China and U.S. pledge deeper economic talks after Stockholm meeting
China and the United States have agreed to extend tariff pauses and deepen economic consultations following two days of trade talks in Stockholm, Chin...
Pakistan is set to unveil a trimmed federal budget today, projecting 17.6 trillion rupees ($62.45 billion) in total outlays — a 6.7% decrease from the previous year — while increasing defence spending by about 20%, according to media reports and analysts.
The budget comes in the wake of last month’s conflict with India, placing new demands on Pakistan’s military expenditure. Defence allocations in 2024–25 were 2.1 trillion rupees, and are expected to increase significantly, alongside 563 billion rupees already marked for military pensions.
Meanwhile, development spending is likely to face cuts, with the government targeting a 4.8% fiscal deficit, improved from the 5.9% goal this fiscal year. The country’s economic growth for 2025–26 is projected at 4.2%, up from 2.7% this year, but still below the regional average of 6.0%, per the Asian Development Bank.
The government will also have to navigate fiscal constraints under its $7 billion IMF programme, while facing uncertainty from new U.S. tariffs affecting key exports.
Key reform priorities include expanding the tax base, enforcing agriculture income tax, and cutting subsidies. With just 1.3% of Pakistan’s population paying income tax in 2024, the IMF has pressed for inclusion of agriculture, real estate, and retail sectors.
Finance Minister Muhammad Aurangzeb stated the government would avoid “boom and bust” cycles, aiming to protect recent economic stability. However, analysts like Ahmad Mobeen of S&P Global remain cautious, predicting the revenue targets will fall short without deeper structural reforms.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
You’ve probably seen the headlines: sweeping tariffs, surprise pauses, and a 90-day ticking clock that could reshape global trade. But what exactly is Trump’s 90-day pause — and why does it matter for the world economy? Let’s break it down
Lebanon’s push to centralise arms under state control signals a potential turning point in efforts to curb non-state militias and revive stalled diplomacy. The proposed plan ties disarmament to international funding and reconstruction support.
A high-level ministerial meeting between Syria and Israel is scheduled to take place on Thursday in Baku, Azerbaijan, to address rising security concerns in southern Syria, a diplomat told AFP, according to The Times of Israel.
Tensions between the U.S. and Canada are escalating after President Trump linked trade talks to Ottawa’s recognition of Palestinian statehood, threatening steep new tariffs if no deal is reached by 1 August.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment