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Press Releases/Media
Director
General (Media) Ph. 9211707
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April 15, 2021
(PR No. 475) |
POL Prices |
In order to provide
relief to the consumers during the holy month of Ramazan,
the Government has decided to reduce the prices of the
Petroleum Products. The new prices effective from 16th
April 2021 will be as follows:
Products |
Existing Prices w.e.f.
01-04-2021 |
New Prices
w.e.f.
16-04-2021 |
Decrease
(Rs. Per Liter) |
MS (Petrol) |
110.35 |
108.56 |
-1.79 |
HSD |
113.08 |
110.76 |
-2.32 |
Kerosene (SKO) |
82.06 |
80.00 |
-2.06 |
LDO |
79.86 |
77.65 |
-2.21 |
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April 15, 2021
(PR No. 475) |
Ambassador of Japan called on the
Minister for Finance, Revenue, Industries and Production/p> |
His Excellency Mr. Kuninori Matsuda, the Ambassador
of Japan called on the Federal Minister for Finance,
Revenue, Industries and Production, Muhammad Hammad
Azhar, at the Finance Division today. Mr. Ishii Kensuke,
Commercial Counsellor and Ms. Soma Mayuko, Second Secretary
also accompanied H.E. Ambassador on the occasion.
While extending a warm welcome to H.E. Mr. Kuninori
Matsuda, the Finance Minister stated that Pakistan and
Japan have enjoyed cordial and friendly relations over
the years and this relationship will continue to become
even stronger with every passing day. The Finance Minister
appreciated the support extended by the Government of
Japan for infrastructural and institutional development
in Pakistan. Japan is a major development partner of
Pakistan, he added.
The Finance Minister and the Japanese Ambassador discussed
issues of mutual interest. The Finance Minister underlined
the initiatives taken by the Government which led to
economic turnaround. Pakistan’s primary deficit
has been converted into a surplus due to strict adherence
to fiscal discipline. Pakistan’s fiscal response
to COVID-19 has been prudent and well-targeted, including
re-allocation of spending to the most vulnerable segments
through the landmark Ehsaas program.
His Excellency Ambassador of Japan said that Japan
greatly values its bilateral relations with Pakistan.
He briefed the Finance Minister about operations of
the Japanese entities in Pakistan and expressed confidence
that business and economic linkages would further strengthen
between the two countries. Both reviewed the spectrum
of business and investment relations and identified
areas for further strengthening and expanding economic
cooperation.
The Finance Minister lauded the valuable investment
by Japan in various sectors particularly in the automobile
sector and affirmed to facilitate Japanese investors
and businessmen for undertaking major investment initiatives
amid rising demand for innovative business products
and services in Pakistan. He also commended the contribution
of the Japan International Cooperation Agency (JICA)
for socio-economic development and reform initiatives
aimed at poverty reduction & human development in
the country.
The Finance Minister thanked the H.E. Kuninori Matsuda
for his efforts in furthering Pakistan-Japan relations,
on the occasion. |
|
April 14, 2021
(PR No. 474) |
Minister for Finance, Revenue, Industries
and Production chaired the meeting of ECC |
Federal Minister for Finance, Revenue, Industries and
Production, Muhammad Hammad Azhar, chaired a meeting
of the Economic Coordination Committee (ECC) of the
Cabinet today.
Federal Minister for Planning, Development and Special
Initiatives Asad Umar, Federal Minister for Privatization
Muhammad Mian Soomro, Federal Minister for Maritime
Affairs Ali Haider Zaidi, Federal Minister for Energy
Omar Ayub Khan, Federal Minister for National Food Security
and Research Syed Fakhar Imam, SAPM on Revenue Dr. Waqar
Masood, SAPM on Power and Petroleum Tabish Gauhar, Federal
Secretaries, senior representatives of Provincial governments,
Chairman BOI and other senior officers participated
in the meeting. Governor State Bank of Pakistan joined
through a video link.
Power Division presented a summary regarding waiver
of minimum 66% Take-or-Pay commitment in Power Purchase
Agreement(s) (PPA) & Gas Supply Agreement(s) (GSA)
of three RLNG based Public Sector Power Plants namely
Quaid-e-Azam Thermal Power Plant, Balloki Power Plant
and Haveli Bahadur Shah Power Plant. These amendments
would envisage submission of a Monthly Production Plan
(MPP) as a binding on the Power Purchaser and the Power
Seller wherein the Power Purchaser shall be entitled
to submit demand requirement as needed, at least seventy
five days before the start of each such month, which
will be finalized by the System Operator and Operating
Committee under the PPA. The concept of a Monthly Delivery
Plan (MDP) for deliveries of Gas under the GSA, has
been paired with the Monthly Schedule as provided under
PPA. The MPP will come into effect from the year 2022.
After seeking input from relevant stakeholders, the
Committee approved the summary and appreciated the concept
of Monthly Production Plan (MPP) as a cost-effective
solution, enabling the Power and Gas purchasers to make
requisite purchases in line with actual requirements
instead of following a fixed arrangement.
Power Division also presented another summary proposing
amendment to the Facilitation Agreement and Amendment
to the GoP Guarantee Agreement with KAPCO. It included
the proposal that the project may be withdrawn from
the Privatization Commission and entrusted to Private
Power and Infrastructure Board (PPIB). After due deliberation,
the Committee approved the summary, in principle, subject
to formal vetting by the Law Division.
Secretary, M/o Commerce presented a summary before
the ECC for withdrawal of Customs Duty on import of
Cotton Yarns under PCT 5205, 5206 and 5207 till 30th
June, 2021. The Committee approved the withdrawal of
Customs duty to ensure smooth supply of cotton and cotton
yarns to the value-added industry, while bridging the
gap between domestic production and overall demand for
the inputs.
The ECC also approved a Technical Supplementary Grant
for Finance division amounting to Rs.11.7 billion as
the share of the Federal Government for the establishment
of 4 mother and child hospitals in Punjab. |
|
April 12, 2021
(PR No. 473) |
Minister for Finance, Revenue, Industries
and Production chaired the meeting of the NPMC |
 |
Federal Minister for Finance, Revenue, Industries and
Production, Muhammad Hammad Azhar, chaired the meeting
of the National Price Monitoring Committee (NPMC) at
the Finance Division today.
Federal Minister for National Food Security and Research
Syed Fakhar Imam, Special Assistant to the Prime Minister
on Revenue Dr. Waqar Masood, Secretary Finance Division,
Secretary M/o National Food Security and Research, Secretary
M/o Industries and Production, MD Utility Stores Corporation,
senior representatives of the Provincial governments,
Member PBS and other senior officers participated in
the meeting.
The NPMC reviewed the price trend of essential commodities
especially wheat flour, sugar, vegetable ghee, chicken,
eggs and vegetables during the last week. The Secretary
Finance briefed the Committee about the weekly SPI,
where prices of 13 basic commodities registered a decline
and 20 items remained stable during the week under review.
Essential commodities including Flour (-0.7%), sugar
(-3%), eggs (-1.4%) and pulses (-0.5%) recorded a decline
due to improved availability. Non-food items including
LPG (-2.3%) and electricity charges (-1.3%) also recorded
a decline.
The Ministry of National Food Security and Research
briefed the Committee about the sufficient stock of
wheat across the country. While reviewing the overall
prices of wheat flour, the Finance Minister sought details
from all the four Provinces regarding procurement targets
and prevailing market prices.
The Committee observed prices of 20kg wheat flour bags
were significantly higher in Sindh (Karachi 1,200 &
Hyderabad Rs 1,230) compared to prices in other provinces
(Peshawar Rs 964, Quetta Rs 960, Islamabad Rs 864 and
Lahore Rs 860). The Finance Minister specifically asked
the representative of the Sindh government to explain
why prices were higher in Sindh and what measures had
been taken to control rising prices of wheat flour.
The representative of the Sindh government highlighted
that higher procurement price set by the province (@
Rs 2,000 / 40kg) was the reason for higher flour prices
in Sindh as compared to other provinces and no effective
price control strategy had yet been formulated in the
Province.
With the arrival of the holy month of Ramadan, the
Punjab government updated the committee that 313 “Ramadan
/ Sahulat Bazaars” have been established to provide
maximum relief to the consumers by offering basic commodities
at discounted prices. The Finance Minister directed
the respective Provincial governments to establish sufficient
number of Ramadan Bazaars to ensure provision of basic
need items at affordable prices across the board, he
stressed.
The MD, Utility Stores Corporation (USC) apprised
the NPMC about the arrangements being made to ensure
uninterrupted supply of basic commodities namely wheat
flour, rice, pulses, sugar, vegetable ghee and others
at subsidized prices under the “Ramadan Relief
Package” across its chain of outlets throughout
the country. The Finance Minister directed MD, USC to
firm up a plan to ensure all the basic items are well-stocked
and available to the masses at discounted prices. The
Finance Secretary informed the Committee that the Finance
Division has released requisite funds and would facilitate
further to enable USC replenish its stock (as needed)
during the holy month.
The Finance Minister also reviewed the prices and supply
position of sugar across all Provinces. The Additional
Secretary, M/o Industries and Production briefed the
Committee about continuous downward trend in international
prices of sugar which will reduce the upward pressure
on sugar prices in domestic markets.
The Finance Minister urged the Provincial governments
to take strict administrative measures to ensure smooth
supply of sugar at fair prices during Ramadan.
In his concluding remarks, the Finance Minister emphasized
the need for mobilizing district administrations and
departments concerned to curtail profiteering and hoarding
through smooth supply of basic commodities at affordable
prices throughout the country.
|
|
April 09, 2021
(PR No. 472) |
Chairman and President ZTBL called
on the Minister for Finance, Revenue, Industries and
Production |
The Chairman of the
Zarai Taraqiati Bank Limited (ZTBL) Board Nadeem Lodhi
and President of the ZTBL Mohammad Shahbaz Jameel called
on the Federal Minister for Finance, Revenue, Industries
and Production, Muhammad Hammad Azhar, at the Finance
Division today.
The Chairman ZTBL Board briefed the Finance Minister
about the working and operations of the Bank. ZTBL,
a leading agro-financing bank in Pakistan, has been
extending loans to poor farmers aimed at boosting national
agriculture and empowering farmers at the grass root
level. He also updated the Finance Minister about formation
of the new Board and assured to further enhance the
capacity of the bank in boosting agro-farming in the
country.
The Finance Minister expressed satisfaction with the
steps taken to reform ZTBL Board and hoped new management
will augment the specialized operations of the Bank.
He affirmed support and facilitation to the newly-appointed
Chairman ZTBL Board and President ZTBL for smooth working
on the occasion. |
|
April 09, 2021
(PR No. 471) |
Delegation of Stone Crushing Associations
called on the Minister for Finance, Revenue, Industries
and Production |
A delegation of senior members of Stone Crushing Associations,
led by the Minister for Labour and Human Resource, Punjab
Mr. Ansar Majeed Khan, called on the Federal Minister
for Finance, Revenue, Industries and Production, Muhammad
Hammad Azhar, at the Finance Division today. Additional
Secretary, M/o Industries and Production, Member (Operations)
FBR and other senior officers participated in the meeting.
The senior members of the Stone Crushing Association
briefed the Finance Minister about the operations of
the Store Crushing Industry which is an important pillar
of the Construction industry as a whole. The delegation
also apprised the Finance Minister about matters related
to taxation, especially sales tax and requested to streamline
the whole process by removing anomalies to facilitate
stone crushing industry across the board.
While welcoming the delegation, the Finance Minister
stated that stone crushing is of fundamental importance
as it provides building blocks for the construction
Industry. He lauded the valuable contribution of the
industry and assured full cooperation and facilitation
on the occasion.
The Finance Minister directed FBR to hold consultative
sessions with the representatives of the Stone Crushing
Associations and work out modalities for smooth enforcement
of taxation benchmarks (with sub-categories) after evolving
consensus among key stakeholders.
The Finance Minister reiterated the firm commitment
of the government in promoting Construction Industry
which has triggered an impressive growth underpinning
V-shape recovery amid COVID-19 pandemic. He outlined
various stimulus measures taken by the Government to
support the overall Construction Industry that led to
a strong rebound in economic activity during the crisis,
he added.
The Members of the Stone Crushing Associations complimented
the Finance Minister on assuming additional responsibilities
and thanked him for his continuous support and facilitation. |
|
April 08, 2021
(PR No. 470) |
Pakistan has entered the international
capital market after a gap of over three years |
THIS
ANNOUNCEMENT IS NOT BEING MADE IN AND COPIES OF IT MAY
NOT BE DISTRIBUTED OR SENT INTO THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN.
Pakistan has entered the international capital market
after a gap of over three years by successfully raising
USD 2.5 billion through a multi-tranche transaction
of 5, 10 and 30 year Eurobonds. The transaction generated
great interest as leading global investors from Asia,
Middle East, Europe and the US participated in the global
investor calls and the order book.
This is for the first time that Pakistan has adopted
a program-based approach with registration of Global
Medium-Term Note (GMTN) program. The program will allow
Pakistan to tap the market at short notice. The Government
intends to make full use of this program and become
a regular issuer in the International Capital Markets.
The information contained in this press release
is for information purposes only and does not purport
to be full or complete. No reliance may be placed for
any purpose on the information contained in this press
release or its accuracy or completeness.
This press release does not contain or constitute
an offer of, or the solicitation of an offer to buy,
securities to any person in the United States or in
any jurisdiction to whom or in which such offer or solicitation
is unlawful, and persons into whose possession this
press release comes should inform themselves about,
and observe, any such restrictions. The securities referred
to herein have not been, and will not be, registered
under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws
of any state of the United States or other jurisdiction,
and such securities may not be offered or sold, directly
or indirectly, within the United States except pursuant
to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities
Act and applicable state or local securities laws.
Subject to certain exceptions, the securities referred
to herein may not be offered or sold in Australia, Canada
or Japan or to, or for the account or benefit of, any
national, resident or citizen of Australia, Canada or
Japan. The offer and sale of the securities referred
to herein has not been and will not be registered under
the Securities Act or under the applicable securities
laws of Australia, Canada or Japan. There will be no
public offer of the securities in the United States.
This press release is only being distributed to
and is only directed at (i) persons who are outside
the United Kingdom or (ii) to investment professionals
falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005
(the “Order”) or (iii) high net worth entities,
and other persons to whom it may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as relevant
persons) or (iv) other persons to whom this press release
may otherwise be distributed without contravention of
the Order. The securities are only available to, and
any invitation, offer or agreement to subscribe, purchase
or otherwise acquire such securities will be engaged
in only with, relevant persons. Any person who is not
a relevant person should not act or rely on this press
release or any of its content |
|
April 07, 2021
(PR No. 469) |
Minister for Finance, Revenue, Industries
and Production chaired the meeting of ECC |
Federal Minister for Finance, Revenue, Industries and
Production, Muhammad Hammad Azhar, chaired the meeting
of the Economic Coordination Committee (ECC) of the
Cabinet held today.
Federal Minister for Planning, Development and Special
Initiatives Asad Umar, Federal Minister for Energy Omar
Ayub Khan, Federal Minister for Privatization Muhammad
Mian Soomro, Minister for National Food Security and
Research Syed Fakhar Imam, Advisor to the Prime Minister
for Institutional Reforms and Austerity Dr. Ishrat Hussain,
Advisor to the Prime Minister for Commerce Abdul Razzak
Dawood, SAPM on Power Tabish Gauhar, SAPM on Revenue
Dr. Waqar Masood, Federal Secretaries, Governor State
Bank of Pakistan Reza Baqir, Chairman BOI and other
senior officials participated in the meeting.
Power Division presented a summary for a one-time grant
to GENCOs for onward payment to DISCOs regarding the
actuarial value of pension and pensionary benefits of
surplus employees and also taking over the liability
for payment of pension to existing pensioners of power
plants which are decided to be closed immediately by
the Cabinet Committee on Energy (CCOE).
After seeking detailed input from relevant stakeholders,
the Committee directed the Power Division to deliberate
further and present options for cost optimization regarding
pension liabilities.
The Aviation Division submitted a summary before the
ECC regarding restructuring plan of the Pakistan International
Airlines Corporation Ltd (PIACL). The Adviser to the
Prime Minister for Institutional Reforms and Austerity
made a detailed presentation on human resource and operational
restructuring of the PIACL. He drew attention to the
various options for restructuring and outlined measures
to minimize losses and transform PIACL into a financially
viable entity. It included human resource restructuring
through Voluntary Separation Scheme (VSS), hiring Aviation
experts, fleet modernization, routes rationalization,
product development and revenue enhancement measures.
After detailed consultation, the ECC recommended the
restructuring plan of PIACL for onward submission before
the Cabinet, after reconciliation of tax liability figures,
with a direction to place a cap on future debt which
PIACL could take against its improved balance sheet,
once restructuring plan is implemented.
The Following Technical Supplementary Grants were approved
by the ECC: -
· Rs.330 million for the Ministry of Defence
for the maintenance of aircrafts.
· Rs.2382 million for the Ministry of Federal
Education and Professional Training for the Prime Minister’s
Special Package to implement “Skill for All”
strategy for TVET sector.
· Rs.1 billion for the Finance Division to refund
the balance amount of funds of Insaf Imdad Ehsas Program.
· Rs.382.280 million for the Ministry of Energy
for completion of development schemes of Sindh and Balochistan
provinces under PSDP.
· Rs.150 million for the Ministry of Housing
and Works for funding civil works on different schemes
in Balochistan, under PSDP.
· Rs.30 million for the Board of Investment
for different operational expenses.
· Rs.280 million for the Ministry of Information
Technology and Telecommunications for consultancy and
implementation of Internet voting (I-voting). |
|
April 07, 2021
(PR No. 468) |
Minister for Finance, Revenue, Industries
and Production chaired the meeting of CCOSOEs |
Federal Minister for Finance, Revenue, Industries and
Production, Muhammad Hammad Azhar, chaired the meeting
of Cabinet Committee on State Owned Enterprises (CCOSOEs)
today.
Federal Minister for Privatization Mohammad Mian Soomro,
Advisor to the Prime Minister for Commerce Abdul Razak
Dawood, Advisor to the Prime Minister for Institutional
Reforms and Austerity Dr. Ishrat Hussain and SAPM on
Revenue Dr. Waqar Masood also participated in the meeting.
Finance Division presented a summary before the Committee
regarding approval of Terms of Reference (TORs) for
forensic audit of the State Owned Enterprises (SOEs)
in accordance with the earlier decision of the CCOSOEs
dated 20th Jan, 2021.
The Secretary Finance presented revised TORs for forensic
audit by the AGP Office and private Audit firm(s) to
identify gaps with a clear focus on suggesting improved
procedures for quality assurance and cost minimization.
The forensic audit will also identify circumstances
leading to losses incurred by SOEs, besides identifying
suspicious and fraudulent transactions (if any) for
fixing responsibility.
After due deliberation, the Committee approved the
revised TORs for forensic audit of the State Owned Enterprises
to be followed by the AGP Office as well as private
audit firm(s) to be hired as per PPRA rules.
The Secretary Finance further apprised that PIACL has
informed that a special audit of the Pakistan International
Airlines (including its subsidiaries) was conducted
by the Auditor General of Pakistan. Therefore, it was
recommended that forensic audit of the PIACL may be
carried out through a well-reputed private sector firm
after following PPRA rules. The Committee considered
and approved the said proposal.
The Committee stressed to exercise due diligence and
complete the process of forensic audit at the earliest
to expedite the process of bringing reforms in SOEs. |
|
April 06, 2021
(PR No. 467) |
Chairperson Pay and Pension Commission
called on the Minister for Finance, Revenue, Industries
and Production |
The Chairperson Pay and Pension Commission Ms. Nargis
Sethi called on the Federal Minister for Finance, Revenue,
Industries and Production, Muhammad Hammad Azhar, at
the Finance Division today. The Finance Secretary also
participated in the meeting.
The Chairperson Pay and Pension Commission briefed
the Finance Minister about the working of the Pay and
Pension Commission to streamline the existing Pay and
Pension structure as per mandate of the Commission.
She updated the Finance Minister about the consultative
process being followed to ensure all stakeholders are
onboard in working out a financially viable solution
for disbursement of Pay and Pensions. The current pension
payment system is a massive burden on our economy, she
added.
The Finance Minister underscored that the current model
for disbursements of Pay and Pensions in not sustainable
and there’s a need to rationalize salaries, pensions,
allowances, perks etc by removing anomalies to ensure
equity. The Finance Minister stressed to find a way
forward which is transparent, feasible and sustainable
in the long run. He extended full support and facilitation
to the Commission on the occasion.
The Chairperson also apprised the Finance Minister
about working of sub-committees which have been assigned
terms of reference to deliberate and present firmed-up
proposals for harmonisation of Pay and Pension system
across the country.
In his concluding remarks, the Finance Minister stated
that the Pay and Pension Commission has a very challenging
task ahead as the Federal and Provincial Government
employees are looking forward with great hope towards
the recommendations of the Commission. |
|
April 05, 2021
(PR No. 466) |
Minister for Finance, Revenue, Industries
and Production chaired the meeting of the NPMC |
Federal Minister for Finance, Revenue, Industries and
Production Muhammad Hammad Azhar chaired the meeting
of the National Price Monitoring Committee (NPMC) held
at the Finance Division today.
Federal Minister for National Food Security and Research
Syed Fakhar Imam, SAPM on Revenue Dr. Waqar Masood,
Secretary Finance Division, Secretary M/o NFS&R,
Additional Secretary M/o Industries and Production,
senior representatives of the Provincial governments,
MD Utility Stores Corporation, Member CCP, MD PASSCO
and senior officials of the Finance Division participated
in the meeting.
The NPMC reviewed the price trend of essential commodities
especially wheat flour, sugar, vegetable ghee, chicken
and eggs during the last week. The Secretary Finance
briefed the Committee about weekly SPI, which decreased
by 0.43% whereas prices of 12 basic commodities registered
a decline and 24 items remained stable during the week
under review, he added.
The Secretary, M/o NFS&R briefed the Committee
about the sufficient stock of wheat across the country.
The overall release position by the respective Provinces
was also reviewed during the meeting. Taking stock of
the situation, the Finance Minister directed the representatives
of the Provincial government to take appropriate measures
for keeping prices of the wheat flour bags in check.
The NPMC urged the provinces to take all possible measures
to ensure smooth supply of wheat at fair prices across
the board.
All the four Provinces briefed the Finance Minister
about their on-going wheat procurement plans. The Finance
Minister reviewed the procurement plans of the Provinces
and issued strict directions to assure that the wheat
must be procured in a smooth and timely manner in coordination
with all Federal and Provincial organizations. He expressed
satisfaction over the arrangements made and initiatives
taken by the Provincial Governments in this regard.
The Punjab government updated the Committee about setting
up Ramzan/Sahulat Bazaars for providing essential commodities
at subsidized rates during the Holy month. The Committee
directed the representatives of the Provincial governments
to ensure provision of basic commodities at discounted
prices through Ramadan/Sahulat Bazaars in order to provide
maximum relief to the consumers in compliance with the
directives of the Prime Minister.
The MD USC also briefed the Committee about the measures
being taken to ensure availability of basic need items
at subsidized prices under the “Ramadan Relief
Package” through chain of outlets across the country.
The Finance Minister directed MD USC to ensure uninterrupted
supply of basic commodities at Utility Stores outlets
during Ramadan.
The Finance Minister sought details from the Provincial
Food Secretaries regarding prevailing sugar prices in
respective markets and directed to strictly monitor
the prices of sugar (at retail levels) to ensure steady
supply and counter price disparity effectively. The
Additional Secretary, Ministry of Industries and Production
updated the Committee about slight decrease in international
prices of sugar which will reduce the upward pressure
on sugar prices in domestic markets.
The Finance Minister stated that controlling inflation
is the top most priority of the Government and emphasised
the need for coordinated and consolidated efforts by
all concerned to provide essential items to the general
public at fair prices, he concluded. |
|
April 03, 2021
(PR No. 465) |
Prime Minister has approved the re-constitution
of Economic Advisory Council (EAC) |
The Prime Minister
has approved the re-constitution of Economic Advisory
Council (EAC) to recommend macro-economic stablization
measures and carry forward the reform agenda for robust
and sustained economic growth. The EAC shall be chaired
by the Prime Minister. Minister for Finance and Revenue
shall be the Vice Chairman. The EAC shall include private
sector members as well as official members.
The Economic Advisory Council will have an advisory
and capacity enhanacement relationship with the Government
of Pakistan. It will engage with economic institutions
collaboratively and synergetically. The EAC will follow
the consultative process and suggest policy initiatives
that will further strengthen and optimise financial
and economic policies in order to enhance their welfare
impact for the citizens.
The ultimate goal of the EAC is to promote analytically
sound and evidence based reforms and initiatives after
taking all stakeholders on board. The Ministry of Finance
will be the nodal government agency for the EAC.
?The re-constitution of Economic Advisory Council is
aimed at framing an agenda for economic reforms in an
entirely non-partison manner and promoting an active
and informed debate that leads to sound policy making,
analytical vetting and active monitoring as envisaged
by the leadership for sustained institutional reforms
and modernization of the Public Sector and enhance public
welfare.
Notification - EAC |
|
April 01, 2021
(PR No. 464) |
Minister for Finance & Revenue attended
a virtual meeting of the MENAP |
Federal Minister for Finance and Revenue, Muhammad
Hammad Azhar attended a virtual meeting of the Ministers
and Governors of the Middle East, North Africa, Afghanistan
and Pakistan (MENAP) region with the Managing Director
of the IMF Ms. Kristalina Georgieva.
The discussion focused on the impact of the pandemic
on the economies of the region, lessons learnt through
the crisis, and the implications of policy reforms undertaken
to mitigate the human and economic impact of the pandemic.
In her opening remarks, the Managing Director IMF outlined
the risks posed by the recent wave and said that the
economic recovery this time around is usually faster
as well as nations have learnt lessons on how to handle
emerging circumstances in their own peculiar way. She,
however, advised caution as going forward the availability
of vaccines and its administration would be instrumental
for countries to return to normal economic activity.
She also underscored the importance of having green
economies in post-COVID-19 scenario to spearhead economic
activities with enhanced energy and resource efficiency
and protection of biodiversity and ecosystems.
Towards the end, Ms. Georgieva asked member countries
to pursue a coherent strategy, keeping sufficient fiscal
space for expansion of social safety nets and business
support initiatives. The IMF Board is also deliberating
the possibility of extending additional financial support
to partner countries during these testing times, she
concluded. |
|
April 01, 2021
(PR No. 463) |
Minister for Finance & Revenue chaired
the meeting on CPEC |
Federal Minister for Finance and Revenue, Industries
and Production Muhammad Hammad Azhar chaired a meeting
regarding economic and industrial cooperation under
China Pakistan Economic Cooperation (CPEC) at the Finance
Division today.
Federal Minister for Privatization Muhammad Mian Soomro,
Chairman CPEC Authority Lt. Gen (R) Asim Saleem Bajwa,
His Excellency Ambassador of the Peoples Republic of
China Mr. Nong Rong, Federal Secretary Finance Division
and Federal Secretary Privatization Commission participated
in the meeting.
In his opening remarks, Minister for Finance and revenue
Hammad Azhar stated that China-Pakistan Economic Corridor
(CPEC) is of utmost importance for Pakistan. It will
enable the country to enhance industrial production,
upgrade energy and communication infrastructure and
improve connectivity with the region. The CPEC would
generate abundant employment and investment opportunities
in Pakistan and beyond, he added.
Speaking on the occasion, the H.E. Chinese Ambassador
outlined that CPEC is of immense importance for the
Chinese companies and will expand and strengthen economic
cooperation for achieving common objectives and guarantee
a prosperous future for both the nations.
The Finance Minister stressed the need for the early
completion of projects falling under the umbrella of
CPEC. Time is of essence in meeting project deadlines
so that the economic benefits could reach to the people
of both the countries and contribute towards overall
economic growth and development, he stressed.
The Chairman CPEC Authority assured full support and
assistance to the Chinese Ambassador for expediting
progress in the communication and transportation sectors
on the occasion.
Towards the end, the Finance Minister lauded China
for its continuous support in provision of COVID-19
vaccine for fighting the disease effectively. He appreciated
the continuous and unwavering support that China has
extended to Pakistan during testing times. China-Pakistan
bilateral relationship is an epitome of enduring friendship
and brotherhood, he concluded. |
|
March 26, 2021
(PR No. 462) |
Minister for Finance & Revenue chaired
a meeting of ECC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Economic Coordination
Committee (ECC) of the Cabinet held today.
The ECC considered and approved a Technical Supplementary
Grant regarding allocation of funds amounting to Rs.
1 (one) billion for launching advertisement campaigns
by the Ministry of Information and Broadcasting (MOIB)
to inform and educate people particularly during the
third wave of COVID-19 for the public good. |
|
March 19, 2021
(PR No. 461) |
Minister for Finance & Revenue chaired
a meeting of the Committee to decide modalities for
Metro-bus service |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired a meeting of the Committee to
decide about the modalities for operationalising the
Metro-bus Corridor from Peshawar Morr (G-9) to New Islamabad
International Airport.
Advisor to the PM on Institutional Reforms and Austerity
Dr. Ishrat Hussain, Chairman CDA Aamir Ali Ahmed, Additional
Secretary M/o Interior Iftikhar Ali Shallwani, Deputy
Chairman Planning Commission Muhammad Jehanzeb Khan,
Managing Director Punjab Mass Transit Authority Mirza
Naseer Inayat, Member National Highway Authority Arbab
Ali, Secretary Finance Kamran Ali Afzal and other senior
officers participated in the meeting. The Chief Secretary
Punjab joined the meeting through a video link.
The Chairman CDA emphasized upon the need to operationalise
the Metro-bus Corridor from Peshawar Morr (G-9) to New
Islamabad International Airport immediately for providing
a comfortable, safe and secure transportation facility
to the commuters in the Capital City. He informed the
meeting that the Cabinet had already approved formation
of Capital Mass Transit Authority (CMTA) to run the
Metro Bus Service from Peshawar Morr (G-9) to the New
Islamabad International Airport. However, the CDA required
support from the Punjab Mass Transit Authority in the
form of buses and technical know-how to make the Corridor
operational immediately.
Accordingly, the Chairman CDA requested the Punjab
Mass Transit Authority to provide the buses to operationalise
the newly constructed Metro-bus Corridor from Peshawar
Morr (G-9) to New Islamabad International Airport until
the Capital Mass Transit Authority becomes fully functional.
Finance Minister stressed upon the Punjab Government
to support the Capital Development Authority operationalise
the Metro-bus Corridor from Peshawar Morr (G-9) to New
Islamabad International Airport by providing the requisite
number of buses and technical know-how until the Capital
Development Authority establishes its own fully functional
Mass Transit Authority along with all the allied infrastructure
and wherewithal. A Sub-Committee headed by Deputy Chairman,
Planning Commission was constituted to finalize the
arrangements between CDA and the Punjab Government for
running buses on the newly constructed Metro-bus Corridor. |
|
March 18, 2021
(PR No. 460) |
Minister for Finance & Revenue chaired
the meeting of CCOP |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Cabinet Committee
on Privatization (CCOP) today.
Federal Minister for Privatization Muhammad Mian Soomro,
Federal Minister for Planning and Development Asad Umar,
Adviser to the Prime Minister on Commerce Abdul Razak
Dawood, Adviser to the Prime Minister on Institutional
Reforms and Austerity Dr. Ishrat Hussain, SAPM on Revenue,
Dr. Waqar Masood and SAPM on Power Tabish Gauhar participated
in the meeting.
Privatization Division presented a summary regarding
approval of a Reserve price for the privatization of
the Services International Hotel, Lahore. The Additional
Secretary briefed the Committee that all codal formalities
were met during the valuation process. After due deliberation,
the Committee approved the Reserve price for the sale
of Services International Hotel, as recommended by the
Privatization Commission.
The Privatization Division presented various proposals
regarding Award of Management Contracts for smooth running
of DISCOs in compliance with the earlier directive of
the CCOP meeting held on 04 January 2021. The Management
Contracts would improve the service delivery and thus,
serve the larger interest of electricity consumers in
Pakistan. The Privatization Division also requested
for a permission to hire a Transaction Adviser for completing
the aforesaid tasks.
After detailed discussion, the Committee directed to
speed up the process of completion of prior actions
pertaining to award of Management Contracts for DISCOs
and present a roadmap with firmed-up proposals within
a week, after seeking requisite approval from the Privatization
Commission Board. The Committee also allowed hiring
of a Transaction Adviser as permissible under the rules.
In his remarks, the Finance Minister, stressed the
need to carry forward the process of Privatization on
fast track basis. The time is of essence in undertaking
a well-structured privatization activity to bring in
competitive efficiency, improve service delivery and
enhance customer satisfaction. Privatization will diversify
sources of income for the Government, generate employment
opportunities and contribute towards overall economic
growth and development, he added.
The Privatization Division also submitted a compliance
report on the implementation status of Public Sector
Enterprises (PSE) in Real Estate, Industries, Banking
and Finance, Energy and other sectors which are on active
Privatization List.
The Committee reiterated the firm commitment of the
Government in spearheading the privatization process
with transparency and fairness in consultation with
stakeholders.
The Finance Minister urged to observe the timelines
and carry forward the whole process expeditiously, he
concluded. |
|
March 15, 2021
(PR No. 459) |
Minister for Finance & Revenue chaired
a weekly meeting of NPMC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the weekly meeting of the National
Price Monitoring Committee (NPMC) held at the Finance
Division today.
Federal Minister for National Food Security and Research
Syed Fakhar Imam, Federal Minister for Industries and
Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood,
Provincial Chief Secretaries, Secretary M/o Industries
and Production, Additional Secretary M/o NFS&R,
Member CCP, MD PASSCO, Member PBS, MD Utility Stores
Corporation and senior officials of the Finance Division
participated in the meeting.
NPMC reviewed the price trend of essential commodities
especially wheat flour, sugar, tomatoes, vegetable ghee,
chicken and eggs during the last week. The weekly SPI
recorded a decrease of 0.57% wherein prices of 07 basic
items registered a decline and 18 commodities remained
stable.
The overall release position of wheat was reviewed
during the meeting. The Committee directed Secretary
NFS&R to hold a meeting with Chief Ministers of
all provinces to keep a check on the prices of wheat
flour to avoid any artificial price hike. The Finance
Minister directed to ensure smooth supply of wheat at
affordable prices across the country.
Ministry of Industries and Production updated the Committee
that the sugarcane crushing season has ended. The overall
production is higher as compared to the last year. The
Finance Minister directed Provincial governments and
other stakeholders to provide estimates regarding additional
demand for sugar to the Ministry of Industries &
Production for effective planning during the current
year.
Minister for Industries and Production Hammad Azhar
apprised that the Ministry is already working on various
measures for provision of ghee/oil at reasonable price.
Moreover, the Utility Stores Corporation would ensure
availability of ghee at a subsidized price under “Ramadan
Relief Package” through its chain of outlets during
the holy month.
The Finance Minister appreciated the provision of basic
items by the Utility Stores Corporation at subsidized
rates and directed MD USCs to ensure availability of
essential items at respective outlets across the country.
The Finance Minister reiterated commitment of the Government
to provide maximum relief to the general public through
provision of basic commodities at fair prices, he concluded. |
|
March 15, 2021
(PR No. 458) |
POL Prices |
The Government of
Pakistan has been absorbing the upward price fluctuation
in international market in order to provide maximum
relief to the end consumers. Despite very limited fiscal
space, the Government has decided that the prices of
MS (Petrol) and High Speed Diesel (HSD) will remain
the same.
However, as no Petroleum Levy (PL) is being charged
on SKO and LDO, the prices of Kerosene (SKO) and Light
Diesel Oil (LDO) have been marginally increased by Rs.3.42/liter
and Rs.2.19/liter respectively due to significant rise
in the international prices of Petroleum Products.
The following new prices would be effective from 16th
March 2021 for the 2nd fortnight of the current month:
-
Products |
Existing Prices w.e.f.
01-03-2021 |
New Prices
w.e.f.
16-03-2021 |
Increase/
(-)Decrease |
MS (Petrol) |
111.90 |
111.90 |
+0.00 |
HSD |
116.08 |
116.08 |
+0.00 |
Kerosene (SKO) |
80.19 |
83.61 |
+3.42 |
LDO |
79.23 |
81.42 |
+2.19 |
|
|
March 11, 2021
(PR No. 457) |
Minister for Finance & Revenue chaired
a meeting of ECNEC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired a meeting of the Executive Committee
of the National Economic Council (ECNEC) held today.
Federal Minister for Planning, Development and Special
Initiatives Asad Umar, Federal Minister for Industries
and Production Hammad Azhar, Federal Minister for Economic
Affairs Division Khusro Bakhtiar, Advisor to the Prime
Minister for Institutional Reforms and Austerity Dr.
Ishrat Hussain, representatives of the Provincial Governments
and senior officials participated in the meeting.
A summary was presented before ECNEC regarding Khyber
Pakhtunkhwa Human Capital Investment Project (Health
Component) to be sponsored and executed by the Department
of Health, Government of Khyber Pakhtunkhwa and funded
by the World Bank - IDA amounting to Rs.13,260 million.
The project envisages to improve availability, utilization
and quality of primary healthcare facilities in four
districts of KPK and would cover local population of
about 8.4 million and 500,000 refugee population. After
due deliberation, the Committee approved the above project
with the direction that the Government of Khyber Pakhtunkhwa
would be responsible for the smooth implementation and
working of the project after its completion. The KP
Government would ensure viability and sustainability
of the proposed project in the long-run.
The ECNEC considered and approved a summary regarding
construction of additional 02-lanes and widening/rehabilitation
of existing 02-lane carriageway of Shikarpur-Rajanpur
section of Indus Highway N-55 to be executed by the
National Highway Authority (NHA).
The project would be sponsored by the Ministry of Communications
and ADB with the total cost of Rs.44,703.890 million
including Rs.4470.390 (GOP share) and Rs.40,233.50 (ADB
share).
Similarly, another summary was placed before the ECNEC
regarding construction of 69 km long (04-lane) Sambrial-Kharian
Motorway. It will be a high-speed toll road facility
which will start from Sambrial city and end point would
be Lahore- Sialkot Motorway. The motorway would be constructed
on BOT basis at the total cost of Rs.43,382.552 million.
The project shall be sponsored by the Ministry of Communications
and executed by the National Highways Authority (NHA).
A summary was presented before ECNEC regarding 10,000
kanal land acquisition for Swat Motorway phase-II to
be sponsored by the Government of Khyber Pakhtunkhwa
and executed by Pakhtunkhwa Highway Authority (PKHA)
(through Federal PSDP) equal to RS.20,000 million for
construction of about 80 km 04-lane motorway from Chakdara
to Fatehpur. The Committee approved the said project
and strongly recommended to complete such projects on
Public Private Partnership (PPP) basis. The Committee
commended such projects for promoting efficient and
safe transportation facilities across the country.
ECNEC considered and approved the Sindh Resilience
Project (Irrigation Component) for construction of small
dams to address drought prone areas of Sindh including
system for improving resilience phase-II in districts
of Malir (Karachi), Jamshoro, Thatta, Shaheed Benazirabad,
Sukkar, Khairpur, Qambar-Shahdad Kot and Tharparkar
in the Province of Sindh. The project shall be sponsored
and executed by the Irrigation Department, Government
of Sindh. The source of funding includes share of Government
of Sindh equal to US$ 11.50 million (7.5%) and Loan
from the World Bank equal to US$ 141.51 million (92.5%)
with the total cost of the project amounting to US$
153.01 million (Rs. 24,493.841 million).
Likewise, ECNEC also approved a Balochistan Integrated
Water Resources Management and Development Project (BIWRMDP),
sponsored and executed by the Irrigation Department,
Government of Balochistan. The project will increase
the agricultural production, generate employment opportunities
and develop agro-based industry through Integrated Water
Resource Management across 11 districts in the Balochistan
province. The proposed project is funded by the World
Bank – IDA (up to 96%) and Government of Balochistan
and Farmer’s share (up to 4%) amounting to Rs.
14,747.74 million in total. The project is expected
to be completed in 06 years.
ECNEC considered and approved another project in the
water sector in Balochistan province titled “Basol
Dam Project” on the Basol River. The project would
be sponsored by the Ministry of Water Resources, Government
of Pakistan and executed by the Irrigation Department,
Government of Balochistan with a total cost equal to
Rs. 18,679.89 million.
ECNEC considered and approved the Nai Gaj Dam Project
(2nd revised PC-I) for District Dadu, Sindh Province
at the cost of Rs. 46,980.35 million rupees. WAPDA and
Irrigation Department, Sindh will be the executing agencies
for the proposed project. The main objective of the
project is conservation of the available flood flows
up to a gross storage capacity of 0.30 MAF and power
generation of 4.2 MW. It will also help in irrigation
of 56,739 acres along with controlling the soil erosion
on the downstream side of the dam.
Establishment of 48 MW Jagran Hydropower Station (Phase-II)
at District Neelum, AJK was also approved by ECNEC at
(a 2nd revised cost) of Rs.11, 372.135 million. The
proiect will be sponsored by the Ministry of Kashmir
Affairs and Gilgit- Baltistan and executed by Power
Development Organization, AJK. The project is being
constructed on the intermediate stretch of Jagran River
and will generate annual energy of 212.43 GWh.
The “Sindh Resilience Project (PDMA Component)”
was approved at the total revised cost of Rs. 15,309.14
million. Provincial Disaster Management Authority- Sindh
will be the executing agency for the project. The proposed
project will contribute to overall needs for enhancing
resilience to natural disasters including public health
emergencies in the Sindh Province as the COVID-19 pandemic
has demonstrated the requirement for integrating health
services with disaster management. The project is designed
to cover 29 districts of Sindh Province and is expected
to be completed by 2024-25.
The ECNEC also considered and approved the “Gwadar
– Lasbela Livelihood Support Project, Phase-II”
(GLLSP-II) to cover all 45 Union Councils in Gwadar
and Lasbella Districts of Balochistan for community
development and fisheries value chain development. The
total cost of the project will be Rs.12, 328.549 million.
The Project will be executed by the Communications &
Works Department, Fisheries Department, Planning and
Development Department, Government of Balochistan through
a dedicated Project Management Unit (PMU). It is expected
to be completed in 06 years.
The Locust Emergency and Food security Project (LEAFS)
to respond to food security threats caused by locust
in different districts across four Provinces was approved
by ECNEC at the total cost of approx. Rs. 31,630.60
million (equivalent to USD 200 million) provided by
the World Bank. The project will strengthen the Department
of Plant Protection (DPP) and also enhance the capacity
of Provincial Plant Protection Departments. The project
is expected to complete in 03 years.
The Greater Karachi Water Supply Scheme (K-IV) 260
MGD (Phase-I) was also approved by ECNEC to provide
additional 650 MGD water to meet the demand of Karachi
City. Karachi Water and Sewerage Board and WAPDA shall
be the executing agencies for the project. The total
cost of the project will be Rs. 25,551.77 million which
will be shared on a 50:50 percent basis by the Federal
Government and the Government of Sindh respectively. |
|
March 10, 2021
(PR No. 456) |
Minister for Finance & Revenue chaired
a meeting of ECC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Economic Coordination
Committee (ECC) of the Cabinet held today.
Federal Minister for National Food Security & Research
Syed Fakhar Imam, Federal Minister for Energy Omar Ayub
Khan, Federal Minister for Planning, Development and
Special Initiatives Asad Umar, Federal Minister for
Industries and Production Hammad Azhar, Federal Minister
for Railways Azam Khan Swati, Federal Minister for Privatization
Muhammad Mian Soomro, Adviser to PM on Commerce Abdul
Razak Dawood, Governor State Bank of Pakistan Reza Baqir,
SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish
Gauhar, Federal Secretaries from MNS&F, Ministry
of Interior, Ministry of Maritime Affairs, National
Health Services, Law and Justice Division, Ministry
of Information Technology & Telecommunication, Chairman
Board of Investment, Deputy Chairman Planning Commission,
MD Utility Stores Corporation and other senior officials
participated in the meeting.
Ministry of Industries and Production presented a ‘Ramadan
Relief Package-2021’ in accordance with the directive
of the Prime Minister to provide maximum relief to the
marginalized segments of the society during the holy
month of Ramadan. The Utility Stores Corporation would
subsidize 19 essential items under the proposed relief
package entailing subsidy equivalent to approx. Rs.
7.8 billion including wheat flour, sugar and ghee which
have significant differential vis-a-vis prevailing prices
in the domestic markets. The MD, USC briefed the forum
that procurement would start from 01 April, 2021 to
ensure availability of basic items at discounted prices
across 4000 outlets of USCs throughout the country.
The Committee directed MD USC to coordinate with Finance
Division for timely release of funds to ensure well-timed
procurement and other contingent arrangements.
Ministry of Industries and Production presented another
summary seeking permission regarding operation of two
plants namely Agritech and Fatima Fertilizer from March
till November, 2021 to produce urea from SNGPL based
plants. The underlying rationale is to bridge the gap
between estimated demand and actual domestic production
of urea in the country. The Committee approved operations
of the above-mentioned plants with a direction that
the Ministry may closely monitor the demand-supply situation
and take decision to import urea, if needed, as per
requirement during the current year.
Secretary, Ministry of National Health Services, Regulation
and Coordination tabled a summary for exemption of taxes
and duties on import of auto disable syringes and raw
material needed for local manufacturing of auto disable
syringes in the country. The Secretary Health briefed
the forum about efforts underway to switch from conventional
syringes to auto disable syringes as reuse of conventional
syringes leads to blood borne diseases in Pakistan such
as hepatitis, HIV etc. The ECC approved the summary,
in principle, and directed the Ministry of Health to
hold a follow-up meeting with the Law Division to fine
tune details.
The ECC also considered a summary regarding exemption
of Federal Excise Duty for 10 soft-skin vehicles imported
by Food and Agriculture Organization (FAO) to be used
by the Department of Plant Protection (DPP) for locust
control operations. Ministry of NFS&R requested
for a one-time exemption of Federal Excise Duty amounting
to Rs.10.3 million for 10 vehicles. After due deliberation,
the ECC constituted a Committee with representatives
from Law Division, FBR and Ministry of National Food
Security and Research for further discussion and submission
of updated proposal before the Committee.
The Ministry of Commerce tabled a summary before the
ECC seeking permission for import of cotton from Afghanistan
and Central Asian States through land route via Torkham
border to bridge the gap between supply and demand and
to ensure sufficient availability of cotton for promoting
textile exports. The ECC had granted such permission
earlier to workout necessary arrangements with reference
to Plant Quarantine Rules to meet Sanitary and Phytosanitary
(SPS) requirements for import of cotton via land routes.
Ministry of Commerce requested to extend the above permission
for import of cotton via land route during the current
financial year. The ECC approved the said request subject
to fulfilment of codal formalities.
Secretary, Ministry of the Information Technology and
Telecommunication presented a summary before the Committee
based on recommendations by a Cross-stakeholder Committee
for addressing critical issues of Cellular Mobile Industry
for digital enablement such as reduction in NADRA Biometric
Verification Charges (BVC), License renewal under further
Spectrum Price etc. After detailed discussion, the ECC
constituted a sub-committee under the Chairmanship of
the Adviser to the Prime Minister on Institutional Reforms
and Austerity Ishrat Hussain with Secretary IT, Secretary
Finance and a representative from PTA as its members
to deliberate further and present before the ECC accordingly.
Secretary, Ministry of Communications updated ECC on
National Freight and Logistics Policy (NFLP) discussed
in earlier meeting held on 20th January, 2021. The Ministry
of Communications has segregated the proposals into
two broad categories in line with the earlier directive
of the Committee. The ECC directed to discuss the proposals
involving multiple stakeholders as envisaged under the
NFLP, through an Institutional framework, steered by
the Deputy Chairman Planning for evolving consensus
among all stakeholders including provincial representatives
for a way forward.
Petroleum Division updated the ECC about the recommendations
firmed up by a sub-committee established in line with
the earlier decision of the ECC dated 28 Jan, 2021 regarding
review of Oil Marketing Companies (OMCs) and Dealers
Margins on Petroleum products. After detailed discussion,
the ECC approved to revise OMCs and Dealers Margins
on the basis of 85% of the latest average core inflation
with immediate effect, and directed to expedite a study
by PIDE.
The Power Division submitted another summary about
re-targeting of Power Sector subsidies (phase-I). The
Committee considered and approved the proposals recommending
that Power Division will complete the analysis based
on the listed principles and submit specific recommendations
on thresholds and rates for the consumers before the
ECC by 31st March, 2021.
The following Technical Supplementary Grants were also
approved by the ECC:
1. Rs. 1056 million for the Ministry of Federal Education
and Professional Training for completion of Projects
related to COVID-19.
2. Rs. 1.5 billion for the Ministry of Housing and
Works for disbursement of interest free loans to the
borrowers under Prime Minister’s Low-Cost Housing
Scheme.
3. Rs.334.306 million for the Ministry of Interior
for the payment of salaries / subsistence allowance
to the Civil Armed Forces deployed in the Peacekeeping
Missions.
4. Rs.31.50 million for meeting expenses of Federal
Insurance Ombudsman Secretariat working under the Ministry
of Law and Justice.
5. Rs. 9.685 million for Pakistan National Shipping
Corporation, Karachi to clear the dues of M/s Coniston
against PSM.
6. Rs.67.358 million for the Cabinet Division for meeting
various expenses.
7. Rs. 419 million were approved to facilitate Pakistan
Central Cotton Committee to carry out its research and
development activities. |
|
March 08, 2021
(PR No. 455) |
Minister for Finance & Revenue chaired
a meeting on Agriculture Transformation Plan |
 |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired a meeting on Agriculture Transformation
Plan at the Finance Division today.
Federal Minister for National Food Security and Research
Syed Fakhar Imam, Governor State Bank of Pakistan Dr.
Reza Baqir, Secretary Law and Justice Division, Secretary
Economic Affairs Division, Secretary Ministry of National
Food Security and Research, President National Bank
of Pakistan, President ZTBL, President Bank of Punjab,
senior members from Boards of Revenue of Punjab, Sindh,
KP, Balochistan & AJK and senior officials from
the Finance Division participated in the meeting.
The meeting reviewed the progress on the directions
of the Prime Minister to enhance agriculture credit
for the farming sector. The Deputy Governor, State Bank
of Pakistan made a presentation on the consultative
process followed with key stakeholders and detailed
proposals to enhance the agriculture credit. It was
recommended to make Loan for Agriculture, Commercial
& Industrial Purposes (LACIP) Act 1973 more effective
by bringing amendments in areas of foreclosure and simultaneously
streamlining procedures for swift processing of agriculture
loans. It was also emphasized that judges against vacant
positions in Banking Courts need to be appointed on
priority.
Speaking on the occasion, the Finance Minister urged
all concerned to come up with clear action plan along
with timelines and responsibility matrix to finalize
different proposals presented in the meeting. He constituted
a 5-member committee comprising of Secretary Law and
Justice Division, Secretary NFS&R, Governor SBP
and other senior officials of the relevant institutions
and Ministries to complete the task.
The Finance Minister reiterated the firm commitment
of the Government for promoting agriculture sector through
effective and speedy implementation of Agriculture Transformation
Plan as approved by the Prime Minister, he concluded. |
|
March 01, 2021
(PR No. 454) |
Minister for Finance & Revenue chaired
the 17th meeting of the NEC on AML |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the 17th meeting of the National
Executive Committee (NEC) on Anti-Money Laundering at
the Finance Division today.
Federal Minister for Industries and Production Hammad
Azhar, Secretary Law Raja Naeem Akbar, Secretary Finance
Kamran Ali Afzal, Director General-FMU Lubna Malik,
Director General-FATF Khawaja Adnan, Director General-OPS
NAB Zahir Shah, Director General (CT) Ministry of Foreign
Affairs Asim Ali Khan, Deputy Governor State Bank of
Pakistan Jameel Ahmed, Additional Director General FIA
Ahsan Saqib, Director General MO Major General Nauman
Zakaria and senior officials of the Finance Ministry
participated in the meeting.
In his opening remarks, the Finance Minister commended
the great efforts made by the National Executive Committee,
under the chairmanship of the Minister for Industries
and Production Hammad Azhar, in achieving major milestones
with reference to 27-point FATF Action Plan. The unity
of purpose, team work and meticulous coordination among
various Ministries and Departments concerned have brought
Pakistan closer to achieving the target of completing
FATF Action Plan despite enormous challenges, he added.
DG FMU briefed the Committee on overall progress achieved
on the FATF Action Plan and outlined efforts underway
for the remaining targets to be achieved in due course
of time. Pakistan has received international recognition
and support for making strides vis-a-vis an exigent
Action Plan given by the Financial Action Task Force,
she apprised.
While acknowledging the robust progress demonstrated
by the relevant Ministries and Departments, the Finance
Minister urged to expedite efforts for fulfilling requirements
in a few remaining areas. The strict adherence to timelines
would culminate into successful completion of the FATF
Action Plan, he stressed. |
|
February 25,
2021 (PR No. 453) |
FATF has appreciated Pakistan for
the significant progress made on the entire action plan |
The Financial Action
Task Force (FATF) has appreciated Pakistan for the significant
progress made on the entire action plan. The Plenary
meetings of FATF were held virtually from 22-25 February
2021, where its members discussed a range of topics
relating to Pakistan’s progress. Pakistan’s
delegation in the FATF Plenary was led by Mr. Muhammad
Hammad Azhar, Chairman FATF Coordination Committee /
Federal Minister for Industries and Production and attended
by senior officers from Ministry of Foreign Affairs,
NACTA, FMU, National FATF Secretariat and other key
stakeholders.
In its plenary meeting held on 25th February, FATF
has stated that “To date, Pakistan has made progress
across all action plan items and has now largely addressed
24 of the 27 action items.” The FATF has also
acknowledged the continued high-level political commitment
of Pakistan to combat terrorist financing which, according
to FATF statement, has led to significant progress across
a comprehensive countering financing of terrorism plan.
Pakistan has undertaken enormous work to strengthen
its AML/CFT regime and address the strategic counter-terrorist
financing related deficiencies. In addition to the acknowledgement
by FATF in its plenary statement that Pakistan has made
significant progress on the entire action plan by addressing
24 out of the 27 items in the action plan, Pakistan
has also made notable progress in the remaining 3 action
items which also stand partially addressed. As of now,all
the 10 action items pertaining to the financial sector
and border controls have been addressed. In relation
to Terrorism Financing (TF) investigations and prosecutions,
6 of the 8 action items have been addressed, whereas
for targeted financial sanctions, 8 of the 9 action
items also stand addressed. The progress on the remaining
3 action items is well underway with significant progress
made so far.
The Ministry of Finance reaffirms its commitment to
continue strengthening the AML/CFT regime in line with
the global standards. |
|
February 22,
2021 (PR No. 452) |
Minister for Finance and Revenue chaired
the meeting of NPMC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the weekly meeting of the National
Price Monitoring Committee (NPMC) held at the Finance
Division today.
Federal Minister for National Food Security & Research
Syed Fakhar Imam, Federal Minister for Industries &
Production Mr. Hammad Azhar, SAPM on Revenue Dr. Waqar
Masood, Member CCP, Member PBS, MD PASSCO, MD USC, representatives
of the Provincial Governments and senior officials of
the Finance Division also participated in the meeting.
NPMC reviewed the price trend of essential commodities
especially wheat flour, sugar, vegetable ghee, chicken
and eggs during the last week. The weekly SPI recorded
a slight increase of 0.55% whereas prices of 08 basic
items registered a decline and 18 commodities remained
stable during the week under review.
The Secretary, Ministry of Industries and Production
briefed NPMC about 11 most essential commodities being
offered by the Utility Stores Corporation (USC) at subsidized
prices across Pakistan. The network of Utility Stores
Corporation is playing an important role in providing
essential items at discounted prices to the masses as
the prices of USC are significantly low as compared
to the prices prevailing in domestic markets, he added.
Minister for Industries & Production Mr. Hammad
Azhar updated the Committee that the Ministry is closely
monitoring the current price trend of vegetable ghee/cooking
oil and taking corrective measures to ensure fair price
for the consumers.
Speaking on the occasion, the Minister for Industries
& Production directed the Provinces to expedite
provision of estimates regarding sugar stock needed
during the current year. The USC has already made an
arrangement for import of 50,000 ton of sugar to ensure
its availability at a discounted price, he stated.
Secretary, Ministry of NFS&R apprised NPMC about
the sufficient stock of wheat across the country. The
NPMC noted price disparity in prices of wheat flour
among Provinces and directed the Secretary Food to coordinate
with representatives of the Provincial Governments to
ensure smooth supply of wheat at fair prices across
the board.
The NPMC also directed Member, PBS to give detailed
briefing to the Chief Secretaries about the methodology
of data collection across different markets in respective
Provinces. The underlying rationale is to work out a
national average of prices of basic commodities which
reflects the situation on ground accurately.
The representatives of the Punjab and Sindh Governments
informed the NPMC about the increase in prices of chicken
and eggs mainly due to seasonal factors. The NPMC directed
the Provincial Governments to take corrective measures
and ensure supply of chicken and eggs at affordable
prices throughout the country.
The Finance Minister reiterated the firm commitment
of the Government to ensure Provision of essential commodities
at affordable prices across the board. He urged the
Provincial Governments and Departments concerned to
make coordinated efforts to keep prices of basic commodities
in check, he concluded. |
|
February 18,
2021 (PR No. 451) |
Minister for Finance & Revenue chaired
the inaugural meeting of 10th NFC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the inaugural meeting of the
10th National Finance Commission (NFC) today at the
Finance Division. Chief Minister Sindh Syed Murad Ali
Shah, Finance Minister Punjab Makhdoom Hashim Jawan
Bakht, Finance Minister KP Taimur Saleem Khan Jhagra,
Finance Minister Balochistan Mr. Zahoor Ahmed Buledi
and non ex-officio members including Tariq Bajwa (Punjab),
Musharaf Rasul Cyan (KP), Dr. Kasier Bengali (Balochistan),
Dr. Asad Sayeed (Sindh) and senior officials of the
Ministry of Finance/ Finance Departments of provinces
participated in the meeting.
The Finance Minister welcomed all the participants.
While speaking on the occasion, the Finance Minister
stated that NFC has been mandated by the Constitution
to recommend to the President for amicable distribution
of financial resources between the Federation and the
Provinces of the net proceeds of the taxes. NFC is a
forum to develop harmony between the Federal and the
Provinces and to work out a sustainable resource sharing
formula with mutual consensus, he added.
Federal Secretary Finance outlined the Terms of Reference
(TORs) of the NFC and the main tasks before the NFC
which includes developing of a sustainable macroeconomic
framework for the 10th NFC Award, vertical revenue sharing,
selection of indicators for horizontal distribution
formula, simplification of taxes to facilitate businesses
and bringing erstwhile FATA at par with the rest of
the country.
During the deliberations, members of the Commission
highlighted emergent financial issues, including the
need to increase the size of the pie for everyone, rising
burden of pension payments and need for closer coordination
between federal and provincial revenue collecting agencies.
The participants discussed the need for harmonization
of revenue collection operations at respective levels
of the federal and provincial governments to broaden
fiscal space and streamline revenue collection.
The meeting formulated seven sub-groups with specific
tasks on the basis of TORs of the Commission with the
direction to present recommendations before the august
forum in due course of time.
The Finance Minister called upon all the members to
do their best to come up with focussed and workable
recommendations to make the 10th NFC Award successful. |
|
February 15,
2021 (PR No. 450) |
Minister for Finance and Revenue chaired
the meeting of NPMC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the weekly meeting of National
Price Monitoring Committee (NPMC) held at the Finance
Division today.
Federal Minister for Industries and Production Hammad
Azhar, Adviser to the PM on Commerce Razak Dawood, SAPM
on Revenue Dr. Waqar Masood, Secretary M/o National
Food Security and Research, Secretary M/o Industries
and Production, Chairman FBR, Member CCP, Member PBS,
MD PASSCO, MD USC, Chairman TCP and senior officials
of the Finance Division participated in the meeting.
NPMC reviewed the price trend of essential commodities
especially wheat flour, eggs, chicken, sugar and edible
oil during the week. Secretary Finance briefed the Committee
about weekly SPI that recorded a slight increase of
0.81%, whereas prices of 06 items decreased and 21 items
remained stable during the last week.
Secretary, M/o NFS&R updated NPMC about availability
of sufficient stock of wheat across the country. He
expressed satisfaction over the average per day releases
by the Provinces which was stable throughout the country.
Secretary Food, Government of Balochistan apprised the
Committee about the arrangements being made for immediate
lifting of 20,000 MT wheat from PASSCO.
Ministry of Industries and Production briefed the
Committee that approx. 80% crushing of sugarcane has
been completed during the current season. The carryover
stocks plus the latest crushing would ensure sufficient
availability of sugar in the coming months. The Ministry
further requested the respective Provincial governments
to provide projections regarding the future sugar requirement
for effective planning during the year. Minister for
Industries and Production Hammad Azhar lauded the Utility
Stores Corporations (USCs) for covering more than 5
% of the consumer demand for essential items at subsidized
rates across the country.
The NPMC directed PBS to workout ranking of the districts
with reference to price control so that Provincial Governments
can take necessary actions accordingly.
Finance Minister urged the Provincial Governments and
Departments concerned to take all necessary administrative
measures to ensure uninterrupted supply of regulated
wheat flour throughout the country. He further directed
the Provincial and District administrations to proactively
monitor the prices of essential commodities to avoid
hoarding and black marketing effectively. |
|
February 11,
2021 (PR No. 449) |
Press Release (Federal Govt Employees) |
In accordance with
the agreement reached between the Special Committee
constituted by the Prime Minister Imran Khan comprising
Federal Minister for Defence Pervez Khattak, Federal
Minister for Interior Sheikh Rashid Ahmed and Minister
of State for Parliamentary Affairs Ali Muhammad Khan
and representatives of the Federal Government Employees,
the Finance Division has agreed to the following, in
principle: -
- Disparity Reduction Allowance @ 25% of the basic
pay of BPS-2017 shall be allowed to those civil employees
in BPS (1-19) of the Federal Government (including
employees of Federal Secretariat and attached departments)
who have never been allowed additional salary equal
to or more than 100% of the basic pay (whether frozen
or not) or performance allowance w.e.f. 01 March,
2021.
- The posts BPS (1-16) or equivalent will be upgraded
on the pattern of Government of Khyber Pakhtunkhwa
w.e.f. 01 March, 2021.
- The grant of time-scale will also be considered
for adoption on the same pattern in the next budget.
- Adhoc Relief will also be considered to be made
part of the basic salary w.e.f. July, 2021.
- The provinces will be recommended for adoption of
above from their own resources.
A summary to the effect is being placed before the
Cabinet for requisite approval. |
|
February 11,
2021 (PR No. 448) |
Minister for Finance and Revenue chaired
the 5th meeting of the FBR Policy Board |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the 5th meeting of the FBR Policy
Board at FBR HQs today.
Federal Minister for Privatization Mohammad Mian Soomro,
Adviser to the PM on Commerce Abdul Razak Dawood, Adviser
to the PM on Institutional Reforms & Austerity Dr.
Ishrat Hussain, SAPM on Revenue Dr. Waqar Masood, Chairman
FBR, senior members of FBR and representatives of private
sector participated in the meeting.
FBR made a presentation regarding establishment of
Tax Policy Unit in accordance with the decision of the
Cabinet dated 29 November, 2018. Members of the Policy
Board gave a valuable input highlighting the advantages
of keeping tax policy function independent of administrative
function.
After due deliberation, the Chair accorded approval
for the establishment of ‘Tax Policy Unit’
under the administrative control of the Finance Division.
A new setup would be created that will include members
from FBR and also engage fiscal and economic experts
from academia, think tanks and private sector to present
holistic proposals for mobilising revenue generation
with greater autonomy. Tax Policy Unit would work out
policy recommendations for domestic tax collection on
the lines of the National Tariff Commission which operates
under the Ministry of Commerce.
FBR’s Technical Committee apprised the Policy
Board about the measures taken to identify anomalies
and simplify the taxation system for better understanding
of the business community. FBR requested to include
senior representatives from the Ministry of Commerce
and Ministry of Industries & Production for better
coordination and effective policy making in this regard.
Chairman, Complaint Oversight Committee (COC) briefed
the Policy Board about the working of a newly developed
complaint portal which is currently running on trial
basis. The complaint resolution system is designed to
facilitate businessmen, traders, Small and Medium Enterprises
(SMEs) and large tax payers. All complaints can be filed
at one place. SOPs for complaint resolution and oversight
by COC are being finalized and system would be formally
launched soon. The Chair directed to disseminate relevant
information about the working of complaint registration
mechanism and ensure the contact details are readily
available for public consumption.
The Finance Minister further directed FBR to expedite
the process of Income Tax refunds of less than Rs.50
million to uphold commitment of the government to facilitate
tax payers. |
|
February 08,
2021 (PR No. 447) |
National Price Monitoring Committee
meeting |
A meeting of National Price Monitoring Committee (NPMC)
was held at the Finance Division to review the price
trend of essential commodities especially wheat flour,
eggs, chicken, sugar and edible oil during the last
week.
The meeting was attended by the representatives of
the Ministry of Industries and Production, Ministry
of Commerce, Ministry of National Food Security &
Research, Provincial Administrations, PASSCO, PBS, CCP,
FBR and senior officers of the Finance Division.
Secretary, Ministry of Finance briefed NPMC about weekly
SPI that increased by 0.5 percent. NPMC noted decline
in prices of wheat, sugar, tomatoes, onion, eggs and
potatoes during the week. The Chief Secretaries from
respective Provincial Governments updated NPMC about
availability of sufficient stocks of wheat and average
per day release by the Provinces which was stable throughout
the country.
The NPMC directed the Provincial and District Administrations
to proactively monitor the prices of chicken and edible
oil in order to ensure smooth supply at fair prices
across the country.
The NPMC directed Secretary Food, Balochistan and MD,
PASSCO to make an immediate arrangement for lifting
20,000MT wheat from PASSCO to ensure steady supply of
wheat flour in the Province.
The NPMC urged the Provincial Governments and departments
concerned for making consolidated and coordinated efforts
to avoid hoarding, black marketing and smuggling to
ensure uninterrupted supply of basic commodities at
affordable prices across the country. |
|
February 03,
2021 (PR No. 446) |
Minister for Finance & Revenue chaired
the meeting of ECC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Economic Coordination
Committee (ECC) of the Cabinet today.
Federal Minister for Planning, Development and Special
Initiatives Asad Umar, Federal Minister for Interior
Sheikh Rasheed Ahmad, Minister for Privatization Muhammad
Mian Soomro, Adviser to the PM on Institutional Reforms
and Austerity Dr. Ishrat Hussain, SAPM on Revenue Dr.
Waqar Masood, SAPM on Power Tabish Gauhar, SAPM on Petroleum
Nadeem Babar and Federal Minister for Energy Omar Ayub
Khan participated in the meeting.
On the recommendation of the Ministry of Housing and
Works, the ECC allowed the Ministry to utilize its own
funds equal to Rs. 377.21 million for renewal of lease
of Garden West (Pakistan Quarters), Karachi.
Petroleum Division placed a summary before ECC regarding
renewal of Gas supply Agreement (GAS) between Sui Southern
Gas Company Limited and Fauji Fertilizer Bin Qasim Limited.
After detailed discussion, the ECC approved with a condition
that renewal would be allowed on “as and when
available basis” for a period of 05 years. SSGCL
may restore the gas supplies to M/S Fauji Fertilizer
till December, 2021 or until a uniform rate for the
whole fertilizer sector is formulated after rationalization
of tariffs (whichever is earlier).
The ECC considered and approved another summary by
the Petroleum Division for re-allocation of gas from
Saqib-1A Well located in District Ghotki, Sindh Province
to M/S Sui Southern Gas Company Limited from its previous
allocation to SNGPL (as approved earlier by the ECC
dated 06-10-2009). The price of gas will be as per the
applicable Petroleum policy.
Petroleum Division also moved a summary for removal
of Dividend Distribution cap on Mari Gas Company Limited
(MPCL) under Gas Pricing Agreement as the company is
being considered for privatization. After due deliberation,
the ECC allowed that the dividend distribution cap may
be removed to ensure that the divestment transaction
generates optimum sale proceeds for the Government.
The Committee further decided that MPCL would ensure
dividend distribution in accordance with the Provisions
of Companies Act, 2017 and the Companies (Distribution
of Dividends) Regulations, 2017.
The following Technical Supplementary Grants (TSGs)
were approved by the ECC:
- Rs. 141.308 million to Ministry of Information and
Broadcasting for an expenditure incurred on media
campaigns to create awareness among public during
COVID-19 pandemic.
- Rs. 9.025 million to Ministry of Information and
Broadcasting for a media campaign on occasion of Kashmir
Solidarity Day – 05 Feb. 2021.
- Rs. 5 million for purchase of spare parts for helicopter
maintenance by HQs Pakistan Rangers (Punjab).
- Rs. 25 million for purchase of spare parts for helicopter
maintenance by HQs Frontier Corps Balochistan (South).
- Rs. 10 million for repair and maintenance of helicopter
by HQs Frontier Corps KP (South), D.I.Khan.
|
|
February 01,
2021 (PR No. 445) |
Minister for Finance & Revenue chaired
the meeting of NPMC |
 |
Federal Minister for Finance & Revenue, Dr. Abdul
Hafeez Shaikh, chaired a weekly meeting of the National
Price Monitoring Committee (NPMC) today.
Federal Minister for National Food Security and Research
Syed Fakhar Imam, SAPM on Revenue Dr. Waqar Masood,
Provincial Chief Secretaries, Secretary M/o Industries
& Production, Secretary M/o National Food Security
and Research, Additional Secretary M/o Planning, Development
& Special Initiatives, Chairman FBR, Member CCP,
Member PBS, MD USC, MD PASSCO, Member National Accounts
PBS and senior officers of the Finance Division participated
in the meeting.
The National Price Monitoring Committee (NPMC) reviewed
the price trend of essential commodities especially
wheat flour, eggs, chicken, sugar and edible oil during
the last week. Finance Secretary outlined the significant
decline in year-on-year CPI to 5.7% in January 2021
as compared to 14.6% in January last year.
The NPMC lauded the efforts of the concerned Ministries
/ Departments and Provincial governments for vigilant
monitoring of the prices of essential commodities and
urged to continue the momentum to provide maximum relief
to the general public.
The Finance Minister reiterated the firm commitment
of the Government to ensure provision of essential commodities
at affordable prices across the board.
The Secretary, M/o NFS&R updated NPMC about the
current status of wheat stocks. The wheat stock position
is sufficient for the domestic consumption and average
per day release by the Provinces is also stable. The
NPMC directed the Provincial governments to keep close
watch on the prices of wheat and sugar in the market
to avoid hoarding, black marketing and smuggling to
ensure uninterrupted supply at affordable prices.
The Secretary, Ministry of Industries and Production
updated NPMC about the fluctuation in international
prices of Palm and Soyabean oils which in turn, drives
the prices of edible oil in the domestic market. The
Ministry is closely monitoring the situation to minimize
its impact on domestic prices, he stated.
The Secretary further apprised NPMC that arrangements
are underway to import sugar which will ensure its smooth
supply in the domestic market. There would be increased
production of sugar during the current crushing season
as per latest estimates, he added.
The Finance Minister directed M/o Industries and Production
to continuously monitor stocks of sugar, its supply
position and prices in the market. |
|
January
31, 2021 (PR No. 444) |
POL Prices |
The following will
be new prices of petroleum products w.e.f February 1st
2021:-
Ms petrol RS.111.90/liter
HSD. RS.116.07/ liter
LDO Rs.79.23/liter
Kerosene oil Rs.80.19/ liter
Increase in Prices:
Ms petrol Rs.02.70/liter
HSD. Rs.02.88/ liter
LDO Rs.03.00/liter
Kerosene oil Rs.03.54/ liter
Old Prices:
Ms petrol Rs.109.20/liter
HSD. Rs.113.19/ liter
LDO Rs.76.23/liter
Kerosene oil Rs.76.65/ liter |
|
January 28,
2021 (PR No. 443) |
Minister for Finance & Revenue chaired
the meeting of ECC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of Economic Coordination
Committee (ECC) of the Cabinet today.
Federal Minister for Planning, Development and Special
Initiatives Asad Umar, Federal Minister for Railways
Azam Khan Swati, Federal Minister for Industries and
Production Hammad Azhar , Adviser to the PM on Commerce
Abdul Razak Dawood, Minister for Maritime Affairs Ali
Haider Zaidi, Adviser to the PM on Institutional Reforms
and Austerity Dr. Ishrat Hussain, Federal Minister for
National Food Security and Research Syed Fakhar Imam,
SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish
Gauhar and Governor State Bank Dr. Reza Baqir participated
in the meeting.
Ministry of Industries and Production presented three
proposals related to the Utility Stores Corporation
(USC) before the ECC. The ECC considered and approved
the first proposal regarding continuation of general
subsidy on five essential items through Utility Stores
Corporation (USC) from 01.01.2021 to 30.06.2021 out
of funds allocated under Prime Minister’s Relief
Package-2020 in the backdrop of COVID-19 pandemic. Secondly,
Ministry of Industries and Production proposed to approve
re-allocation of Rs. 2.332 billion for ERP procurement
and IT infrastructure for automation of stock management
throughout the network of USCs. ECC approved in principle,
with a direction to hold further consultation with the
Ministry of Information Technology and Ministry of Finance
for smooth implementation. Furthermore, it was decided
that the Utility Stores Corporation (USC) would present
a revised proposal after working out a specific percentage
range(s) of differential from market prices for subsidizing
essential commodities through Ministry of Industries
and Production before next ECC meeting. The percentage
range(s) would serve as a benchmark for subsidizing
the essential commodities through Utility Stores Corporations,
keeping in view, fluctuations in international commodity
prices.
On Textiles and Apparel Policy 2020-25 by the Ministry
of Commerce, the ECC decided to include SAPM on Power
Tabish Gauhar in the sub-committee for detailed consultation
on proposals related to the power sector which fall
under the ambit of the Textile Policy. The Textiles
and Apparel Policy 2020-25 would be presented before
ECC in a couple of weeks.
Petroleum Division presented a summary before ECC to
review the Oil Marketing Companies (OMCs) and Dealers
Margins on Petroleum Products. After due deliberation,
the ECC decided that proposed rates for the increase
would be considered after a detailed study by Pakistan
Institute of Development Economics (PIDE). A sub-committee
was constituted under the Chairmanship of SAPM on Revenue
Dr. Waqar Masood including SAPM on Power Tabish Gauhar,
Minister for Planning Asad Umar and SAPM on Petroleum
Nadeem Babar as its members to evaluate outcome of the
PIDE study and present a revised summary before ECC
accordingly.
The ECC considered and approved another summary by
the Power Division regarding Implementation Agreement,
Supplemental Agreement and Power Purchase Agreement
for 300 MW Cool Power Project at Gawadar.
On the recommendation of the Ministry of Energy (Petroleum
Division), ECC approved allocation of 22MMCFD of gas
to the SSGCL system from Sujjal-I, Sujawal-X-I and Aqeeq-I
wells of Mari Petroleum Company Limited.
Secretary, Ministry of Religious Affairs and Interfaith
Harmony presented the Zaireen Management Policy before
ECC for consideration. The underlying rationale is to
regulate, streamline and provide better facilities to
Zaireen for performing religious obligations in an organized
manner. The ECC approved the establishment of Ziarat
Directorate Office at Quetta and Taftan at an estimated
expenditure of Rs. 38.50 million. Moreover, ECC also
considered the establishment of Ziarat Directorate Offices
at Mashhad (Iran), Karbala and Baghdad (Iraq) and directed
Ministry of Religious Affairs to seek formal consent
/ approval from the host countries through the Ministry
of Foreign Affairs.
National Electricity Policy 2021 was placed before
ECC by the Power Division. After detailed discussion,
ECC referred the above policy to Cabinet Committee on
Energy (CCOE) for consideration with the advice that
the policy may be referred back to ECC (with recommendations)
if the subject falls in the domain of the ECC. The Committee
further directed to take all Provinces on board during
consultative process.
ECC also approved a Technical Supplementary Grant of
Rs. 42 million in favour of National Program for Enhancing
Command Areas in BARANI Areas (ICT Component) surrendered
by the Ministry of National Food Security & Research. |
|
January 27,
2021 (PR No. 442) |
British High Commissioner called on
the Federal Minister for Finance and Revenue |
 |
British High Commissioner His Excellency Christian
Turner called on the Federal Minister for Finance and
Revenue, Dr. Abdul Hafeez Sheikh, at the Finance Division
today. H. E. High Commissioner was accompanied by the
Head of Development Ms. Annabel Gerry on the occasion.
The Minister extended a warm welcome to the High Commissioner
and commended the support extended by the Government
and people of the United Kingdom to the Government of
Pakistan and its people and hoped that economic relations
would further strengthen between the two countries.
Minister for Finance briefed the High Commissioner that
Government of Pakistan is pursuing a broad-based economic
reform agenda to achieve export-led growth and would
like to further deepen trade and economic linkages between
the two countries.
Minister for Finance further apprised about the socio-economic
measures taken by the Government of Pakistan to lessen
the adverse impact of the COVID-19 pandemic on marginalized
segments of the society and thanked the High Commissioner
for the assistance and support extended to Pakistan
in fighting the disease.
The Minister expressed condolences to the High Commissioner
over loss of precious lives due to COVID-19 pandemic
and wished speedy recovery and normalcy with reference
to latest surge in coronavirus infections by the new
variant in the UK.
Opportunities for green financing were also discussed
during the meeting to promote collective efforts against
the challenges posed by the climate change. The High
Commissioner offered all possible help in strengthening
efforts of the Government of Pakistan for development
of green industry to alleviate negative environmental
impact. |
|
January 25,
2021 (PR No. 441) |
Minister for Finance & Revenue chaired
the meeting of NPMC |
 |
Federal Minister for Finance & Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the National Price
Monitoring Committee (NPMC) today.
Federal Minister for Industries & Production Hammad
Azhar, SAPM on Revenue Dr. Waqar Masood, Provincial
Chief Secretaries, Secretary Commerce, Secretary M/o
Industries & Production, Secretary National Food
Security & Research, Additional Secretary M/o Planning
Development & Special Initiatives, Chairman FBR,
Member CCP, Chairman TCP, MD USC, Member PBS and senior
officers of the Finance Division participated in the
meeting.
The National Price Monitoring Committee (NPMC) reviewed
the price trend of essential commodities especially
wheat, sugar and edible oil during the week. Finance
Secretary briefed the meeting about the weekly SPI and
decline in prices of wheat flour, vegetables and eggs
due to coordinated efforts of all the Provincial government
across the country. On the whole, prices of 08 items
registered decline whereas 24 items remained stable
during the week.
The Secretary, M/o NFS&R briefed NPMC that the current
stock of wheat is sufficient for the domestic consumption
and average per day release by the provinces is also
satisfactory. The prices of wheat flour registered a
continuous decline due to improved release of wheat
(per day) and its steady supply across the country,
he outlined.
The Finance Minister lauded the coordinated and consolidated
efforts of the Federal and Provincial governments for
uninterrupted provision of wheat throughout the country.
Federal Minister for Industries & Production, Hammad
Azhar updated NPMC about the significant decline in
the international prices of Palm oil and Soyabean which
will eventually reduce the recent upward pressure on
the prices of edible oil in the domestic market. The
Committee directed Ministry of Industries & Production
to take necessary measures to ensure that the recent
reduction in international prices of edible oil is passed
on to the domestic consumers effectively.
Minister for Industries & Production further apprised
NPMC that retail price of sugar has witnessed a decline
during the week under review and would reduce further
as imported sugar would be available soon in the domestic
market. The NPMC appreciated efforts of all relevant
authorities to ensure sufficient stock of sugar in coming
months.
Member Pakistan Bureau of Statistics informed the Committee
that Provinces are on board for smooth implementation
of newly developed dashboard of prices of essential
items. Steps are being taken to make the system fully
functional for monitoring price disparity across the
Provinces, he added.
The Finance Minister emphasized proactive role on behalf
of all authorities concerned to ensure smooth provision
of essential items at affordable rates to general public. |
|
January 21,
2021 (PR No. 440) |
Minister for Finance & Revenue chaired
the meeting of ECNEC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired a meeting of the Executive Committee
of the National Economic Council (ECNEC) at Cabinet
Division today. Federal Minister for Planning, Development
Reforms and Special Initiatives Asad Umar, Minister
for Industries and Production Hammad Azhar, Adviser
to the PM on Commerce Abdul Razak Dawood, Adviser to
the PM for Institutional Reforms and Austerity Dr. Ishrat
Hussain and Minister for Economic Affairs Khusro Bakhtiar
participated in the meeting.
ECNEC considered and approved a summary regarding construction
of Gwadar-Ratodero Road Project (M-8) sponsored by the
Ministry of Communication and executed by NHA at a rationalized
cost of Rs. 38,026.28 million. The ECNEC approved the
project in view of its strategic importance as it will
facilitate connectivity for CPEC projects through improved
road linkages.
A summary was presented before ECNEC regarding provision
of Advanced Skills Development through International
Scholarship Phase-1 for Master and PHD programs to be
executed by the Higher Education Commission (HEC). The
project is part of a Prime Minister Knowledge Economy
Task Force Initiative which will enable our youth to
access higher education opportunities in well-reputed
international universities. ECNEC approved the project
at a rationalized cost of Rs. 13.361 billion.
A summary regarding Greater Karachi Water Supply Scheme
(K-IV) 260 MGD (phase-1) was presented before ECNEC.
The project would provide additional 260 MGD water to
Karachi at the total cost of Rs. 25,551.77 million.
The expected period of completion is 04 years. ECNEC
approved the project for provision of environment friendly
water sanitation and waste management infrastructure
/ facilities to residents of Karachi.
Similarly, a project titled ‘Solid Waste Emergency
and Efficiency Project (SWEEP)’ was presented
before the Committee sponsored by the Local government,
Housing and Town Planning Department, Government of
Sindh with total cost of Rs. 16,800 million including
IBRD-World Bank loan of Rs. 16,000 million. The project
is designed to mitigate the risk of widespread flooding
caused by inadequate solid and liquid waste management
during monsoon season and to improve the Solid Waste
Management (SWM) infrastructure and service delivery
with a view to transform Karachi into an eco-friendly
city in the long run.
ECNEC considered and approved the “Khyber Pakhtunkwa
Human Capital Investment Project” (KPHCIP) (Education
Component) at the total cost of Rs.18910.255 million
($115 million). The Project has been financed by the
World Bank/IDA. The Project is envisioned to upgrade
basic education infrastructure in the districts of Peshawar,
Haripur, Noshera and Swabi of the Khyber Pakhtunkhwa
Province.
The project for the “Construction of 100 Dams
in Balochistan- Package IV (23 Dams)” was approved
by ECNEC at the total cost of Rs.13,512.725 million.
Irrigation Department, Government of Balochistan will
execute the project and it will complete in 03 years.
Realizing the water scarcity in the Province of Balochistan,
the project is designed to harness flood flows for direct
irrigation, ground water recharge and agricultural development
through construction of small dams throughout the Province.
Phase-II of the “Pak-China Optical Fiber Cable
(OFC) Project for Establishment of Cross-Border OFC
Network (Khunjerab-Karachi) Along China Pakistan Economic
Corridor (CPEC) Routes” was approved at the total
cost of Rs.37,915.899 million. The project will provide
alternate path for international connectivity through
Northern Border of Pakistan with China and would transform
Pakistan as a Digital Gateway of regional connectivity.
COVID-19 response and other Natural Calamities Control
Program was approved by the ECNEC at the cost of Rs.
70 billion as federal share. The project includes National
Health upgradation program, National program for Water
and Sanitation and Hygiene (WASH), COVID-19 interventions
for less developed areas etc.
ECNEC also approved the Project for “Dualization
and Improvement of Old Bannu Road” at the total
cost of Rs. 17,230 million from federal PSDP (2020-21).
The project envisages dualization of existing 02-lane
old Bannu road measuring 83 km in length from Gaandi
Chowk to Sarai Naurang (8km) and Domail to Krapa on
N-55 (75km) to 4 lanes with 7.3 m wide carriageway on
either side. Scope of work also includes extension of
existing culverts & bridges, construction of retaining
walls along with drainage / erosion works and allied
facilities. NHA shall execute the project. |
|
January 20,
2021 (PR No. 439) |
Minister for Finance & Revenue chaired
the meeting of ECC |
Minister for Finance and Revenue, Dr. Abdul Hafeez
Shaikh, chaired the meeting of Economic Coordination
Committee (ECC) of the Cabinet today.
Federal Minister for Interior Sheikh Rasheed Ahmad,
Minister for Privatization Mohammad Mian Soomro, Minister
for Planning, Development and Special Initiatives Asad
Umar, Minister for Industries and Production Hammad
Azhar, Adviser to the PM on Commerce Abdul Razak Dawood,
Minister for Petroleum Omer Ayub, Minister for Maritime
Affairs Ali Haider Zaidi, SAPM on Revenue Dr. Waqar
Masood, SAPM on Energy Nadeem Babar, Adviser to the
PM on Institutional Reforms and Austerity Dr. Ishrat
Hussain and Minister for National Food Security and
Research Syed Fakhar Imam participated in the meeting.
Governor State Bank of Pakistan Reza Baqir also participated
through video link.
Ministry of Industries and Production presented a summary
before ECC for import of sugar to reduce upward pressure
on prices of sugar and to buffer up carry over stocks
before the arrival of the fresh crop. The ECC approved
reduction of Withholding Income Tax on commercial import
of white sugar and raw sugar form 5.5% to 0.25% and
removal of Value Added Sales Tax on import of white
sugar. The reduction in taxes will incentivize the sugar
mills for import of 300,000 MT Raw Sugar upto 30th June
2021. ECC further directed Trading Corporation of Pakistan
(TCP) to import white sugar upto 500,000 MT if and when
needed during the current season.
Ministry of Religions Affairs and Interfaith Harmony
presented a summary for scaling up of ‘Road to
Makkah Pilot Project’ from Islamabad airport to
two more cities i.e. Karachi and Lahore to facilitate
Hujjaj for performing Hajj under Government Scheme.
One of the pre-conditions for scaling up of Road to
Makkah Project was grant of special exemption on the
import of technical equipments in Pakistan by the Kingdom
of Saudi Arabia (KSA). ECC decided that FBR will hold
a separate consultation with the Ministry of Religions
Affairs and Interfaith Harmony to workout details and
matter would be placed before next ECC for approval.
Aviation Division presented a summary before ECC to
reconstitute a high powered committee headed by the
Deputy Chairman Planning Commission including Secretary
Finance, Secretary Aviation and Secretary Law &
justice Division to deliberate on financial challenges
faced by the Roosevelt Hotel, New York, USA. The Committee
approved the above request.
Secretary, M/o Communication presented a detailed National
Freight and Logistics Policy (NFLP) framework before
ECC. Honourable members of the ECC appreciated the efforts
made by the Ministry in drawing up a comprehensive draft
policy and directed M/o Communications to identify and
segregate actionable items which fall under its domain
and place before next ECC for final approval. The proposals
pertaining to other Ministries and Provinces would be
considered separately under some institutional arrangement
at an appropriate forum.
ECC also approved a draft policy on equity investment
abroad by residents / firms, which caters to the needs
of the business community and aims to improve the ease
of doing business, promote exports, facilitate resident
companies in raising capital from abroad. It will also
fulfil legitimate investment needs of the individuals.
Ministry of National Food Security and Research presented
a summary to authorize TCP to make immediate arrangements
for import of 300,000 MT of wheat through tendering
process as ratified by the Cabinet and nominate PASSCO
as a recipient agency for the imported wheat to replenish
its stock as needed. ECC accorded approval as requested
by the Ministry. ECC also approved another summary by
the Ministry of National Food Security and Research
regarding allocation of 60,000 MT of wheat for Food
Department, Balochistan from PASSCO’s existing
stock on the subsidized rate as per previous practice.
ECC also decided that gas rate of PKR 772/MMBTU will
be applicable to Agritech and Fatima Fertilizer post
November 2020 till January 2021 as requested by the
Ministry of Industries and Production.
ECC accorded approval for the exemption of Sales Tax
@17% and additional sales tax @3% on the import of 52
fire fighting vehicles by Sindh Infrastructure Development
Company Limited (SIDCL).
Ministry of Communications updated ECC regarding progress
made in conversion of National Highway Authority (NHA)
loans into Government loans as per last ECC held on
02 December 2020. NHA requested for a time period of
09 months to prepare a commercially viable business
plan in consultation with other Ministries. NHA’s
debt restructuring would be linked with the outcome
of the said business plan. ECC also accorded approval
of the proposal that outstanding mark-up accrued till
date on all CDL/FRL on NHA would be capitalized as on
30 June 2020. There will be a moratorium on further
accrual of mark-up till the finalization of the business
plan.
The following technical supplementary grants were approved
by the ECC:
a) Rs.10 million for the purchase of Spare Parts for
the helicopter maintenance by HQ Frontier CORPS Balochistan.
b) Rs.67,459,100 to Ministry of Interior for the payment
to hired solicitors for pursuing cases in the UK.
c) Rs.81.40 million to Ministry of Law and Justice
for the establishment of 3 new Courts.
d) Rs.16.628 billion to the Ministry of Planning Development
and Special Initiatives for the completion of 21 schemes
of Sindh Infrastructure Development Company Limited.
e) Rs.82.5 million for the completion of the Project
titled “1000 Industrial Stitching Units all over
Pakistan” by Ministry of Industries and Production.
f) Rs.300 million for the completion of the Project
titled “KA7151 Establishment of 132 KV Grid Station
at Bin Qasim Industrial Park” by Ministry of Industries
and Production.
A draft Textiles and Apparel Policy, 2020-25 by the
Ministry of Commerce was postponed to the next ECC for
a detailed discussion. |
|
January 20,
2021 (PR No. 438) |
Minister for Finance & Revenue chaired
the meeting of CCoSOEs |
The Federal Minister for Finance and Revenue Dr. Abdul
Hafeez Shaikh chaired the meeting of the Cabinet Committee
on State Owned Enterprises (CCoSOEs) here today.
Minister for Privatization Muhammad Mian Soomro, Adviser
to Prime Minister on Institutional Reforms and Austerity
Dr. Ishrat Hussain along with the senior officials from
the Ministry of Finance and Ministry of Privatization
participated in the meeting.
The Committee decided to delist the Pakistan Television
Corporation (PTVC) from the list of State Owned Enterprises
categorized for privatization. The decision was taken
on the request of the Ministry of Information and Broadcasting.
Secretary Information briefed the forum that PTVC is
undergoing massive restructuring to make it a financially
viable, professionally efficient and technically sound
State Owned Enterprise (SOE) to amplify national narrative
and formulate favourable public opinion.
Ministry of Finance presented a report on Triage of
State Owned Enterprises (SOEs) before CCoSOEs. The Committee,
after detailed discussion directed to streamline the
existing categories for the Privatization of SOEs and
present a roadmap before the Committee. The Committee
further directed the concerned Ministers to utilize
the interim period effectively and workout options for
restructuring including possibility of management contracts,
where applicable, and update CCoSOEs periodically.
The Committee decided that the forensic audit of major
loss making State Owned Enterprises shall be conducted
in accordance with the directives of the Prime Minister.
Secretary Finance briefed the committee that Auditor
General’s Office is on board and has started collecting
data whereas several private sector firms have also
shown interest in this regard. The Committee decided
that, keeping in view, the large number of entities,
the forensic audit task may be distributed among the
private firm(s) and the Auditor General of Pakistan
as per rules.
Secretary Finance updated the Committee on the progress
made on Draft SOE Bill 2020. After following due consultative
process on the Draft SOE Bill 2020, the Finance Division
has submitted the same to the Law and Justice Division.
Once draft Bill is cleared, it would be presented before
the Cabinet for approval, before bringing it in the
Parliament. |
|
January 18,
2021 (PR No. 437) |
Minister for Finance & Revenue chaired
the meeting of NPMC |
Federal Minister for Finance & Revenue, Dr. Abdul
Hafeez Sheikh, chaired the meeting of the National Price
Monitoring Committee (NPMC) today.
Minister for National Food Security & Research
Syed Fakhar Imam, Federal Minister for Industries and
Production Hammad Azhar, Adviser to the PM on Commerce
Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood,
Provincial Chief Secretaries, Secretary M/o Industries
and Production, Additional Secretary M/o NFS&R,
Additional Secretary Ministry of Planning, Development
and Special Initiatives, Chairman FBR, Member CCP, Chairman
TCP, MD USC, Member IT/HRM & Member National Accounts
from PBS and senior officers of the Finance Division
participated in the meeting.
The National Price Monitoring Committee (NPMC) reviewed
the price trend of essential commodities especially
wheat, sugar and edible oil during the week. Finance
Secretary briefed the meeting that weekly SPI registered
a decline of 0.22% and the main drivers behind decrease
in SPI are falling prices of eggs, tomatoes, potatoes,
onions and chicken. Prices of 21 basic items remained
stable whereas 07 items registered a decline during
the week.
M/o NFS&R apprised NPMC that all stakeholders are
on board with reference to existing position of wheat
stock in the country. Federal Minister for National
Food Security and Research assured all possible measures
would be taken to ensure smooth supply of wheat across
the country.
The Finance Minister directed the Provincial governments
to follow a self-sustaining model and streamline daily
release of wheat to ensure steady supply in the provinces
as well as districts.
Federal Minister for Industries and Production Hammad
Azhar updated NPMC about the recent decline in international
prices of palm oil which will eventually reduce the
upward pressure on the prices of edible oil in the domestic
market.
The Finance Minister directed Ministry of Industries
and Production to continuously monitor stocks of sugar,
its supply position in the market and prices throughout
the country for the consumers.
Member PBS updated NPMC about the benefits of recently
developed dashboard of prices of essential items and
progress on its implementation in coordination with
the provinces. NPMC directed PBS to provide necessary
support to the provinces to make the system fully functional
for vigilant monitoring of prices of essential commodities
and to remove price disparity across the country.
The Finance Minister directed M/o NFS&R to chalk
out a comprehensive strategy to ensure smooth supply
of wheat flour at reasonable rates for the general public.
He also urged the Provincial governments to continue
taking necessary steps to ensure provision of basic
items at affordable prices across the country. |
|
January 15,
2021 (PR No. 436) |
POL Prices |
The new prices of
the petroleum products with effect from 16th January,
2021, are as under:
(Rs/Liter)
Products |
Existing Prices w.e.f.
01-01-2021 |
New Prices
w.e.f.
16-01-2021 |
Increase/
(-)Decrease |
MS (Petrol) |
106.00 |
109.20 |
+3.20 |
HSD |
110.24 |
113.19 |
+2.95 |
Kerosene (SKO) |
73.65 |
76.65 |
+3.00 |
LDO |
71.81 |
76.23 |
+4.42 |
Above new prices of petroleum products are effective till
31st Jan, 2021. |
|
January 14,
2021 (PR No. 435) |
Minister for Finance & Revenue chaired
the meeting of Advisory Committee |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Advisory Committee
for the release of Next Generation Mobile Services (NGMS)
spectrum in Pakistan held at the Finance Division today.
Federal Minister for Science and Technology Fawad Chaudhry,
Federal Minister for Information Technology and Telecommunication
Syed Amin ul Haque, Adviser to the PM on Commerce Abdul
Razak Dawood, Chairman PTA Major General (R) Aamir Azeem
Bajwa, Secretary Ministry of Information Technology
and Telecommunication, Executive Director Frequency
Allocation Board and other senior officials participated
in the meeting.
The Chairman PTA briefed the Advisory Committee about
the latest developments in the sale of available spectrum
of next generation mobile services in the country.
While appreciating the sale of maximum possible spectrum,
the Finance Minister stated that it will contribute
towards overall economic growth through digitalization
and improve the quality of broadband services in Pakistan,
he added.
The Committee was also briefed that the hiring process
for the consultants was completed in December 2020 as
per procedure and newly hired consultants are on board
for the sale of available spectrum within the current
financial year.
The Finance Minister urged the consultants to follow
a proactive approach and meet the given deadlines effectively.
He emphasized that the time is of essence in the release
of NGMS Spectrum and the whole process of auction must
be transparent for strengthening and expanding communications
/ IT Services across the country.
The next follow-up meeting of the Advisory Committee
is expected to take place in March, 2021. |
|
January 11,
2021 (PR No. 434) |
Minister for Finance & Revenue chaired
the meeting of NPMC |
Federal Minister for Finance & Revenue, Dr. Abdul
Hafeez Sheikh, chaired the meeting of the National Price
Monitoring Committee (NPMC) today.
Minister for Industries & Production, Minister
for National Food Security & Research, Special Assistant
to the Prime Minister on Revenue, Provincial Chief Secretaries,
Secretary M/o NFS&R, Secretary Industries &
Production, Chairman FBR, Member CCP, Chairman TCP,
MD PASSCO, MD USC, Member IT & Member National Accounts
from PBS and senior officers of the Finance Division
participated in the meeting.
The National Price Monitoring Committee (NPMC) reviewed
the price trend of essential commodities especially
wheat, sugar, eggs and edible oil. Secretary Finance
briefed NPMC that prices of wheat and eggs have registered
downward trend due to coordinated and consolidated efforts
of the Provincial governments. The Finance Minister
directed the Provincial governments and relevant departments
to continue momentum of strict price monitoring for
provision of basic items at affordable prices across
the country.
Federal Minister for NFS&R briefed NPMC about the
current status of wheat stock across the country and
assured that all possible measures will be taken to
ensure uninterrupted supply of wheat at affordable prices.
Minister for Industries & Production apprised NPMC
that production of sugar is likely to increase this
year due to improved sugarcane crushing activity and
would eventually release pressure on upward price trend.
Minister for Industries & Production Hammad Azhar
also briefed NPMC about the steps being taken to control
the prices of edible oil/ghee.
The representative from the Punjab government briefed
that a strict action has been taken against the role
of middlemen in sugarcane market as directed by NPMC.
He informed that prices of sugar are currently stable
in the Province, however, in some areas marginal hike
is observed due to fog and weather conditions. Minister
for Industries & Production appreciated the efforts
of the Punjab Government in minimizing the role of middlemen.
Member PBS presented before NPMC a live dashboard of
prices of essential items for comparative analysis which
will be helpful in monitoring prices of essential items
across major cities and markets in real time. The system
is prepared by PBS to monitor food prices and figure
out price fluctuations for timely decision making and
smooth coordination among Provincial governments and
departments concerned. The Finance Minister lauded the
mechanism for effective price monitoring and sound decision
making. NPMC directed PBS to hold a meeting with Provincial
governments to remove price disparity in essential items
and urged the Provinces to draw maximum benefit from
the newly developed system. |
|
January 06,
2021 (PR No. 433) |
Minister for Finance & Revenue chaired
the meeting of ECC |
Federal Minister for Finance and Revenue, Dr. Abdul
Hafeez Shaikh, chaired the meeting of the Economic Coordination
Committee (ECC) of the Cabinet today.
Federal Minister for Interior Sheikh Rasheed Ahmed,
Minister for Privatization Mohammad Mian Soomro, Minister
for Planning, Development and Special Initiatives Asad
Umar, Minister for Industries and Production Hammad
Azhar, Adviser to the PM on Commerce Abdul Razak Dawood,
SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum
Nadeem Babar and Minister for National Food Security
and Research Syed Fakhar Imam participated in the meeting.
Governor State Bank of Pakistan Reza Baqir also participated
through video link.
Ministry of Commerce presented a summary regarding
removal of additional 2% customs duties on 152 tariff
lines, mostly raw material, on horizontal basis under
National Tariff Policy 2019-24. The ECC approved the
summary with a direction that budget cycle must be observed
while planning important incentives for businesses &
industries for smooth planning and subsequent implementation
during the financial year.
Ministry of Maritime Affairs tabled a summary for awarding
contract regarding infrastructure facilities, sewerage
system and water supply system in Gulshan-e-Benazir
Township Scheme (GBTS) at Port Qasim Authority, Karachi.
The ECC approved the projects in conformity with the
PQA Act-1973, in principle, and directed Ministry of
Maritime Affairs to settle the modalities for the award
of contracts as per rules.
Ministry of National Food Security and Research presented
a detailed summary regarding provision of additional
quantities of wheat to KPK, AJ&K and Utility Stores
Corporations (USC). The Additional Secretary, M/o NFS&R
gave a detailed presentation regarding availability
of wheat stocks across the country. The ECC approved
additional wheat allocation of 200,000 MT for KPK 80,000
MT to AJ&K and 220,000 MT to USC from PASSCO as
requested. ECC also approved the import of additional
wheat to buffer up stocks till the arrival of fresh
crop after seeking detailed input from all concerned.
The summaries related to the Textile and Apparel Policy
(2020-25) and National Freight and Logistics Policy
(NFLP) were deferred to next ECC for comprehensive consultation
process with key stakeholders.
ECC approved the following Technical Supplementary
Grants during the meeting:
a) Rs. 30 million for the Ministry of Defence for the
purchase of spare parts for Helicopters for the government
of Khyber Pakhtunkhwa (KPK).
b) Rs. 400.020 million for the Ministry of Law and
Justice to establish additional courts in compliance
with the orders of the Supreme Court.
c) Rs. 2.268 billion for the Higher Education Commission
for completion of various Disbursement linked Indicators
(DLIs) under the IDA credit facility. |
|
January 04,
2021 (PR No. 432) |
Minister for Finance & Revenue chaired
the meeting of Cabinet Committee on Privatization (CCoP) |
Federal Minister for
Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired
the meeting of the Cabinet Committee on Privatization
(CCoP) today.
Minister for Energy Omar Ayub, Advisor to Prime Minister
on Institutional Reforms Dr. Ishrat Hussain, Advisor
to Prime Minister on Commerce Abdul Razzaq Dawood, SAPM
on Revenue Dr. Waqar Masood, Chairman Board of Investment
Atif Bokhari, Governor State Bank of Pakistan Reza Baqir
and other senior officials participated in the meeting.
Privatization Division presented a summary regarding
privatization status of National Power Parks Management
Company Limited (NPPMCL) before CCoP. Different scenarios
were presented before the CCoP for changing the capital
structure i.e debt-equity ratio of NPPMCL.
After detailed discussion, the Chair directed the Privatization
Commission to accelerate the privatization/ management
contracts of all entities and implementation plan may
be presented before the CCoP within a week to proceed
further. The Chair also directed the sub-committee constituted
for the NPPMCL to finalize its recommendations and place
before the CCoP accordingly.
The Finance Division tabled a summary regarding shareholding
structure of Pakistan Credit Guarantee Company (PCGC).
The ECC had already endorsed the proposal dated 24th
December 2020 regarding change in the shareholding structure
of the PCGC. The subject matter was placed before CCoP
for further deliberation prior to ratification by the
Cabinet.
After due deliberation, the Chair directed the Law Division
to provide its input in consultation with Finance, Economic
Affairs Division (EAD) and State Bank of Pakistan for
consideration in the next meeting. |
|
January 04,
2021 (PR No. 431) |
Minister for Finance & Revenue chaired
the meeting of the NPMC |
Federal Minister for
Finance & Revenue, Dr. Abdul Hafeez Sheikh, chaired
the meeting of the National Price Monitoring Committee
(NPMC) today. Minister for Industries & Production,
Adviser to the Prime Minister on Commerce, Textiles
& Investment, Special Assistant to the Prime Minister
on Revenue, Provincial Chief Secretaries, Secretary
M/o NFS&R, Special Secretary Commerce, Chairman
FBR, Additional Secretary Planning Development &
Special Initiatives, Member CCP, Chairman TCP, MD PASSCO,
MD Utility Store Corporation, Member National Accounts
and senior officers of the Finance Division participated
in the meeting.
The National Price Monitoring Committee (NPMC) reviewed
the price trend of essential commodities especially
wheat, sugar and edible oil. Finance Secretary briefed
about the decline in Consumer Price Index recorded at
8% in December 2020 as compared to 12.6% in December
2019 as a positive outcome of vigilant monitoring under
NPMC on regular basis. The NPMC noted significant decline
in food inflation as urban food inflation declined by
2.1% and rural declined by 3.4% on Month-on-Month basis.
NPMC was also informed that there is a decline in weekly
Sensitive Price Index by 0.7%. Prices of 10 essential
food commodities were reduced notably tomatoes, onions,
potatoes and chicken.
The Chair noted that the prices of essential items
have started showing declining trend which is a positive
outcome of vigilant monitoring under NPMC on weekly
basis. He emphasized an increased coordination among
Federal and Provincial authorities to identify demand
supply gaps and take immediate remedial measures to
ensure uninterrupted supply of items of daily use at
affordable prices.
The NPMC observed price variation in wheat flour in
Sindh and Balochistan Provinces which was reflected
in PBS data. The Finance Minister directed the Chief
Secretaries to regulate smooth supply of wheat throughout
the province by increasing daily release, if needed,
and submit a comprehensive report in the next NPMC accordingly.
The Chair urged the Provincial Secretaries to check
the possibilities of hoarding and black marketing especially
wheat and sugar to ensure uninterrupted provision at
fair prices.
Federal Minister for Industries and Production, Hammad
Azhar, updated the NPMC about measures being taken to
further reduce the prices of sugar and edible oil in
consultation with stakeholders. The Chair directed to
constitute a Committee, headed by the Minister for Industries
and Production, with Secretary MNFS&R and stakeholders
concerned as its members to come up with a concerted
course of action in this regard. The Adviser to the
Prime Minister on Commerce, Textiles & Investment
Abdul Razak Dawood also appreciated the measures being
taken to further reduce the prices of sugar and edible
oil.
The Chair stressed the need for effective functioning
of all federal and provincial authorities to monitor
the demand supply position across the country for provision
of daily use items to general public at affordable rates. |
|
January 01,
2021 (PR No. 430) |
Chairperson Pay and Pension Commission
called on the Minister for Finance and Revenue |
Chairperson Pay and Pension Commission Ms. Nargis Sethi
called on the Federal Minister for Finance and Revenue,
Dr. Abdul Hafeez Sheikh, today. Ms. Sethi briefed the
Finance Minister about the working of Pay and Pension
Commission to resolve the issue of burgeoning expenditure
as pensions on the government exchequer as well as anomalies
in pay and pension structure.
The Finance Minister emphasized the importance of reviewing
the existing pay and pension mechanism, allowances,
perks and possibilities of monetization in order to
have a financially viable solution for Government employees.
During the meeting, the Chairperson apprised the Finance
Minister about the working of the sub-committees and
reiterated her commitment for streamlining the prevailing
system of pay and pension based on principles of fairness
and transparency. |
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