Govt to borrow more to repay IMF loan: Dar

ISLAMABAD: Federal Finance Minister Muhammad Ishaq Dar on Saturday warned that facility of loan re-scheduling or moratorium was not available in the IMF, thus non-repayment of loan would be deemed default.

Speaking at the National Assembly session, he said the IMF authorities had expressed regret that why such a huge loan for Pakistan was sanctioned in the past as its repayment had become difficult.

He mentioned that government needs foreign inflows only for repayment of huge loans obtained by the previous governments. He mentioned it was in the best interest of Pakistan to meet debt repayment obligation on time as facility of loan re-scheduling or moratorium was not available in the IMF, adding non-repayment of loan would mean default.

He said the period of repayment of loans obtained by the previous governments had arrived, and the incumbent government was faced with a challenge of their repayment. He mentioned that Pakistan needs foreign inflows but only on terms suitable to it.

During the next fiscal year the government would be required to re-pay $3 billion IMF loan obtained under $7.6 billion Stand-By-Arrangement (SBA). For making this huge repayment while maintaining it's foreign exchange reserves at a reasonable level, Pakistan would be required to engage with IMF as well as other key financial institutions to ensure repayment on time.

Meanwhile, the government on Saturday refused to reduce the proposed increase in the rate of General Sales Tax from 17% to 16% and 2% additional GST for UN-registered persons, saying that Rs 2.475 trillion tax collection target was essential for meeting revenue requirements.

However, it has been informed to the National Assembly that reduction in the rate of GST standard rate would only be considered in future in case Rs 2.475 trillion revenue target was met in the upcoming fiscal year 2013-14.

The rate of withholding tax has been increased from 10% to 15% for next fiscal 2013-14. However, it would be adjustable for the people who would file their returns and their final assessment would be made accordingly.

During his concluding budget speech, Ishaq Dar informed the House that government had approved all 112 recommendations of the Senate including 21% amendments in the Finance bill 2013 and announced all the recommendations would be implemented by the relevant ministries and divisions.

Giving rationale for keeping standard rate of GST, the finance minister informed that last government had incurred Rs 600 billion additional expenditures in the outgoing fiscal year that would be regularised through supplementary grants. Besides Rs 503 billion circular debt has to be cleared, reduction in budget deficit that is ending up at Rs.2 trillion in outgoing fiscal is essential and tax shortfall in the outgoing fiscal is also estimated at Rs.374 billion, he added.

Proposed tax liability rate for rental income of 17.5% have been withdrawn and new reduced rate of 10% for lower rental income and 15% for higher rental income have been proposed. However, the minister said these reduced tax rates would be withholding in nature and adjustable at the time of final assessment of the income of taxpayers.

England restrict India to 129 in Champions Trophy final

England restricted India to 129 for seven from their 20 overs in the rain-disrupted Champions Trophy final at Edgbaston Today.

Miserly bowling by Ravi Bopara and James Tredwell put England in a strong position to lift their first major 50-over title after the start of play had been delayed by nearly six hours due to persistent rain and the match reduced to 20 overs a side.

Virat Kohli top-scored with 43 and Shikhar Dhawan, the tournament's leading run-scorer, made a breezy 31 but India were never able to dominate a disciplined England attack.

Rohit Sharma was bowled by Stuart Broad for nine and Dhawan mis-timed a drive in Bopara's first over and was caught by Tredwell at mid-off.

Dinesh Karthik skied Tredwell to Eoin Morgan and Bopara struck twice in his third over, getting Suresh Raina caught by Alastair Cook at mid-on and dangerman MS Dhoni well taken by Tredwell on the third man boundary.

Bopara completed excellent figures of three for 20 but Kohli and Ravindra Jadeja took 30 runs off the next three overs and Kohli, badly dropped by Jonathan Trott, launched Broad for a massive six over square leg.
Kohli skied James Anderson to Bopara at long off but Jadeja finished unbeaten on 33 after clouting Tim Bresnan for another six in the final over of the innings.

Najam Sethi appointed acting PCB chairman

LAHORE: Former caretaker Punjab chief minister and senior journalist Najam Sethi is likely to be appointed as acting chairman of the Pakistan Cricket Board, sources said Sunday.
Prime Minister Nawaz Sharif has appointed prominent journalist Najam Sethi as acting chairman of the crisis-hit PCB.

A member of the Pakistan Cricket Board governing board says Shakil Shaikh said Sunday that Sethi has been given the task to “restructure the PCB, its administration and review cricket board’s constitution.”

Sethi also served as caretaker chief minister of Punjab province before general elections in Pakistan in May.

Last month Islamabad High Court had stopped Zaka Ashraf from working as PCB chief and called his election “polluted.” Judge Shaukat Aziz Siddique directed the government to appoint an acting chairman and replace Ashraf.

Sididque had also asked the PCB to stop Ashraf representing Pakistan in next week’s annual meeting of the International Cricket Council in England.

Rain delays start of Champions Trophy final 2013

BIRMINGHAM ENGLAND :  Rain delayed the start of the Champions Trophy final between England and India at Edgbaston on Sunday after the hosts had won the toss and elected to field.

The rain began to fall as the players sang the national anthems immediately before the scheduled start time of 10.30 a.m. (0930 GMT) and the groundstaff covered the pitch.

It stopped after just under an hour and the umpires announced there would be a pitch inspection at midday.

England will Face India in Champions Trophy final today

BIRMINGHAM, June 22: England captain Alastair Cook insisted his side were ‘ready’ to make history by beating world champions India in Sunday’s Champions Trophy final at Edgbaston.


England have never won a major One-day International (ODI) title, losing the 1979, 1987 and 1992 World Cup finals — all featuring Cook’s mentor Graham Gooch — as well as going down at home to the West Indies in the 2004 Champions Trophy final at The Oval.But, ahead of England’s defence of the Ashes, which starts next month, Cook said winning the Champions Trophy would be ‘right up there’.

“The lads are raring to go,” Cook told reporters at Edgbaston on Saturday. “I’ve never seen them as relaxed as we have been leading up to a big game. But I’m looking around in the guys’ eyes and I know they’re ready to play. We haven’t won a global 50-over tournament, as everyone keeps reminding me.

“There are certain moments in your career where you remember more than others, and if we can win this tomorrow [Sunday] then I think that would be right up there.”

India have so far won all their matches this tournament, whereas England suffered a group stage loss to Sri Lanka.

However, when England and India last met in English conditions in 2011 it was England who prevailed, winning a Test series 4-0 — with Cook scoring a Test-best 294 at Edgbaston — and the one-dayers 3-0.

“They’re unbeaten and have played some very good cricket. But our record against India last time we played them in England is a good record,” said Cook. “All I can say is the lads in the last two games under pressure delivered two excellent performances. I can’t see a reason why we can’t do it tomorrow.”

In-form opener Shikhar Dhawan, the tournament’s leading scorer with 332 runs including two hundreds at an average of more than 110, has been the cornerstone of a powerful India top order.

But an England attack led by swing specialist James Anderson has proved highly effective and Cook said: “We’ve got very skillful new-ball bowlers. If you do take some early wickets and put some pressure on their middle order who haven’t batted so much, that could work well for us.”

However, India pacemen Bhuvneshwar Kumar, Umesh Yadav and Ishant Sharma have also been in fine form.

“I think that’s why they’re probably the favourites…They’re scoring runs at the top of the order and taking wickets with the new ball,” Cook said.

England pace-bowling all-rounder Tim Bresnan is available following the birth of his son and could replace fast bowler Steven Finn.

But Cook said Graeme Swann, who has played just once this tournament because of back and calf problems, would not feature if there was a risk of further injury with Swann’s fellow off-spinner James Tredwell set to keep his place.

Meanwhile, Indian captain Mahendra Singh Dhoni hopes the final will produce an exciting game.

“England are a very good side and they know the conditions well. We have also played well in a tournament where you only face the best of teams,” Dhoni said on Saturday. “So it will be a good contest and very good for the spectators too. We as cricketers want to entertain the crowd. And that is how it is going to be.”

The dream final, worth $2 million to the winners, will be a mouth-watering clash between the two best teams in the eight-nation tournament.

India, winners of the World Cup at home in 2011, proved worthy of their No 1 ranking by cruising to the final with four straight wins — the last three by emphatic eight-wicket margins.

India’s squad contains just three players — Virat Kohli, Suresh Raina and Dhoni himself — who played in the World Cup final two years ago, but the captain insisted his team was not under pressure for the big game.

“We will prepare for the final the same way we prepared for the semi-final, or the game against Pakistan,” he said. “It’s a new game now. What happened in the past does not matter.”

Dhoni brushed aside worries that bad weather — rain has been forecast for the entire day on Sunday — could ruin the final in front of a packed Edgbaston.

“We will wait for tomorrow to see how the weather goes, we can’t go by the forecast,” he said. “In our semi-final against Sri Lanka, they said we may not even get a 20-over game and we ended up playing a full match.”

Dhoni said he expected Dhawan and company to continue their good form against the England attack.

“England are a very good bowling unit, but we are excited that our top order has played, and done well, against some of the best bowlers in world cricket in this tournament,” explained Dhoni.

Teams (from):

ENGLAND: Alastair Cook (captain), Ian Bell, Jonathan Trott, Joe Root, Eoin Morgan, Ravi Bopara, Jos Buttler, Tim Bresnan, Stuart Broad, James Tredwell, Jimmy Anderson, Graeme Swann, Chris Woakes, Steven Finn, Jonny Bairstow.

INDIA: Shikhar Dhawan, Rohit Sharma, Virat Kohli, Dinesh Karthik, Suresh Raina, Mahendra Singh Dhoni (captain), Ravindra Jadeja, Ravichandran Ashwin, Bhuvneshwar Kumar, Umesh Yadav, Ishant Sharma, Irfan Pathan, Murali Vijay, Amit Mishra, R. Vinay Kumar.

Umpires: Kumar Dharmasena (Sri Lanka) and Rod Tucker (Sri Lanka).
TV umpire: Bruce Oxenford (Australia).
Reserve umpire: Aleem Dar (Pakistan).
Match referee: Ranjan Madugalle (Sri Lanka).—Agencies

Gunmen kill 9 foreign tourists and their guide in Gilgit Baltistan

Five Ukrainians, three Chinese, a Russian and their guide were killed in the attack in a remote resort area near the base camp for the snow-covered Nanga Parbat mountain, a popular destination for adventurous trekkers.

Gunmen stormed a hotel in a remote part of northern Pakistan on Sunday and killed nine foreign tourists and a Pakistani guide, police and security officials said.

“Unknown people entered a hotel where foreign tourists were staying last night and opened fire,” Ali Sher, a senior police officer in Gilgit-Baltistan province, told Reuters.

Sher had earlier said 10 foreign tourists were killed, but officials revised the tally as fresh reports arrived from the area.

There was no immediate claim of responsibility.

The gunmen fled after the attack, which took place at about 1am on Sunday, Sher said.

A senior government official said a large number of security personnel had been sent to the area.

“Since the area is very remote with no roads or transport, their bodies will have to be retrieved by helicopter,” theofficial said.

Gilgit-Baltistan, which borders China and Kashmir, had been considered one of the more secure areas of Pakistan but has witnessed a spate of attacks by militants targeting members of Pakistan’s Shia minority in recent years.

It was the first time foreign tourists had been attacked in the province, which is famous for its natural beauty.

Pakistan receives few foreign tourists, but a trickle of visitors are tempted by its spectacular mountain scenery in its northern areas, where the Hindu Kush and Karakoram mountain ranges converge.


Condemnation

Prime Minister Muhammad Nawaz Sharif has strongly condemned the killing of foreign tourists and has demanded a report on the matter.

The prime minister said that such acts of cruelty and inhumanity would not be tolerated and every effort would be made to make Pakistan a safe place for tourists.

Expressing his sympathies with the bereaved families, he said that “the people and government of Pakistan stand by you in this hour of huge distress.”