Ambassador Extraordinary and Plenipotentiary of the Republic of Kyrgyz to Pakistan H. E. Mr. Totuiaev Ulanbek Asankulovich called on Federal Minister for Finance and Revenue Mr. Miftah Ismail at Finance Division today.

The Finance Minister and the Ambassador of Republic of Kyrgyz discussed about the mutual relationship between both the countries. The Ambassador of Republic of Kyrgyz shared that their government has keen interest in enhancing the relations with Pakistan on multiple fronts through enhancement of trade, investment and business.

The Finance Minister shared that the government of Pakistan attaches great importance to development of bilateral relations with friendly countries. He also apprised the Kyrgyz Ambassador about the potential investment avenues present in Pakistan.

In conclusion, the Finance Minister thanked the Ambassador and assured him of full support to enhance bilateral relations between both countries in various sectors.

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with delegation of Pakistan Gems Jewellery Traders and Exporters Association headed by Mr. Fayyaz Qureshi, senior Vice Chairman (PGTEA) at Finance Division today. The Chairman PGTEA Mr. Akhtar Khan Tessori also virtually joined the meeting.

The delegation thanked the chair for addressing their concerns related to taxation and appreciated the role of present government in facilitating the gems and jewellery sector. The meeting also discussed some policy measures for enhancing the exports of gems and jewellery.

The Finance Minister assured the delegation that government is taking all required measures for enhancing the ease of doing business and providing export friendly environment to the business community in Pakistan.

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with delegation of All Pakistan CNG Association headed by APCNGA Group Leader Ghiyas Abdullah Paracha at Finance Division today. Chairman OGRA, Chairman FBR and senior officers from Finance Division attended the meeting.

The delegation apprised the Finance Minister about issues being faced by CNG sector in Pakistan especially related to taxes. The meeting also discussed on the proposal for use of CNG as fuel for motor vehicles to reduce import bill and minimize Carbon Emission.

Finance Minister Mr. Miftah Ismail assured the delegation to resolve their issues and provide maximum support to them.

Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with delegation of Pakistan Pharmaceutical Manufacturers Association headed by its chairman Mr. Qazi Mansoor Dilawar at Finance Division. Federal Minister for National Health Services Regulation and Coordination Mr. Abdul Qadir Patel, Chairman FBR and senior officers from FBR and Finance Division attended the meeting.

 The Meeting discussed issues related to Pharma industry in Pakistan especially Sates Tax on imports of raw materials and refund of Sales tax.

 Finance Minister Mr. Miftah Ismail assured the delegation to resolve their issues and provide maximum support to them.

Federal Minister for Finance and Revenue Mr. Miftah Ismail chaired the inaugural meeting of Cabinet Committee on Privatisation (CCoP) today. The meeting was attended by Federal Minister for Privatization Mr. Abid Hussain Bhayo, Minister for Defence Khawaja Muhammad Asif, Minister of Interior Rana Sanaullah Khan, Mr. Shahid Khaqan Abbasi, Minister for Industries and Production Syed Murtaza Mahmud, Advisor to the PM on Establishment Mr. Ahad Cheema, Chairman Privatisation Commission Saleem Ahmad, Federal Secretaries, and senior officials of relevant ministries. 

Chairman Privatisation Commission (PC) presented the roadmap for current privatisation programme for reaffirmation by newly constituted CCoP. He presented government’s plans for revival of Pakistan Steel Mills (PSMC).  The plan focuses on revival through significant foreign direct investment and technology transfer generating significant employment opportunities for qualified workers.  The committee was apprised of a recent successful due diligence visit by a team of BaoSteel, world’s largest steel producer.  BaoSteel manufacturers 180 million tons of steel per annum and is one of four interested parties and plans to increase capacity of PSMC to 3 mtpa.  CCoP unanimously welcomed the prospect of PSMC revival, entailing commercial leasing of 1229 acres of land and jetty, and directed ministries of Industries & Production, Energy and Maritime to work with PC to remove all bottlenecks expeditiously. 

CCoP was apprised of the ongoing effort to recapitalize NPPMCL, the owner of two RLNG power plants in Balloki and Haveli Bahadur Shah.  Earlier, PC arranged bids of Rs. 102 billion from a local syndicate of banks for NPPMCL which will release GOP funding and is currently working actively with relevant ministries to fulfil conditions precedent necessary for financial close.  CCoP decided to form a sub-committee comprising of Minister of Power, Chairman PC, Secretaries of Power, Petroleum and Privatisation, Additional Secretary Finance Division and CEO NPPMCL for immediate resolution of bottlenecks.

Furthermore, Chairman PC tabled a summary on private sector participation in management of DISCOs.  CCoP agreed that this is a critical area of focus and directed PC to take one DISCO at a time to pursue a concessional arrangement focused on enhancing their financial viability and service quality.  Additionally, transfer of DISCOs to provinces was also deliberated. 

Minister of Finance apprised the Cabinet Committee on Privatisation (CCoP) of foreign government interest in investing in Pakistan.  CCoP deliberated the modalities for negotiated Government to Government (G2G) commercial transactions and decided that it is not the domain of Privatisation Commission.  CCoP directed Ministry of Finance to formulate the proposal for structured transactions in coordination with relevant ministries for consideration of the Cabinet.

CCoP decided to reconvene and conduct further review of the privatisation programme which is a high priority under current economic situation.

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting with APTMA delegation headed by Dr. Gohar Ejaz today.
Federal Minister for Commerce Syed Naveed Qamar and senior officers from Finance and Commerce ministries attended the meeting.

The delegation briefed the Finance Minister about the working of APTMA and its contribution in the revenues, employment generation and exports of Pakistan. The delegation further apprised the Finance Minister about the issues being faced by their industry specifically related to gas and electricity pricing and supply.

The Finance Minister acknowledged the contribution of APTMA in economic growth of the country and assured the delegate of full support of the present government. Moreover, the Finance Minister directed the relevant authorities to resolve their issues on priority basis.

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

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting on PM Relief Package through USC, at Finance Division, today.

Federal Minister for Poverty Alleviation & Social Safety Ms. Shazia Marri, Federal Minister for Industries and Production Syed Murtaza Mahmud, Secretary Finance, Secretary Industries and Production, Secretary Poverty Alleviation and Social Safety, Secretary BISP, Chairman NADRA and other senior officers attended the meeting.

The Finance Minister shared the commitment of the present government to provide maximum relief to the people from continuously rising prices especially to the poor. On the directions of the Prime Minister to provide immediate and substantial relief package to lower segments of the society through targeted subsidy, the Finance Minister invited the participants to present the pragmatic, highly effective and targeted subsidy proposals, in line with the vision of the Prime Minister.

The Federal Minister for Poverty Alleviation & Social Safety Ms. Shazia Marri and Federal Minister for Industries and Production Syed Murtaza Mahmud shared various proposals for harmonization/consolidation of multiple subsidies under one umbrella for better allocation of resources on household basis rather than individual basis.

The Finance Minister stressed that present government aims to minimize the burden of rising prices on the lower segment of the society and directed the concerned ministries to work out on the proposals for targeted subsidy, in context of financial and subsidy impact, as per vision of the Prime Minister to support the lower strata of the society.

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting on the tax related issues of IT and Telecom sector at Finance Division today.

Federal Minister for IT and Telecommunication Syed Amin-ul-Haq, Secretary IT & Telecom, Chairman PTA, Chairman FBR and other senior officers attended the meeting.

Federal Minister for IT and Telecommunication Syed Amin-ul-Haq apprised the Finance Minister on the contribution of IT and Telecom sectors in the economic progress of the country and informed that currently IT and Telecommunication sector is facing various issues related to taxation and requested for exemption/ reduction in various taxes for ease of doing business for IT sector and survival of telecom sector in Pakistan. It was also shared that growth of IT and Telecommunication not only contributes in increasing the exports but also in overall growth of GDP.

The Finance Minister acknowledged the role of IT and Telecommunication in overall economic development of the country and stressed that the present government is providing maximum incentives for expansion of IT and Telecom sector and enhancement of IT and Telecom related exports. Moreover, the Finance Minister extended all possible support to resolve issues related to various taxes on IT and Telecom sectors for ease of doing business and facilitation of both the sectors in exports.

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

Finance Minister Mr. Miftah Ismail extended warm welcome to the guest and highlighted deep-rooted friendship and brotherly relations between Pakistan and China.

Referring to CPEC, the Federal Minister said that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing the bilateral relationship between both the countries. He further assured his full support for the assistance in that regard.

The Chinese Charge de Affaires assured full support and cooperation of Chinese Government and said that China is committed to develop the CPEC projects under the vision of shared prosperity and it will further strengthen and expand economic cooperation between both the countries.

The Finance Minister Mr. Miftah Ismail and Ms. Pangchunxue expressed their plan for further enhancing the bilateral cooperation in various fields.

In his concluding remarks, the Finance Minister affirmed full support and cooperation to Chinese investors and businessmen.

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

Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Federal Secretaries, Chairman FBR and senior officers attended the meeting.

Ministry of Energy, Power Division submitted a summary on tariff rationalization for power sector. As per National Electricity Policy 2021, the Government may maintain a uniform consumer-end tariff for K-Electric and state owned distribution companies. Accordingly, KE applicable uniform variable charge is required to be modified to maintain the uniform tariff across the country. The ECC approved tariff rationalization for K-Electric by way of adjustments of increase Rs. 0.571/unit with recovery period of three months. Further, NEPRA to issue revised schedule of tariff determined for the Quarter October to December, 2021, or incorporate in the latest schedule of tariff for the quarter Jan- March 2022 after incorporating tariff rationalization.

On another summary of Power Division on settlement of payables to Government owned Power Plants at par with IPPS, the ECC allowed release of Rs. 17 billion during current financial year i-e FY 22 as investment in DISCOs for payment to RLNG based public power plants ( Haveli Bahadur Shah, Bhikki and Balloki Power Plants) to meet the cash requirement.

Ministry of Energy, Power Division submitted another summary on notification of quarterly tariff adjustments (QTAs) of K-Electric Limited and associated financial impact. The ECC after detailed discussion allowed utilizing available budget of Rs. 36.948 billion as advance subsidy in FY-22 for onward release to CPPA-G due to paucity of time.

The ECC considered and approved a supplementary grant of Rs. 1224.41 Million in favour of Ministry of Interior for payment to the families of deceased/ Shaheed employees under Prime Minister’s Assistance package in order to support the families of Shuhda/deceased of ICT Police who have sacrificed their lives in the line of duty.

The ECC approved Rs. 6,133.314 Million in favour of Federal Directorate of Immunization (FDI) to procure vaccines for uninterrupted supply to the provinces and to enhance the immunization programme for children under 1 year age against ten vaccine preventable diseases (VPDs).

The ECC also approved Rs. 3,096.05 Million for Ministry of Kashmir Affairs & Gilgit-Baltistan for further release to AJ & K Government for permanent settlement of Illegally Indian Occupied J& K refugees stranded in AJ&K.

On a summary submitted by Ministry of Housing and Works for allocation of additional funds for repair and maintenance of Ministers’ Enclave, Islamabad, the ECC rejected the proposal due to austerity measures taken by the present government. Further millions of funds ( Rs. 87.5 Million in 2018-19, Rs. 4.8 Million in 2019-20 and Rs. 50 Million in 2020-21) have already been utilized on repair and maintenance of Ministers’ Enclave by the previous government from 2018 to 2021.

The ECC also approved following Supplementary/Technical Supplementary Grants.

i. Rs. 5,891.9 Million in favour of Ministry of Interior.
ii. Rs. 96.133 billion to Power Division for payment to the IPPs as second installment (60% payment).
iii. Rs. 40 Million for the media publicity campaign by NCOC.
iv. Rs. 125.8 Million in favour of Cabinet Division
v. Rs. 3,750 Million for Ministry of Foreign affairs to meet its budgetary shortfall.
vi. Rs. 379 Million in favour of MoIT&T for Special Communication Organization (SCO).
vii. Rs. 5 billion to Pakistan Railway to settle a major portion of its pending liabilities with directions to make Pakistan Railways a profitable business entity.

A delegation of DHA Estate Agents Association headed by Chief Patron Mian Irfan Asad held a meeting with Federal Minister for Finance and Revenue Mr. Miftah Ismail at Finance Division, today.

The delegation discussed about the proposed taxes on real estate and presented suggestions for the promotion of economic activities in Pakistan.

The Finance Minister highlighted about the proposed taxes on the real estate and emphasized the real estate sector to contribute in the economic development of Pakistan. He further assured the delegation to consider the relief in term of capital gains tax. The Finance Minister directed the FBR to formulate a separate mechanism for facilitating the non-filers oversees Pakistanis to revive business activities in the economy.

The Finance Minister assured the delegation that government will consider their proposals for the economic betterment of the country. The delegation thanked the Finance Minister for cooperation and support.

The delegation also included Senior Vice Chairman Mr. Umar Afzal, President DHA EAA Mian Talat, General Secretary DHA EAA Mr. Sarfraz Hussain, and others.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ambassador Masood Khan welcomed the participants at the Embassy. 

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

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

Embassy of Pakistan 
Washington DC 
22 April 2022 

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

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

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

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

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

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

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

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

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