Japan's finance ministry said Friday that China has cancelled a top annual finance meeting with Japan and South Korea, as tensions between Tokyo and Beijing soar over a territorial dispute. An official with the ministry told AFP that "China has informed us that the meeting won't be held" on the sidelines of an Asian Development Bank meeting in Delhi on May 3. sps/pb/pj

South Korea proposed Tuesday a 17.3 trillion won ($15.4 billion) supplementary budget to help boost the economy, including further spending on defence at a time of heightened tensions with the North. The first fiscal stimulus package for four years, which requires parliamentary approval, will cover a 12-trillion won shortfall in revenue and provide 5.3 trillion won in new spending, the finance ministry said. The spending is mostly aimed at job creation, support for small and medium-sized firms and strengthening welfare programmes, a ministry statement said.

Prime Minister Justice R Mir Hazar Khan Khoso was given a comprehensive briefing on the state of economy by senior officials of Ministry of Finance and the Governor State Bank of Pakistan at the Prime Minister’s Secretariat on Monday. In his opening remarks the Prime Minister said that though the primary objective of the government was to hold free, fair and transparent elections, the government was cognizant that the economic stability of the country was equally important. The Prime Minister said that all steps would be taken by his government for improving the country’s econo

President Dr Mohamed Waheed has deputed Minister of Economic Development Mr Ahmed Mohamed, to the Ministry of Finance and Treasury, pending the return of Minister Abdulla Jihad, who is abroad