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The Latest Breaking News from Ministry of Finance

Pakistan ‘strongly contests’ Moody’s ratings downgrade

Concerns are rising about Pakistan’s ability to pay for imports such as energy and food, and meet sovereign debt needs.

Al Jazeera

Saudi Arabia Underlines Support to IMF Efforts to Alleviate Global Food Crisis

Saudi Minister of Finance Mohammed Al-Jadaan underlined his country’s support to the efforts of the International Monetary Fund (IMF) to mitigate the impact of the global food crisis. During a meeting with IMF Managing Director Kristalina Georgieva, Al-Jadaan discussed areas of bilateral cooperation, including capacity development and the establishment of…

Asharq Al-Awsat

Saudi Arabia Expects Sustainable Surplus Budgets until 2025

The Saudi Ministry of Finance disclosed estimates of its budgets until 2025, showing positive trends and expectations of sustainable financial surpluses during the medium term. The preliminary statement of the state’s general budget for the fiscal year 2023 expected total expenditures to reach about 1.11 billion riyals ($296 billion), and…

Asharq Al-Awsat

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Pharma manufacturers’ body moves Karnataka HC against treating free samples of medicines given to doctors as ‘freebies’ under Income Tax Act

Ministry of Finance had said that drug manufacturers will have to deduct 10% tax for the value of free samples of medicines

The Hindu

Jordan’s Public Debt Increases to $41 Bln

Jordan’s public debt rose 1.6 percent to 29.16 billion dinars ($41 billion) in the first half of 2022 from 28.7 billion dinars at the end of 2021. Its domestic debt reached 13.89 billion dinars at the end of H1, while its foreign debt reached 15.26 billion dinars, according to statistics…

Asharq Al-Awsat

Russia Seeks To Legitimize Use Of Cryptos In Cross-border Payments

The Ministry of Finance and the Bank of Russia have reconsidered their stance on cryptocurrencies, a step needed to legitimize cross-border payments in these currencies, according to the country's Deputy Finance Minister Alexei Moiseev.

Benzinga

Saudi Arabia Prepares to Launch Individual Savings Sukuk

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) are seeking to develop and launch individual savings Sukuk to motivate individuals to design better plans for the future and seek strategic partnerships with the private sector. The two entities signed a memorandum of understanding (MoU) with SNB…

Asharq Al-Awsat

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B21bn savings bond issue dates set

A total of 21 billion baht worth of government savings bonds will go on sale to the public from Aug 22 to 24, a Ministry of Finance official confirmed on Thursday.

Bangkok Post

Oman Posts 784 Million Rial Budget Surplus for H1/2022

The Omani government posted a budget surplus of 784 million rials ($2.04 billion) at the end of the first half of 2022, Oman's state news agency reported on Sunday. The Gulf Arab state's oil revenues increased to 3.187 billion rials by the end of first half, the report added. Public…

Asharq Al-Awsat

$2Bln in Auction of UAE Treasury Bonds

The United Arab Emirates, represented by the Ministry of Finance as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, announced Monday the results of the third auction of the Treasury Bonds program (T-Bonds). This program is part of the AED9…

Asharq Al-Awsat

SET warns against plan to reintroduce tax on share sales

The Stock Exchange of Thailand has warned that the Ministry of Finance’s plan to reintroduce a 0.1% tax on share sales may significantly affect the bourse’s liquidity and slow economic recovery.

Bangkok Post

PM’s Iconic Week launch livestreamed in Mysuru

Central GST Department broadcasts the event under ‘Azadi Ka Amrit Mahotsav’ at ATI campus; it was broadcasted in 74 other major cities

The Hindu

PM Modi to launch Azadi Ka Amrit Mahotsav on June 6, event to be webcast in 75 cities

COIMBATORE

The Hindu

Saudi Quarterly Budget Registers Record Surplus

Official data released on Sunday showed that the Saudi budget for the first quarter of 2022 recorded a surplus of SR 57.4 billion ($15.3 billion dollars). The Saudi Ministry of Finance announced the actual general budget for the first quarter of 2022, noting that the Kingdom collected revenues of SR…

Asharq Al-Awsat

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Asharq Al-Awsat

Oman's Budget Records Surplus of Almost $1Bn

Oman's state budget recorded a surplus of $928 million at the end of the first quarter of 2022. The Finance Ministry announced the surplus would be used to accelerate economic recovery, enhance development expenditure, and reduce the risks of the country's public debt portfolio. As of the end-first quarter of…

Asharq Al-Awsat

UAE Issues $400 Million Domestic Treasury Bonds in Dirhams

The UAE has announced the launch of conventional AED denominated Treasury Bonds of the Government of the UAE (T-Bonds), with benchmark auction size of AED1.5 billion ($400 million). This was conducted through the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE)…

Al Jazeera

Has India’s central bank avoided tackling high inflation?

As the RBI focuses on managing Indian government’s debt & propping up growth, inflation soars.

Al Jazeera

India sought probe into ex-RBI gov Rajan for helping ‘white man’

India accused the RBI of setting interest rates to favour developed nations, pushing it to slash the rates.

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Dynamite News

IT raids in Delhi-NCR on automobile manufacturing group, firm operating chartered flights and real estate groups

The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across Delhi-NCR, on March 23, said Ministry of Finance.

Reuters

Japan imposes sanctions on 17 more Russians, including billionaire

Japan has decided to freeze assets of an additional 17 Russian individuals, bringing the total number targeted by sanctions over Russia's invasion of Ukraine to 61, the Ministry of Finance said on Tuesday.

Reuters

Japan unveils new sanctions on Russians, bans refinery equipment exports

Japan has frozen the assets of an additional 32 Russian and Belarusian officials and oligarchs following the invasion of Ukraine, the Ministry of Finance announced on Tuesday.

Asharq Al-Awsat

UAE Says it Seeks to Commit to Int’l Standards, Prevent Malicious Practices via Corporate Tax

Deputy Secretary of the Ministry of Finance Younis Al-Khoori said that the use of federal tax on companies as of June 2023 strengthens the UAE’s commitment to meet international standards for tax transparency and the prevention of harmful tax practices. It is also an integral part in encouraging economic growth,…

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