace and stability.

The PM’s Special Assistant also apprised the media-persons of
Pakistan’s unflinching commitment to putting an end to terrorism and militancy. Pakistan has lost about 5,000 soldiers in counterterrorism campaign. Pakistan has deputed more than 200,000 troops in its Northern Areas and along the Pak-Afghan border in this effort.

Mr. Fatemi also underlined the need for a sustained dialogue process
between Pakistan and India to resolve their long-standing differences including issue of Kashmir. In an interview with NBC News this week, Vice President-elect Mike Pence said that Mr. Trump intends to be fully engaged with both Pakistan and India to promote peace in the region.

He also suggested that Mr. Trump could play a role in resolving world’s contentious disputes, such as Kashmir.

The PM’s Special Assistant told the US media people about the
widespread and homegrown uprising in Indian Occupied Kashmir which the Indian Government was trying to suppress by force and with massive human rights violations.

Over 16,000 Kashmiris have been injured and approx. 600 blinded by using special kind of guns known as Pellet Guns, aimed at damaging the eye sight of innocent Kashmiris. In addition, the number of ceasefire violations has increased during recent months. Moreover, these violations have targeted innocent civilians, which amount to a war crime.

Mr. Fatemi emphasized that Pakistan had made remarkable progress over the last 03 years. Since the current Government assumed power in June 2013, a new chapter began in Pak-US relations. The Strategic dialogue between the two countries was resumed and it’s agenda broadened.

He said Pakistan was an important democratic country in South Asia and had vital stake in the region and its stability and economic development.

Mr. Fatemi also gave a detailed account of the progress Pakistan has
made after Prime Minister Nawaz Sharif Government assumed power.

He said that all state institutions were working in sync with each other in the country.

He said Pakistan would be forthcoming in cooperating with new
Administration in the US, in achieving peace in Afghanistan and improving Pakistan-India relationship for the sake of peace in the region.

NBP Exchange Rates

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KARACHI, Dec 07 (APP): Treasury Management Division of
National Bank of Pakistan (NBP) on Wednesday issued the following
exchange rates:

Selling Buying Buying TT & OD TT Clean OD/T.CHQ
U.S.A. 104.65 104.45 104.24
U.K. 132.52 132.27 132.00
EURO 112.18 111.97 111.74
CANADA 78.76 78.61 78.41
SWITZERLAND 103.67 103.47 103.19
AUSTRALIA 77.83 77.68 77.48
SWEDEN 11.46 11.44 11.41
JAPAN 0.9175 0.9158 0.9134
NORWAY 12.46 12.44 12.40
SINGAPORE 73.57 73.43 73.23
DENMARK 15.08 15.05 15.02
SAUDI ARABIA 27.90 27.85 27.77
HONG KONG 13.49 13.47 13.43
CHINA 15.19 15.16 15.12
KUWAIT 343.28 342.63 341.73
MALAYSIA 23.59 23.55 23.48
NEWZEALAND 74.52 74.38 74.18
QATAR 28.74 28.68 28.61
U.A.E. 28.49 28.44 28.36
KR WON 0.0896 0.0894 0.0892
THAILAND 2.935 2.929 2.921

CONVERSION FOR FC DEPOSITS, DBC/FCBC, SPECIAL USD BOND US DOLLAR POUND STERLING EUR JAPANESE YEN

104.8000 133.7038 112.7962 0.92

Foreign Currency Account Scheme

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Rupee jumps 71 against dollar

KARACHI, Dec 7 (APP): The Foreign Exchange Rates
Committee of Financial Markets Association of Pakistan issued the
following Base Rate, here on Wednesday.

BBA BID MAXIMUM RATES RATES WITH FOR PAYMENT OF
VALUE DATE INTEREST BY AUTHORISED DEALERS
R A T E S

U.S. DOLLARS VALUE 07-12-16

For 3 months and over but
less than 6 months 0.6981% PA 1.4481% PA
For 6 months and over but
less than 12 Months 1.0410% PA 1.7910% PA
For 12 months 1.3940% PA 2.2690% PA
For 2 Years 1.3940% PA 2.7690% PA
For 3 Years 1.3940% PA 3.0190% PA
For 4 years 1.3940% PA 3.2690% PA
For 5 years 1.3940% PA 3.3940% PA

POUND STERLING VALUE 07-12-16

For 3 months and over but
less than 6 Months 0.1336% PA 0.8836% PA
For 6 months and over but less than
12 months 0.2988% PA 1.0488% PA
For 12 Months 0.5429% PA 1.4179% PA
For 2 Years 0.5429% PA 1.9179% PA
For 3 Years 0.5429% PA 2.1679% PA
For 4 years 0.5429% PA 2.4179% PA
For 5 years 0.5429% PA 2.5429% PA

EURO VALUE 07-12-16

For 3 months and over but less than
6 months 0.0843% PA 0.8343% PA
For 6 months and over but less than
12 months -0.0241% PA 0.7259% PA
For 12 Months -0.1667% PA 0.7083% PA
For 2 Years -0.1667% PA 1.2083% PA
For 3 Years -0.1667% PA 1.4583% PA
For 4 years -0.1667% PA 1.7083% PA
For 5 years -0.1667% PA 1.8333% PA

JAPANESE YEN VALUE 07-12-16

For 3 months and over but less than
6 months -0.1887% PA 0.5613% PA
For 6 months and over but less than
12 months -0.2386% PA 0.5114% PA
For 12 Months -0.1429% PA 0.7321% PA
For 2 Years -0.1429% PA 1.2321% PA
For 3 Years -0.1429% PA 1.4821% PA
For 4 Years -0.1429% PA 1.7321% PA
For 5 years -0.1429% PA 1.8571% PA

Foreign exchange rates

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Foreign exchange rates

KARACHI, Dec 7 (APP): The Exchange Rates Committee of
Financial Markets Association of Pakistan issued the following
exchange rates bulletin, here on Wednesday.

LIBOR FOR CALCULATING INTEREST ON SPECIAL US DOLLAR BONDS
VIDE SBP F.E. CIRCULAR NO.42 & 21.07.98 & 04.08.98 RESPECTIVELY.

LIBOR VALUE6 MONTHS US DOLLAR 1.2910 07.12.16
CONVERSION RATES FOR 07TH DECEMBER 2016 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE-25 DEPOSITS) SBP SETTLEMENT VALUE DATE DECEMBER 09, 2016.

USD 104.8000
GBP 133.7038
EUR 112.7962
JPY 0.9189

Pak, India can’t afford to be in confrontation mode: Mirwaiz

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ISLAMABAD, Dec 7 (APP): Chairman of Hurriyet forum, Mirwaiz
Umar Farooq, has said that people of Kashmir have been offering
all kinds of sacrifices and facing untold hardships in their struggle for securing their right of self-determination since 1947.

According to KMS, Mirwaiz Umar Farooq, who continues to be under house arrest at his Nigeen residence in Srinagar, in a statement said, “The sufferings and oppression faced by the people in pursuit of their
political goal have drawn the attention of the world community and
the world powers are now showing a willingness to help find a
solution to the dispute”.

The Mirwaiz said that after Iran, Turkey and other member
states of the Organisation of Islamic Cooperation (OIC), Britain,
too, had shown interest in playing a role in resolving the Kashmir
dispute.

“Now the statement of Mike Pence, the US vice President-
elect in President-elect Donald Trump’s administration, about
Donald Trump’s willingness to play the role of a mediator in
Kashmir issue is a welcome development,” he added.

He said to put an end to the suffering of more than 10
million people and for peace and stability in South Asia,
resolution of the Kashmir dispute was the political, moral and
human responsibility of the international community.

“The nature of the ongoing peaceful resistance movement in
Kashmir which has shown the complete involvement and commitment of the entire population of Kashmir towards their cause has made
incumbent upon India to resolve the Kashmir dispute in accordance
with the UN resolutions, which would not only benefit Kashmir but
India itself,” he said.

He said, “Laced with nuclear weapons India and Pakistan
cannot afford to be in a confrontation mode for long and a
constant state of tension. And altercations could any time spike
into a full-fledged confrontation with devastating consequences
for all living in the region.

To avoid such a situation, people of Kashmir have been repeatedly asking the two countries to engage not in confrontation but in communication and find a solution as per the wishes and aspirations of Kashmiris.”

Commenting on the demolition of the historic Babri Masjid 24
years ago, the Mirwaiz expressed regret that despite being the
biggest minority in India, Muslims till this day had not got
justice in this case while the mosque also remained yet to be
rebuilt which puts a question mark on the democratic and secular
claims of India.

US appreciates Pakistan’s efforts for peace, stresses need for reducing tension in South Asia

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Fatemi meets U.S.Deputy Secretary of State, discuss bilateral ties

WASHINGTON, Dec.6(APP): Deputy Secretary of State Antony Blinken has appreciated efforts made by Pakistan to promote peace and stability in South Asia, while expressing concern over the increasing tension at Line of Control.

The US officials made these remarks during a meeting with Syed Tariq
Fatemi, the Special Assistant to the Prime Minister at the US State Department. Pakistan’s Ambassador to the United States, Jalil Abbas Jilani was also present at the meeting.

The meeting noted that Pakistan’s participation in the Heart of Asia
Conference held in India on December 4, and its earlier pledge at the Brussels Conference to provide $500 million for development projects in Afghanistan were concrete and positive steps reflecting Pakistan’s commitment to peace and prosperity of its western neighbour.

The Deputy Secretary of State also praised the generosity of Pakistan in hosting millions of Afghan refugees for over four decades and expressed appreciation on the recent decision to extend the deadline for the repatriation of these refugees.

During the meeting, the regional situation also came under discussion,
including the escalation across the Line of Control and the Working Boundary. Mr. Fatemi briefed the Deputy Secretary on the frequency of ceasefire violations by India in recent weeks with particular reference to targeting of civilians across the LoC.

He said that the massive and systematic human rights violations in the
Occupied Kashmir were resulting in hundreds of casualties and debilitating injuries to the civilians including women and children.

While expressing concern on the increasing escalation at the LoC, Deputy Secretary Blinken reiterated the US position on the need for reducing tension in South Asia and promoting closer cooperation and dialogue between the two largest countries of the region.

The meeting reviewed the bilateral relations between Pakistan and the
United States, with two sides expressing satisfaction on several achievements in areas of peace and security, counter terrorism, defense and economic cooperation.

It was agreed that Pakistan-US relationship was important to regional as well as global peace and security and should continue to be strengthened under the next Administration.

Mr. Fatemi conveyed the message of goodwill from Prime Minister Nawaz
Sharif and the people of Pakistan on the recently held elections in the US. He expressed the hope that after the completion of ongoing transition process, the two sides would resume their regular engagement on the bilateral track.

The Special Assistant to the Prime Minister on Foreign Affairs is in Washington on the first high level visit from Pakistan after the November elections in the United States.

Pentagon accused of burying report revealing administrative wastage of $125 billion

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WASHINGTON, Dec.6(APP): Senior officials at the US Defense
Department, or Pentagon, have been accused of covering up a study that detailed $125 billion of “administrative waste”,fearing it might be used by the Congress to slash defense budget, the Washington Post reported.

Picked up by many other news outlets, including Fox News, the report
revealed that the study was conducted in January, 2015 by the advisory Defense Business Board, (DBB), which called for a series of reforms that could have saved the department the staggering expenses over the next five years.

The study had been requested by the Pentagon officials to help induce
efficiency in its back-office bureaucracy to save funds that could have been invested in combat power. But when the study exposed wasteful spending that far exceeded the expectation, officials moved quickly to suppress it, fearing that might lead to cut in their budget.

According to the Fox News, the Pentagon even withdrew a report from a Pentagon website. The Pentagon had been complaining about lack of funds over the years.

Robert Stein, the former DBB Chairman, told the Post that the Pentagon had always complained that they were short of money and we proposed the way to save a “ton of money”. But, according to Deputy Defense Secretary Robert Work, who had originally ordered the study, the plan drawn out by DBB was “unrealistic” and overstated the expenses.

In a statement issued to Fox News, Pentagon spokesman Peter Cook echoed the stance of the Deputy Defense Secretary, saying that the report had “limited value” and “lacked specific, actionable recommendations appropriate to the department”.

According to the report, as quoted by the Washington Post story, the
study had identified a “clear path” for the Pentagon to save $125 billion over five years, by streamlining bureaucracy through attrition and early retirement, curtailing high-priced contractors, and bringing efficiency through better use of information technology. There was no recommendation to lay off civil servants or reducing military personnel.

“Based on reams of personnel and cost data, their report revealed for
the first time that the Pentagon was spending almost a quarter of its $580 billion budget on overhead and core business operations such as accounting, human resources, logistics and property management,” the story claimed.

According to the DBB data, the Defense Department was paying an
extremely high amount to some 1,014,000 contractors, civilians and uniformed personal to fill back-office jobs to support 1.3 million troops on active duty.

The study may resonate with President-elect Donald Trump who has
promised a major military buildup by “eliminating government waste and budget gimmicks”.

Some Pentagon leaders, however, were worried that exposing such a
staggering amount as being wasted, would have gone contrary to their public assertions they had been making for years about the lack of funds. They feared that instead of providing more money, the Congress and the White House might have decided to cut deeper.

Ishaq Dar attends 75th anniversary of AFD in Paris

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APP13-07 PARIS: December 07 - Federal Minister for Finance Senator Mohammad Ishaq Dar attending 75th Anniversary celebrations of French Agency for Development (AFD) hosted by French President Francoise Hollande. APP

ISLAMABAD, Dec 6 (APP): Finance Minister, Senator Mohammad Ishaq Dar Tuesday attended 75th Anniversary celebrations of French Agency for Development (AFD) hosted by French President Francoise Hollande in Paris.

The ceremony was attended by the Jean Marc Ayrault French Foreign Minister, President of Guinea, Prime Minister of Haiti, Minister of Finance Sri Lanka, Chief Executive Officer of AFD, French parliamentarians, diplomats and members of the civil society and media in large number, said a message received here Tuesday.

AFD has been operating in Pakistan since May 2007 and its programs mainly focuses on financing in energy efficiency and hydropower projects adding value to Pakistan’s efforts in tackling energy shortages in the country.

French Agency for Development is a financial institution and main implementing agency for France’s official development assistance for developing countries aiming to contribute to economic and social development in diverse geographical areas for improving the living conditions of the people.

Case is not about Panama Papers, but Imran’s desire to become PM: Maryum Aurangzeb

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APP81-06 ISLAMABAD: December 06 – Minister of State for Information, Broadcasting and National Heritage, Ms. Marriyum Aurangzeb, Minister of State for Information Technology and Telecommunication and Tala Chaudhry, MNA addressing a press conference. APP photo by Irshad Sheikh

ISLAMABAD, Dec 6 (APP): Minister of State for Information, Broadcasting and National Heritage Maryam Aurangzeb Tuesday said Imran Khan’s lawyers stance had proved that the case in Supreme Court was not about Panama Papers, but of Imran’s desire to become prime minister.

Addressing a joint press conference along with Minister of State for Information Technology and Telecommunications Anusha Rehman and Talal Chaudhry, MNA here she said that the case was about Imran’s jealousy with Prime Minister Nawaz Sharif and his fear of Maryam Nawaz.

She said the Panama Papers case is about contradictions in Imran’s heart and mind.

Prime Minister Nawaz Sharif was the elected Chief Executive of the country and will remain the prime minister, she added.

The Minister said that it was an honour of Nawaz Sharif that he was elected Prime Minister of the country for third time and keeping in mind the performance of the Pakistan Muslim League-Nawaz government he would be re-elected PM for fourth time in 2018 elections.

She said that the ongoing proceedings of the Panama Papers case in the Supreme Court were the outcome of the PM’s letter to the court requesting it to hear the case so that facts should come to fore. She said that the prime minister and his family did not debate the issue of right of admissibility and maintainability of the case which was their legal right because they wanted that truth should come to fore.

Secondly, she said, it was consequence of Imran Khan’s failed effort to lock down the capital.

She said that the petition was filed by the PTI and there were allegations of money laundering and tax evasion but now their lawyers were repeating the baseless allegations and trying to find contradictions in speeches of the Prime Minister. She said that perhaps Imran and his lawyer have not read that portion of the speech of the PM in which he said that more proofs would be provided at the relevant forum and now all proofs and documents have been presented in the Supreme Court.

She said that in the press conferences,Imran Khan thinks that whatever his legal team says would be the court’s verdict.

The minister said since 2013,Imran Khan has been doing politics on the basis of allegations but in 2018 he will have to face the PML-N politically.

He will have to compete a Prime Minister who eliminated terrorism, rid the nation of load-shedding, put the country on path of economic revival, gave the nation gifts of metro bus, motorways, China Pakistan Economic Corridor (CPEC), health insurance programme and educational reforms which restored respect of the country in the eyes of the world.

She said that Maryam Nawaz was daughter of the prime minister and can live with him and present him gifts as it is part of our culture and civilization which is alien to Imran Khan.

She said that Mariam Nawaz was a self-sufficient woman who has been paying taxes regularly.

She said that those raising fingers towards others daughters should first think about their own daughters.

She said that the court also remarked that if newspaper cuttings were evidence, who will respond to the stories published about Imran during past three decades.