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June 28, 2023: National Current Affairs MCQs
1. Pakistan, IMF weigh $2.5bn `standby arrangement`
• With time running out, Pakistan and the International Monetary Fund (IMF) are discussing a new short term six to nine months standby arrangement (SBA) worth about $2.5bn, the remaining part of the Extended Fund Facility (EFF) expiring on June 30, to get the country through the political transition to the newly elected government in the second quarter of the current fiscal year.
• This is one of the two options currently under discussion by the two sides after the government met all the conditions and prior actions of the ninth review, and also those relating to subsequent 10th and 11th tranches without disbursement of $2.5bn funds outstanding since October 2022
2. Govt okays four protocols to be inked with China
• The federal cabinet on Tuesday approved four protocols to be inked with China regarding exports and formation of a task force for security arrangements at Dasu Hydel Power Project.
• The cabinet made these decisions not through its meeting but circulation as Prime Minister Shehbaz Sharif was out of the country.
• According to sources in the PM Office, the cabinet okayed four protocols to be signed with China aimed at boosting trade. The four protocols were related to the export of donkey skins, dried chilies, beef and dairy products
3. LHC cuts `discriminatory` super tax from 10pc to 4pc
• The Lahore High Court (LHC) has reduced the super tax on large corporations from 10 per cent to 4pc after declaring it discriminatory, but refused to annul the tax at together.
• The order on Tuesday was passed by LHC Justice Jawad Hassan on petitions seeking to strike down the tax imposed last year.
• The petitioners also challenged the amendment to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2022 which imposed the super tax.
• The `super tax` on 13 large-scale industries was imposed in 2022 as the government attempted to shore up revenues and support the poor amid rising inflation
4. ECC allows petroleum imports on suppliers` credit
• The government on Tuesday allowed traders to import crude oil and petroleum products on suppliers` credit and approved policy guidelines on foreign supplier`s accounts through customs bonded storage facilities but the decision immediately set the local oil industry crying.
• The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet, presided over by Finance Minister Ishaq Dar, which also approved more supplementary grants of Rs4.01bn including Rs200 million to the Auditor General of Pakistan and Rs3.815bn to the Ministry of Interior for additional ration bills of Rs2.99bn of Frontier Corp (KP-North) and Rs825m to FCKP-South
5. Survey to verify census data begins next week
• The government will move to finalise the national census shortly after the Eid holidays, as a sample survey to measure data accuracy is set to begin next week.
• The Pakistan Bureau of Statistics (PBS) will conduct the post-enumeration survey for the 7th Population and Housing Census from July 8 to July 22 and compile its report for the Council of Common Interests (CCI) by July 31, the census monitoring committee decided in a meeting on Tuesday.
• Besides, filed enumeration in the remaining areas including three districts of Kohistan and snowbound areas of Khyber Pakhtunkhwa, Azad Jammu and Kashmir, and GilgitBaltistan will also kick off from July 8.
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