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Dar vows to bring down dollar rate to Rs98

Dar vows to bring down dollar rate to Rs98

ISLAMABAD: Federal Minister for Finance Ishaq Dar has said that the increasing price of dollar against rupee will be brought back to 98 rupees.

He said that the industrial expansion and investment is the need of hour. He said the income support levy has now become part of the budget and this is not a tax as it will be spent on the poor.

The Federal Minister said that the Income Tax Ordinance 2001 empowers the government to give legal cover to its efforts for expanding the tax net. He further said that the income support levy had become part of the finance bill.

Senator Ishaq Dar also chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Prime Minister’s Office.

The ECC approved the lease of five A320 aircrafts from the ten A319/320 aircrafts shortlisted on merit based on their combined score tabulated on their financial and technical parameters. The remaining five aircrafts were rejected because of their low combined score.

The ECC approved the dry lease of five A320 aircrafts with the direction that the lease period of the present aircrafts hired on wet lease may be extended so that a pool of at least ten aircrafts be maintained for convenience of general public and passengers. The ECC also authorised PIA to initiate bidding for tender of additional five aircrafts which may be inducted by June 15, 2014.

The Finance Minister observed that the finalization of this lease by Pakistan International Airlines will not only rehabilitate its international credibility but also improve its image.

The ECC approved providing guarantees to Exim Bank of USA and Islamic Corporation of Insurance and Export Credit (ICIEC) for providing financing for servicing and repairs of nine bowing 777 aircrafts which are the main stay of PIAC fleet subject to approval of financing terms by the Finance Division.

The meeting was attended by Minister of Food and National Security Sikandar Bosan, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Minister for Information and Broadcasting Senator Pervez Rashid, Minister for Science and Technology Zahid Hamid, Minister of State for Information Technology Anusha Rehman, Board of Investment Chairman Zubair Umar and senior officials of the  Ministries of Finance, Water and Power, Planning and Development, Commerce, Communications and Industries.