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June 15, 2022 (PR No. 789)

POL Prices

In the wake of rising petroleum product prices in the international market and exchange rate variation, maintaining the fuel prices at the subsidized rate is constantly increasing the fiscal deficit and current account gap besides putting pressure on country's foreign exchange reserves.

Therefore, the Government has decided to consider the proposal of OGRA to increase the petroleum products prices. However, Petroleum Levy and Sales Tax have been kept at zero to provide relief to the end consumers.

New prices of petroleum products with effect from 16 June, 2022 will be as follows;

i. MS ( Petrol)........................ Rs. 233.89/Liter
ii. High Speed Diesel(HSD)....Rs. 263.31/Liter
iii. Kerosene (SKO).................Rs. 211.43/Liter
iv. Light Diesel Oil (LDO)........Rs. 207.47/Liter.

 
June 15, 2022 (PR No. 788)

Minister for Finance and Revenue chaired a meeting on resolution of issues of Japanese companies working in Pakistan

Federal Minister for Finance and Revenue Mr. Miftah Ismail chaired a meeting on resolution of issues of Japanese companies working in Pakistan, today.

Chairman FBR, Governor SBP, Secretary Science and Technology, Secretary Industries and Production, Secretary Commerce, senior officers from Board of Investment and Finance Division inter-alia attended the meeting.

The Finance Minister was briefed about the issues being faced by the Japanese Companies. The challenges faced by Japanese companies were about implementation of industrial policies, tax incentives for locally manufactured automobile, incentives to businesses located in SEZ and EPZ, cash margin requirements and support for development of stable business environment for automobile market.

The Finance Minister after comprehensive deliberation with all stakeholders assured the delegation of full support of government for resolution of their issues and directed the relevant authorities to expedite the matter.

 
June 15, 2022 (PR No. 787)

Minister for Finance and Revenue chaired a meeting of Fertilizer Manufactures of Pakistan Advisory Council (FMPAC)

Federal Minister for Finance and Revenue Mr. Miftah Ismail chaired a meeting of Fertilizer Manufactures of Pakistan Advisory Council (FMPAC) at Finance Division, today.

Secretary Ministry of Industries and Production, Mr. Nadir Salir Qureshi, CEO Engro Fertilizer, Mr. Faisal Muzammil, CEO Agritech, Mr. Asad Murad, COO Fatima Fertilizers and senior officers from Finance Ministry and FBR attended the meeting.

The Chair was briefed about the several issues being faced by the fertilizer manufacturers in Pakistan. The matters majorly deliberated during the meeting were related to GST input and output and gas subsidies with a prime focus on ensuring continuous provision of subsidized fertilizer to farmers.

The Finance Minister appreciated the role of FMPAC in facilitating the farmers and reassured about the present government’s policy to provide full support to agriculture sector for its growth and development. The Finance Minister further directed the relevant authorities to work out feasible plan for the resolution of issues faced by the Fertilizer sector. It was also informed that another round of meeting will be held in this regard with all of the stakeholders.

 
June 13, 2022 (PR No. 786)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division, today.

 Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Division Mr. Musadik Masood Malik, Federal Secretaries, Chairman FBR, Chairman OGRA and senior officers attended the meeting.

 Ministry of Industries and Production submitted a summary for extension of Prime Minister’s Relief Package-2020 and fixation of Ghee prices at Utility Stores Corporation.

The ECC approved extension in the Prime Minister’s Relief Package-2020 up to 30th June, 2022 on all five essential items and allowed that Ghee shall be sold on all USC outlets throughout the country @ Rs. 300/kg from 9th June, 2022 irrespective of the higher market prices. The ECC further approved allocation of funds Rs. 3,447.60 million in favor of USC through Supplementary Grant.

 Ministry of Aviation submitted a summary for payment of Sales Tax for leased aircrafts on installments basis. It was informed that Pakistan International Airline Corporation Limited (PIACL) is going to induct four (04) A320 Aircrafts on dry lease basis for the period of 72 months. Due to financial constraints, PIACL is not in a position to pay GST on the total rental value in lump sum. The ECC after considering incoming Haj 2022 and financial constraints of PIACL approved payment of GST @ 17 % i.e Rs. 1.596 billion approximately on total rental value of Rs. 9.388 billion of four (04) A320 leased aircrafts on monthly installments over the lease term starting from the date of arrival of aircrafts, including 01 already arrived.

Ministry of Communications presented a summary on requirement of additional funds for construction of Gilgit-Shandoor road, N-140. Rs. 2000 million were allocated in the Federal Budget 2021-22, whereas actual requirement of funds to acquire land and make payments of certified liabilities is Rs. 6,000 million. The ECC accorded approval of Rs. 4,000 million as additional funds for the project “Construction of Gilgit- Shandoor Road, N-140.”

 Petroleum Division submitted a summary for enhancement of Oil and Gas production from TAL blocks vis-a-vis provisional allocation of gas price. Keeping in view the shortage of gas in the country, the ECC conditionally allowed M/s MOL to commence production from Tal block namely Mamikhel South. TAL JV was given the 2012 Policy Price on provisional basis till further decision of the Govt. 

 Ministry of Energy, Power Division submitted a summary on tariff rationalization for power sector. The ECC after detailed discussion approved the annual rebasing plan with certain modifications. The ECC also directed Power Division to recommend subsidy reform adjustment for unprotected consumers which was approved in December 2021 but not implemented.

 The ECC also considered and approved revised Ex-officio Steering Committee of the Targeted Commodity Subsidy Program (TCSP) to oversee the implementation of Commodity Subsidy Program with Minister of Poverty Alleviation and social Safety as chairperson.

 The ECC also approved following Supplementary/Technical Supplementary Grants.
i.                 Rs. 25.61 billion for Petroleum Division for the disbursement of Price Differential Claims (PDCs) to OMCs/Refineries for the first fortnight of June, 2022 and additional requirements of previous fortnight.

ii.               Rs. 36 billion in favor of Petroleum Division to maintain the sustainability of the LNG supply chain as well as import of petroleum products. The allocated amount shall be released to SNGL against its pending claims in respect of cost of RLNG diversion to domestic sector for setting off the payable of PSO and PPL against RLNG supply.

iii.             Rs. 50 billion for Power Division as advance against future subsidy claims of Power Sector.

iv.             Rs. 130 billion for ways and means advances availed by provincial governments.

v.               Rs. 162 million in favor of Department of Auditor General of Pakistan.

vi.             Rs. 3.5 billion to Govt. of Sindh to offset losses of abolition of Octri and Zila Tax.

vii.           Rs. 1,520 million to FBR for the project titled “Development of Integrated Transit Trade Management System (ITTMS).

viii.         Rs. 1.5 billion and Rs. 709 million in favor of Ministry of Interior.

ix.             Rs. 535.8 million in favor of Ministry of Information and Broadcasting.

x.               Rs. 300 million in favor of Ministry of Information Technology and Telecommunication.

xi.             Rs. 7.4 million for Ministry of Law and Justice.

xii.           Rs. 1.5 billion for National Poverty Graduation Program (NPGP).

xiii.         Rs. 668.7 million for Ministry of States and Frontier Regions.

xiv.         Rs. 26 Million to Civil Services Academy, Lahore.

xv.           Rs. 181.495 Million to pay off the pending liabilities of advertising agencies against media campaign of Kamyab Pakistan Program (KPP).

 
June 13, 2022 (PR No. 785)

Minister for Finance and Revenue held a meeting with Mr. Eugene Zhukov, Director General, Asian Development Bank

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with Mr. Eugene Zhukov, Director General, Asian Development Bank, today at Finance Division. Country Director ADB, Mr. Yong Ye, Secretary Finance and senior officers from Finance and Economic Affairs Divisions participated in the meeting.

Welcoming Mr. Eugene Zhukov and the team from ADB, Finance Minister Mr. Miftah Ismail appreciated ADB’s support in continuation of reform and development agenda in Pakistan. The Finance Minister apprised the delegation on the macro-economic situation and the various budgetary and non-budgetary measures being undertaken by the present government to correct the imbalances. It was also shared that irrespective of severe fiscal and monetary challenges, the present government is focusing on effective structural reform measures for putting the economy on path of inclusivity and sustainability.

Mr. Eugene Zhukov, Director General, ADB apprised the Federal Minister about the Country Partnership Strategy for Pakistan 2021-25 which is aligned with the government’s development vision. Policy based program for energy sector, women inclusive Finance sector development, public-private partnership reforms and SOE sector development plan were also discussed. A proposed countercyclical Support Facility (CSF) to help mitigate the impact of external shocks by the ADB was also discussed. In addition, it was also shared that various agreements in field of social protection, energy, and urban infrastructure are already ongoing in Pakistan with the assistance of ADB.

The Finance Minister, while concluding thanked the ADB delegation for their support and assured them of full support and speedy implementation of the ongoing programs.

 
June 13, 2022 (PR No. 784)

Minister for Finance and Revenue chaired a meeting on facility confirmation of LCs for oil imports

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting on facility confirmation of LCs for oil imports at Finance Division today. Minister of State for Foreign Affair Ms. Hina Rabbani Khar, Chairman FBR, Governor SBP, Chairman OGRA and senior officers participated in the meeting.

The meeting discussed issues regarding opening of LCs for oil imports and steps for resolving the issues for smooth supply of energy chain in the country.

The Finance Minister discussed over the available options for resolution of this issue. After, comprehensive deliberation on the pragmatic way outs, the chair directed the relevant authorities to expedite the process for resolving these issues.

 
June 11, 2022 (PR No. 783)

Minister for Finance and Revenue chaired a meeting of the Committee on edible oil availability

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting of the Committee on edible oil availability, at Finance Division today. Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Secretary Ministry of Industries & Production, Secretary Commerce, Secretary NFS&R, representatives from Vanaspati Manufacturers Association and senior officers attended the meeting.

Secretary Ministry of Industries and Production apprised the Committee on the stock position of the edible oil in the country and updated on the import situation of edible oil from Indonesia and Malaysia. It was informed that sufficient stock of edible oil is available in the country and edible oil tankers from Malaysia and Indonesia, arriving during this month, will improve the stock position and support in stabilizing the price. It was also informed that Minister for Industries and Production is leaving for Indonesia to hold important talks with Indonesian authorities in this regard.

Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain stressed the reoresentatives of Vanaspati Manufacturers Association to visit their prices and contribute in reducing the prices for the support of common man.

The Finance Minister directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure the smooth supply to the consumers and stabilize the price hike of edible oil.

 
June 9, 2022 (PR No. 782)

Minister for Finance and Revenue held a meeting on National Tax Council

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting on National Tax Council at Finance Division today. Finance Minister KPK Mr. Taimur Saleem Khan Jhagra, Secretary Finance, Chairman FBR, Provincial Finance Secretaries and Chairpersons of Provincial Revenue Authorities attended the meeting.

The meeting reviewed the progress on the decisions of the last meetings of the NTC on harmonization of GST across the country. The Finance Minister shared that in order to have ease of doing business, harmonization of GST is important. The Chair directed all the stakeholders to work out a mechanism for achieving the very purpose of GST harmonization.

Chairman FBR shared in the meeting that single portal has been developed and activated. The provinces may facilitate tax payers for filing single return.

During the meeting, it was decided that collection of GST on restaurants/hotels and on construction services may be given to provinces. However, the taxation on toll manufacturing and sales tax on goods used in construction shall be subject of FBR. It was also decided that existing mechanism of taxation on transportation of Petroleum products shall remain as usual.

All stakeholders agreed to proceed ahead in the spirit of greater national interest and harmony under the umbrella of National Tax Council (NTC).

 
June 9, 2022 (PR No. 781)

Minister for Finance and Revenue held a meeting with Chief Minister Gilgit-Baltistan

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with Chief Minister Gilgit-Baltistan Mr. Khalid Khursheed here at the Finance Division today. Secretary Finance and other senior officers from Gilgit-Baltistan and Finance Division attended the meeting.

The Chief Minister Gilgit - Baltistan apprised the Finance Minister on the developments in the public welfare projects being carried out in Gilgit-Baltistan and financial requirements of the GB administration for the timely completion of these projects to ensure good governance in the area.

The Finance Minister expressed present government’s commitment for the development and progress of all provinces including Gilgit-Baltistan. He also stressed for utilization of tourism potential in this region as it will not only enhance the revenues of the country but also will portray beautiful image of the country all over the world. The Finance Minister extended full support of the present government for the development of the GB on priority basis.

 
June 8, 2022 (PR No. 780)

Launching of Pakistan Economic Survey

Pakistan Economic Survey containing details of major socio-economic achievements during the outgoing fiscal year 2021-22 will be launched in a ceremony on Thursday June 09, 2022 at 4 pm at Auditorium of P- Block, Pak Secretariat. Federal Minister for Finance and Revenue Mr. Miftah Ismail will chair the launching ceremony of the Economic Survey for the outgoing fiscal year. It will provide details on the major socio-economic developments during the financial year 2021-22.

Pakistan Economic Survey contains performance of the various sectors of the economy including Agriculture, Industry and Services. Pakistan Economic Survey also highlights the performance of other sectors like Energy, Capital Market, Health, Education, Transport and Communication, Inflation, Trade and payments, Public Debt, Population, Climate Change, and Social Protection.

 
June 8, 2022 (PR No. 779)

Ambassador of the United Arab Emirates called on the Federal Minister for Finance & Revenue

H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on the Federal Minister for Finance & Revenue, Mr. Miftah Ismail at Finance Division today.

The Finance Minister highlighted the long-standing bilateral ties between both countries in areas of trade, energy, refinery, and petroleum. The Finance Minister shared that Pakistan is aiming at taking the existing bilateral relations to next level especially in economic area. The Finance Minister also shared with the UAE’s Ambassador about the potential investment avenues present in Pakistan and shared welcoming sentiments.

The Ambassador of UAE expressed interest in boosting and strengthening bilateral ties between both the countries through investments in various new avenues.

In conclusion, the Finance Minister assured the UAE’s Ambassador of full support by the present government and offered him welcoming sentiments for pursuing new investments in Pakistan.

 
June 6, 2022 (PR No. 778)

Joint Press Release of State Bank of Pakistan and Ministry of Finance

The Government and SBP refute baseless claims circulating on social media regarding Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers

The Government of Pakistan and the State Bank of Pakistan assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe, and that there is no proposal under consideration to put any restriction on them.

Rumors are circulating on social media that the Government or State Bank is considering freezing or placing restrictions on withdrawals from Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers. Such rumors are absolutely incorrect and baseless. It is clarified that such a proposal has neither been considered presently nor in the past. Moreover, foreign currency accounts including Roshan Digital Accounts are legally protected under the Foreign Currency Accounts (Protection) Ordinance 2001, and the Government and the State Bank are committed to protecting all the financial assets in Pakistan including the ones mentioned above.

The Government and State Bank are taking all necessary measures to ensure macroeconomic stability in the country. The recent difficult decisions taken by the Government, including the reduction of subsidy on petroleum products, will pave the way to reach an agreement with the IMF and release of the IMF tranche and financial assistance from other multilateral agencies and friendly countries. We are confident that these measures will relieve the temporary stress being faced due to elevated global commodity prices and geo political tensions, and eliminate uncertainty in the economy.

 
June 6, 2022 (PR No. 778)

Joint Press Release of State Bank of Pakistan and Ministry of Finance

The Government and SBP refute baseless claims circulating on social media regarding Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers

The Government of Pakistan and the State Bank of Pakistan assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe, and that there is no proposal under consideration to put any restriction on them.

Rumors are circulating on social media that the Government or State Bank is considering freezing or placing restrictions on withdrawals from Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers. Such rumors are absolutely incorrect and baseless. It is clarified that such a proposal has neither been considered presently nor in the past. Moreover, foreign currency accounts including Roshan Digital Accounts are legally protected under the Foreign Currency Accounts (Protection) Ordinance 2001, and the Government and the State Bank are committed to protecting all the financial assets in Pakistan including the ones mentioned above.

The Government and State Bank are taking all necessary measures to ensure macroeconomic stability in the country. The recent difficult decisions taken by the Government, including the reduction of subsidy on petroleum products, will pave the way to reach an agreement with the IMF and release of the IMF tranche and financial assistance from other multilateral agencies and friendly countries. We are confident that these measures will relieve the temporary stress being faced due to elevated global commodity prices and geo political tensions, and eliminate uncertainty in the economy.

 
June 5, 2022 (PR No. 777)

Pre- Budget Conference on Business, IT and Agriculture

Pakistan is currently facing several economic challenges, including accelerating inflation, large external deficits, exchange rate depreciation, declining foreign exchange reserves, and mounting uncertainty. In addition, the prevailing global economic situation is also posing risks to the domestic economic outlook. The present government has inherited an economy with growing macroeconomic imbalances that have brought Pakistan to the brink of financial collapse. To overcome this, the present government has taken steps in a short time to strengthen the economy, price stability, and maintaining the sustainability of the external & fiscal sectors through various immediate measures.

The present government is preparing the budget for the next financial year 2022-23 and it is the vision of Prime Minister of Pakistan to make a progressive, development and people friendly budget by fostering public participation in budget making.

Therefore the present government desires to partner with the business sector to ensure the budget reflects the expectations of the private/business sector and the public. The private sector is the backbone of the economy and has the opportunity for the public and private sectors to contribute for the development of the economy of the country.

To sensitize the private/business sector and incorporate their valuable input and suggestions, a pre-budget conference on Business, Agriculture and IT has been planned on 7th June, 2022. The conference will provide opportunity to renowned businessmen, agriculturists and IT experts to deliberate, exchange new ideas and present recommendations on IT, Agriculture, Textile, Business and Export sectors for incorporating in the next budget. The Prime Minister of Pakistan will address the Conference.

It is the aim of the Government to bring an inclusive pro- public budget that will steer the economy onto a higher, sustainable, and inclusive growth path and provide an opportunity for the public and private sectors to contribute in the development of the country in these challenging and pressing times.

 
June 3, 2022 (PR No. 776)

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha said that it is wrong to politicize economic decision making

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha said that it is wrong to politicize economic decision making. The country needs a charter of economy to get out of economic difficulties. The charter would be a set of economic decisions that would be implemented in the country no matter which political party is in the office. She said it while responding to adjournment motion at the Senate Session today. She said that just a day ago the Finance Minister of the previous Government had vehemently argued on floor of Senate that the present government needed to take tough economic decisions as it was extremely important to put the IMF programme back on track. However, the opposition leaders have taken a U-turn and today they are questioning the decision of the Government to increase petroleum prices. They are doing this despite knowing that it is a step in the right direction. She further added that the outgoing government had signed on a much bigger increase in petroleum products as it had promised IMF to levy sales tax @ 17% and Petroleum Development Levy @ Rs.30 per liter. It, however, reneged on those promises and pushed the country into the current crisis. The coalition Government has only passed on the actual price of petroleum and no taxes have been levied on it to date. 80% of the Subsidy on petroleum products is used by the rich. Opposition senators are raising hue and cry as they belong to rich classes and want their subsidy to be restored. Further, the Government has initiated a targeted subsidy scheme under which 14 million households (84 million citizens) will receive a support of Rs.2,000 per month. This will off-set the impact of increase in petroleum prices and price of necessary food items.

The Minister of State for Finance and Revenue shared that as the previous government was giving unnecessary subsidies and was freezing the prices of petrol and electricity artificially, the whole burden of these inefficient measures fell on the shoulders of the present government. These subsidy-driven measures related to prices of petroleum and electricity was undertaken irrespective of the fact that previous government had pledged to IMF otherwise.

During the address, the Minister of State for Finance and Revenue while sharing her view on the recent price hike due to rising petrol and electricity prices in the country stated that the present government is aware of the increased burden on the general masses of the country due to increased inflationary tendencies. However, at this point of time, increasing the price of petroleum was unavoidable and is in the best interest of the country. It will not help correct the aggregate demand but will also reduce pressure on foreign exchange.

She urged the opposition to work with the Government and help the country overcome its economic problems rather than spreading wrong information among the masses.

 
June 3, 2022 (PR No. 775)

Minister for Finance and Revenue held a meeting with a delegation of Faisalabad Chamber of Commerce and Industry

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with a delegation of Faisalabad Chamber of Commerce and Industry led by its President Mr. Atif Munir Shaikh at Finance Division, today.

President Faisalabad Chamber of Commerce and Industry briefed the Finance Minister about the role of FCC&I and contribution to the economy of Pakistan. The delegation maintained that local industry should be supported in the same way as export industry is incentivized. It was shared that this industry is one of the major sources of employment for the youth of Pakistan and revenue generation. At the same time, this industry meets the demands of local industry. The delegation also apprised the meeting of few other problems faced by this sector such as duty draw-back of taxes (DDT), sales tax refunds, electricity and gas tariff and liquidity crunch.

The Finance Minister highlighted the commitment of present government to provide conducive and friendly environment to the businessmen and ease of doing business. He appreciated the contribution of Faisalabad Chamber of Commerce and Industry in the employment generation, export promotion and economic growth of the country. The Finance Minister extended his full support and cooperation to ensure facilitation to business community related to their issues of continuity of electricity and gas tariffs and to facilitate the exporters for enhancement of export. The Finance Minister further assured that other mentioned issues will be resolved at exigency as the present government is aiming at facilitating this sector for boosting up the foreign exchange reserves and maintaining the stability of Pakistan rupee.

The delegate thanked the Finance Minister for providing support and addressing their issues.

 
June 3, 2022 (PR No. 774)

Minister of State for Finance and Revenue held a meeting with Senior Associate & Pakistan Country Director from Population Council and Senior Economist from World Bank Group

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha held a meeting with Ms. Zeba Sathar, Senior Associate & Pakistan Country Director from Population Council and Dr. Hanid Mukhtar Senior Economist from World Bank Group, at Finance Division, today.

The delegation briefed the Minister of State for Finance and Revenue about the issues being faced to control population growth in the country. With significantly high population growth of 2.4%, investing in sustainable population growth has become imperative for the government. The delegate proposed for the formation of special population fund for managing the uneven progress across the provinces and enhancing the saving and growth rate.The delegation further apprised that the international institutions such as the World Bank and the ADB are keen to invest in Pakistan in respect of population policy, so proposal could be presented before these institutions for getting their support.

Minister of State for Finance and Revenue acknowledged and appreciated the proposals presented by the delegation.The Minister of State assured the delegation that required steps would be undertaken on the same policy lines and directed the relevant authorities to expedite the work on the policy and operational interventions, related to population.

 
June 3, 2022 (PR No. 774)

Minister of State for Finance and Revenue held a meeting with a delegation of UN Women

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha held a meeting with a delegation of UN Women headed by Country Representative Ms. Sharmeela Rasool at Finance Division, today. Asian Capital Market Expert Mr. Nobuyuka Imamura and other senior officers from Finance Division attended the meeting.

The delegate gave a brief overview of the 5-year plan of UN Women in Pakistan. It was shared that UN Women is working on multiple levels for promoting gender equality through women empowerment in all segments of society in Pakistan. A number of gender responsive plans and policies have been designed in consultation with various stakeholders in Pakistan for creating conducive and enabling environment for girls and women of Pakistan for the realization of their full potential.

Matters pertaining to the economic empowerment of the women in Pakistan were discussed. It was informed that the UN Women is working on how to give more access to women in Pakistan to the financial and capital markets specially the SMEs. The country representative informed that UN Women is compiling a report on the status of women in Pakistan which will be ready by the end of this year.

The Minister of State for Finance and Revenue appreciated and acknowledged the role of UN women in Pakistan and extended all out support of the present government.

 
June 2, 2022 (PR No. 773)

Minister for Finance and Revenue held a meeting with a delegation of All Pakistan Jewelers Association

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with a delegation of All Pakistan Jewelers Association led by its president Mr. Shehzad Iqbal at Finance Division, today. Chairman FBR and senior officers from Finance and Commerce Ministries attended the meeting.

The delegation gave an overview of the jewelry sector in Pakistan and its contribution in the economy. They also highlighted the issues being faced by the Jewelers community regarding taxation and sought government’s support to address their issues and provide relief in taxation. It was apprised that these issues are proving as a great hindrance in the development of this sector.

The Finance Minister highlighted the commitment of the present government to provide conducive and friendly environment to business community in Pakistan. He acknowledged the contribution of Jewelry sector in the economic development and assured the delegation to provide maximum relief in taxation to this sector. The Finance Minister further emphasized the Jewelers to play due role in strengthening of the national economy by enhancing the export of Jewelry.

The delegation thanked the Finance Minister for addressing their issues and assured the Finance Minister about growth of this sector with cooperation of present government.

The delegation included Mr. Ayaz - Karat Jeweller, Mr. Irfan Samana – ARY Jewellers, Mr. Salman Hanif – Hanif Jewellers, and Mr. Salem Hemani – Aliel Jewellers, Mr. Naseem Akhtar Sheikh – Former President ICAP.

 
June 2, 2022 (PR No. 773)

Minister for Finance and Revenue chaired a meeting of the Committee on edible oil availability

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting of the Committee on edible oil availability, at Finance Division today. Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Secretary Ministry of Industries & Production, Chairman FBR and senior officers attended the meeting.

The Committee was apprised that sufficient stock of edible oil is available in the country. The proposals for the future requirements and import of edible oil for bridging the supply-demand gap were also discussed. Moreover, the impact of importing edible oil on foreign exchange reserves was also highlighted during the meeting. It was informed that the price of edible oil is rising globally which would have significant impact on the trade bill of Pakistan. Federal Minister Rana Tanveer Hussain also gave workable option to enhance local production of Canola oil seeds for import substitution and to ensure availability of the commodity in the wake of global pressure on supply chain.

The Finance Minister directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure the smooth supply to the consumers and stabilize the price hike of edible oil. It was further directed that required steps should be undertaken to enhance the local production, so that its impact on foreign exchange reserves could be minimized.

 
June 1, 2022 (PR No. 772)

Ambassador of the State of Qatar called on the Federal Minister for Finance & Revenue

H.E. Mr. Sheikh Sauod bin Abdulrahman bin Faisal Al-Thani, Ambassador of the State of Qatar called on the Federal Minister for Finance & Revenue, Mr. Miftah Ismail at Finance Division today.

The Finance Minister shared that Pakistan has long-standing relationships with Qatar and present government is focused on facilitating the Qatari investors and businessmen regarding investments in Pakistan. He further apprised the Qatari Ambassador about the potential investment avenues present in Pakistan.

The Ambassador of Qatar shared the same sentiments with the Finance Minister and shared that government of Qatar is interested in pursuing trade and energy related projects in Pakistan.

 
June 1, 2022 (PR No. 771)

Ambassador of Kingdom of Saudi Arabia called on the Federal Minister for Finance & Revenue

H.E. Mr. Nawaf Bin Said Al-Malki, Ambassador of Kingdom of Saudi Arabia called on the Federal Minister for Finance & Revenue, Mr. Miftah Ismail at Finance Division today.

The Finance Minister highlighted the long-standing bilateral relations between both countries in areas of agriculture, energy, refinery, IT and trade. He further shared that both countries have exceptional relationships based on social, political, religious and cultural ties. Moreover, the Finance Minister apprised the Saudi Ambassador about the new potential avenues for investment on G2G, G2B and B2B levels between both countries.

The Saudi Ambassador acknowledged the long-term relationship and shared that Kingdom of Saudi Arabia is planning to invest in various new avenues and is keenly focusing on continuation of mutual investment projects within Pakistan.

In conclusion, the Finance Minister shared the welcoming sentiments and support for Saudi government to pursue new investment projects in Pakistan.

 
June 1, 2022 (PR No. 770)

Minister for Finance and Revenue held a meeting with a delegation of Pakistan Cotton Ginners Association

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with a delegation of Pakistan Cotton Ginners Association at Finance Division, today. Mr. Sohail Mahmood Harral, Chairman Pakistan Cotton Ginners Association, Chairman FBR and other senior officers attended the meeting.

The delegation shared with the Finance Minister about the importance of ‘white gold’ in the growth of the economy especially in context of exports. It was shared that cotton not only has significant importance for the growth of Pakistan’s textile industry but also has considerable impact on the overall export of the Pakistan. The delegation also highlighted few issues faced by this sector before the Finance Minister.

The Finance Minister appreciated the role played by this sector in managing the Balance of Payment issue. He shared with the delegation that present government is heavily focusing on promotion of exports. He further assured the delegation to resolve their genuine issues to keep this sector vibrant and profitable for earning the foreign exchange revenue for the country.

 
June 1, 2022 (PR No. 769)

Vice Admiral Faisal Rasul Lodhi, Vice Chief of Naval Staff called on Minister for Finance and Revenue

Vice Admiral Faisal Rasul Lodhi, Vice Chief of Naval Staff called on Federal Minister for Finance and Revenue Mr. Miftah Ismail at Finance Division, today.

The meeting discussed the prevailing economic and security situation of the country. Finance minister commended the efforts of Pakistan Navy in protecting the country’s sea frontiers and maritime interests of Pakistan. The Finance Minister further expressed confidence on the role of Pakistan Navy in safeguarding the maritime boundaries and extended present government’s full support to Pakistan Navy.

The Vice Chief of Naval Staff thanked the Finance Minister for his support and appreciation.

 
May 31, 2022 (PR No. 768)

Chairman China Overseas Ports Holding Company Pakistan (Pvt.) Ltd called on Minister for Finance and Revenue

Mr. Zhang Baozhong, Chairman China Overseas Ports Holding Company Pakistan (Pvt.) Ltd called on Federal Minister for Finance and Revenue Mr. Miftah Ismail at Finance Division, today.

 Federal Minister Mr. Miftah Ismail extended warm welcome to Mr. Zhang Baozhong and highlighted deep-rooted friendly ties between Pakistan and China. Federal Minister further shared that the development of Gwadar Port and Gwadar Free Zone area as important node of CPEC has huge potential for economic development and progress of the region. Moreover, the Finance Minister lauded the technical support provided by the Chinese company for development of region’s most strategically well located port of Pakistan.

Chairman Mr. Zhang Baozhong acknowledged the significant opportunities and enormous potential of Gwadar deep sea port in the economic prosperity of Pakistan and the region and shared that their company is interested in enhancement of further cooperation in fields of maritime and logistics. He also elaborated on the development of Gwadar port and is looking forward for further cooperation from the government.

The meeting also discussed and took decisions on important issues for the development of port and broadening the mutual cooperation.

The Finance Minister appreciated the endeavors of the company and assured complete support and cooperation by the present government in deepening the economic, trade and investment cooperation.

 
May 30, 2022 (PR No. 767)

Minister for Finance and Revenue called on Country Head and CEO, Bank of China Pakistan Operations

Mr. Wang Jie, Country Head and CEO, Bank of China Pakistan Operations called on Federal Minister for Finance and Revenue MR. Miftah Ismail at Finance Division, today.

Finance Minister Mr. Miftah Ismail welcomed Mr. Wang Jie and highlighted deep economic and brotherly relations between Pakistan and China. He further lauded the contribution of Bank of China in financial and economic progress of Pakistan. Finance Minister further assured him present government’s full support and cooperation.

Mr. Wang Jie, Country Head and CEO, Bank of China Pakistan Operations briefed the Minister on Bank’s portfolio and appreciated government’s support.

The meeting also exchanged views on current international and regional economic situation. They also discussed Pakistan’s economy and policy to attract foreign direct investment. The CPEC also came under discussion and it was highlighted that the corridor will prove another milestone in cementing the bilateral economic and fraternal relations between Pakistan and China and bring prosperity for both the countries.

 
May 30, 2022 (PR No. 766)

Minister for Finance and Revenue chaired a meeting with the delegation of businessmen

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with delegation of businessmen at Finance Division, today.

Mr. Zubair Motiwala, Mr. Fawad Anwar, Mr. Mohammad Ali Tabba, Mr. Shahid Shoort and Mr. Zaki Bashir, Secretary Commerce, Chairman FBR and senior officer attended the meeting.

 Finance Minister welcomed the businessmen and stressed that macroeconomic stability is the top priority of the present government and the government is focusing to ensure financial discipline through effective and welfare policies to achieve the economic growth level.  He further said that the present government is aware of the issues of the business community and impediments in the expansion of economic activities in the country. He assured the businessmen that present government is committed to provide friendly environment to businessmen for the expansion of economic activity in the country. 

 The members of the business community presented various proposals for consideration in the Federal Budget 2022-23 and suggested measures for bringing in greater efficiency in various sectors. They also apprised about some issues related to taxation faced by business community in the country.

The Finance Minister acknowledged the contribution of business community in the growth of economic activity in the country and commended the budgetary suggestions for various sectors of the economy. Finance Minister further said that the present government focuses on achieving inclusive and sustainable economic growth by presenting a pro-people and business friendly budget; therefore, the suggestions of all stakeholders will be given due regard. Finance Minister stressed the business community for enhancement of exports to achieve economic growth and stability in the foreign reserves.

 
May 28, 2022 (PR No. 765)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division, today.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Religious Affairs and Interfaith Harmony Mr. Abdul Shakoor, Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Division Mr. Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

 Ministry of National Food Security and Research submitted a summary on modalities framed for import of 3.00 MMT of wheat in the light of the decisions of the ECC of the Cabinet on 09-05-2022 and Federal Cabinet on 10-05-2022. The ECC after discussion allowed import of 2 MMT on G2G basis while 1 MMT through international tendering process under the existing arrangement. PASSCO will be the recipient agency for the imported wheat. The ECC further directed the MNFS&R to get the requirements of Wheat by the provincial governments.

 On another summary of Ministry of National Food Security & Research for Ramzan Package Subsidy on wheat flour- Bridge financing facility for Punjab Food Department, the ECC decided that in case subsidy is not approved by the Punjab Cabinet, the shortfall will be bridged by the Federal Government but Govt. of Punjab will ensure that provincial cabinet approves the package as soon as its meeting is convened.

 The ECC also approved a summary submitted by Pakistan Atomic Energy Commission for grant of extension in the construction period of K-2 from 30th November, 2020 to 21st May 2021 and K-3 from 30th September 2021 to 18th April, 2022 for ensuring disbursement of pending loan of USD 383 million (approx.) before expiry of loan availability on 03-06-2022 from Exim Bank, China to the contractor, who has already completed the project.

 Ministry of Industries and Production submitted a summary on the continuation of PM relief package – 2020 for the months of May and June, 2022 through USC. The ECC after deliberation allowed continuation of existing subsidy for two weeks on essential commodities (Atta, Sugar, Rice, and Pulses), and Rs. 100/kg subsidy on Ghee at USC. Finance Division will also release the outstanding amount on account of subsidy under PM Relief Package – 2020 approved by the ECC for the previous months.

 Ministry of Industries and Production submitted another summary on Chinese offer for import of Urea by TCP on G2G basis. ECC after deliberation allowed TCP to import 200,000 MT Granular Urea from China on G2G basis on deferred payment basis within 90 days.

Ministry of Economic Affairs submitted a summary on exemption from all kinds of taxes and duties on the complete portfolio being executed by the Saudi Fund for Development (SFD). In Pakistan, SFD is providing assistance for various projects including Energy, Health, Education, and Infrastructure projects. The ECC, considering the comments of FBR on the subject, suggested that tax exemption clause for SFD may be inserted in the Money Bill considering strong and strategic relationship between Pakistan and the Kingdom of Saudi Arabia, encompassing economic cooperation and investment.

 Ministry of Commerce submitted a summary on duty structure on import of edible palm oil. The ECC allowed removing 2% Additional Custom Duties on import of Palm Oil for shipments originating from all sources except Indonesia for 10-20 June, 2022, subject to approval of Federal Cabinet.

The ECC also approved following Technical Supplementary Grants/Supplementary Grants:

 i.                 Rs. 62.27 billion for Ministry of Energy (Petroleum Division) for making payment of PDC to OMCs refineries for the second fortnight of May 2022.
ii.               Rs. 7, 555, 59 million for Federal Directorate of Immunization (FDI) under administrative control of MNFS&R.
iii.             Rs. 2.44 billion in favor of Ministry of Religious Affairs and Interfaith harmony for grant of one-time support to Pilgrims under government Hajj Scheme.
iv.             Rs. 107.84 million in favor of Ministry of Interior for maintaining law and order situation.
v.               Rs. 200 million as grant-in-aid for Ministry of Law and Justice.
vi.             Rs. 53.912 million and Rs. 280.00 million in favor of Ministry of Housing and Works.
vii.           Rs. 50 billion in favor of Power Division with condition that the requisite funding will be provided against future subsidy claims.
viii.         Transfer of Rs. 24 billion to BISP from Ministry of PA&SS.

 
May 27, 2022 (PR No. 764)

Minister for Finance and Revenue met with Chairman Pakistan Sugar Mills Association

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with Chaudhry Zaka Ashraf, Chairman Pakistan Sugar Mills Association at Finance Division today. Secretary Finance, Secretary Commerce, Secretary NFS&R, Secretary I&P and other senior officers also attended the meeting.

Chairman Mr. Zaka Ashraf appreciated the efforts of current government to tackle the inflationary pressure and apprised the Finance Minister about the issues that are being faced by the sugar industry.

 Finance Minister stressed for maintaining the strategic reserves of sugar and regulation of the prices of sugar in the country for avoiding the price hike and providing maximum relief to the masses. He assured Chairman PSMA that present government is aware of the issues being faced by the sugar industry in Pakistan and is keen to resolve these problems at exigency.

In conclusion, the Finance Minister expressed the resolve of the Government to promote business activities and facilitate the business community to attain sustainable growth in the country.

 
May 26 , 2022 (PR No. 763)

Prices of Petroleum Products with effect from 27th May, 2022

 
May 26, 2022 (PR No. 762)

United Nations Resident Coordinator in Pakistan called on Federal Minister for Finance and Revenue

The United Nations Resident Coordinator in Pakistan, Mr. Julien Harneis called on Federal Minister for Finance and Revenue Mr. Miftah Ismail at Finance Division today. Mr. Chris Kaye, Country Director, WFP, Secretary Finance and senior officers attended the meeting.

During the courtesy call on, Mr. Julien Harneis briefed the Finance Minister on United Nations’ various interventions in diverse sectors in Pakistan and appreciated Pakistan’s constant support and assistance at local and global level.  He offered UN’s technical support in a number of areas including enhancing food production and yield, climate change, financing poverty alleviation, etc 

Finance Minister Mr. Miftah Ismail thanked Mr. Julien Harneis on their continued support to Pakistan and showed keen interest in the areas shared by the UN. He highlighted Pakistan’s contributions to various endeavors of the UN in the areas of peacekeeping, humanitarian rights, refugees protection and cooperation for sustainable development. He also reaffirmed Pakistan’s commitment to the United Nations for promoting peace, security, development and human rights.       

Finance Minister thanked the UN agencies for promoting socio-economic development in Pakistan and extended his full cooperation and support.

 
May 26, 2022 (PR No. 761)

Pakistan's team led by Finance Minister held final meeting with the IMF Mission at Doha on the seventh review

Pakistan’s team led by Finance Minister Mr. Miftah Ismail held final meeting with the IMF Mission at Doha on the seventh review. The week-long consultations reviewed fiscal and monetary situation for FY 2022 and proposed measures for FY2023. IMF expressed concern on the fiscal and current account situation arising from government’s actions especially electricity and fuel subsidies and other slippages.

The meetings identified areas of divergence and corrections required in the current account and fiscal deficit. Mr Nathan Porter, IMF’s Mission Chief, also issued a statement on conclusion of the meetings.

The IMF team emphasized the importance of rolling back fuel and power subsidies, which were given by the previous administration in contravention of its own agreement with the Fund. The government is committed to reducing the overall budget deficit in FY23.

The government remains committed to reviving the IMF programme and put Pakistan back on a sustainable growth path.

 
May 19, 2022 (PR No. 760)

Minister for Finance and Revenue held a meeting with Vice Chairman of Indus Motor Company

Federal Minister for Finance and Revenue, Mr. Miftah Ismail held a meeting with Mr. Shini Yanagi - Vice Chairman of Indus Motor Company at Finance division, today. Mr. Ali Asghar Jamali-CEO of Indus Motor Company and senior officers from Finance Division and FBR also present during the meeting.

Mr. Shini Yanagi - Vice Chairman and Mr. Ali Asghar Jamali-CEO of Indus Motor Company briefed the Finance Minister on the performance of the company and its contribution to the revenue of Pakistan. They also presented some proposals concerned with auto industry for the upcoming budget. They requested for support of the government to the auto industry in the upcoming budget in order to sustain the consumer prices and sales of cars.    

Finance Minister welcomed Mr. Shini Yanagi and said that the present government is cognizant of the issues of the business community and hurdles in the expansion of business activities in the country. He said that present government is committed to provide conducive and friendly environment to the investors and businessmen for the growth of economic activity and enhancement of exports. He further said that the upcoming budget will be business friendly and will contribute in the promotion of exports and businesses in the economy.

The Finance Minister further assured Mr. Shini Yanagi - Vice Chairman of Indus Motor Company of government’s full cooperation and support.

 
May 19, 2022 (PR No. 759)

Minister of State for Finance and Revenue held a meeting with EVP and Head of Asia, Telenor Group

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha held a meeting with Mr. Jorgen C. Arentz Rostrup, EVP and Head of Asia, Telenor Group at Finance Division today. Mr. Irfan Wahab Khan, CEO Telenor Pakistan and senior officers also participated in the meeting.

The Telenor team briefed the Minister of State about the vision and mission of their telecommunication business. It was shared that Telenor has a huge role to play in Pakistan’s next phase of digital growth and harnessing new opportunities in telecommunication sector.

Mr. Jorgen C. Arentz Rostrup, EVP and Head of Asia, Telenor Group shared that Telenor is proud to serve Pakistan’s people and be part of its digital journey. Connectivity is an enabler of economic activity and will be an important driver of Pakistan’s next phase of digital growth. Therefore, it is integral to ensure a conducive business environment for bringing tremendous progress to the country and building a resilient digital economy. However, Telenor is facing various operational issues relating to spectrum range and taxation rate, he added.

The Minister of State for Finance and Revenue welcomed the Telenor team and appreciated their efforts for provision of quality services in Pakistan and contributing in the revenue of the country. It was also shared that government is in transitory stage but tough decisions are in pipeline for reducing the economic bottlenecks and for ensuring stability in the economic growth. This stability would bring in greater benefits for businesses as well as masses of the country.

At conclusion, Minister of State for Finance and Revenue acknowledged and commended the role of telecommunication sector in growth of digital economy of Pakistan. Also, she assured the team that maximum possible support will be provided by the government for the expansion of telecommunication sector in the country.

 
May 18, 2022 (PR No. 758)

Minister for Finance and Revenue held a virtual meeting with IMF Mission Chief

7th Review Mission of IMF Program kicked off with the Finance Minister’s Meeting with the Mission Chief

Federal Minister for Finance & Revenue Mr. Miftah Ismail held a virtual meeting with IMF Mission Chief,today. The meeting was attended by Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Secretary Finance, Governor, State Bank of Pakistan and Chairman Federal Board of Revenue. The first batch of the senior management of Finance Division, State Bank of Pakistan and Federal Board of Revenue has already reached Doha for the 7th Review Mission. Finance Minister and Minister of State will be joining the team at Doha early next week to conclude the discussion with the expectation to clinch an agreement for IMF’s continued support until the successful completion of the program.

Finance Minister reaffirmed the government’s commitment to undertake the reforms envisaged under the program and to complete the structural benchmarks. IMF Mission Chief, Mr. Nathan Porter shared with the Minister for Finance & Revenue IMF’s assessment of the challenges facing the economy. He sensitized that Pakistan’s economy demanded both immediate and long-term measures.

Finance Minister stated that the government understand the current economic woes and agreed that it will have to take tough decisions while mitigating the effects of inflation on the middle to low-income groups. He emphasized that few of the factors that have adversely affected the economic situation were beyond the control of the government. These included exogenous factors like supply shocks, commodity super cycle and Russia-Ukraine conflict due to which commodity prices further soared. These factors were putting pressure on Current Account as well as foreign exchange reserves. The Minister stated that the government would take measures to reduce the burden on the economy while protecting the vulnerable sections of the population. The Minister further stated that we should aim to address structural issues so that Pakistan is able to end its fiscal deficit and move towards sustainable growth.

The Finance Minister thanked the IMF Mission Chief for IMF’s support at a difficult time for global economy. Both sides showed keen interest to complete the review successfully.

 
May 17, 2022 (PR No. 757)

Minister for Finance and Revenue held a meeting with Executive Directors of Asian Development Bank (ADB)

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with Dr. Wan Farissan Bin Wan Suleiman and Mr. Noor Ahmed, Executive Directors of Asian Development Bank (ADB) at Finance Division today. Country Director ADB, Mr. Yong Ye, Secretary Finance and senior officers of Finance Division participated in the meeting.

 Welcoming the Executive Directors of ADB,  Finance Minister Mr. Miftah Ismail said that the ADB has always been a great support for Pakistan in pursuing reform agenda and implementing various development projects in the country. He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major development partner for bringing critical reforms in priority areas including energy, education, fiscal & debt management and socio-economic development.

The Finance Minister further gave an overview of the economic challenges present government inherited and shared that the present government is working on various structural reforms measures to bring back the economy on an inclusive and sustainable growth path. He showed full confidence in overcoming these economic challenges.

 Dr. Wan Farissan Bin Wan Suleiman and Mr. Noor Ahmed shared that ADB is committed to provide the support for reform agenda in infrastructure, social and financial sectors in Pakistan. They re-affirmed Bank’s commitment to continue support for strengthening reform programs and implementation of country’s development agenda including fiscal management, building resilience and boosting competitiveness and development of private sector.

While concluding, Finance Minister Mr. Miftah Ismail thanked the visiting guests and ADB team for their continued support and assured them firm commitment of the government of Pakistan in speedy implementation of the ongoing programs.

 
May 16, 2022 (PR No. 756)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

 Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries. The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of Government’s decision to keep the petroleum products’ prices fixed at the level notified on 1st March, 2022.

The ECC after deliberation approved supplementary grant of Rs. 55.48 billion for disbursement of PDC to OMCs/Refineries for the first fortnight of May, 2022. Due to continuously rising trend of oil prices in the international market, the quantum of subsidy has been on higher side.

Ministry of Industries and Production submitted a summary on import of Urea and presented that Govt intends to create better stock for Urea fertilizer to ensure continuity of Urea supply during next financial year and requested for allowing import of Urea from international market in order to stabilize the local market.

The ECC after discussion allowed Trading Corporation of Pakistan (TCP) to explore the possibility of import of 200,000 MT of Urea on G2G basis and on deferred payment.

 
May 15 , 2022 (PR No. 755-A)

Prices of Petroleum Products with effect from 16th May, 2022

 
May 14, 2022 (PR No. 755)

Minister for Finance and Revenue chaired the meeting with heads of all the major Exchange Companies of Pakistan

Federal Minster for Finance and Revenue, Mr. Miftah Ismail, presided over a meeting with heads of all the major Exchange Companies of Pakistan at Finance Division today. Deputy Governor SBP and senior officers from Finance Division attended the meeting.

The meeting was called to review and ensure exchange rate stability in the country. At the outset, Finance Minister expressed firm resolve of the Government to ensure stability in the Forex market. He stated that Government is committed to take all possible measures to keep Pak rupee vis-à-vis the US Dollar stable without interfering into market mechanism. 

Various proposals were presented by the heads of Exchange companies in this regard. It was proposed that the exchange companies should be facilitated to increase the flow of home remittances to Pakistan.  A number of measures were also suggested to curb the outflow of foreign exchange from Pakistan through informal channels.  In addition, some other concrete proposals/measures were submitted by the exchange companies to improve the foreign exchange position in Pakistan. The Exchange companies assured that if these measures are implemented, there will be appreciation and stability in the value of Pak rupee. 

Finance Minister Mr. Miftah Ismail showed firm resolve of the Government to ensure the exchange rate stability in the country. He also assured the participants that all possible steps would be undertaken to protect and strengthen the economy of Pakistan that would result in improving the value of Pak rupee.  He affirmed that the present government is determined to make Pakistan a prosperous and developed country.

 
May 14, 2022 (PR No. 754)

Minister for Finance and Revenue chaired the meeting on Kamyab Pakistan Program (KPP)

Federal Minster for Finance and Revenue, Mr. Miftah Ismail, presided over a meeting on Kamyab Pakistan Program (KPP) at Finance Division today. Chairman Akhuwat Dr. Amjad Saqib, President BOP Mr. Zafar Masood, Secretary Finance and senior officers participated in the meeting.

Finance Minister Mr. Miftah Ismail stressed that present government is committed to improve the poverty situation in Pakistan and Kamyab Pakistan Program is a good platform in this regard. He further stated that such program is in consonance of the vision of Prime Minister Shehbaz Sharif to uplift the living standard of people.

In a comprehensive presentation given on Kamyab Pakistan Program, it was highlighted that poverty alleviation through a number of highly effective steps is the prime objective of this program. This program ensures the provision of interest free loans to poorer segments of society. The bottom-up approach is employed for execution of poverty alleviation in this program. Sahatmand Pakistan, Kamyab Hunarmand, Low-Cost Housing, Kamyab Kissan and Kamyab Karobar are the key pillar of KPP. A limit of Rs. 2.85 million per household is placed to ensure the equitable distribution of resources.

Moreover, it was apprised to the Finance Minister that Monthly disbursements are now touching PKR 1.7-2.0 billion. Ministry of Finance invited bids from commercial banks to act as Wholesale Lenders (WLs) to the program on quarterly basis. So far HBL, NBP, BOP, Askari Bank, Bank Islami Pakistan and Pakistan Mortgage Refinance Company have participated in the bidding process. Furthermore, Akhuwat and NRSP have disbursed Rs. 11.2 billion to over 71,500 beneficiaries.

The Federal Minister for Finance and Revenue shared satisfaction over the progress of this program and emphasized that  this program should be re-examined and modified accordingly for ensuring greater level of effectiveness, transparency and efficiency. It must be ensured that loans should easily reach-out to the eligible deserving people with zero duplication and by getting away access hurdles. Furthermore, timely issuance of guarantee for the next quarter may be initiated as soon as possible to cater needs of large number of borrowers seeking funds.

 In conclusion, the Federal Minister expressed that the present government is committed to uplift the living standard of the masses and he further stressed the stakeholders to gear up the disbursement of the interest-free loans to help the people in achieving self-sufficiency.

 
May 13, 2022 (PR No. 753)

Resident Representative, UNDP called on the Minister of State for Finance & Revenue, Dr. Ayesha Ghaus Pasha at Finance Division

Meeting of Minister of State for Finance & Revenue with Resident Representative, United Nations Development Program

The Resident Representative, UNDP, Mr. Knut Ostby called on the Minister of State for Finance & Revenue, Dr. Ayesha Ghaus Pasha at Finance Division today.

Mr. Ostby briefed the Minister of State on the ongoing UNDP portfolio and shared the findings of the report on leveraging private investment for Pakistan’s sustainable development. The report offers a strategic partnership model for raising global institutional impact investments worth $ 2 billion in the next three years in Pakistan. He stated that overall Pakistan offers private investment opportunity of $ 100 in sectors of clean and green environment, transport and logistics, technology and communication, health and education.

Minister of State Dr. Ayesha Ghous Pasha appreciated the key role of UNDP as development partner in achieving the Sustainable Development Goals (SDGs). She reiterated the commitment of government of Pakistan on achievement of SDGs. She emphasized that SDGs are our own commitment to the people of Pakistan for ensuring their betterment and prosperity. She stated that the Covid-19 pandemic and the rising global commodity prices have shrunk the fiscal space for developing countries to allocate adequate resources for sustainable development.Therefore, the need for involvement of private sector to bridge the financing gap for sustainable development is critical to achieve the SDGs.

Dr. Ayesha Ghous Pasha stated that human capital investments including priority sectors like gender equality, population planning, education, nutrition and water will bring benefits for the sustainable development. She assured full support of the Ministry of Finance for the proposed SDGs Project Development Facility to leverage private capital. She appreciated the work being done by the UNDP on SDGs Investment Map for Pakistan and encouraged UNDP to complete it at the earliest.

 
May 12, 2022 (PR No. 752)

Minister of State for Finance and Revenue, Dr. Aisha Ghous Pasha, held a meeting with Country Director ADB

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha held a meeting with Country Director ADB, Mr. Yong Ye and his team today at Finance Division. Senior officers of Ministry of Finance participated in the meeting.

Welcoming the team from ADB, Minister of State for Finance and Revenue acknowledged that ADB has always assisted in pursuance of reform and development agenda in the country. She acknowledged the all-weather and trusted partnership of ADB with Pakistan especially in the areas of energy, education, and fiscal & debt management. Further, she shared that currently Pakistan is facing various fiscal and monetary challenges but the present government is keenly working on various structural reform measures to bring back the economy on an inclusive and sustainable growth path.

The Country Director ADB briefed the Minister of State on ADB’s portfolio and the country strategy. It was shared that ADB is devoted for providing the support for reform agenda of SOEs governance and regulations, women inclusive finance sector development and PPP frameworks. Moreover, ADB indicated the additional support of $ 2.5 billion for the next FY, from which $1.5-2 billion can be available in the ongoing calendar year.
While concluding, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha thanked Mr. Yong Ye and his team for their dedication and assured them of full support and speedy implementation of the ongoing programs.

 
May 10, 2022 (PR No. 751)

Minster for Finance and Revenue held a meeting with Vice President South Asia Region (SAR), World Bank

Federal Minster for Finance and Revenue, Mr. Miftah Ismail, held a meeting with Mr. Hartwig Schafer, Vice President South Asia Region (SAR), World Bank, today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Country Director WB Mr. Najy Benhassine, Acting Governor SBP Dr. Murtaza Syed, Secretary Finance, Secretary Power Division, Secretary EAD, Chairman FBR and other senior officers attended the meeting. 

The Finance Minister welcomed Mr. Hartwig Schafer and shared that country is currently facing monetary and fiscal challenges due to rising global commodity prices. The present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth. The present government is committed to set the economy on sustainable and inclusive growth path.

Finance Minister Mr. Miftah Ismail shared that upcoming budget aims at bringing in the fiscal consolidation and improving the overall resilience of the economy. For this reason, government is planning to provide various relief measures for protecting the vulnerable segments of the society. The Finance Minister further stated that present government will introduce reforms in priority areas to address fiscal deficits. In this context, two programs of World Bank named Resilient Institution for Sustainable Economy (RISE-II) and Program for Affordable and Clean Energy (PACE-II) hold a central position in the reform agenda of government.

 
May 09, 2022 (PR No. 750)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal Chaudhary, Federal Minister for Industries & Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Federal secretaries and senior officers attended the meeting.

Ministry of Industries and Production submitted a summary on revision of the prices of Atta and Sugar under the Ramzan Relief Package-2022. In order to provide continuous relief to the lower strata of the society from global inflationary pressure, the ECC granted approval to revision of prices of Atta and Sugar from Rs. 950/20 kg to Rs. 800/20 Kg, Rs. 85/kg to Rs. 70/kg respectively and also ordered that discount of Rs 190/kg on vegetable ghee will be continued. Government will continue to absorb the cost of subsidy for the benefit of common man.

On another summary submitted by Ministry of Industries and Production on continuation of Prime Minister’s Relief Package 2020 for the months of May and June, 2022 it was decided that because there is already stock available at the Utility Store Corporation (USC) for selling the commodities at cheaper rate of Ramzan relief package, therefore the ECC directed the USC to continue to sell commodities at Ramzan relief package prices.

Ministry of National Food Security & Research tabled a summary for procurement of additional quantity of Wheat for PASSCO and Punjab Food Department with cash credit limits to build up strategic reserves and to stabilize local wheat market. PASSCO and Punjab have met their wheat procurement targets of 1.20 MMT and 3.5 MMT respectively on 30-04-2022. The Chair allowed PASSCO to procure an additional quantity of 0.50 MMT with the CCL of Rs. 28.50 billion and permitted Punjab Food Department to procure additional quantity of 1.00 MMT with the CCL of Rs. 145.50 billion in the wake of low production of wheat in the country due to previous government’s failure to provide fertilizers to the growers on time. Further, the Chair said that Sindh government will be allowed to procure additional quantity of Wheat, once it meets the current procurement target.

On another summary submitted by Ministry of National Food Security and Research, the ECC considering the current world scenario, its effects on the world economy and demand-supply situation of wheat in the country, approved 3.00 MMT of wheat import on need basis, depending upon the demand of the PASSCO and provincial governments to build up strategic reserves and to stabilize wheat prices in the country. The Finance Minister further directed the concerned authorities to frame modalities for financing and procurement.

The ECC deferred a summary for Supplementary Grant for Wafaqi Mohtasib Secretariat.

 
May 07, 2022 (PR No. 749)

Minister for Finance and Revenue held a meeting with a delegation of Federation of Pakistan Chamber of Commerce & Industry (FPCCI)

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with a delegation of Federation of Pakistan Chamber of Commerce & Industry (FPCCI) led by its President Mr. Irfan Iqbal Shaikh, at Finance Division, today. Chairman FBR and senior officers attended the meeting.

Finance Minister Mr. Miftah Ismail welcomed the delegation and shared that macroeconomic stability is prime concern of the present government. Therefore, government is strictly committed to ensure financial discipline through effective and farsighted policies for enhancing the overall level of growth in the country.

The President FPCCI congratulated the Finance Minister on undertaking the new role as Federal Finance Minister and presented various proposals for consideration in the Federal Budget 2022-23. Multiple measures were suggested by the FPCCI members for bringing in greater efficiency in industrial and agricultural sectors. They also apprised about some issues related to taxation faced by business community in the country. Further, they requested the Finance Minister to consider their proposals and address the stated issues.

The Finance Minister acknowledged the effective role of FPCCI for acting as a bridge between the government and traders. The current economic situation was highlighted during the meeting. The Finance Minister commended the budgetary suggestions proposed by FPCCI members for various sectors of the economy. The Chair shared that the current government is aiming at inclusive and sustainable economic growth by presenting a pro-people and business friendly budget; therefore, the suggestions of all stakeholders will be given due regard.

The FPCCI delegation thanked the Finance Minister for listening their proposals and assured their support and cooperation in enhancing the economic stability in the country.

 
May 06 , 2022 (PR No. 748)

Minister for Finance and Revenue chaired a meeting on funding for power and petroleum sector

Federal Minster for Finance and Revenue, Mr. Miftah Ismail, chaired a meeting on funding for power and petroleum sector today at Finance Division. Federal Minister for Energy, Mr. Khurram Dastgir Khan, Minister of State on Petroleum Division Mr. Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

The chair was briefed on power plants with fuel positions and funds required for optimal working of these power plants based on coal, RLNG and RFO. A detailed presentation was also given to the chair on total funds required for fuel including govt.’s support for RLNG and RFO from budgeted subsidies.

The Finance Minister shared that present government is cognizant of load shedding problem and is determined to provide relief to the masses by resolving the menace of load shedding. He stressed that required steps should be undertaken immediately for efficiently reducing the load shedding. In this regard, all the three ministers requested Finance, Power and Petroleum Divisions to work out feasible plan for government’s support for fuel management in order to ensure the smooth and sustainable power distribution throughout the country.

 
April 27 , 2022 (PR No. 747)

Prime Minister has been pleased to constitute the Economic Advisory Council (EAC)

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April 27 , 2022 (PR No. 746)

Charge d’ Affaires, Embassy of the United States of America called on the Federal Minister for Finance and Revenue

Her Excellency Ms. Angela P. Aggeler, Charge d’ Affaires of the Embassy of the United States of America called on the Federal Minister for Finance and Revenue, Mr. Miftah Ismail, at the Finance Division today. Secretary Finance and senior officers attended the meeting.

Finance Minister Mr. Miftah Ismail extended warm welcome to Ms. Angela Aggeler and said that Pakistan and the US enjoy long-term, broad-based and multi- dimensional relationship.

The Finance Minister further highlighted the economic agenda and policies of the new government with aim to bring about economic and fiscal stability. He said that attracting the U.S. foreign investment in different sectors of Pakistan’s economy is the government’s top priority and present government is focusing on creating a business friendly environment for foreign investors.

Ms. Angela P. Aggeler, Charge d’ Affaires congratulated the Finance Minister on assuming the office and extended full support of the US Government and its people to the Government of Pakistan. She further underscored that both countries enjoy good relations and extended her support to further promote bilateral economic relations.

 
April 27 , 2022 (PR No. 746)

Minister for Finance and Revenue held a meeting with Federal Minister for Privatization

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with Mr. Abid Hussain Bhayo, Federal Minister for Privatization at Finance Division, today. Chairman Privatization Commission Mr. Saleem Ahmad also attended the meeting.

The proposed privatization plan was discussed in the meeting. Finance Minister underscored the need of accelerating the process of privatization of loss making SOEs for bringing in greater level of efficiency, productivity and competiveness in their performance and enhancing the overall revenue base of the country. Finance minister assured full support in resolving all pending issues that are impeding privatization of loss making entities.

 
April 27 , 2022 (PR No. 745)

British High Commissioner called on Federal Minister for Finance and Revenue

H.E Dr. Christian Turner, British High Commissioner called on Federal Minister for Finance and Revenue Mr. Miftah Ismail along with Development Team head Ms. Annabel Gerry at Finance Division, today. Secretary Finance was also present in the meeting.

The Federal Minister extended warm welcome to the British High Commissioner and exchanged views with the High Commissioner on matters of common interest. The Minister underscored that Pakistan had long-standing historic ties with the United Kingdom and relations between the two countries needed to be further expanded for the mutual benefits of the two sides. The Finance Minister shared with the envoy broad economic agenda and priorities of the new government and said that present government aims to bring about economic and fiscal stability leading to economic recovery and growth.

H.E Dr. Christian Turner, British High Commissioner extended the felicitations and warm wishes of the government of United Kingdom to the Minister on assuming his new responsibilities and expressed his good wishes for the new government. He said that both countries enjoyed excellent economic relations which will be further strengthened. He assured the Minister of the full support of the British government and people of Britain.

The Finance Minister thanked the British High Commissioner for his cooperation and support.

 
April 26 , 2022 (PR No. 744)

Minister for Finance and Revenue held a meetings with key global bond investors

Federal Minister for Finance & Revenue Mr. Miftah Ismail, alongside Governor State Bank Dr. Reza Baqir and Pakistan's High Commissioner to the United Kingdom H.E. Moazzam Ahmad, held meetings with key global bond investors in London on Monday 25 April.

The meeting with investors was hosted by JP Morgan, at its European Headquarters in London. More than 30 global investors in global debt markets, representing asset managers, sovereign wealth funds and hedge funds from North America, Europe, Middle East and Asia attended the meeting.

The Finance Minister briefed investors on his discussions with the IMF in Washington DC last week, and on efforts to complete the 7th review under the Extended Fund Facility (EFF) program. Finance Minister Mr. Miftah Ismail underlined the need for prudent and responsible fiscal policy while supporting the poor and those hardest-hit by the rising global inflation.

The Finance Minister affirmed to investors the government's desire to extend the program duration through June 2023 as a signal of Pakistan's commitment to reform.

The investors showed keen interest in investing in Pakistan. They appreciated the steps taken by the Government of Pakistan to ensure fiscal sustainability.

Finance Minister Mr. Miftah Ismail thanked the management of JP Morgan on organising the successful investment conference in London, which is the heart of European Financial Market.

 
April 24 , 2022 (PR No. 743)

Pakistan delegation held several meetings with the IMF officials

The Pakistan delegation held several meetings with the IMF officials, including Deputy Managing Director Ms Antoinette Sayeh, Mr Jihad Azour, Director MCD, and Mr. Nathan Porter, Mission Chief. The delegation discussed pathways to complete seventh review. Mr Miftah Ismail, Finance Minister, laid out his government’s priorities and efforts to bring fiscal discipline while insulating the vulnerable from oil price volatility in the international markets.

The IMF expressed support to the Pakistan delegation. An IMF mission lead by Mission Chief Mr Nathan Porter will visit Pakistan in May to discuss the issues around subsidies on petrol and electricity announced by the out going government.

The delegation also met Mr. Axel von Trotsenburg, Managing Director, Mr Hartwig Schafer, Vice President and other officials of the World Bank. Progress of on-going program loans and projects as well as avenues for further assistance were discussed. Finance Minister thanked the Bank officials for the financial and technical support provided by the Bank throughout. MD Operations also assured full support for Pakistan.

The delegation also met Vice President IFC, Vice President MIGA and Executive Directors of the IMF.

 
April 23 , 2022 (PR No. 742)

Minister for Finance and Revenue met with a delegation of the US think tank Atlantic Council in Washington DC

Speaking at an event hosted by renowned US think tank Atlantic Council in Washington DC, Finance Minister Dr. Miftah Ismail highlighted the economic agenda and priorities of the newly formed government in Pakistan. He said the government’s aim is to bring about economic and fiscal stability leading to economic recovery and growth.  While achieving this objective, the government will ensure that this growth is all inclusive by taking care of the poor segments of the society.

The Finance Minister reiterated the government’s commitment to attract US investment in all sectors of Pakistan’s economy by creating business friendly environment. He added that the government also recognizes the potential of Fintech and digital economy, and the sector will be facilitated further.

Finance Minister said that the government will take stepwise measures to ensure robust increase in exports of Pakistan to resolve balance of payment and current account deficit issues.

Mr. Frederik Kempe, President of Atlantic Council in his introductory remarks said that Pakistan and the US had a longstanding partnership based on shared values of democratic governance, regional security and economic growth. The Atlantic Council is particularly working to promote economic cooperation between the two countries. He appreciated the role of Pakistani American diaspora in this regard.

The Finance Minister also answered questions from the participants that included US government officials, economists, think tank experts and prominent Pakistani American entrepreneurs.

 
April 22 , 2022 (PR No. 741)

Minister for Finance and Revenue met with a delegation of the U.S. Pakistan Business Council (USPBC) in Washington DC

Today, Minister for Finance and Revenue, Mr. Miftah Ismail, while speaking with the delegation of the U.S. Pakistan Business Council (USPBC) at the Embassy of Pakistan in Washington DC, said that the U.S. corporate sector had a very long and productive relationship with Pakistan. 

The Finance Minister said attracting the U.S. foreign investments in all sectors of Pakistan’s economy was the government’s top priority. The government was focused on creating a business friendly environment and would welcome all the suggestions. 

The Finance Minister identified various areas in Pakistan’s economy, particularly agriculture, tech sector including fintech, pharmaceutical and health sectors, and digital banking where the U.S. companies could enhance their investments in Pakistan. 

The meeting was attended by senior representatives of top 12 U.S. investors in Pakistan including Abbott, PepsiCo, Coca-Cola, Procter & Gamble, the Resource Group, TRG, Visa, Cargill, North Shore Medical Labs and Excelerate Energy L.P. 

Ms. Esperanza Jelalian, President USPBC congratulated the Finance Minister and the Minister of State on assuming office. She said that a USPBC delegation would be visiting Pakistan soon to explore further opportunities for investment. 

Ms. Jelalian assured that USPBC will continue to engage with the government of Pakistan to seek mutually beneficial ways of enhancing cooperation. 

In their introductory remarks, the USPBC members briefed the meeting on their businesses in Pakistan and plans to enhance their presence in the Pakistani market. 

Ambassador Masood Khan welcomed the participants at the Embassy. 

The introductory remarks were followed by an interactive session during which the Finance Minister answered USPBC delegation’s various queries. 

Other participants from Pakistan side included Ms. Aisha Ghaus Pasha, Minister for State for Finance, Dr. Reza Baqir, Governor State Bank of Pakistan, Secretary Finance, Deputy Governor State Bank, Additional Secretary Finance and senior Embassy officials. 

Embassy of Pakistan 
Washington DC 
22 April 2022 

 
April 19 , 2022 (PR No. 741)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Secretaries and senior officers attended the meeting.

Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries. The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of Government’s decision to keep the petroleum products’ prices stable.

The ECC after discussion approved supplementary grant of Rs. 68.74 billion for disbursement of PDC to OMCs/Refineries for the month of April,2022 and to meet the shortfall for the month of March, 2022. Due to continuously rising trend of oil prices in the international market, the quantum of subsidy for the month of April, 2022 has been higher than March, 2022. Further, the previous Government did not consider the PDCs for the 1st fortnight of April, 2022. Substantially, the present government has to bear the burden of higher quantum of subsidy as PDCs of the OMCs.

 
April 19 , 2022 (PR No. 740)

Charge de Affaires of the Embassy of People's Republic of China called on Federal Minister for Finance and Revenue Mr. Miftah Ismail

Ms. Pangchunxue, Charge de Affaires of the Embassy of People’s Republic of China called on Federal Minister for Finance and Revenue Mr. Miftah Ismail here at the Finance Division Minister of State for Finance Dr. Aisha Ghaus Pasha was also present in the meeting.

The Federal Minister Mr. Miftah Ismail greeted the guest and extended his best wishes for the Peoples Republic of China.

Ms. Pangchunxue, Charge de Affaires extended her felicitations to the Minister on assuming his new responsibilities and expressed her good wishes for the new government.

The Federal Minister thanked the Charge de Affaires and expressed his desire to further enhance bilateral cooperation in various fields. Referring to CPEC, the Federal Minister said that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing the bilateral relationship between both the countries. He further assured his full support for the assistance in that regard.

The Chinese Charge de Affaires assured full support and cooperation of Chinese Government in developing Economic Zones as part of CPEC. She also thanked Govt of Pakistan in facilitating Chinese companies in various projects in Pakistan.

 
April 15 , 2022 (PR No. 739)

Prices of Petroleum Products with effect from 16th April, 2022

 
March 30 , 2022 (PR No. 738)

Government of Pakistan and People’s Republic of China have strong economic ties spanning over the last many decades

Government of Pakistan and People’s Republic of China have strong economic ties spanning over the last many decades. The ongoing financing facilities include SAFE deposits, bilateral as well as commercial loans. To buttress the efforts of economic stabilization Government of Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all ongoing facilities upon their maturity. Two facilities of worth USD 4.3 bn matured in the month of March, of which SAFE deposits worth USD 2 billion have been rolled over and the roll-over of the syndicate facility of RMB 15,000 million (i.e., approximately USD 2.3 bn) is being processed. These facilities are being used for balance of payments and budgetary support.

 
March 31 , 2022 (PR No. 737)

Minister for Finance and Revenue chaired the Steerting Committee meeting of KPP

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the Steering Committee meeting of Kamyab Pakistan Program (KPP) at Finance Division, today.

Chairman NAPHDA, Deputy Governor SBP, President Bank of Punjab, Chairman SECP, CEO Akhuwat Foundation, CEO NRSP, and other senior officers attended the meeting.

A detailed presentation was given to the Finance Minister on the progress of Kamyab Pakistan Program. It was informed that after the success of first phase of Kamyab Pakistan Programme, the programme was extended throughout the country. Further, it was informed that the Programme is going successfully and a large number of applications for the award of loans are being received through SMS. The loans are being disbursed among deserving applicants after meeting the requirements.

The Committee was apprised that loans of more than Rs. 7.5 billion have been disbursed to more than 48 thousand beneficiaries. Small loans for business, farmers and construction of houses are included under the program.

The meeting also addressed operational issues arising in the easy access and disbursement process of loans and also discussed provision of linking Kamyab Kissan Programme with crop cycle.

Finance Minister Mr. Shaukat Tarin appreciated all the stakeholders for their contributions in the success of the Kamyab Pakistan Programme and said that Kamyab Pakistan Program is a milestone project, having exponential potential to transform the lives of the lower strata of the society. He further stressed the stakeholders to gear up the disbursement of interest free loans to help the people in achieving self-sufficiency.

The participants of the meeting assured the Finance Minister of their full cooperation and participation in making the program successful.

 
March 30 , 2022 (PR No. 736)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting on Economic Coordination Committee (ECC) of the Cabinet today.

Federal Minister for Planning, Development & Special Initiatives Asad Umar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to PM on Commerce and Investment Abdul Razak Dawood, Federal Secretaries, Governor SBP, Chairman Planning Commission and other senior officials attended the meeting.

Ministry of Industries and Production submitted a summary on operation of Fatima Fertilizer (Sheikhupura Plant) and Agritech. The ECC after discussion approved the proposal for provision of indigenous gas to two SNGPL based Urea plants latest by March 31st, 2022, resulting in saving of funds to be utilized on provision of RLNG to both these plants and continued operation throughout the year. The ECC further directed to expedite the process of shifting the plants on system gas within one month. The ECC also approved Technical supplementary grant of Rs. 16 billion for payment of SNGPL dues for the month of February and expected claims for the remaining months of March, April and May during the CFY 2021-22.

Ministry of Industries and Production submitted another summary on provision of funds to Heavy Electrical Complex (HEC) to pay liabilities on account of markup to Bank of Khyber (BoK). The ECC approved Rs. 23.309 million as markup for the period of October 2021 to March 2022.

Ministry of Commerce presented a summary on Drawback of Local Taxes Scheme (DLTS) for the period 2021-26. The ECC after detailed discussion approved revised/rationalized Drawback of Local Taxes Scheme (DLTS) for the period of five financial years from 1st July, 2021to 30th June 2026. The Scheme will be subject to quarterly/periodic reviews to gauge its impact on export performance of sectors as well as exporting firms. The estimated financial impact will be Rs. 79.27 billion for FY 2021-22, however, actual claims till 30th June, 2022 are estimated to be around 50 billion.

The ECC also approved following Supplementary Grants:

a) Rs. 500 Million in favour of Ministry of Federal Education and Professional Training for National Commission for Human Development (NCHD).

b) Rs. 681.046 million in favour of Ministry of Housing and Works.

c) Rs. 116.467 million in favour of Interior Division.

 
March 29 , 2022 (PR No. 735)

Clarification - News circulating on social media about hacking attempt on Finance Ministry and leakage of official data

A news is circulating on social media about hacker attempt on Finance Ministry and leakage of official data. It is clarified that this news item pertains to an incident of hacking which was reported some three months earlier. Thereafter, instant steps were taken and a thorough cyber security audit was conducted. The veracity of the news was not established. Meanwhile Finance Division has put in place numerous measures and protocols to further reinforce cyber security of its IT infrastructure and official data.

 
March 29 , 2022 (PR No. 734)

Minister for Finance and Revenue held a meeting with KP Finance Minister

Federal Minister for Finance and Revenue Shaukat Tarin held a meeting with KP Finance Minister Taimur Saleem Khan Jhagra at the Finance Division today.

The KP minister briefed the meeting about the financial performance of the KP government and highlighted about the ongoing projects in KP. It was also shared that inflationary pressure especially on basic food items is properly tackled through Saasta Bazaars. Few challenges faced by KP government were also shared by the KP finance Minister.

Finance Minister Shaukat Tarin appreciated the efforts of KP Finance Minister and ensured full support and cooperation of the federal government.

 
March 28 , 2022 (PR No. 733)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Federal Minister for National Food Security & Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce & Investment Mr. Abdul Razak Dawood, Secretary M/o Industries and Production, Provincial Chief Secretaries, Economic Advisor Finance Division, Member National Accounts PBS, MD Utility Stores Corporation, Chairman OGRA, Member Customs FBR and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed an increase of 1.10% as compared to decrease in previous week by 1.37%. 33 food items contributed increase in the SPI by 1.07%, whereas 18 non-food items contributed increase of 0.03% to the SPI.

NPMC was apprised that the prices of 08 items declined, 18 items remained stable and prices of 25 items increased. It was further informed that prices of Garlic (-0.06%), Tomatoes (-0.02%), Eggs (-0.06%), LPG (-0.05%), Gur (-0.0004%), sugar (-0.01%) and Gram Pulse (-0.0004%) have decreased and contributed 0.20% in decline of SPI during the week under review. However, spike was witnessed in the prices of Chicken (0.35%), Vegetable Ghee (0.22%), Cooking Oil (0.23%), Potatoes (0.01%), Wheat (0.16%) and others (0.33%) which contributed 1.30 percent increase in SPI.

NPMC was informed that prices of Garlic, Tomatoes, Eggs, LPG Cylinder, Gur, Sugar, Pulse Gram, Pulse Masoor have shown decline in the prices during the last week. It was informed that prices of tomatoes have reached to the prices as four years earlier.

The NPMC was updated on the Wheat Flour prices in the country. It was informed that there was increase in the prices of Wheat Flour in Karachi which has impacted the national average price. The Chair was apprised on the stock position of Wheat in the country which is sufficiently available. However, keeping the fresh arrival of Wheat stocks and future consumption, the Chair directed Ministry of NFS&R to workout realistic data on wheat production, in consultation with the provincial authorities to assess the accurate future requirement of Wheat for imports. The representative of Balochistan Govt. apprised the meeting on the sufficient availability of wheat stock in the provinces.

NPMC was also apprised on the sugar prices in the country. The Chair asked the Secretary Ministry of I&P to expedite the process of building strategic reserves of sugar through local procurement as approved by ECC.

NPMC was also briefed on the prices of Pulses in the country, NPMC was informed that there was stability in price of Pulses. The price of Moong Pulses registered decline due to record domestic production while Maash Pulse also shown decline in its prices. The prices of Masoor Pulse have marked stability.

NPMC was briefed on the rising prices of vegetable ghee in the country and informed that YOY prices of palm and soybean oil increased by 49.2% and 72.4% respectively in the global market. The Chair further directed Ministry of Industries and Production to take immediate action to ensure that relief of 10% on duty has been passed on to the consumers.

NPMC was briefed on the fertilizer situation in the country and was informed about the smuggling of the locally manufactured fertilizer to the neighboring countries. The Chair expressed serious concern on the issue and directed FBR to take immediate action for curbing the smuggling of fertilizers in order to ensure price stability in the country.

The NPMC also reviewed the wholesale and retail prices margins. The provincial authorities of Punjab, Sindh and Balochistan were directed to take administrative actions for ensuring the minimum wholesale and retail gap in the prices of daily commodities like potato, onion and potatoes.

On the proposal of providing vegetables at Utility Store Corporation outlets, MD USC informed that such facilities have been started at USC outlets in the Capital territory while for provinces the consultation is in process with the relevant authorities.

The meeting was also briefed on the comparison of prices of essential items with prices in the regional countries. It was informed that prices of commodities are lowest in Pakistan as compared to neighboring countries like India, Bangladesh and Sri Lanka.

NPMC was briefed on the availability of essential goods at subsided rates at the Sasta and Sahulat bazaar across the country. Finance Minister Shaukat Tarin appreciated the efforts of Govt. of Punjab, KP, Balochistan and Islamabad administration in providing essential items at discounted rates at Sasta and Sahulat bazaars. He also expressed satisfaction on the contribution of Sindh government for providing essential items at discounted rates in Sahulat bazaars.

In the concluding remarks, the Finance Minister commended the efforts being undertaken for stabilizing the prices of essential items successfully and measures to ensure smooth supply of essential commodities throughout the country.

 
March 25 , 2022 (PR No. 732)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting of Economic Coordination Committee (ECC) of the Cabinet today.

Federal Minister National Food Security and Research Syed Fakhar Imam, Federal Minister for Privatization Muhammad Mian Soomro, Federal Secretaries and other senior officials attended the meeting.

Petroleum Division submitted a summary on High Speed Diesel (HSD)/ Gas Oil Premium. This summary was meant to facilitate and provide level playing field to oil companies vis-à-vis PSO. The chair after deliberation approved the summary and directed to revise the premium on fortnightly basis. Therefore, its impact would increase or decrease depending on the international energy market.

 
March 25 , 2022 (PR No. 731)

Minister for Finance and Revenue chaired the meeting on edible oil

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting on edible oil today.

Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Secretary Industries & Production, Chairman FBR and other senior officials attended the meeting.

The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice comparing with last year. Currently, in the month of January, there has been significant increase in its prices approximating 1351 per ton. So, to deal with the expected short fall in the month of Ramzan due to hike in prices, Federal Minister for Finance and Revenue approved the tax relief of 10% on import of edible oil for the month of April and May. The tax relief measure on import of edible oil is being undertaken for short term to ensure smooth supply of edible oil to consumers as 90% of nation’s annual demand for ghee/cooking oil is dependent on imported inputs.

 
March 17 , 2022 (PR No. 730)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting of Economic Coordination Committee (ECC) of the Cabinet today.

Federal Ministry for National Food Security & Research Syed Fakhar Imam, Minister of Energy Hammad Azhar, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Governor SBP, Federal Secretaries and other senior officers also attended the meeting.

Ministry of National Food Security and Research submitted a summary on extension in date for subsidy disbursement to the farmers on Kharif crop during 2021 on fertilizer (DAP), cotton Seed and Whitefly related pesticides, under Prime Minister’s package for agriculture in 2020-21. Federal Government has already released Rs. 3.890 billion to the Sindh province and Rs. 0.541 billion to the Baluchistan for the subject scheme. The ECC after discussion approved the proposal of subsidy disbursement till 30-06-2022.

Ministry of National Food Security and Research submitted another summary on subsidy to the farmers on fertilizer for Kharif Crops 2022. The ECC approved subsidy disbursement in Kharif season 2022 amounting to Rs. 24.26 billion through provinces using their existing mechanism on sharing basis (50:50) for Phosphatic Fertilizers along with direction to strengthen the tracking system. Federal Government share will be Rs. 12.13 billion.

On another summary of Ministry of National Food Security and Research on Fixation of Public Wheat procurement targets of Sindh and Baluchistan along with Cash Credit limits, the ECC approved wheat procurement target of Sindh to the level of 1.40 MMT, along with Cash Credit Limit (CCL) of Rs. 77.00 billion and target of Baluchistan to the level of Rs. 0.10 MMT along with CCL for the amount Rs. 6.20 billion.

On another summary presented by Ministry of National Food Security and Research, subject to approval of Cabinet ,the ECC approved the revision of Minimum Support Price (MSP) of Wheat Crop 2021-22 from Rs. 1,950/40 Kg to Rs. 2,200/Kg, Wheat procurement target for Punjab to the tune of 4.00 MMT with Cash Credit Limit of Rs. 220.00 Billion. Khyber Pakhtunkhwa was allowed to procure 0.20 MMT from Punjab Food Department with their own financial arrangements. Cash Credit Limit (CCL) of PASSCO was also revised from Rs. 65.00 Billion to the level of Rs. 72.50 Billion @ Rs. 2,200/40 Kg for procurement of 1.20 MMT of Wheat.

ECC also approved Supplementary Grant of Rs. 50 Billion to Power Division and Rs. 4.5 billion in favour of Ministry of Commerce for Export Development Fund (EDF).

 
March 16 , 2022 (PR No. 730)

Minister for Finance and Revenue held a meeting with a delegation of Pakistan Stockbrokers Association

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with a delegation of Pakistan Stockbrokers Association led by its Vice Chairman Mr. Zahid Latif Khan at Finance Division, today.

The delegation apprised the Finance Minister of certain issues and challenges impeding the growth of Capital market in Pakistan and sought support of government to resolve their issues. They requested for providing tax incentives on Capital gain and investment in stock exchange.

Finance Minister Mr. Shaukat Tarin said that government is encouraging investment and enlisting of entities in the stock exchange. He further assured the delegation his support to resolve their issues and for growth of Capital market in Pakistan.

 
March 16 , 2022 (PR No. 729)

Governor Balochistan Syed Zahoor Ahmad Agha called on Minister for Finance and Revenue

Governor Balochistan Syed Zahoor Ahmad Agha called on Federal Minister for Finance and Revenue Mr. Shaukat Tarin at Finance Division, today.

The meeting discussed issues related to developmental projects in the province. The Finance Minister expressed resolve of the present government to uplift the living standard of the underprivileged people in the country especially focusing on socio economic development of the people of Baluchistan.

 The Governor Baluchistan appreciated the Federal Government’s initiatives and support for the province.

 
March 16 , 2022 (PR No. 728)

Minister for Finance and Revenue chaired the Executive Committee of the National Economic Council (ECNEC)

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, chaired the Executive Committee of the National Economic Council (ECNEC) meeting today.

Federal Minister for Energy Mr. Hammad Azhar, Minister for Irrigation Department Punjab Muhammad Mohsin Leghari, Deputy Chairman Planning Commission, Federal Secretaries and other senior officers from Federal as well as provincial governments participated in the meeting.

Ministry of Planning, Development and Special Initiatives submitted a summary regarding revised standardize pay packages for the staff directly recruited under development projects. The ECNEC after due deliberation approved to enhance the Project Pay Scale (PPS) at rate of 75%.

The ECNEC after discussion approved a summary presented by Ministry of Planning, Development and Special Initiatives regarding appropriate allocation of total budget outlay in PSDP projects for running effective media campaign to create awareness about Federal Government’s policies, projects and initiatives aimed at socio-economic development and welfare of the people.

Ministry of Planning, Development and Special Initiatives submitted a summary on Rural Economic Transformation Project (RETP-KP). The project aims at improving income of rural households through multi-sectoral interventions in agribusiness development and employment promotion.  It will be implemented throughout the Khyber Pakhtunkhwa province (35 districts) to contribute to poverty reduction and food & nutrition security of rural communities. The ECNEC approved the project at a cost of Rs. 30,265.75 million including IFAD loan of Rs. 17565.75 million, the provincial government share of Rs. 4,712 million and beneficiaries share of Rs. 7,988 million with a project gestation period of seven years ( 2022-2029).

Ministry of Planning, Development and Special Initiatives submitted a summary on recommendations after holding meetings with representatives of G/o Sindh and Punjab on Greater Thal Canal Project (Phase-II). The project was approved in principle by the ECNEC on 22-12-2021 at a cost of Rs. 38372.225 million. The ECNEC after detailed discussion approved the project on the basis of first four recommendations.

Ministry of Planning, Development and Special Initiatives submitted another summary on development, operation and maintenance of Karachi Circular Railway as a modern Urban Railway under Public Private Partnership mode with a total cost of Rs. 201,572 million. The project envisages construction of a 43.225 km dual track urban mass transit system to be built in a period of 3 years. Karachi Circular Railways Management Company (KCRMC) will be responsible to keep an oversight related to the execution, operation and maintenance of the project. The ENEC approved the project after detail discussion. A committee was also formed under the Chairmanship of Finance Minister to review the transaction structure related to Federal Government VGF contribution.

 
March 15 , 2022 (PR No. 727)

Minister for Finance and Revenue held a meeting with the delegation of Pakistan Pharmaceuticals Association

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with delegation of Pakistan Pharmaceuticals Association headed by its chairman Mr. Qazi M. Manzoor at Finance Division. Chairman FBR and senior officers from FBR and Finance Division attended the meeting.

In the follow-up meeting, Chairman PPMA thanked the Finance Minister for addressing the problems being faced by the Pharmaceutical manufacturers and further apprised the chair of the pending issues related to refund of sales tax on APIs.

Finance Minister Mr. Shaukat Tarin said that the Government is fully committed to address the issues of Pharmaceutical industry and provide maximum support to them. He listened their issues keenly and assured to resolve their issues. The Finance Minister further directed Chairman FBR to take possible steps for the settlement of the issues of pharmaceutical industry related to Sales Tax on APIs in coordination with the representatives of the Pharma Industry.

The Chairman FBR also briefed the meeting on the steps being taken by the FBR for the resolution of the key issues being faced by the Pharma Industry and mechanism to settle the remaining issue related to refund of sales tax on APIs.

The PPMA delegation thanked the Finance Minister for making efforts in addressing the issues of the industry.

 
March 15 , 2022 (PR No. 726)

POL Prices

 
March 15 , 2022 (PR No. 725)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Planning, Development and Special Initiatives Mr. Asad Umar, Federal Minister for Economic Affairs Mr. Omar Ayub Khan, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Mr. Hammad Azhar, Adviser to the Prime Minister on Commerce & Investment Mr. Abdul Razak Dawood, Federal Secretaries and senior officials participated in the meeting.

Ministry of Economic Affairs submitted a summary on G-20 Debt Service Suspension Initiative (DSSI). The ECC allowed Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under Debt Service Suspension Initiative (DSSI).

ECC approved the proposal of Petroleum Division regarding issuance of sovereign guarantee amounting to Rs. 21,000 million in favour of M/s Faysal Bank Limited at considerably lower mark up rate for the remaining tenor of the loan i.e 4 and ½ years along with issuance of letter of comfort for new finance agreement w.r.t pipeline infrastructure development project LNG-II.

On a proposal of Petroleum Division for re-allocation of OGDCL’s Jhal Magsi gas to SSGCL, the ECC allowed reallocation of 15 MMCFD Jhal Magsi gas to SSGCL. SSGCL would carry out the project of gasification of Jhal Magsi town and would embark the required gas out of the proposed allocation. The injection of this gas will help mitigate SSGC’s gas demand-supply deficit.

On a proposal of Petroleum Division for allocation of gas from Mari (Deep) gas reservoir to M/s SNGPL, the ECC approved in principle upto 110 MMCFD gas from Mari deep (Goru-B) gas reservoir allocation to SNGPL till 30-06-2024 on firm basis with direction for the determination of price mechanism of gas.

Ministry of Industries and Production presented a summary for Ramzan Relief Package. The ECC approved in principle the Ramzan Relief Package -2022, involving subsidy of 8.2 billion for the whole population of the country rather than only 20 million households registered with Ehsaas Rashan Riyat Programme with directions to frame procedural mechanism for limiting the interventions by each family.

Ministry of National Food Security & Research submitted a summary regarding intervention price for Cotton 2022-23 Crop. In order to revive cotton production in the country, bring stability in domestic market and assure fair return to the farmers, the ECC allowed Rs. 5,700/40 kg threshold intervention price of seed-cotton. The ECC further allowed to initially procuring two million bales of cotton at intervention price with direction that quantity would be reviewed on monthly basis.

To address PSO and other Oil Marketing Companies (OMCs) concerns over mechanism of payment of Price Differential Claims (PDC), Petroleum Division submitted a summary on revised mechanism with the change to the previously approved mechanism that the PDC will be applicable on sale of petroleum products rather than on procurement of products. The ECC approved the proposal with allocation of additional Rs. 11.73 billion as supplementary grant to meet the expenditure on payment of PDC up to 31st March 2022.

ECC also approved Technical Supplementary Grant amounting to Rs. 200 million to Pakistan Military Accounts Department (PMAD) for conversion of Pensioners to Direct Credit System.

ECC also approved Technical Supplementary Grant of Rs. 3500 Million in favour of Higher Education Commission for the Project titled “Pak University of Engineering and Emerging Technologies (PUEET).

 
March 15 , 2022 (PR No. 725)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Planning, Development and Special Initiatives Mr. Asad Umar, Federal Minister for Economic Affairs Mr. Omar Ayub Khan, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Mr. Hammad Azhar, Adviser to the Prime Minister on Commerce & Investment Mr. Abdul Razak Dawood, Federal Secretaries and senior officials participated in the meeting.

Ministry of Economic Affairs submitted a summary on G-20 Debt Service Suspension Initiative (DSSI). The ECC allowed Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under Debt Service Suspension Initiative (DSSI).

ECC approved the proposal of Petroleum Division regarding issuance of sovereign guarantee amounting to Rs. 21,000 million in favour of M/s Faysal Bank Limited at considerably lower mark up rate for the remaining tenor of the loan i.e 4 and ½ years along with issuance of letter of comfort for new finance agreement w.r.t pipeline infrastructure development project LNG-II.

On a proposal of Petroleum Division for re-allocation of OGDCL’s Jhal Magsi gas to SSGCL, the ECC allowed reallocation of 15 MMCFD Jhal Magsi gas to SSGCL. SSGCL would carry out the project of gasification of Jhal Magsi town and would embark the required gas out of the proposed allocation. The injection of this gas will help mitigate SSGC’s gas demand-supply deficit.

On a proposal of Petroleum Division for allocation of gas from Mari (Deep) gas reservoir to M/s SNGPL, the ECC approved in principle upto 110 MMCFD gas from Mari deep (Goru-B) gas reservoir allocation to SNGPL till 30-06-2024 on firm basis with direction for the determination of price mechanism of gas.

Ministry of Industries and Production presented a summary for Ramzan Relief Package. The ECC approved in principle the Ramzan Relief Package -2022, involving subsidy of 8.2 billion for the whole population of the country rather than only 20 million households registered with Ehsaas Rashan Riyat Programme with directions to frame procedural mechanism for limiting the interventions by each family.

Ministry of National Food Security & Research submitted a summary regarding intervention price for Cotton 2022-23 Crop. In order to revive cotton production in the country, bring stability in domestic market and assure fair return to the farmers, the ECC allowed Rs. 5,700/40 kg threshold intervention price of seed-cotton. The ECC further allowed to initially procuring two million bales of cotton at intervention price with direction that quantity would be reviewed on monthly basis.

To address PSO and other Oil Marketing Companies (OMCs) concerns over mechanism of payment of Price Differential Claims (PDC), Petroleum Division submitted a summary on revised mechanism with the change to the previously approved mechanism that the PDC will be applicable on sale of petroleum products rather than on procurement of products. The ECC approved the proposal with allocation of additional Rs. 11.73 billion as supplementary grant to meet the expenditure on payment of PDC up to 31st March 2022.

ECC also approved Technical Supplementary Grant amounting to Rs. 200 million to Pakistan Military Accounts Department (PMAD) for conversion of Pensioners to Direct Credit System.

ECC also approved Technical Supplementary Grant of Rs. 3500 Million in favour of Higher Education Commission for the Project titled “Pak University of Engineering and Emerging Technologies (PUEET).

 
March 14 , 2022 (PR No. 724)

Minister for Finance and Revenue presided over the 3rd meeting of the PSW Governing Council (GC)

Pakistan Single Window Governing Council reviews PSW implementation

 Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the 3rd meeting of the PSW Governing Council (GC) at Finance Division,today to review the progress of PSW implementation.

Syed Muhammad Tariq Huda, Secretary to the GC briefed the participants on the implementation status of previous decisions of the GC. The CEO of PSW gave a presentation on the progress already made and highlighted key challenges. The GC was informed that PSW program is on course to complete its 1st phase before the deadline. of June, 2022.

Speaking on the occasion, Finance Minister Mr. Shaukat Tarin expressed the government’s complete support and commitment to PSW initiative aimed at facilitating trade and improving regulatory compliances. He also lauded efforts of PSW Company and officials of Pakistan Customs.
The GC approved regulations for smooth operations of Trade Information Portal which is being launched by PSW Company in this month to fulfill Pakistan’s commitment under WTO’s Agreement on Trade Facilitation. While giving approval on other key matters the GC also gave directions to relevant Ministry for ensuring immediate utilization of integration with PSW system.

Implementation of PSW is helping Pakistan to indigenously establish a single electronic platform to virtually regulate imports, exports and transit trade. This platform is also enabling Pakistan to become more competitive by integrating with fast evolving platforms at national regional and global level.

 
March 14 , 2022 (PR No. 723)

Minister for Finance and Revenue held a meeting with Vice President Asian Development Bank (ADB)

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Shixin Chen, Vice President Asian Development Bank (ADB) at Finance Division today. Country Director ADB, Mr. Yong Ye, Secretary Finance and senior officers participated in the meeting.

Welcoming Mr. Shixin Chen, Finance Minister Mr. Shaukat Tarin said that the ADB has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major partner for bringing essential reforms in priority areas including energy, fiscal & debt management and socio-economic development.

The Finance Minister gave an overview of the country’s economic situation and emphasized that the Government is committed to introduce reforms in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth.

The Finance Minister informed that the Government has taken steps to improve the revenue collection through broadening of tax base, capturing retail sales, single window operations as well as track and trace system. The Minister also shared steps taken to help the underprivileged segment of the society through Kamyab Pakistan program, which he said would help them to achieve self-sufficiency.

Mr. Shixin Chen appreciated and supported the efforts taken by the present government in social and economic sectors for improvement in the economy of Pakistan. He re-affirmed Bank’s commitment to continue support for strengthening reform programs and implementation of country’s development agenda including fiscal management, building resilience and boosting competitiveness and development of private sector.

Finance Minister Mr. Shaukat Tarin thanked Mr. Shixin Chen and his team for their continuous support and facilitation.

 
March 11 , 2022 (PR No. 722)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting of Economic Coordination Committee (ECC) of the Cabinet today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Federal Secretaries and senior officials attended the meeting.

The ECC on a proposal submitted by Ministry of Energy (Petroleum Division) on supply of gas to localities/villages in 5 km radius of Gas producing fields, approved Supplementary Grant amounting to Rs. 747.539 million in favour of Petroleum Division for further releasing to SSGCL to undertake 85 villages/localities in CFY.

 
March 10 , 2022 (PR No. 721)

Minister for Finance and Revenue held a meeting with Chairman BOI and H.E Ameer Khuram Rathore, Ambassador of Pakistan to Kingdom of Saudi Arabia

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Azfar Ahsan, Chairman BOI and H.E Ameer Khuram Rathore, Ambassador of Pakistan to Kingdom of Saudi Arabia at Finance Division today. Other senior officers also participated in the meeting.

The members shared their insights about the avenues for investment opportunities for Saudi investors in Pakistan. Both Ambassador of Pakistan to Saudi Arabia and Chairman BOI shared that Saudi government as well as investors are keenly interested for investment in Pakistan. There exists huge business potential for investment between both countries at government-to-government, government-to-business and business-to-business levels.

Saudi business community is avidly looking toward Pakistan for business. The investment avenues are being offered in various sectors of the economy. These avenues majorly include refinery, agriculture, IT sector and semi-conductor manufacturing sectors.

The Finance Minister also advised BOI to enhance focus on project development in consultation with respective ministries and the provincial government. He also urged to finalize discussion with prospective investors in Saudi Arabia.

The Finance minister appreciated the efforts being made by Pakistan’s Embassy in Saudi Arabia for playing as the government’s interface. He also assured complete support of Ministry of Finance to BOI and the Embassy for their internal capacity building efforts.

 
March 09 , 2022 (PR No. 720)

Finance Minister's Press Conference

Key Points of Press Conference

 
March 09 , 2022 (PR No. 719)

Minister for Finance and Revenue held a meeting with Chairman Pak Kuwait Investment Company

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Mohammad A. M. Al-Fares, Chairman Pak Kuwait Investment Company at Finance Division today.

Mr. Mohammad A. M. Al-Fares and Federal Minister for Finance Mr. Shaukat Tarin highlighted deep rooted brotherly between Pakistan and Kingdom of Kuwait. Further, the dignitaries shared their contentment over the prevailing stronger relations between the two countries.

The Finance Minister apprised about the economic bottlenecks faced by Pakistani economy during testing times of Covid-19. He also highlighted the initiatives undertaken by the government for ensuring economic progress and development in Pakistan. These initiatives have improved the overall economic outlook of the country.

The Finance Minister appreciated the investment and development banking activities of Pak-Kuwait Investment Company. This joint venture between government of Pakistan and Kuwait is imparting commendable role in promoting the industrial activity in various areas of economy.

Mr. Mohammad A. M. Al-Fares shared that Kuwait greatly values its bilateral relations with Pakistan. Both sides promised to enhance these bilateral ties in various areas including investment, trade and business.

The Finance Minister thanked the chairman Pak-Kuwait Investment Company for their good will and cooperation and hoped to enhance it further in the future.

 
March 09 , 2022 (PR No. 718)

Minister for Finance and Revenue chaired a meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Federal Minister for National Food Security & Research Mr. Syed Fakhar Imam, Secretary Ministry of National Food Security & Research, Secretary M/o Commerce, Secretary M/o Industries and Production, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Chairman OGRA, Member Customs FBR, Addl. Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed increase of 0.04% as compared to increase in previous week by 0.51%. 33 food items contributed increase in the SPI by 0.32%, whereas 18 non-food items contributed decrease of 0.28% to the SPI.

NPMC was informed that prices of 19 items remained stable in the last week. The prices of 13 items decreased contributing decline in SPI by 1.16%. The items which contributed in decline included Petrol by -0.53%, Eggs by -0.11%, Tomatoes by -0.51% and others by 0.01%. Prices of 19 items slightly increased that led to increase in SPI by 1.20% which included Chicken by 0.34%, Fresh Milk by 0.25%, LPG by 0.23% and others by 0.38%.

NPMC was informed that prices of Tomatoes, Eggs, Hi-Speed Diesel, Petrol Super, Garlic, Pulse Moog, Pulse Masoor, Onions, Wheat Flour Bag, Sugar, Potatoes, Pulse Mash, Gur and Chillies Powder have shown decline in the prices during the last week. It was informed that prices of Onion are lowest as compared to its prices 3 years earlier.

The NPMC was updated on the Wheat Flour prices in the country. The Secretary Ministry of NFS&R informed on the stock position of Wheat and further apprised on the future requirements and the strategy for sustainable availability of Wheat in the country. The Chair directed the Balochistan authorities to ensure stability in the prices of Wheat flour by maintaining the daily release of Wheat to the Flour Mills. The Finance Minister asked the relevant authorities to analyze and estimate the wheat stocks closely.

NPMC was also apprised on the sugar prices in the country. Secretary Ministry of I&P briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices. Sugar price is at Rs. 89 again with a decline of -0.3% which is highly plausible.

NPMC was also briefed on the prices of Pulses in the country, NPMC was informed that there was stability in price of Gram Pulse, while price of Moong pulse decreased by Rs. 6 per kg during last six weeks. Price of Mash Pulse decreased by Rs. 3 per kg during last six weeks and price of Masoor pulse decreased by Rs. 2 per kg during last six weeks.

It was apprised that prices of eggs decreased by Rs. 32 per dozen during last 6 weeks and overall there is improvement in market supply of eggs, onions, potatoes and tomatoes. The price of potatoes has decreased by Rs. 4 per kg during last 6 weeks. There has been increase in the price of chicken due to supply disruptions. These disruptions are linked with sudden increase in demand of chicken. But it was ensured that the prices of chicken will be back to normal price in near future.

On the prices of palm oil and Soybean in the country, Secretary Ministry of I & P informed the meeting on available stocks of edible oil. The Finance Minister asked for researching on alternatives to minimize the dependency on import of these products and asked for devising a strategic plan for meeting the demand. It was informed to the Chair that sufficient amount of stock of Soybean and Palm oil are available to meet the arising demand in the country.

The meeting also discussed Fertilizer situation and was informed that there is no shortage of Fertilizers and urea in the country. M/o Industries and Production in consultation with M/o NFS&R and provincial governments has been asked to make a plan for provision of subsidy for DAP to farmers before the upcoming Kharif season.

The chair directed M/o Commerce to formulate a viable plan for price determination of potatoes. The Chair re-directed Ministry of NFS&R to expedite the process to formulate forecasting unit for major and minor crops for timely decision making.

In the concluding remarks, the Finance Minister commended the efforts being undertaken for stabilizing the prices of essential items successfully and measures to ensure smooth supply of essential commodities throughout the country.

 
March 07 , 2022 (PR No. 717)

Minister for Finance and Revenue chaired a meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Muhammad Azam Khan Swati, Federal Minister for Energy Mr. Hammad Azhar, Federal Secretaries and senior officers attended the meeting.

ECC approved Kamyab Overseas Programme (KOP) as a new component of Kamyab Pakistan Programme. The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with NSER to avail interest free loans under KPP. Maximum amount of loan would be Rs. 300,000 and returned in easy installments starting after three months of departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs. 3 billion for the 4th quarter of 2021-22.

ECC approved a summary tabled by Ministry of Industries and Production for Ramzan Relief Package 2022. The ECC after discussion approved Ramzan Relief Package 2022 for 19 essential items to be sold at subsidized rates at USCs with total subsidy of Rs. 8280 million.

ECC considered and approved a summary presented by Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).

Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis. The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy.

Ministry of Energy (Petroleum Division) submitted a summary to allow amending the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL. The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5% being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL.

Ministry of Energy (Power Division) submitted a summary on incentive package announced by the Prime Minister regarding reduction in price of electricity. The ECC considered and approved PM’s relief package of Rs. 5 per unit by way of reduction in electricity charges base rate for the relief period of four months (March 2022 to June 2022). The relief package will be applicable to all commercial and domestic non- ToU consumers having monthly consumption up to 700 units, excluding life-line consumers. The cash flow requirement for the PM Relief Package is Rs. 136 billion.

Ministry of Energy (Petroleum Division) submitted another summary on reimbursement of price differential claims of oil marketing companies (OMCs) and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market. The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs. 20 billion to PSO in accordance with the mechanism.

The ECC also considered and approved following Technical Supplementary/ Supplementary Grants:
i. Rs. 428.90 million to Foreign Affairs Division to meet the expenditure for holding of 48th session of the OIC Council of Foreign Ministers to be held in Islamabad on 22-23 March, 2022.
ii. Rs. 47.561 million to poverty Alleviation and Social Safety Division.
iii. Rs. 135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.

 
March 07 , 2022 (PR No. 716)

Minister for Finance and Revenue chaired a meeting on Low Cost Housing

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, presided over a meeting on Low Cost Housing at Finance Division today. Chairman NAPHDA, Lt. Gen (Retd) Anwar Ali Hyder, Governor SBP and other senior officers attended the meeting.

In this follow-up meeting, Chairman NAPHDA shared the up to mark progress on low cost housing proposals. Various issues arising in this regard have been resolved in consultation with SBP. Further, it was shared that awareness campaigns by the lending banks on housing loans are in pipeline.

The Finance Minister ensured that performance of banks is being comprehensively monitored in this regard for greater facilitation to the public. And required steps are being undertaken for easing out the loan disbursement process along with greater access and transparency.

Governor SBP shared about the citizen feedback mechanism being placed for providing information to public and addressal of complaints. He also apprised about the pertinent concerns of the banks related to low cost housing loans. The Finance minister took notice and ensured to resolve legitimate concerns at earliest time possible.

In the conclusion, Chairman NAPHDA thanked the Federal Minister for smooth, effective and quicker facilitation of NAPHDA to provide low cost houses to the masses.

 
March 05 , 2022 (PR No. 715)

Financial Action Task Force (FATF) reviewed Pakistan's progress

The Financial Action Task Force (FATF) reviewed Pakistan’s progress on both FATF Action Plans in its Plenary meeting held on 4th March 2022. The FATF members while participating in discussion on Pakistan’s progress, recognized Pakistan’s continuing commitment to a sustainable/robust AML/CFT frameworks. Pakistan presented its case in an effective manner and also reaffirmed its political commitment to continue with the efforts to complete the Action Plans.

With regard to the 2018 Action Plan, Pakistan has already completed 26 of the 27 Action Plan items while there was recognition by FATF that Pakistan had made significant progress towards addressing the last remaining action item. The FATF encouraged Pakistan to continue to make progress to address, as soon as possible, the one remaining item by continuing to demonstrate that TF investigations and prosecutions are completed against the specified individuals.

 With regard to 2021 Action Plan, Pakistan has made swift progress. In just two plenary cycles, Pakistan has completed 6 of the 7 action items. During the current plenary cycle, Pakistan has completed two more action plan items. The action items that have been completed during February 2022 Plenary cycle, include UN designations and restraining & confiscating proceeds of crime in line with Pakistan’s risk profile. The remaining one action item includes investigations and prosecutions of money laundering cases in line with Pakistan’s risk profile, on which major work has already been completed and acknowledged by the FATF.

 Pakistan is making endeavors to complete the last two remaining items of both the action plans, as early as possible.

 The FATF Plenary meetings were held in hybrid format from 1-4 March 2022. The Pakistan delegation attended this meeting virtually. Pakistan’s delegation was led by Mr. Muhammad Hammad Azhar, Federal Minister for Energy / Chairman National FATF Coordination Committee.

The Government of Pakistan reiterates its commitment to take all necessary measures to ensure completion of remaining two Action Plan items during the upcoming FATF plenary cycle, to become eligible for exiting from FATF’s Grey list.

 
March 01 , 2022 (PR No. 714)

His Excellency Hamad Obaid Ibrahim Salem Al-Zaabi, Ambassador of United Arab Emirates to Pakistan called on Minister for Finance and Revenue

His Excellency Hamad Obaid Ibrahim Salem Al-Zaabi, Ambassador of United Arab Emirates to Pakistan called on Federal Minister for Finance and Revenue Mr. Shaukat Tarin at Finance Division today.

His Excellency Hamad Obaid Ibrahim Salim Alzaabi, Ambassador of United Arab Emirates and Federal Minister for Finance Mr. Shaukat Tarin discussed the various dimensions of bilateral relations. Both the dignitaries shared their contentment over the prevailing stronger relations between the two countries.
The Finance Minister highlighted the initiatives undertaken by the government for ensuring economic progress and development in the country.

His Excellency Hamad Obaid Ibrahim Salim Alzaabi shared that UAE greatly values its bilateral relations with Pakistan. It was further expressed that bilateral cooperation in various fields including trade, investment and religious tourism would be strengthened between both states.

The Finance Minister thanked his Excellency for their good will and cooperation and hoped to enhance it further in the future.

 
February 28 , 2022 (PR No. 713)

POL Prices

 
February 28 , 2022 (PR No. 712)

Minister for Finance and Revenue held a meeting with Mr. Knut Ostby, Resident Representative UNDP

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Knut Ostby, Resident Representative UNDP at Finance Division, today.

Ms. Ammara Durrani, Assistant Resident Representative UNDP, Mr. Haroon Sharif, Senior Technical Advisor UNDP on Financing for Development, Mr. Umer Akhlaq Malik, Policy Analyst UNDP and other senior officials also participated in the meeting.

Mr. Knut Ostby, Resident Representative UNDP, briefed about UNDP’s commitment toward achieving Sustainable Development Goals (SDGs). He maintained that for developing countries, it is easier to achieve SDGs with support of multilaterals and engagement with the private sector. He further said that ‘development for everybody’ is at the center of UNDP’s development agenda. On the same lines, UNDP is focusing on sustainable investment potential present in the private sector of Pakistan. The team also highlighted about the PM’s motive for ‘Investment in Sustainable Infrastructure’ and commended the efforts of current government in this regard.

Welcoming UNDP team, Finance Minister Mr. Shaukat Tarin gave an overview about the on-going economic challenges and respective reform projects being undertaken by the present Government. He maintained that government of Pakistan is committed to introduce reforms in various sectors for tackling longstanding structural issues with a special focus on sustainable and inclusive growth. The Finance Minister apprised that the loans for agriculture, production and business development are being disbursed. Govt. is moving away from trickle-down approach and is focusing on bottom-up approach for a more inclusive, equitable and sustainable development. It was further informed that issues such as fragmented Industries, undue profits by middleman, direct access of producers to markets, and access to capital and financial intermediation are on priority for the government and any assistance of the UNDP in these areas will be welcomed.

Mr. Knut Ostby appreciated and supported the efforts taken by the present government for improvement in social and economic sectors. He re-affirmed UNDP’s commitment to continue support for the implementation of Ehsaas, Kamyab Pakistan Program (KPP), and explore further areas to support Pakistan in its efforts for sustainable development.

 
February 24 , 2022 (PR No. 711)

Minister for Finance and Revenue chaired the meeting of CCoP

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, presided over meeting of the Cabinet Committee on Privatization (CCoP), today.

Federal Minister for Privatization Muhammedmian Soomro, Chairman Privatization Commission Mr. Muhammad Saleem, Federal Secretaries and senior officials attended the meeting.

On a proposal by the PC for the sale/divestment of all government shares (96.6%) of Heavy Electrical Complex to the successful bidder M/S IMS Engineering Pvt. Ltd., against their highest bid of Rs. 99.999/share amounting to Rs. 1,410,000,000, the CCoP approved the proposal. The proposal will be considered by the Cabinet.

 
February 24 , 2022 (PR No. 710)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, presided over the meeting of the ECC today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Economic Affairs, Mr. Omar Ayub Khan, Minister of State for Information and Broadcasting Mr. Farrukh Habib, Federal Secretaries and other senior officers participated in the meeting.

Ministry of Commerce presented a summary for grant of regulatory support for establishing barter trade arrangements with Afghanistan and Iran. The ECC after discussion allowed regulatory cover to barter trade arrangements by amending relevant provisions of EPO 2020 and IPO 2020.

The ECC after detailed discussion allowed Ministry of Industries and Production to build strategic reserves of sugar to avoid price variation/hike in prices in future. According Federal Government will purchase 0.30 million metric ton sugar and Provincial governments of Punjab and Sindh will purchase 0.20 million metric tons of sugar for strategic reserves from sugar mills in current crop year when the prices are lower in the local market.

On another summary presented by Ministry of Industries and Production regarding continuation of un-targeted subsidy on five essential commodities i.e Atta, Ghee, Sugar, Rice and Pulses, the ECC after discussion allowed continuation of subsidy on five essential items for the period from 24 to 28 of February, 2022 and for the month of March, 2022. Further, the chair directed the USC to seek guidance of Ministry of Law and Justice on continuation of subsidy on these items for initial 23 days of the February.

Ministry of National Food Security and Research presented a summary for withdrawal of its earlier summary for 50,000 MT of Wheat to Afghanistan. The ECC allowed the withdrawal of earlier summary for 50,000 MT and granted permission for already provided 6627 M Tons of Wheat worth of Rs. 0.67 Billion to Afghanistan.

Ministry of National Food Security and Research presented another summary on fixation of PASSCO’s Wheat procurement targets along with cash credit limits. The ECC assigned PASSCO the target of 1.20 MMT of Wheat with the cash Credit Limit (CCL) for Rs. 65.00 Billion @ MSP of Rs. 1,950/40 Kg.

The ECC after discussion approved following Supplementary/Technical Supplementary Grants:

i. Rs. 684.00 million ($ 3,708,323.00) in favour of Ministry of Economic Affairs as the first instalment/mobilization advance against the disbursement schedule provided by NADRA for the FY 2021-22.

ii. Rs. 20 million for Ministry of Housing and Works for Execution of Development Schemes in Sindh Province under SAP”.

iii. Rs. 200 million in favour of Ministry of Housing and Works from PSDP.

iv. Rs. 450 million for Ministry of National Health Services, Regulations and Coordination for the project “Strengthening Existing Capacity for National Institute of Health for Effective Response Against Covid-19 Pandemic in Pakistan.”

 
February 23 , 2022 (PR No. 709)

Minister for Finance and Revenue chaired a meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Chairperson CCP, Member Customs FBR, Addl. Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed increase of 0.22% as compared to decline in previous week by 0.08%. 33 food items contributed increase in the SPI by 0.31%, whereas 18 non-food items contributed decrease of 0.09% to the SPI.

NPMC was informed that prices of 12 items remained stable in the last week. The prices of 11 items decreased contributing decline in SPI by 1.08%. The items which contributed in decline included Electricity by 0.91%, Eggs by 0.08%, Red Chillies by 0.03% and others by 0.06%. While prices of 28 items slightly increased that led to increase in SPI by 1.3% which included Petrol by 0.65%, Chicken by 0.19%, Long cloth by 0.18% and others by 0.28%.

NPMC was informed that Chillies Powder, Eggs, Electricity Charges, Onions, Potatoes, Gur, Sugar, Wheat Flour, LPG Cylinder, Pulse Moog, Pulse Mash have shown decline in the prices during the last week. It was informed that prices of Onion are lowest as compared to its prices 3 years earlier.

The NPMC was updated on the Wheat Flour prices in the country. The Secretary Ministry of NFS&R informed on the stock position of Wheat and further apprised on the future requirements and the strategy for sustainable availability of Wheat in the country. The Chair expressed concerns on the low daily release of Wheat by the Baluchistan Government and directed the provincial authorities to bring stability in the prices of Wheat flour by increasing daily release of Wheat to the Flour Mills.

NPMC was also apprised on the sugar prices in the country. Secretary Ministry of I&P briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices.

On the prices of edible oil in the country, Secretary Ministry of I & P informed the meeting on available stocks of edible oil and strategy to bring in stability in its prices. The Chair expressed concerns on the rise in the prices of edible oil and directed Ministry of I&P to expedite the action against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market. It was further directed to increase the imports of edible oil for sustainable availability of edible oil in future.

The NPMC was also briefed on the bumper availability of Potatoes in the country. The Chair directed Ministry of NFS&R to make strategy for increasing the exports of Potatoes and further directed for production forecasting unit for major and minor crops for timely decision making.

NPMC was also briefed on the prices of Pulses in the country, NPMC was informed that there was stability in Moong prices and witnessed less prices as compared to its prices in the last year.

The meeting also discussed Fertilizer situation in the country and was informed that there is no shortage of Fertilizers in the country. The Meeting directed Ministry of I&P to formulate strategy to rationalize the prices of Fertilizers in the light of decision to provide subsidized supply of gas to the fertilizer manufacturers and for providing adequate relief to the growers.

The meeting was also apprised on the wholesale and retail prices of daily commodities in the country and it was informed that decrease has been witnessed in the wholesale and retail prices of various items in the last week. Slight increase has been witnessed in the whole sale and retail prices of Potatoes and Onions which was attributed to the increase in the transportation charges. The Chair further directed provincial authorities to take measures to reduce the wholesale and retail price gap in both commodities.

The NPMC also discussed the stock position of POL in the country and expressed serious concerns on the low stocks of HSD and directed the Petroleum Division to take cognizance of the issue and ensure smooth availability of POL in the country.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country. Finance Minister Mr. Shaukat Tarin appreciated the efforts of the Government of the Punjab, KP, Baluchistan and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
February 22 , 2022 (PR No. 708)

Charge de Affaires, Embassy of Libya called on Minister for Finance and Revenue

Mr. Omar B. A. Abdulkarim, Charge de Affaires, Embassy of Libya called on Federal Minister for Finance and Revenue Mr. Shaukat Tarin at the Finance Division, today.

Deputy Managing Director, Pak-Libya Holding Company and senior officers were also present during the meeting.

Both the sides highlighted deep rooted brotherly relations between the two countries and said that Pakistan and Libya enjoy a sound friendly relation over the years and it is getting stronger with each passing day.

The Charge de Affaires, in his remarks, shared that Libyan government is aiming at enhancing the bilateral ties especially between businessmen of both the countries.

The performance of Pak-Libya Holding Company was also discussed during the meeting and the Finance Minister commended the development of the company. Further, it was stressed that Pak-Libya Chamber of Commerce be formed to enhance business relations between both the countries.

Finance Minister Mr. Shukat Tarin extended his support for further strengthening of brotherly relations between the two countries.

 
February 21 , 2022 (PR No. 707)

Minister for Finance and Revenue presided over the Steering Committee meeting of Kamyab Pakistan Program (KPP)

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the Steering Committee meeting of Kamyab Pakistan Program (KPP) at Finance Division, today. Adviser to the Prime Minister on overseas Pakistanis and Human Resource Development, Mr. Ayub Afridi, Secretary Finance, Secretary Overseas Pakistanis & HRD, President Bank of Punjab, Chairman SECP, CEO Akhuwat Foundation and other senior officers attended the meeting.

A thorough presentation was given to the Finance Minister on the progress of Kamyab Pakistan Program. It was informed that Kamyab Pakistan Programme is going successfully and applications for the award of loans are being received through SMS. The loans are being disbursed among deserving applicant after meeting the requirements. It was apprised to the meeting that loans of more than Rs. 2.5 billion have been disbursed. Small loans for business, farmers and construction of houses are included under the program.

Finance Minister Mr. Shaukat Tarin appreciated all the stakeholders for their contributions in the success of the Kamyab Pakistan Programme and further directed for the expansion of Kamyab Pakistan Programme throughout Pakistan.

The meeting also discussed the inclusion of prospective Pakistani migrant workers into the programme and directed the stakeholders to frame modalities for the disbursement of interest free loans to Pakistani overseas workers.

In his concluding remarks, Finance Minister stressed that Kamyab Pakistan Program is a milestone project, having exponential potential to transform the lives of the lower strata of the society.

The participants of the meeting assured the Finance Minister of their full cooperation and participation in making the program successful.

 
February 21 , 2022 (PR No. 706)

Minister for Finance and Revenue chaired a meeting on Naya Pakistan Housing and Development Authority (NAPHDA)

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, presided over a meeting on Naya Pakistan Housing and Development Authority (NAPHDA) at Finance Division today. Chairman NAPHDA, Lt. Gen (Retd) Anwar Ali Hyder,HI(M), Governor SBP and other senior officers attended the meeting.

The chairman NAPHDA briefed the chair on the progress and achievements of Naya Pakistan Housing Authority and discussed some operational and functional constraints impeding the smooth implementation of the Government’s agenda to provide house facilities to the low income segment of the society especially government and private salaried class.

The Finance Minister underlined that the housing sector has been the priority sector of the Government and the Present Government is determined to provide houses to the low and middle income groups at affordable prices. The Federal Minister further directed the relevant authorities to address and resolve the operational ambiguities on priority basis.

In the conclusion, Chairman NAPHDA thanked the Federal Minister for providing support and addressing their issues.

 
February 18 , 2022 (PR No. 705)

Minister for Finance and Revenue held a meeting with All Pakistan Bedsheets & Upholstery Manufacturers Associations (APBUMA)

Federal Minister on Finance and Revenue Mr. Shaukat Tarin held a meeting with All Pakistan Bedsheets & Upholstery Manufacturers Associations (APBUMA) led by its chairman Mr. Arif Ehsan Malik, at Finance Division, today.

Deputy Governor SBP, Member FBR and senior officers also attended the meeting.

Chairman APBUMA briefed the Finance Minister on the working of APBUMA and informed that as member wise it is the largest association of SMEs in the country. This sector is one of the major contributors in terms of exports and contributing up to $2 billion in the revenue. He further apprised that the association is currently facing various problems especially related to sales tax refund and liquidity crunch.

The Finance Minister Mr. Shaukat Tarin appreciated the contribution of APBUMA in economic growth of the country. Minister assured that government is actively carrying out all measures that could boost the SME sector. As growth of SME sector leads to employment generation, export promotion and boost overall business activity in the country. The Finance Minister heard all issues keenly and asked SBP and FBR to resolve their issues on priority basis.

Chairman APBUMA thanked the Finance Minister for providing support and addressing their issues.

 
February 18 , 2022 (PR No. 704)

Minister for Finance and Revenue chaired a meeting of Macro Economic Advisory Group

Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the meeting of Macro Economic Advisory Group today at Finance Division.

Former Governors SBP Dr. Ishrat Hussain and Syed Salim Raza, Adviser to CM Punjab Dr. Salman Shah, Governor SBP Dr. Reza Baqir, Vice Chancellor PIDE Dr. Nadeem ul Haq, Professor of Economics Dr. Rashid Amjad, Executive Director SDPI, Dr. Abid Qaiyum Suleri, Country Director IGC Dr. Ijaz Nabi and Mr. Sakib Sherani virtually attended the meeting. Other senior officers also attended the meeting.

The Macroeconomic Advisory Group endorsed the government’s efforts being undertaken for dealing with the impact of rising prices on general population. All members shared contentment that new initiatives being undertaken by the government are in line with the sustainable macroeconomic stability paradigm.

The Macro Economic Advisory group recognized that global inflationary tendencies have casted undesirable impact across the globe including Pakistan. The committee comprehensively deliberated on various initiatives that can be undertaken for provision of maximum relief to the public. These initiatives specifically aim at resolving the economic constraints of middle and lower economic strata of the society. Most feasible and pragmatic initiatives have been screened out by the committee members for dealing with inflationary pressure and recommended for further consideration.

 
February 17 , 2022 (PR No. 703)

Minister for Finance and Revenue held a meeting with delegation of Pakistan Pharmaceuticals Association

Federal Minister on Finance and Revenue Mr. Shaukat Tarin held a meeting with delegation of Pakistan Pharmaceuticals Association headed by its chairman Mr. Qazi M. Mansoor Dilawar at Finance Division.
Chairman PPMA shared about the problems being faced by the Pharmaceutical manufacturers particularly the concerns pertaining to refund of sales tax. These unresolved matters result in unnecessary delays and thus impact overall working efficiency of PPMA. Furthermore, they requested for the resolution of the mentioned issues.

Federal Minister on Finance and Revenue Mr. Shaukat Tarin commended the contribution of pharmaceutical manufacturers. It was accredited that this sector has substantial role in the economic development of the country. He assured that all such reservations of PPMA will be resolved at earliest time possible.

The Finance Minister further directed FBR to carry out all possible measures for settlement of the issues of pharmaceutical industry.

The PPMA delegation thanked the Finance Minister for ensuring the full support for resolution of their issues.

 
February 17 , 2022 (PR No. 702)

Minister for Finance and Revenue chaired a meeting ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister of Planning, Development and Special Initiatives Mr. Asad Umar, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Secretaries and senior officers attended the meeting.

ECC discussed in detail a summary presented by Ministry of Industries and Production regarding uninterrupted supply of oxygen gas in the country for medical purposes and approved duty and tax exemption to products/goods i.e oxygen gas, oxygen gas cylinder and cryogenic oxygen tanks for health sector up to June 2022 to cope with the fifth wave of Covid in the country.

ECC also considered and approved a summary submitted by Finance Division on expansion of Kamyab Pakistan Programme throughout Pakistan.

The ECC after deliberation on a summary presented by Ministry of Industries and Production on fixation of imported Urea price and approved the cost estimates for import of Urea amounting to Rs. 12.345 billion on cost sharing basis among the Federal and Provincial Governments on 50:50 basis.

The ECC also considered and gave principal approval on a summary presented by Ministry of Defence Production for extending the Defence Credit Line Facility of USD 50 Million to Sri Lanka to enhance bilateral defence and security cooperation.

The Ministry of Industries and Production submitted a summary on grant of arrival/priority berthing of TCP’s Urea vessels at Karachi Port Trust (KPT). Considering the urgent requirement of Urea in the country, the ECC approved the proposal.

The ECC also considered and approved a number of proposals of Supplementary/Technical Supplementary Grants submitted by different Ministries/Divisions.

 
February 16 , 2022 (PR No. 701)

Minister for Finance and Revenue chaired a meeting on Digital Policy/E-commerce

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting on Digital Policy/E-commerce at Finance Division, today.

SAPM on E-Commerce Senator Aon Abbas Buppi, Secretary IT &Telecom, Deputy Governor SBP, Members FBR, and other senior officers attended the meeting.

Senator Aon Abbass Buppi updated the meeting about the issues being faced in the IT sector especially related to freelance workers and IT related remittance. The Senator apprised that this sector has huge potential but few matters need to be resolved for bringing in the greater efficiency and reaping the maximum benefit from this sector.

Finance Minister Mr. Shaukat Tarin ensured that government is fully supporting as well as undertaking all mandatory measures for boosting the IT sector in the country and providing incentives to boost IT sector exports. He further extended his full support to resolve the impending issues for the promotion of IT sector.

 
February 16 , 2022 (PR No. 700)

Minister for Finance and Revenue held a virtual meeting with Saudi Investment Minister

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a virtual meeting with Saudi Investment Minister Engr.Khalid Al-Falih, today. Chairman Board of Investment Mr. Muhammad Azfar Ahsan and other senior officers also participated in the meeting.

Both sides highlighted deep-rooted bilateral ties and cordial relationship between the two countries. The two sides discussed about the potential for increased collaboration and investment in the various sectors including agriculture, food security, Information Technology, infrastructure development, Refinery and vowed to extend business and economic ties.

The Saudi Minister was also apprised that the present Government is providing incentives to attract and facilitate foreign investors. The Saudi Investment Minister expressed the need for greater mutual investments in different fields.

 
February 16 , 2022 (PR No. 699)

Pakistan's Ambassador designate to the USA Mr. Masood Khan called on Federal Minister for Finance and Revenue

Pakistan’s Ambassador designate to the USA Mr. Masood Khan called on Federal Minister for Finance and Revenue Mr. Shaukat Tarin at Finance Division, today.

The Finance Minister Mr. Shaukat Tarin extended his felicitations to Mr. Masood Khan on his new responsibilities and hoped that the bilateral cooperation and business collaborations between the two countries would further grow during the tenure of Mr. Masood Khan.

 
February 16 , 2022 (PR No. 698)

Minister for Finance and Revenue held a meeting with Director Public Management, Financial Sector and Trade Division, ADB

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Tariq H. Niazi, Director Public Management, Financial Sector and Trade Division, ADB, accompanied by Mr. Yong Ye, Country Director ADB at Finance Division today. Secretary Finance, Secretary EAD and other senior officers participated in the meeting.

Finance Minister Mr. Shukat Tarin highlighted long relationship of ADB with Pakistan and appreciated the role of ADB in extending support to Pakistan during testing times. He further gave an overview of the current economic situation and emphasized that government is committed to introduce reforms in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth.

The Finance Minister further informed that the Government has taken steps to improve the revenue collection through broadening of tax base, capturing retail sales, single window operations as well as track and trace system. Efforts are being made to complete the remaining prior actions under the capital markets development programme to disburse it within time, he added.

Mr. Tariq H. Niazi, Public Management, Financial Sector and Trade Division, ADB, briefed the meeting on the progress of various on-going projects being carried out in Pakistan and also informed on future projects. He apprised that ADB is pursuing capital market development program, domestic resource mobilization program, social protection development program and Public Private Partnership Support Program. ADB is extending full technical support Pakistan for successful implementation of these programs.

Mr. Tariq H. Niazi appreciated and supported the efforts taken by the present government for improvement in social and economic sectors. He re-affirmed Bank’s commitment to continue support for the implementation of structural reforms in future.

 
February 15 , 2022 (PR No. 697)

POL Prices

 
February 14 , 2022 (PR No. 696)

Minister for Finance and Revenue chaired a meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Federal Minister for Food Security & Research Syed Fakhar Imam, Minister of State for Information and Broadcasting Mr. Farrukh Habib, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, MD Utility Stores Corporation, Chairperson CCP, Chairman TCP, Member Customs FBR, Addl. Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed decrease by 0.08% as compared to increase of 1.35% in the previous week, 33 food items contributed decrease of 0.07%, whereas 18 non-food items contributed decrease of 0.01% to the SPI.

NPMC was informed that prices of 21 items remained stable in the last week. Whereas prices of 14 items decreased contributing decline in SPI by 0.43%. The items shown decline in prices of Tomatoes by 0.24%, Potatoes by 0.04%, Onions by 0.04% and other by 0.11%. While prices of 16 items increased that contributed increase in SPI by 0.35% which included Garlic by 0.04%, Chicken by 0.20%, Banana by 0.03% and others by 0.08%.

NPMC was informed that there was healthy decline in prices of daily commodities during the last week including prices of Pulses, Tomatoes, Chillies Powder, Potatoes, Onions, Eggs, Sugar, Gur, Wheat Flour bag. The meeting was apprised that prices of Eggs have witnessed decline for the last five weeks consecutively.

The Chair also observed hike in the price of milk in Sindh province and directed provincial authorities to take appropriate measures to ensure stability in the price of milk.

NPMC was updated on the prices of wheat flour and was informed that there is decline in the Wheat flour prices in the country and sufficient stocks are available. The Secretary NFS&R gave a presentation on the existing available stocks and eventual demand of Wheat. The Chair directed Ministry of NFS&R to work out a plan for future requirement of Wheat considering actual data on production and consumption of Wheat in the country.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week. Further, the Chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices in future.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country and the meeting expressed satisfaction on providing essential items at discounted rates at the Sastaa Bazaars.

The NPMC was also briefed on the comparison of daily commodities’ prices in Pakistan with regional countries India, Bangladesh and Sri Lanka. It was witnessed that prices of daily commodities in Pakistan are the lowest in the region.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
February 10 , 2022 (PR No. 695)

Minister for Finance and Revenue held a meeting with Group CEO Etisalat International

Federal Minister for Finance and revenue, Mr. Shaukat Tarin, held a meeting with Mr. Hatem Dowidar, Group CEO Etisalat International at the Finance Division today.

Federal Minister for Privatization Muhammadmian Soomro, Chairman Privatization Commission, Secretary Finance and other senior officers participated in the meeting.

The Finance Minister Mr. Shaukat Tarin underscored the significance of resolving outstanding issues between Etisalat and the Privatization Commission and moving ahead for a sustainable solution. He emphasized on fair evaluation of properties at the earliest. The Finance Minister also highlighted prospects of foreign investment in Pakistan especially in IT and Telecom sector which is growing rapidly. The Government is providing conducive environment and incentives to attract foreign investment, he added.

Mr. Hatem Dowidar, CEO Etisalat reaffirmed to have evaluation of properties completed soon and expressed readiness to further invest in IT and Telecom sector in Pakistan. Both sides agreed to proceed ahead for resolution of all outstanding issues between Etisalat and the Privatization Commission in a spirit of goodwill.

In his concluding remarks, the Finance Minister said that the United Arab Emirates (UAE) is one of the major economic partners of Pakistan. Pakistan attaches great value to the brotherly relations with the UAE and intends to further strengthen business and trade linkages between the two countries, he added.

 
February 09 , 2022 (PR No. 694)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Energy Mr. Hammad Azhar, Federal Minister for Privatization Muhammedmian Soomro, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.

Ministry of Commerce submitted revised Textiles and Apparel Policy, 2020-25 after incorporating few changes along-with implementation report. The ECC after deliberation approved the policy with certain amendments.

ECC discussed in details and approved summary submitted by Ministry of Communication for issuance of sovereign guarantee or SBLC worth of Rs. 6944.0 million against Operational Viability Gap Funding (VGF) for the construction of Sialkot (Sambrial) – Kharian Motorway project on BOT basis.

Ministry of Energy, Petroleum Division submitted a summary on 15 years’ extension of lease contract between Saindak Metals Limited and MCC China for Saindak Copper Gold Project. ECC after detailed discussion allowed the extension of lease contract and recommended to review financial aspect of the project annually by the professional expertises.

The ECC also approved Ministry of Energy, Petroleum Division’s summary on determination of RLNG sale price for PLL’s supply to K-Electric (KE).

On another summary of Ministry of Energy, Petroleum Division, for revision of gas price of Mazarani Gas field held by M/s PPL and GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from US$ 1.75/MMBTU to US$ 3.75MMBTU from 1st September 2021.

The ECC also considered and approved Technical Supplementary Grants submitted by different Ministries/Divisions.  

The ECC deferred Power Division’s two summaries on Settlement of Payables to Government Owned Power Plants and Reinstatement of Tax on dividend for investors/shareholders of IPPs.

 
February 08 , 2022 (PR No. 693)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Federal Minister for Food Security & Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Secretary Ministry of National Food Security & Research, Secretary Ministry of Industries & Production, Provincial Chief Secretaries, Economic Advisor Finance Division, MD Utility Stores Corporation, Chairman TCP, Chief Statistician PBS, Member customs FBR, Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed increase by 1.35% as compared to previous week which was decline of 0.11%. 33 food items contributed increase of 1.30%, whereas 18 non-food items contributed increase of 0.05% to the SPI.

NPMC was informed that prices of 23 items remained stable in the last week. Whereas prices of 06 items decreased contributed decline in SPI by 0.17%.  The items shown decline included Potatoes by 0.05%, Onions by 0.03%, Eggs by 0.04% and other by 0.05%. While prices of 22 items increased that contributed increase in SPI by 1.52% which included Tomatoes by 0.97%, Chicken by 0.40%, Garlic by 0.02% and others by 0.13%.  NPMC was informed that Potatoes, Onions, Eggs, Sugar, Moog Pulse, Mash Pulse have shown decline in the prices during the last week.

On the prices of wheat flour, NPMC was informed that Wheat Flour prices in Quetta remained on higher side as compared to other parts of the country.  The chair expressed concerns on higher prices of Wheat flour in Quetta and directed Baluchistan Government to take concrete measures for bringing stability in the Wheat flour prices by increasing its stock position and daily releases to the flour mills. NPMC was also updated on the availability of sufficient stocks of Wheat in the country.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week. Further, the Chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices.

NPMC was also updated on the prices of Pulses in the country. NPMC was informed that there was stability in the prices of Moong prices while other pulses have shown slight increase in prices. Expressing concerns on the prices of Pulses, the Finance Minister directed provincial authorities to control the hike in prices of Pulses by keeping a check on hoardings and supply disruptions.

Prices of Edible oil were also discussed in the meeting. Secretary Ministry of I & P updated the meeting on strategy to ensure fair prices of edible oil in market in coordination with provincial authorities against the edible oil manufacturers for undue price escalation. The Chair further directed Ministry of Industries and Production to work out pattern of demand and supply of different varities & brands of edible oil and take corrective measures to control undue price hike.      

The meeting was also apprised on the wholesale and retail prices of daily commodities in the country and it was informed that decrease has been witnessed in the wholesale and retail prices of various items in the last week. Slight increase has been witnessed in the whole sale and retail prices of Potato and Onion which was attributed to the increase in the transportation charges. The Chair further directed provincial authorities to take measures to reduce the wholesale and retail price gap.

The NPMC was also briefed on the comparison of daily commodities’ prices in Pakistan with regional countries India, Bangladesh and Sri Lanka. It was witnessed that prices of daily commodities in Pakistan are the lowest and Pakistan stood the best in the region in keeping a control on the prices of daily use commodities.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country. The meeting expressed satisfaction on availability of daily commodities in Sastaa Bazars on discounted prices. 

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
February 08 , 2022 (PR No. 692)

Minister for Finance and Revenue held a meeting with Country Director, World Bank

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Najy Benhassine, Country Director, World Bank and his team at Finance Division, today. Secretary Finance and senior officers attended the meeting.

The meeting reviewed the progress on the ongoing World Bank’s projects and programmes in Pakistan. The meeting also focused on Resilient Institutions Strengthening Program (RISE-II) and discussed some prior actions to be met for the timely completion of the programme. 

In his remarks, Finance Minister Mr. Shaukat Tarin appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country. He further said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country.

The Finance Minister thanked the Country Director, World Bank and his team for their continuous support and facilitation.

 
February 09 , 2022 (PR No. 691)

Government has decided to give 15 % disparity allowance on running basic pay to less privileged employees from BS 1 to 19

Government has decided to give 15 % disparity allowance on running basic pay to less privileged employees from BS 1 to 19 with effect from 1st March. The above package is also recommended to the provinces for adoption from their own funds.

Further, a summary for timescale promotion has been initiated by Finance Division to mitigate the hardship being faced by employees stuck in the same grade for long time.

The matter of upgradation of posts on the analogy of Khyber Pakhtunkhwa will be decided based on the findings of the study being conducted by MS Wing of Establishment Division by end April.

Further, the merger of Adhoc Relief /Allowances into pay will be decided on report of pay and pension commission and will be merged in basic pay as per agreement.

 
February 02 , 2022 (PR No. 690)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Federal Minister for Food Security & Research Syed Fakhar Imam, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, MD Utility Stores Corporation, Chairperson CCP, Chairman TCP, Member Customs FBR, Addl. Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed decrease by 0.11% as compared to decline of 0.06% in the previous week, 33 food items contributed decrease of 0.05%, whereas 18 non-food items contributed decrease of 0.06% to the SPI.

NPMC was informed that prices of 26 items remained stable in the last week. Whereas prices of 08 items decreased contributed decline in SPI by 0.47%. The items shown decline included Chillies Powder by 0.21%, Potatoes by 0.03%, Onions by 0.001% and other by 0.23%. While prices of 17 items increased that contributed increase in SPI by 0.36% which included Tomatoes by 0.21%, Garlic by 0.02%, Cooking Oil by 0.05% and others by 0.08%. A continuous decrease in the SPI has been witnessed during the last three weeks

NPMC was also briefed on CPI Inflation, which showed slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on MoM basis. Commodities like households, transportation, restaurant, energy items and hotel services have registered increase in the prices on YoY basis.

NPMC was informed that Chillies Powder, Potatoes, Onions, Eggs, Chicken, Sugar, Bananas, Moog Pulse have shown decline in the prices during the last week.

NPMC was updated on the prices of wheat flour and was informed that there is stability in the Wheat flour prices in the country and sufficient stocks are available. Considering available stock position, consumption and future requirement of Wheat, the Chair directed Ministry of NFS&R to formulate strategy for smooth supply of Wheat in future.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week. Further, the Chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices in future.

NPMC was also briefed on the prices of Pulses in the country, it was informed that the prices of Moong have significantly decline as compared to the last year. The Finance Minister further directed Ministry of NFS&R and provincial governments to expedite the investigation into the undue profit margin in perishables, specially onions, tomatoes and potatoes and control price hike in these items.

On the prices of edible oil in the country, Secretary Ministry of I&P informed the meeting that appropriate strategy is being chalked out against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market.

The meeting also discussed Fertilizer situation in the country and directed Ministry of NFS&R to formulate strategy in consultation with provincial governments for giving adequate relief to the growers.

The meeting also discussed the prices of daily commodities available at the Utility Stores and directed USC to inform the masses on any variations in the prices and availability of commodities well in time.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country. Finance Minister Mr. Shaukat Tarin appreciated the efforts of the Government of the Punjab, KP, Baluchistan and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars. He further directed to establish such bazaars in more cities to provide maximum relief to the people. 

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
January 31 , 2022 (PR No. 689-A)

POL Prices

The petroleum products are showing substantial increase in the international market and presently trading at highest level since 2014. The oil prices have witnessed an increase of 14.5% just in last month in the global market. The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets. The Government is bearing the revenue loss of around Rs.30 billion (fortnightly) on account of budgeted to existing PL and ST rates and Rs. 260 billion annually due to reduced ST rate.

Despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs. 16.79/Litre in the petroleum product prices and desired that petroleum product prices shall remain the same from 1st February, 2022 as notified earlier on 15th January, 2022 for providing maximum relief to the general public. The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax, if required.

 
January 31 , 2022 (PR No. 689)

Minister for Finance and Revenue chaired the meeting of ECNEC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, chaired the Executive Committee of the National Economic Council (ECNEC) meeting today.

Federal Minister for Planning, Development and Special Initiatives, Mr. Asad Umer, Federal Minister for Industries and Production, Makhdoom Khusroo Bakhtiar, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, Punjab Finance Minister Makhdoom Hashim Jawan Bakht, Deputy Chairman Planning Commission, Federal Secretaries and other senior officers from Federal as well as provincial governments participated in the meeting.

ECNEC discussed in detail and approved Punjab Arterial Roads Improvement Programme (PARIP) worth of Rs. 129,944.15 (US$ 773.20) Million. The project sponsored by Government of Punjab envisages construction of 535 km of dual carriageway highway sections between various cities in the Punjab province.

ECNEC after detailed deliberation approved Punjab Rural Sustainable Water Supply and Sanitation Project (PRSWSSP) amounting to Rs. 96,202 (USD 553.0) Million to be executed by Punjab Rural Municipal Services Company in 16 Tehsils of Punjab with directions to reduce its implementation time and carry out it initially as pilot project in some Tehsils and submit its report to the ECNEC for further consideration. The project has been designed to provide basic civic amenities such as water supply, sanitation and solid waste management in the rural areas of selected Tehsils of Punjab.

ECNEC discussed and approved Greater Karachi Bulk Water Supply Scheme K-IV, 260 MGD Phase –I at a revised cost of 126,404.751 Million. Initially, the project was approved with original capacity of 260 MGD in 2014 to be executed by Karachi Water and Sewerage Board, Govt of Sindh. Later the project was revised and included in Karachi Transportation Plan (KTP) with the same 260 MGD capacity but change of sponsoring and executing agencies from Govt of Sindh to Ministry of Water resources and WAPDA in 2021. The project aims to meet growing water demand of Karachi and provide dependable and sustainable water transmission system from its more than 100 KMs away source of Keenjhar Lake to feed Karachi water supply and distribution network.

ECNEC also approved Kharian-Rawalpindi Motorway project to be executed on BOT basis under Public Private Partnership (PPP) mode at a total cost of 95,810.260 million Rupees. The project envisages construction of 04 lane access-controlled 117.20 km in length motorway from Kharian to Rawalpindi.

 
January 31 , 2022 (PR No. 688)

Minister for Finance and Revenue held a meeting with H.E Mr. Wouter Plomp, Ambassador of the Kingdom of Netherlands

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with H.E Mr. Wouter Plomp, Ambassador of the Kingdom of Netherlands accompanied by Mr. Hein Schumacher, Global CEO, Royal Frieslandcampina of Netherlands at Finance Division, today.

Mr. Roel Van Neerbos, President and CEO of Food & Beverages, Royal Frieslandcampina, Ali Ahmed Khan, MD, Frieslandcampina Engo Pakistan Limited and senior officers of Finance Division participated in the meeting.

Welcoming the guests, the Finance Minister highlighted government’s policies and initiatives to provide conducive environment to the investors and businessmen and steps for ease of doing business to both domestic and foreign investors.

Mr. Hein Schumacher, Global CEO appreciated the intention and practical steps taken by the government to facilitate businessmen and investors and providing favourable environment for encouraging foreign investment in Pakistan and especially supporting foreign investors in the dairy industry of Pakistan. He further discussed some proposals for the proliferation of dairy industry in Pakistan and sought support of the government in this regard.

Finance Minister Mr. Shaukat Tarin supported the proposals for dairy development including investment and improvement in livestock and agriculture sector in Pakistan and assured them of full support of the present government.

 
January 26 , 2022 (PR No. 687)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today.

Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, MD Utility Stores Corporation, Chairperson CCP, Chairman TCP, Member customs FBR and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed decrease by 0.06% as compared to previous week which was 0.43%. 33 food items contributed increase of 0.05%, whereas 18 non-food items contributed decrease of 0.11% to the SPI. NPMC was informed that there is decline in SPI for third time since December 31st, 2021.

Prices of 07 items fell which contributed decline in SPI by 0.59%. The items which shown decline included Chicken by 0.27% and other by 0.35%. While prices of 24 items increased that contributed increase in SPI by 0.53% which included Tomatoes by 0.22%, Garlic by 0.01%, Petrol by 0.16% and others by 0.14%. Prices of perishable items like Tomatoes increased due to rain in the country.

NPMC was updated on the prices of wheat flour and was informed that there was stability in the Wheat flour prices in the country. However, the slight variation in the Wheat flour prices was due to the disruption in the supply caused by rain and fog.

The meeting discussed the stock position of Wheat in the country and was informed that sufficient stocks of Wheat are available.

Finance Minister expressed satisfaction on the availability of sufficient stocks of Wheat and further directed Ministry of NFS&R to formulate strategy to optimally maintain the strategic reserves of Wheat in the country to meet any difficult situation in the future.

NPMC also discussed sugar prices in the country and directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country and maintain stability in prices.

On the prices of Pulses, NPMC was informed that prices of Moog pulse have shown stability while prices of Gram, Mash and Masoor pulses have registered increase due to less production of these pulses in the world, variations in the exchange rate and increased freight charges.

Finance Minister expressed concerns on the difference in retail and wholesale prices of pulses in the country and directed Ministry of NFS & R to investigate and take appropriate action against the exploiters to maintain stability in the prices of imported pulses.

Prices of edible oil in the country came under discussion in the meeting. NPMC showed concerns on the increase in the prices whereas international market has witnessed dip in the prices of edible oil and directed Ministry of Industries and Production to formulate strategy and explore alternate options for import of edible oil to reduce the prices in the country.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
January 21 , 2022 (PR No. 686)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, virtually presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Water Resources Chaudhry Moonis Elahi, Federal Secretaries and senior officers attended the meeting.

The ECC, considering the food crisis and prevailing situation of Afghanistan, approved the summary presented by Ministry of Commerce and allowed the export of selected commodities to Afghanistan against Pakistan currency by adding them in the list of items at Para-7(1) of Export Policy Order, 2020.

The ECC, while noting the growth in exports, approved the summary tabled by Ministry of Commerce to enhance the quota limit for export of samples to twenty five thousand US dollars or 0.1% of actual export proceeds during the last financial year in US dollars per exporter per annum, by amending relevant paras of Export Policy Order, 2020.

The ECC approved a summary presented by Ministry of Commerce and allowed removal of 45 % Regulatory Duty on the import of Chilghoza from Afghanistan as the reduction tariff on this item will encourage the legal import of unprocessed Chilghoza for processing in the country for export and will also be instrumental in creation of jobs in the far flung areas of border regions of Khyber Pakhtunkhwa and economically backward areas of Baluchistan.

The ECC approved a proposal submitted by Finance Division for engaging the services of third party to carry out the Monitoring and Evaluation ( M&E) functions of the Kamyab Pakistan Programme (KPP). Pakistan Poverty Alleviation Fund (PPAF) was engaged for Monitoring and Evaluation of KPP. However, PPAF has not been able to undertake M & E responsibilities due to its legal status.

Finance Division presented a summary to resolve the issue of reversal of Foreign Commonwealth and Development Office (FCDO) unspent grant funds under amendment to MoU with proposal to establish a new Credit Guarantee Company (CGC) having 56% shareholding of FCDO through Karandaaz (unspent funds) and 44% shareholding of GoP, with mandate of issuance of Credit Guarantees against financing in SME Sector. The ECC discussed and approved the proposal.

Ministry of Water Resources tabled a summary on compensation package for the affected Chinese nationals of Dasu Hydropower Project incident. The ECC after deliberation and considering the depth of our relationship with China approved the proposal of payment of US dollar 11.6 million as a goodwill gesture on government level.

Ministry of Industries and Production presented a summary on the Urea fertilizer requirement for remaining Rabi Season 2021-22. The ECC after detailed deliberation allowed the operations of SNGPL based plants ( Fatima Fertilizer (Sheikhupura plant ) and Agritech) for a further two months post Jan 2022 i-e Feb – Match 2022 at gas rate of Rs. 839/MMBTU for the mentioned period.

The ECC approved a summary tabled by Ministry of Information Technology & Telecommunication for the constitution of Advisory Committee headed by the Finance Minister for the release of IMT/5G spectrum.

Ministry of Information Technology & Telecommunication also presented draft Policy Directive of the Pakistan Telecommunication ( Re-Organization) Act 1996 for renewal of Cellular License of Pakistan Mobile Communication Limited (PMCL/Jazz).

The ECC after discussion approved the summary.
The ECC also approved following Technical supplementary Grants:

i. Rs. 4 billion under the Pakistan Raises Revenue Programme (PRRP) for Financial Year 2021-22 for Federal Board of Revenue.
ii. Rs. 5 billion in favour of Ministry of Planning, Development and Special Initiatives for conduct of 7th Population & Housing Census.
iii. Rs. 78.500 million for the projects of the ICT Administration, Islamabad by Ministry of Interior.
iv. Rs. 60 million for Ministry of Interior within sanctioned budget for purchase of spare parts for Helicopter maintained by HQs Frontier Corps Baluchistan North.
v. Rs. 3 million equivalent to $ 17,133.06 within sanctioned budget for Ministry of Interior for purchase of spare parts for helicopter maintained by HQs Frontier Corps KP (North).
vi. Re-allocation of Rs. 226.8 million surrendered funds for the year 2021-22 under Sustainable Development Goals Achievement Programme (SAP) in favour of Interior Division for further release to the ICT Administration.
vii. Rupee Cover of USD 65.00 Million( Equivalent to Rs. 11,960.0 Million) to M/o NHSR&C, committed by Islamic Development Bank, to utilize the IsDB loan under “IVAC Covid-19 Vaccine support for Pakistan.”

 
January 15 , 2022 (PR No. 685)

POL Prices

 
January 12 , 2021 (PR No. 684)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division, today. Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division apprised the NPMC on weekly SPI which increased slightly by 0.08% in the week as compared to previous week when it decreased by 0.50%. It was informed that 33 food items contributed decline in the SPI by -0.14%, whereas 18 non-food items contributed increase of 0.22%. Prices of 07 items registered decline which contributed decline in the SPI by 0.46%. During the week, prices of Tomatoes declined by 0.11%, Chillies Powder 0.26%, Eggs 0.05% and others 0.04%.

NPMC was informed that prices of 22 items remained stable and 25 items registered increase in prices which contributed increase in the SPI by 0.54%. Prices of Potatoes increased by 0.03%, Chicken 0.12%, Petrol 0.21% and others by 0.18%.

It was informed that prices of Tomatoes and Onion in the last week were at the lowest as compared to their prices three years earlier. The meeting expressed satisfaction on the decline in the prices of the essential items.

NPMC was updated on the prices of wheat flour and the meeting expressed satisfaction on the stability in the Wheat flour prices and availability of sufficient stocks of wheat in the country.

NPMC was briefed on the sugar prices and its stock position in the country and expressed concerns on the slight increase in sugar prices in various cities. The meeting was informed that the slight increase in price was due to disruption in the supply caused by rain and fog.

NPMC was also apprised on the variations in the prices of Pulses and it was informed that except the prices of Moong Pulse, there was increase in the prices of other Pulses and it was mainly due to exchange rate variations and increase in freight charges. Further, arrival of local production of Gram Pulse in near future will ease its price.

The Finance Minister expressed concerns on the increase in the prices of Pulses and enquired about production trend of Pulses in the world. He directed the Ministry of National Food Security and Research to build strategic reserves of Pulses considering the lowest prices of Pulses in the international market. He also directed Ministry of Food Security and Research and Provincial Governments to take creative measures to ensure smooth supply of pulses at fair prices.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country. Finance Minister Mr. Shaukat Tarin lauded the efforts of the Government of the Punjab, KP, and Islamabad Administration in providing key items at discounted prices through arranging Sastaa Bazaars and also expressed satisfaction on the availability of essential items at low rates in Sastaa Bazaars in Sindh and Baluchistan. He also advised Government of Sindh and the Baluchistan to extend Sastaa Bazaars for the welfare of the general public.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
January 09 , 2021 (PR No. 683)

Finance Division has officially requested the IMF to reschedule the meeting

Finance Division has officially requested the IMF to reschedule the meeting of the Board of Director for the approval of 6th review till end January.

Government of Pakistan has introduced both the bills in the National Assembly and IMF has moved the 6th tranche recommendation to its board for consideration on the 12th January. As soon as the legislative procedures are completed, the IMF board will consider it for approval.

 
January 05 , 2021 (PR No. 682)

Minister for Finance and Revenue held a meeting with a delegation of the Gulf Cooperation Council (GCC)

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with a delegation of the Gulf Cooperation Council (GCC) headed by Secretary-General Dr.Nayef bin Falah Al-Hajraf at Finance Division, today.

Welcoming the delegation, Finance Minister Mr. Shaukat Tarin highlighted long cordial relations between Pakistan and the member states of the GCC and said that our relations are firmly rooted in shared faith, values and culture. The Finance Minister appreciated the GCC member countries for providing hospitability to a large number of Pakistanis working there.

Finance Minister Mr. Shaukat Tarin also underscored the current economic situation of Pakistan and said that the Government is committed to introduce reform in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth. He further said that the present government has introduced reforms in Agriculture, Industry, IT , housing, investment and other sectors and promotion of tourism as vital for economic growth.

Dr. Nayef bin Falah Al-Hajraf also highlighted deep rooted relationship between GCC member countries and Pakistan and discussed various avenues of cooperation and collaboration especially for the enhancement of trade, economic and investment opportunities between Pakistan and GCC member States.

Finance Minister Mr. Shaukat Tarin supported the proposals of Dr.Nayef bin Falah Al-Hajraf for broadening the trade, economic relations and investment opportunities between Pakistan and the GCC member countries and assured them of full support of the present government.

 
January 05 , 2021 (PR No. 681)

Minister for Finance and Revenue chaired the meeting of NPMC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division, today. Minister of State for Information and Broadcasting Mr. Farrukh Habib, Secretary M/o NFS&R, Secretary M/o Industries and Production, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Deputy Commissioner ICT and other senior officers participated in the meeting.

Economic Adviser Finance Division briefed the NPMC on CPI Inflation. It was informed that prices of perishable food items and Non-perishable food items have shown significant decline in their prices when reviewed Y-o-Y and M-o-M basis. He further highlighted that CPI inflation Year-on-Year basis is 12.3% in December 2021 as compared to 8.0% in December 2020. Whereas CPI for Month-on-Month basis remained at -0.02 % in December 2021, however it was 3.0% in November 2021. Overall prices have shown decline as compared to prices in the last month.

NPMC was also briefed on weekly SPI which decreased by 0.50% in the week as compared to previous week which was increased by 0.40%. It was informed that 33 food items contributed decline in the SPI by -0.44%, whereas 18 non-food items contributed  -0.06%. Prices of 07 items registered decline which contributed decline in the SPI by 0.70%. During the week, prices of Tomatoes declined by 0.31%, Potatoes 0.13% and others 0.13%.

NPMC was informed that prices of 22 items remained stable whereas 22 items registered slight increase in prices which contributed increase in the SPI by 0.2%. Prices of Chicken increased by 0.08%, Eggs by 0.04% and others by 0.08%.

The Finance Minister expressed satisfaction on the decline in the prices of sensitive commodities and appreciated the provincial governments for taking administrative measures to reduce the gap between the wholesale and retail price. 

NPMC was updated on the prices of wheat flour which marked a continuous decline in the prices in the country for the last five weeks. The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country.

The meeting also discussed the sowing situation of Wheat in the country and expressed satisfaction on the progress in all the four provinces.

NPMC was briefed on the sugar prices and its stock position in the country and expressed concerns on the slight increase in sugar prices in various cities.

The Meeting was also apprised on the variations in the prices of pulses and rise in the prices of Eggs and Chicken due to seasonal factor. The NPMC was informed that prices of onion have marked decrease as compared to its price three years earlier.   

The NPMC also discussed and directed M/o NFS&R to formulate strategy for the provision of storage infrastructure for improving supply chain of perishable food items.

The NPMC also discussed the demand and supply of fertilizer in the country and directed M/o I &P to import Fertilizer as soon as possible to meet the rising demand and to maintain stability in the prices.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country.

The Finance Minister Mr. Shaukat Tarin commended the efforts of the Government of the Punjab, KP, Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars and also expressed satisfaction on the availability of essential items at low rates in Sastaa Bazaars in Sindh and Baluchistan.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

 
January 05 , 2021 (PR No. 680)

Minister for Finance and Revenue chaired the meeting of ECC

Federal Minister for Finance and Revenue Mr. Shaukat Tarin, presided over Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Mr. Hammad Azhar, Federal Minister for Privatization Muhammedmian Soomro, Federal Minister for Water Resources Chaudhry Moonis Elahi, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.

Ministry of Commerce submitted a summary for rationalization of tariff on import of vehicles and other items requested by MOIP & other sectors. The meeting discussed the summary in details and approved recommendations of the Tariff Policy Board with some modifications. The forum also decided to review some recommendations relating to automotive sector after six months.

Ministry of Industries and Production tabled a summary for the import of Urea from China by TCP. The ECC after deliberation allowed import of 50,000 MT of Urea on GoG basis with People’s Republic of China on immediate basis subject to clearance from the PSQCA. TCP was also tasked to negotiate price with Chinese supplier authorized by Govt of China for further import of Urea.

The ECC also approved requests of Technical Supplementary Grants presented by Petroleum Division and Finance Division. The request of Power Division for TSG was also approved subject to the reconciliation with Finance Division.

 
 
 
 
 
 
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