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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. Shehzad Iqbal at Finance Division, today. The delegation gave an overview of the jewelry sector in Pakistan and its contribution in the economy. 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. Salman Hanif — Hanif Jewellers, and Mr. Salem Hemani — Aliel Jewellers, Mr.
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. 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.
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.
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. 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. 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.
Miftah Ismail at Finance Division, today. The meeting discussed the prevailing economic and security situation of the country. Ltd called on Minister for Finance and Revenue Mr. 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.
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. 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.
The meeting also exchanged views on current international and regional economic situation. 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.
Miftah Ismail held a meeting with delegation of businessmen at Finance Division, today. Zubair Motiwala, Mr. Fawad Anwar, Mr. Mohammad Ali Tabba, Mr. Shahid Shoort and Mr. 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 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.
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. 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, to 21st May and K-3 from 30th September to 18th April, for ensuring disbursement of pending loan of USD million approx.
Finance Division will also release the outstanding amount on account of subsidy under PM Relief Package — approved by the ECC for the previous months. 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. 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. Transfer of Rs. 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. Prices of Petroleum Products with effect from 27th May, During the courtesy call on, Mr.
Miftah Ismail thanked Mr. Julien Harneis on their continued support to Pakistan and showed keen interest in the areas shared by the UN. Finance Minister thanked the UN agencies for promoting socio-economic development in Pakistan and extended his full cooperation and support. The week-long consultations reviewed fiscal and monetary situation for FY and proposed measures for FY The meetings identified areas of divergence and corrections required in the current account and fiscal deficit.
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 FY The government remains committed to reviving the IMF programme and put Pakistan back on a sustainable growth path.
Shini Yanagi - Vice Chairman and Mr. 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. Aisha Ghous Pasha held a meeting with Mr. Jorgen C. The Telenor team briefed the Minister of State about the vision and mission of their telecommunication business. 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.
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. Both sides showed keen interest to complete the review successfully.
Miftah Ismail held a meeting with Dr. 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. 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. Noor Ahmed shared that ADB is committed to provide the support for reform agenda in infrastructure, social and financial sectors in Pakistan. 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.
The ECC after deliberation approved supplementary grant of Rs. 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.
Prices of Petroleum Products with effect from 16th May, Miftah Ismail, presided over a meeting with heads of all the major Exchange Companies of Pakistan at Finance Division today. 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.
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.
The Exchange companies assured that if these measures are implemented, there will be appreciation and stability in the value of Pak rupee. 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. Chairman Akhuwat Dr. Zafar Masood, Secretary Finance and senior officers participated in the meeting. 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.
A limit of Rs. Ministry of Finance invited bids from commercial banks to act as Wholesale Lenders WLs to the program on quarterly basis. 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.
Ayesha Ghaus Pasha at Finance Division today. Minister of State Dr. 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 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. 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.
Minister of State for Finance and Revenue, Dr. Yong Ye and his team today at Finance Division. Senior officers of Ministry of Finance participated in the meeting. 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. 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.
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, PR No. Miftah Ismail, held a meeting with Mr. 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. 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.
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 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.
Government will continue to absorb the cost of subsidy for the benefit of common man. 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.
The Finance Minister further directed the concerned authorities to frame modalities for financing and procurement. Irfan Iqbal Shaikh, at Finance Division, today. Chairman FBR and senior officers attended the meeting. 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.
Multiple measures were suggested by the FPCCI members for bringing in greater efficiency in industrial and agricultural sectors. Further, they requested the Finance Minister to consider their proposals and address the stated issues. The current economic situation was highlighted during the meeting. 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. 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. 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. 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. Angela P. Miftah Ismail, at the Finance Division today. Secretary Finance and senior officers attended the meeting. 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. She further underscored that both countries enjoy good relations and extended her support to further promote bilateral economic relations. 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. 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. 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. Moazzam Ahmad, held meetings with key global bond investors in London on Monday 25 April. 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.
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 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. Miftah Ismail thanked the management of JP Morgan on organising the successful investment conference in London, which is the heart of European Financial Market.
Nathan Porter, Mission Chief. The delegation discussed pathways to complete seventh review. The IMF expressed support to the Pakistan delegation. The delegation also met Mr. 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. Miftah Ismail highlighted the economic agenda and priorities of the newly formed government in Pakistan.
While achieving this objective, the government will ensure that this growth is all inclusive by taking care of the poor segments of the society. 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. 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.
Minister for Finance and Revenue met with a delegation of the U. Miftah Ismail, while speaking with the delegation of the U. The Finance Minister said attracting the U. The government was focused on creating a business friendly environment and would welcome all the suggestions. The meeting was attended by senior representatives of top 12 U. 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. Other participants from Pakistan side included Ms. The ECC after discussion approved supplementary grant of Rs. Due to continuously rising trend of oil prices in the international market, the quantum of subsidy for the month of April, has been higher than March, Miftah Ismail Ms.
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. 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.
He further assured his full support for the assistance in that regard. She also thanked Govt of Pakistan in facilitating Chinese companies in various projects in Pakistan. Prices of Petroleum Products with effect from 16th April, The ongoing financing facilities include SAFE deposits, bilateral as well as commercial loans. Two facilities of worth USD 4. These facilities are being used for balance of payments and budgetary support.
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. 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. 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. The ECC after discussion approved the proposal for provision of indigenous gas to two SNGPL based Urea plants latest by March 31st, , 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 approved Rs. The estimated financial impact will be Rs. 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.
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. Finance Minister Shaukat Tarin appreciated the efforts of KP Finance Minister and ensured full support and cooperation of the federal government.
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 However, spike was witnessed in the prices of Chicken 0. It was informed that prices of tomatoes have reached to the prices as four years earlier. 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. The representative of Balochistan Govt. NPMC was also apprised on the sugar prices in the country. 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 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.
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. 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 , PR No. Shaukat Tarin presided over a meeting on edible oil today. 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 per ton. Federal Government has already released Rs.
The ECC after discussion approved the proposal of subsidy disbursement till Ministry of National Food Security and Research submitted another summary on subsidy to the farmers on fertilizer for Kharif Crops Federal Government share will be Rs. Khyber Pakhtunkhwa was allowed to procure 0. 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. 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. 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.
Federal Minister for Energy Mr. Ministry of Planning, Development and Special Initiatives submitted a summary regarding revised standardize pay packages for the staff directly recruited under development projects. The project aims at improving income of rural households through multi-sectoral interventions in agribusiness development and employment promotion. 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.
The project envisages construction of a 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. Shaukat Tarin held a meeting with delegation of Pakistan Pharmaceuticals Association headed by its chairman Mr. Qazi M. Manzoor at Finance Division.
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. 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 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.
POL Prices. Abdul Razak Dawood, Federal Secretaries and senior officials participated in the meeting. ECC approved the proposal of Petroleum Division regarding issuance of sovereign guarantee amounting to Rs. SSGCL would carry out the project of gasification of Jhal Magsi town and would embark the required gas out of the proposed allocation.
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. 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. The ECC approved the proposal with allocation of additional Rs. Speaking on the occasion, Finance Minister Mr. 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.
Shaukat Tarin held a meeting with Mr. Yong Ye, Secretary Finance and senior officers participated in the meeting. 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. 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. Shixin Chen appreciated and supported the efforts taken by the present government in social and economic sectors for improvement in the economy of Pakistan. Shaukat Tarin thanked Mr. Shixin Chen and his team for their continuous support and facilitation. Abdul Razak Dawood, Federal Secretaries and senior officials attended the meeting.
Other senior officers also participated in the meeting. The members shared their insights about the avenues for investment opportunities for Saudi investors 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.
He also assured complete support of Ministry of Finance to BOI and the Embassy for their internal capacity building efforts. Mohammad A. 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 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. This joint venture between government of Pakistan and Kuwait is imparting commendable role in promoting the industrial activity in various areas of economy.
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.
Deputy Commissioner ICT and other senior officers participated in the meeting. 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. The items which contributed in decline included Petrol by Prices of 19 items slightly increased that led to increase in SPI by 1.
It was informed that prices of Onion are lowest as compared to its prices 3 years earlier. 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. Sugar price is at Rs. Price of Mash Pulse decreased by Rs. It was apprised that prices of eggs decreased by Rs. The price of potatoes has decreased by Rs.
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. 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. Hammad Azhar, Federal Secretaries and senior officers attended the meeting. 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. The loan will be provided to 10, beneficiaries with estimated required funds of Rs. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy. Ministry of Energy Power Division submitted a summary on incentive package announced by the Prime Minister regarding reduction in price of electricity.
The relief package will be applicable to all commercial and domestic non- ToU consumers having monthly consumption up to units, excluding life-line consumers. 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. 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.
The duty credit can be redeemed against the duty payable on: Accompanied baggage Unaccompanied baggage, or Purchases from one of the duty free shops in Pakistan. However, the said duty credit cannot be redeemed against import of vehicles. Following is the Eligibility Criteria for Remittance Card. The applicant should be a Non-Resident Pakistani. Remittance is acceptable which has been made to a Pak Rupee Account or which has been converted into Pak Rupee from a Foreign Currency Account through bank.
Student are also not entitled for FERC. Receipts of amount exchanged from Money Exchange Companies are not acceptable. ATM Receipts with out the identification of the Remitter's name. OPF issues the card and dispatch to concerned Pak mission for onward deliverance to the applicants.
Card will not be dispatched to the applicant abroad. One year back receipts of remitted amount will be accepted from the date of application for issuance of FER Card. After verifying the documents the card of prescribed category will be issued accordingly. Validity Period The validity period of Remittance Card is one year from the date of issue and card holders are entitled to avail the incentives till the expiry date.
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