Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on matters related to Civil Aviation Division and Airport Security Force, at Finance Division, today.

Federal Minister for Aviation and Railways Khawaja Saad Rafique, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, DG ASF, DG CAA and senior officers from Finance and Aviation attended the meeting.

The Chair was briefed on the issues being faced by the Aviation sector pertaining to regulation, service provision, security, safety and enhancement of state capacity in Aviation sector.

The meeting discussed the necessary amendments required in the aviation laws/ordinances in order to ensure effective service provision to improve the standards of aviation sector in Pakistan to meet the international standards for resumption of PIA flights to the USA, UK and the Europe.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved technical supplementary grant of Rs. 200 million in favour of Department of the Auditor General of Pakistan (DAGP) to meet employee related expenses.

The ECC reconsidered a summary of Ministry of Interior and approved a technical supplementary grant of Rs. 3813.95 million i-e Rs. 2989.37 million for FC KP(North) and Rs. 824.58 million for FC KP(South) for ration bills.

The ECC also considered, discussed and approved a summary of Petroleum Division regarding policy guidelines for import on foreign supplier’s account through customs bonded Storage facilities.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC), today.

Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Senator Nisar Khuhro, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved a Project of Ministry of Water Resources titled “Umbrella PC-I of the Flood Protection Sector Project-III (FPSP-II)” at the updated cost of Rs. 194,625.00 million including FEC of Rs. 10,862.94 million. The project is to be executed in all four provinces and GB and AJK as well. The project is to be financed through Federal components, Provincial components, and donor financing. The main object of the project is the improvement of country-wide comprehensive flood management approaches on integrated and innovative basis by implementation of structural as well as non- structural interventions.

The ECNEC also considered and approved another project of Ministry of Water Resources to be executed by Irrigation Department Govt. of Sindh titled “Makhi Farash Link Canal Project (Chotiari Phase-II)” for Water Supply to Thar Coal in districts Sanghar and Umerkot at the raised cost of Rs. 12,087.489 million. The project has been prepared to carry 200 cusecs canal water for electricity generation and agro-industrial growth.

Another Project of Ministry of Water Resources titled “Kachhi Canal Project Restoration of Flood Damages 2022” was also considered and approved by the ECNEC at a cost of Rs. 8280.647 million to be executed in Punjab Districts of Dera Ghazi Khan, Muzaffargarh, and Rajanpur by Water and Power Development Authority (WAPDA). The project is related to the issue of water scarcity & protection of infrastructure from onslaught of floods.

The ECNEC also considered and discussed a project of Government of Khyber Pakhtunkhwa titled as “New Balakot City Development Project” and directed the concerned stakeholders i-e KP Govt, Ministry of Planning and Development and ERRA to re-examine and remove technical and financial discrepancies in the project.

The ECNEC further considered and approved a project titled “National Multi-sectoral Nutrition Program to Reduce Stunting and other forms of Malnutrition” to be executed in 36 high burden districts of the country. The project is to be financed by Federal Government and through Foreign Aid under IsDB Country Engagement Framework for Pakistan 2023-25. The overall goal of the project is to significantly reduce malnutrition induced stunting in Pakistani children in the next three years.

The ECNEC considered and approved the project titled “Extension/ Construction of 36km Sindh Coastal Highway” at a cost of Rs. 16,204.303 million. The project is to be executed by Government of Sindh. The project is to be funded through Federal PSDP.

The ECNEC also considered and approved a project of Ministry of Communications titled “Construction f Lahore Sialkot Motorway (LSM) link Highway (04-Lane) Connecting LSM to Narang Mandi and Narowal (73-Kilometer Approximately)” at the revised rationalized cost of Rs. 36,814.347 million without FEC on 50:50 cost sharing basis by the Federal and Provincial Governments. The project is to be executed in Districts Narowal and Sheikhupura, Punjab Province by National Highway Authority (NHA).

A project of Government of Sindh titled Improvement of Road from Sanghar to National Highway (N-5), at Point Rohri via Mundh Jamrao and Salehput (221-kilometer)” was considered and approved at the updated rationalized cost of Rs. 12,521.799 million without FEC on 50:50 cost sharing basis between Federal Government and Government of Sindh. The project is to be executed in District Sanghar.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved the following Technical Supplementary grants:

i. Rs. 6.00 billion as TSG in favour of Ministry of Planning, Development & Special Initiatives for conduct of 7th Population & Housing Census.

ii. Rs. 63.60 million as TSG in favour of Ministry of Parliamentary Affairs to meet its liabilities.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of the Steering Committee to oversee the outsourcing of airports’ operations, at Finance Division, today.

Federal Minister for Aviation and Railways Khawaja Saad Rafique, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Secretary Aviation, DG CAA, IFC representatives and senior officers from Finance and Aviation attended the meeting.

During the meeting, IFC, transaction advisor, gave a presentation to the committee which took decisions as to the future roadmap for moving forward for outsourcing of the first airport in order to improve service delivery and match best international practices.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar addressed the launching ceremony of Sarwa Islamic Savings Products by National Savings at Finance Division today.

The honorable Finance Minister warmly welcomed the guests and stated that it is an honor for him to inaugurate the Shariah compliant products by National Savings. He said that this initiative is in line with the Government’s decision to promote Islamic Financing and these products shall cater to persistent public demand for safe investment avenues in line with the principles of Shariah.

The Finance Minister further expressed the resolve and commitment of the government to promote Islamic finance and establish an interest-free system in Pakistan within a timeframe of 5 years. He also informed the participants that the Government has also constituted a high-level Steering Committee for this purpose, headed by Governor State Bank and being personally supervised by the Finance Minister himself. The committee is mandated to ensure smooth transition to Shariah Compliant economy.

At the end, the Finance Minister commended the Finance Division and National Savings’ teams for this achievement, as this launch would mark the Shariah Compliant Retail Products at Government level for the first time in Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved a Summary of Ministry of Commerce regarding the extension of period for export of Sugar quota by sugar mills in Sindh and allowed them to export the remaining sugar quota of 32,000 MT within 60 days with effect from 12th June onwards in accordance with the Sindh High Court decision.

The ECC also considered a Summary of Ministry of Railways for Provision of additional funds in Grant in Aid to Pakistan Railways for discharge of pending liabilities including salaries and pensions of the staff. It was decided that an additional grant-in-aid of Rs. 2.5 billion may be released to address the shortfall in order to ensure the continuation of operations without interruption.

The ECC considered and approved following Technical Supplementary Grants:

i. Rs. 250 billion as TSG in favor of Finance Division for Ways & Means Advances Availed by Provinces for expenditures incurred in excess of the allocated budget and the likely future requirements of the provinces during CFY.

ii. Rs. 3.628 billion as TSG in favor of Ministry of Housing and Works for execution of development schemes in all provinces.

iii. Rs. 172.001 million as TSG in favor of Ministry of Housing and Works for ERE liabilities.

iv. Rs. 1200 million as TSG in favor of Ministry of Housing and Works for execution of 16 development schemes.

v. Rs. 1238 million as TSG in favor of Ministry of Energy (Petroleum Division) for fulfillment of GoP’s commitment to fund Balochistan Mineral Resources Limited’s obligatory contribution in the Reko-Diq Project for FY 2022-23.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), today.

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Attorney General of Pakistan, Secretary Finance, Secretary Maritime Affairs, Secretary Law & Justice, and other senior officers attended the meeting.

The CCoIGCT considered summary of Ministry of Maritime Affairs regarding recommendations of the negotiation committee on the commercial agreement to be signed between KPT and AD Ports UAE. It was informed that negotiation committee constituted by CCoIGCT, held its meetings on 19th ,20th and 21st June, 2023 under the chairmanship of the Minister for Maritime Affairs and negotiated the commercial agreement for acquiring operation, maintenance and development rights of the Container Terminal by the AD Ports UAE. The CCoIGCT after detailed discussion and comparative evaluating the ToRs, recommended the commercial agreement for approval of the Federal Cabinet.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khuram Dastgir Khan, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa,SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal , Federal Secretaries and other senior officers attended the meeting.

Ministry of Commerce submitted a summary regarding suspension of Import conditions contained in Import Policy Order 2022 related to import of Timber/Wood and briefed the meeting on the concerns of the wood/timber industry. The ECC after detailed discussion, suspended the relevant import conditions from the date of issuance of IPO 2022 to 31st October, 2023 with direction to the MoNFS&R to review the import policy and come up with suggestions to settle this issue.
The ECC also considered and approved another summary of Ministry of Commerce regarding amendment in relevant clause in the Import Policy Order 2022 to allow Government agencies to import Pharmaceutical raw material.

Ministry of Energy( Power Division) submitted a summary regarding Quarterly Tariff Adjustments of K-Electric and informed that 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 after discussion approved a surcharge of Rs.1.52/unit to be recovered from K-Electric Consumers in 12 months. The ECC further allowed release and utilization of available budget of Rs. 76 billion as payment of arrears under different heads.

The ECC considered another summary of Ministry of Energy( Power Division) regarding implementation of revised circular debt management plan and utilization of Rs. 20.726 billion to Government owned power plants. The ECC after discussion authorized Power Division to utilize one-time full amount out of assignment account in relaxation of limit of using Rs. 4 billion per month during June 2023 for the next five months and to ensure that there will be no more payment liability to IPPs for the period July 2023 to Nov, 2023.

The ECC also considered and approved another summary of Power Division regarding release of Rs. 56 billion as approved under revised CDMP against the AJ&K receivables.

The ECC approved following Technical Supplementary Grants:

i. Rs. 567.120 million as TSG in favour of Ministry of Federal Education and Professional Training for its development expenditure.

ii. Rs. 40 Million as TSG in favour of Ministry of Federal Education and Professional Training for Cadet College Hassanabdal for need based scholarships to financially challenged students.

iii. Rs. 14.022 million as TSG in favour of Federal Tax Ombudsman for ERE expenditure.

iv. Rs. 19.236 million as TSG in favour of Ministry of Interior for Repair & Maintenance of Helicopter by Pakistan Rangers.

v. Rs. 6.279 million as TSG in favour of the Directorate General of Immigration and Passports.

vi. Rs. 150 million as TSG in favour of Intelligence Bureau to meet its ERE expenditure.

vii. Rs. 147.913 million as TSG in favour of Gilgit-Baltistan Council and its departments.

viii. Rs. 500 Million as TSG in favour of Ministry of Housing and Works for the execution of development projects.

ix. Rs. 470.26 million in favour of Ministry of Housing and Works for Repair & Maintenance of Supreme Court of Pakistan building , Islamabad and Judges residences, Rest houses & sub-offices in various cities.

H.E. Mr. Donald Blome, Ambassador of the United States of America to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar today.

Finance Minister Senator welcomed H.E. Mr. Donald Blome and valued the deep rooted historic and durable bilateral relations with the United States on economic and trade fronts. The Finance Minister also shared the economic policies and priorities of the government to address the challenging economic environment and set the economy on the path to stability and growth.

The two sides also exchanged views about areas of common interest and how the existing bilateral relations between the two countries can be enhanced further. The Finance Minister further informed the US Ambassador about the government’s budgetary measures to reduce the fiscal gap in order to meet its national as well as international financial obligations. The Finance Minister also informed the envoy about the progress on the on-going talks with IMF and stated that the government is committed to complete the program.

H.E. Mr. Donald Blome, the US Ambassador expressed confidence in the policies and programmes of the government for economic sustainability and socio-economic uplift of the masses. He extended his support to further promote bilateral economic, investment and trade relations between both the countries.

Finance Minister Senator Ishaq Dar thanked the US Ambassador and reiterated the desire of the government to further deepen bilateral trade and investment ties with the USA.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the concluding session of the Business & Technical Anamoly Committees' meeting at FBR,today.

The meeting was attended by SAPM on Finance Mr. Tariq Bajwa, Chairman RRMC Mr. Ashfaq Tola, Chairman FBR, business leadership and senior officers from FBR.

The members of the Business and Technical Anomaly Committees extended felicitations to the Finance Minister on presenting a people & Business friendly budget 2023-24. They also presented certain suggestions regarding taxation for amendment in the Finance Bill.

Finance Minister Senator Mohammad Ishaq Dar appreciated their suggestions regarding certain amendments in the Finance Bill 2023-24 and assured maximum facilitation of the business community in the Federal Budget for ease of doing business and prosperity of Pakistan.

Mr. Irfan Iqbal Shaikh, President FPCCI, Mr. Khurram Tariq, President FCCI, Mr. M.A.Jabbar, Vice President FPCCI, Mr. Kashif Anwar, President LCCI, Mr. Mohammad Ishaq, President Sarhad Chamber, Haji Abdullah Chakzai, President Quetta Chamber, Mr. Ahsan Zafar Bakhtwari, President ICCI, Mr. Mohammad Aurangzeb, Chairman Pakistan Business Council, Mr. Zubari Tufail, former President FPCCI, and others attended the meeting.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), today.

Federal Minister for Power Mr. Khuram Dastagir Khan, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Attorney General of Pakistan, Secretary Finance, Secretary Maritime Affairs, Secretary Law & Justice, and other senior officers attended the meeting.

The CCoIGCT considered summary of Ministry of Maritime Affairs about the Framework Agreement between the Govt of UAE and the Govt of Pakistan with aim to further strengthen the relations between the two countries in the Maritime Sector. The CCoIGCT discussed the recommendations of the Framework Agreement Committee for a G2G agreement under Inter Governmental Commercial Transaction Act 2022 between the Governments of UAE and Pakistan on Ports and Shipping. The CCoGICT after detailed discussion recommended the draft Framework Agreement to the Federal Cabinet for approval.

Finance Minister Senator Mohammad Ishaq Dar held a virtual meeting with H.E Mr. Andrew Mitchell, Britain’s Minister of State in the Foreign, Commonwealth & Development Office (FCDO) today.

Mr. Andrew Mitchell, Minister of State in the Foreign Commonwealth & Development Office (FCDO), expressed deep sorrow and grief on the loss of lives of a huge number of Pakistani citizens in the recent boat capsizing incident in Greece. Finance Minister Senator Mohammad Ishaq Dar expressed gratitude for receiving the condolences and voiced that illegal human trafficking has become a huge issue worldwide and needs to be curtailed at the earliest.

Finance Minister Senator Mohammad Ishaq Dar also apprised H.E. Andrew Mitchell about the progress on IMF talks with Pakistan on the 9th review. He informed that Pakistan has completed all prior actions in time and is making continuous progress in terms of major economic indicators. He also informed H.E Andrew Mitchell about the pragmatic economic decisions being taken by the incumbent government under difficult economic circumstances and measures the government has proposed to uplift the social and economic well being of the masses through the recent budget.

H.E. Andrew Mitchell acknowledged that the government of Pakistan has been vigilant in bringing economic stability through various policy reforms. He also assured of continuous support and assistance of the British Government to Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), today.

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Power Mr. Khuram Dastagir Khan, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Revenue Mr. Tariq Pasha, Attorney General of Pakistan, Secretary Finance, Secretary Maritime Affairs, Secretary Law & Justice, and other senior officers attended the meeting.

The CCoIGCT considered summary of Ministry of Maritime Affairs about the management of operations of Pakistan International Container Terminal (PICT) and was informed that Abu Dhabi Ports (ADP) owned by the Government of the United Arab Emirates (UAE) has shown interest in operating the Container Terminal. The CCoIGT after deliberation decided to constitute a committee to negotiate the draft Framework Agreement between Govt. of the UAE and Govt. of Pakistan, under Inter Governmental Commercial Transaction Act 2022, to further strengthen the relations between the two countries in Maritime sector.

The Ministry of Finance has reviewed the press statement of the Resident Representative of IMF. While we are firmly committed to the IMF Program, and our negotiations are on-going; however, since some specific issues have been raised in the press, we think that it would be appropriate to clarify our position on these issues.

Before we go into the specific issues raised in the Press statement it is important to give the context of these talks. The 9th IMF Review was conducted in early February 2023 and GoP completed all technical issues at a fast pace. The only outstanding issue was of external financing which we understand was also amicably resolved in the Prime Minister’s telephonic call of 27th May 2023, with the M.D. of IMF.
Though the Budget FY 24 was never a part of the 9th Review, however in line with PM’s commitment to the MD IMF, we shared the Budget numbers with the IMF Mission. And we are continuously engaged with them even on the Budget.

On the specific issues raised by Ms. Esther Perez our position is as under:-
 As far as the broadening of the tax base is concerned, the FBR has added 1,161,000 new tax payers i.e. 26.38% to its tax base in the last 11 months. This is an on-going exercise and will continue. The 0.6% advance adjustable withholding tax on cash withdrawals over Rs. 50,000 is another big step in this direction.

 The tax-exemptions that have been announced in the Budget are “triggers” of growth in the real sectors of economy. This is the sustainable path to provide employment and livelihood to the common citizen. In any case, the amount is fairly small.

 On BISP allocation, the pro-poor initiatives in the Budget are not limited to BISP beneficiaries whose budget in any case has been increased from 400 to 450 Billion. (This was last raised by GoP in Feb 2023 from Rs. 350 to Rs. 400 Billion). There are millions of vulnerable people above the poverty line and the Budget provides Rs. 35 Billion for targeted subsidies on five main items of food consumption through the Utility Stores Corporation for families upto a PMT scorecard 40. This facility is also available for BISP beneficiaries.

 As far as the “amnesty” is concerned the only change is to “dollarize” the value of an existing provision of I.T. Ordinance. This facility, which has always been there, is available under section 111(4) of the I.T Ordinance. The cap of Rs. 10 Million (approx. $ 100,000 equivalent) was introduced in FY 2016. The cap set in FY 2016 is being resolved in terms of Rupee equivalence of $ 100,000.

GoP is fully committed to the IMF program and is keen to at least complete the 9th Review. The Coalition Govt has already taken many difficult and politically costly decisions in this context. We are not “doctrinaire” about any element of the Budget FY 24 and are keenly engaged with the IMF to reach an amicable solution.

Mr.Jason Avancena, CEO Nestle Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha and senior officers from Finance Division and Nestle team participated in the meeting.

Mr.Jason Avancena expressed gratitude to the Finance Minister on supporting the Dairy & Milk industry and shared their business profile and contribution to the economic development of Pakistan. He also briefed the Finance Minister about company’s footprints in providing quality food items especially for children. He also apprised the chair of some issues the company is facing and sought support of the government.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation of Nestle Pakistan and highlighted the economic situation. He stressed that despite challenging economic conditions, the government is committed to provide conducive environment to the business community for ease of doing business and facilitation to the foreign investors. The Finance Minister appreciated Nestle Pakistan for providing essential quality food to the population and stressed for increasing exports of its products. He further extended support and facilitation to resolve their issues.

Mr.Jason Avancena, CEO Nestle Pakistan thanked the Finance Minister for extending cooperation and support.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khuram Dastagir Khan, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

The ECC approved following Technical Supplementary Grants:

1) Rs. 1000 million as in favor of Ministry of Housing and Works for development schemes in Punjab Province under (SAP) during CFY 2022-23.

2) Rs. 14, 802.32 million in favor of Ministry of Housing and Works for development schemes of CFY 2022-23.

3) Rs. 1209.450 Million in favor of Ministry of Housing and Works for execution of 15 development schemes of CFY 2022-23.

4) Rs. 5 billion in favor of Cabinet Division for Sustainable Development Goals Achievement Programme (SAP) during CFY 2022-23.

5) Rs. 1773 million in favor of Ministry of Energy (Power Division) for execution of development schemes of Punjab and KP provinces under PSDP during CFY 2022-23.

6) Rs. 3.96 billion in favor of Ministry of Federal Education & Professional Training under WB Project – Higher Education Development in Pakistan for 2022-23.

7) Rs. 130 million in favor of Ministry of Narcotics Control as TSG for CFY 20223-23.

8) Rs. 8 million in favor of Ministry of Narcotics Control for Operational Cost of Anti-Narcotics Force for the CFY 2022-23.

9) Rs. 6 million in favor of Revenue Division to meet the shortfall of Budget grant of CFY 2022-23.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Industries and Production Syed Murtaza Mahmud, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of Communications and accorded approval for issuance of GoP guarantee amounting to Rs. 9,500 million for the project construction of Hyderabad-Sukkur motorway on build-operate-transfer basis.

The ECC also considered a summary of National Disaster Management Authority and approved Rs. 12 billion for procurement of relief items to restock/replenish its reserves in order to be better prepared to respond to any impending disaster.

The ECC considered a summary of Ministry of National Health Services, Regulations and Coordination and after detailed discussion approved fixation of Maximum Retail Prices ( MRPs) of 49 new drugs on the basis of being lower as compared to their prices in the neighboring countries. These are drugs which are being introduced in Pakistan for the first time mostly at prices considerably lower than the region.

The ECC also approved following Supplementary and Technical Supplementary Grants:

1) Rs. 839.129 million as TSG in favor of the project titled “New Gwadar International Airport (NIGA) of Ministry of Aviation.

2) Rs. 120.450 million TSG in favor of Establishment Division for the CFY 2022-23 to meet shortfall of ERE and Non-ERE components.

3) Rs. 140, 584, 175 /- as TSG in favor of Establishment Division for Payment to Govt. Departments for Services Rendered from various sources.

4) Rs. 116.499 as TSG million in favor of Ministry of Human Rights for meeting the shortfall in essential expenditures in different organizations working under the Ministry.

5) Rs. 700 million as TSG in favor of Ministry of Information and Broadcasting to meet the shortfall during CFY 2022-23.

6) Rs. 48 million TSG in favor of Ministry of Interior for release of funds to HQ Frontier Corps (North) KP, for construction of FATA Levies Centre at Shakas Peshawar.

7) Rs. 470.827 as TSG million in favor of Ministry of Interior for the payment of troops cost/subsistence allowance to personnel of Civil Armed Forces deployed in UN Peacekeeping Missions.

8) The ECC also considered and approved a summary of Ministry of Interior for release of funds of Rs. 66.336 million as TSG for the construction of Frontier Constabulary Training Center, Michni, Khyber Pakhtunkhwa. The funds have been granted in aid to Pakistan by the USA for capacity building of Civil Armed forces.

9) Rs. 347.99 million as TSG in favor of Ministry of Interior to complete the raising process of 6th Battalion of Pakistan Post Guards for anti-smuggling purpose.

10) Rs. 1,251374,153/- as TSG in favor of Ministry of Interior for FATA Temporary Displaced Persons Emergency Recovery Project (TDP-ERP) of NADRA to serve the vulnerable families, affected by military operations.

11) Rs. 49.5 million as TSG in favor of Ministry of Interior for further disbursement of amount as financial assistance for the families of Shuhada and injured persons of Swat terrorism incident.

12) Rs. 9,145 million as TSG TSG in favor of Power Division for execution of 2x660 MW Coal fired Power project Jamshoro.

13) Rs. 48.429 million TSG in favor of Ministry of Parliamentary Affairs to meet its ERE shortfall.

14) Rs. 1422.394 million as TSG in favor of Pakistan Atomic Energy commission to meet its ERE shortfall.

15) Rs. 110.653 million as TSG in favor of National Counter Terrorism Authority to strengthen NACTA within its current mandate.

16) Rs. 5,252 as TSG million in favour of Ministry of Defence for meeting ERE shortfall.

17) Rs. 402.251 billion as TSG in favour of EAD for debt servicing for foreign loans and credits.

Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Pakistan Stock Exchange led by Mr. Farrukh Hussain Khan, MD/CEO PSX at FBR (Hqrs) today.

Minister of State for Finance and Revenue Dr.Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Governor SBP, Chairman FBR, and senior officers from Finance Division, FBR, and PSX attended the meeting.

The delegation appreciated the initiative of the Finance Minister for taking on board all the stakeholders while preparing the budget for upcoming Fiscal Year 2023-24. The delegation also brought to the notice of Finance Minister various challenges being faced by the capital markets and investors and presented recommendations to the Finance Minister to be taken into account in the upcoming Federal Budget.

Finance Minister Senator Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid and efficient digitized market place for investors in Pakistan. He also assured the participants that despite economic challenges, the government is determined to provide a business and investment friendly environment in the country through the upcoming budget of Fiscal Years 2023-24, in order to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon.

The delegation expressed sentiments of gratitude to the Finance Minister for taking on board all the leading businesses and investors before drafting the upcoming budget 2023-24.

Delegations from Pakistan Business Council (PBC) and Oversees Investors Chamber of Commerce and Industry (OICCI) held meeting with Finance Minister Senator Mohammad Ishaq Dar, to discuss the budgetary proposals for 2023–24, at FBR (Hqrs) today.

Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Governor SBP, Chairman FBR, and senior officers from Finance Division and FBR attended the meeting.

The delegations from PBC and OICCI thanked the finance minister for inviting the budgetary recommendations from the business community including all the leading private-sector businesses and conglomerates and multinationals as well. They presented particular financial solutions and recommendations to the Finance Minister to be taken into account in the upcoming Federal Budget. They further assured the Finance Minister that the Commerce sector would support the government to enhance the economic and commercial activities in Pakistan.

The Finance Minister highly valued the delegations' budgetary recommendations from both delegations. The Finance Minister also appreciated the prominent role of PBC as an advocacy forum to improve the general business environment of the country. He also praised the role of OICCI in successfully promoting foreign investments in Pakistan, thereby playing a major role in the growth of economy in the country. The Finance Minister also reaffirmed the government's willingness to address the issues being faced by the business community and investors, both within Pakistan or from abroad, in order to ensure the country's economic prosperity. Additionally, he assured the delegations that the government will fully support the business sector by providing a fiscal year 2023–2024 budget that is both business- and people-friendly.

Both the delegations expressed gratitude to the finance minister for taking their budget recommendations into account.

A delegation of Karachi Chamber of Commerce and Industry (KCCI) led by Mr. Zubair Motiwala held a meeting with Finance Minister Senator Mohammad Ishaq Dar, today at FBR (Hqrs), to discuss the budget recommendations for Fiscal Year 2023–24.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola,Governor SBP, Chairman FBR, and senior officers from Finance Division and FBR attended the meeting.

The delegation expressed gratitude to the Finance Minister for inviting the budgetary proposals from the Karachi Chamber of Commerce & Industry (KCCI). They discussed the country's present economic situation with the finance minister and informed him about the challenges they have been dealing with in carrying out business and economic activities. To this end, they suggested solutions to the Finance Minister in the form of budgetary proposals to be taken into consideration in the forthcoming Federal Budget.

The Finance Minister Senator Muhammad Ishaq Dar praised the delegation's budgetary suggestions. In addition to that, the Finance Minister underlined the government's resolve to address the problems that the business community is facing. He also assured the business leaders that the government would do everything in its power to support the business sector for ease of doing business and economic growth and stability in the country. To that end, he assured that the government will put forward a business and people friendly budget for fiscal year 2023–24.

The KCCI delegation thanked the Finance Minister for considering their budgetary recommendations.

Mr. Ahmet Kursad Ertin, Regional President SA&ME Coca-Cola leading a delegation of representatives from Coca Cola, called on Federal Minister for Finance and Revenue Senator Ishaq Dar, at Finance Division today.

Mr. Ahmet Kursad Ertin apprised the Finance Minister of the company profile, the operational nature of its business activities, and the company’s significant economic contribution in the overall GDP of the country. He also shared with the Finance Minister the issues being faced by the company in carrying out business activities effectively, especially the matters related to taxation.

Finance Minister Senator Ishaq Dar appreciated the contribution of the company in economic growth of Pakistan through significant revenue generation. The Finance Minister also mentioned the existing economic situation of the country and informed that the government has been taking prudent economic policy initiatives for ease of doing business and to bring stability and growth in the economy of the country. He further assured the delegation of all kind of support and cooperation from the government needed by the company in order to expand its business and investment in the country.

Mr. Ahmet Kursad Ertin thanked the Finance Minister for taking out time to hear out the issues of the company and for assuring his support and cooperation in order to address the issues being faced by the company.

The delegation included Mr. Sinan Cem SAhin, Vice President Coco Cola Icecek (Eurasia), Mr. Enes Satin, Commercial Counsellor Turkish Embassy, Syed Omer, Director Corporate Affairs and sustainability, Ms. Aisha Sarwari, Director PAC and Mr. Faisal Hashmi, head of external Affairs.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of All Pakistan Anjuman-e- Tajiran headed by Mr. Mohammad Naeem Mir at FBR (Hqrs), today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Chairman FBR, and senior officers from FBR attended the meeting.

The delegation thanked the Finance Minister for inviting the budgetary proposals from the business community. They talked about the current economic circumstances of the country with the Finance Minister and also apprised him about the challenges confronting them particularly with regard to taxation. The delegation suggested proposals to address those challenges for the upcoming budget 2023-24. They also assured the Finance Minister of dedication and determination of the business community to support the Government in bringing economic growth and stability in the economy.

Finance Minister Senator Mohammad Ishaq Dar appreciated the budgetary proposals of the delegation and assured that the Government puts a top priority to address the issues of business community for economic growth of the country. He also stated that the Government will ensure all possible assistance to the business community through introducing a business and people friendly budget for Fiscal Year 2023-24.

The delegation thanked the Finance Minister for considering their budgetary proposals.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with delegation from Islamabad Industrial Association led by its President Mr. Mohammad Ahmad on Budget 2023-24 proposals at FBR (Hqrs), today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Chairman FBR, and senior officers from FBR attended the meeting.

The delegation thanked the Finance Minister for inviting the budgetary proposals from business community. They discussed the current economic situation of the country with the Finance Minister and informed him about the issues being faced by them particularly related to taxation. The delegation also presented their proposals to address those issues through the upcoming budget 2023-24. They also guaranteed the Finance Minister of their continuous assistance to the Government for economic development.

Finance Minister Senator Mohammad Ishaq Dar appreciated the budgetary proposals of the delegation and expressed the resolve of the government in overcoming the issues being faced by the business community to ensure the economic growth of the country. He also assured the business leaders that Government will provide all possible assistance to the business community for the economic stability and growth by bringing forward a business and people friendly budget for Fiscal Year 2023-24.

The delegation thanked the Finance Minister for considering their budget proposals.

The delegation included Mr. Usman Shaukat, Mr. Tariq Siddiq, Malik Sohail Hussain, Mian Akram Farid, Mr. Zakria A Zia, Mr. Atif Akram Shaikh, Mr. Waheed uddin, Shaikh Amir Waheed, Mr. Nasir Qureshi, Mian Shaukat Masud and other.

H.E Ms. Bao Zhong, Acting Charge’d Affairs, Embassy of the People’s Republic of China called on Finance Minister Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Mohammad Ishaq Dar highlighted the deep-rooted, long-standing bilateral ties between Pakistan and China, and appreciated the Chinese support to Pakistan on multiple fronts. He also apprised the envoy of economic situation of the country and the progress in the on-going IMF Programme.

Ms. Bao Zhong reciprocated the sentiments about the strong bilateral ties between the two countries. She also assured of constant support of Chinese Government to the people of Pakistan in economic and political terms.

In conclusion, Finance Minister Mr. Ishaq Dar thanked Ms. Bao Zhong for the support and cooperation of China to Pakistan.

H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on the Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar, today.

Finance Minister Senator Ishaq Dar and H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates conversed about the deep rooted brotherly ties between both countries and discussed the various areas of common interest for further strengthening the trade and economic ties between the UAE and Pakistan.

Finance Minister Senator Ishaq Dar acknowledged that UAE has been a great partner of Pakistan in various fields including energy, refinery, petroleum and trade. The Ambassador of the United Arab Emirates also reciprocated the interest of the UAE government for expanding investment in various sectors of the economy of Pakistan. Finance Minister Senator Ishaq Dar appreciated and welcomed the investment proposals of the UAE in Pakistan and assured of complete support and cooperation by the government.

In conclusion, the Finance Minister shared sentiments of gratitude & good will with the Ambassador.

A delegation of Pakistan Tobacco Company Limited led by Mr. Wael Sabra, Area Director Asia Pacific Middle East and Africa (APMEA) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar and Defence Minister Khawaja Mohammad Asif at FBR(Hqr).

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola , Secretary Finance, Chairman FBR and Pakistan Tobacco Company team participated in the meeting.

Mr. Wael Sabra briefed the Finance Minister about the Company’s business and investment profile and its role in the economic growth of Pakistan. He also brought to the notice of the Finance Minister various issues being faced by the organization in performing its operations effectively, especially those related to smuggling and illicit trading of tobacco and also presented proposals for consideration in the coming budget for the revenue growth of the country. The delegation requested the help and support of the government in resolving those issues.

Finance Minister Senator Mohammad Ishaq Dar expressed his gratitude to Pakistan Tobacco Company Limited for its appreciable investments in Pakistan and its contribution towards the economic growth of the country. He also mentioned the economic situation of the country and assured that despite the difficult economic circumstances, the government is fully committed to put the economy back on the path of growth and progress. He also informed the delegation that FBR has already put in place the Track and Trace system across the country and is also rigorously executing it to curtail the illegal trading and boost the revenue of the country.

The Finance Minister appreciated the PTC’s budget proposals and assured that Government will positively consider these suggestions while finalizing the Budget 2023-24.

The delegation thanked the Finance Minister for his cooperation and support.

A delegation from Sialkot Chamber of Commerce & Industry held a meeting with Finance Minister Senator Mohammad Ishaq Dar and Defence Minister Khawaja Mohammad Asif on Budget 2023-24 proposals at FBR (Hqrs), today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Chairman FBR, and senior officers from Finance Division and FBR attended the meeting.

The delegation thanked the Finance Minister for inviting the budgetary proposals from Sialkot Chamber of Commerce & Industry. They diacussed the current economic condition of the country with the Finance Minister and informed him about the range of issues being faced by them. To this end, they presented suggestions to those issues in the form of budgetary proposals to the Finance Minister to be considered in the upcoming Federal Budget. They also guaranteed the Finance Minister of their continuous assistance to the Government to improve the situation of economic and business activities in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar appreciated the budgetary proposals of the delegation and expressed the resolve of the government in overcoming the issues being faced by the business community to ensure economic growth of the country. He also assured the business leaders that Government will provide all possible assistance to the business community for the economic stability and growth by bringing forward a business and people friendly budget for Fiscal Year 2023-24.

The delegation thanked the Finance Minister for considering their budget proposals.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC), today.

Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal, SAPM on Finance Mr. Tariq Bajwa, Senator Nisar Ahmed Khuhro, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting in the meeting.

The ECNEC considered and approved a project of Government of AJK to be executed by Power Development Organization, AJK for Establishment of 48MW Shounter Hydropower Project in Neelam Valley District, AJK at a updated cost of Rs. 14,985 million including FEC of Rs. 12, 736.90 million. The project is to be financed 85% from the Saudi Fund for Development (SFD) and 15 % of the cost will be met through AJK ADP.

The ECNEC also considered and approved in principle a project of Ministry of Kashmir Affairs and GB for the Establishment of Regional Grids in Gilgit-Baltistan Phase-I in Astore, Gilgit, Hunza, and Skardu Districts in GB at the revised cost of Rs. 17, 425.57 million with FEC of Rs. 1824.02 million subject to the reconsideration of bidding, construction and engineering estimates by the Planning Ministry.

The ECNEC also considered and approved another project of Government of Gilgit Baltistan to be executed by W&P Department Gilgit-Baltistan of 26 MW Shagharthang Hydropower Project in District Skardu at the revised cost of Rs. 18,374.44 million including FEC of Rs.4461.03 million.

A project of Govt. of Khyber Pakhtunkhwa namely the Khyber Pakhtunkhwa Rural Accessibility Project (KP-RAP) in multiple districts of KP Province to be executed by Communications and Works Department, Government of KP was also considered and approved by the ECNEC at a cost of Rs. 69,400 million including Foreign Aid /loan of Rs. 67,200 million to be provided by the WB and local component to be funded by the Govt. of KP. The repayment of the loan will be the responsibility of the Govt. of KP. The project envisages the upgradation of the rural accessibility to markets, education and health facilities through the rehabilitation of the rural road network of 768.4 kms in length.

The ECNEC noted the progress report submitted by the planning Commission on meetings held with Govt of Punjab and Sindh on the Greater Thal Canal Project (Phase-II) in Layyah, Bhakkar, Khushab Districts.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with delegations from Lahore and Faisalabad Chambers of Commerce on Budget 2023-24 proposals at FBR (Hqrs), today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Secretary Finance, Chairman FBR, senior officers from Finance Division and FBR attended the meeting.

The delegation appreciated the Finance Minister’s invitation for proposals from the Chambers of Commerce. They discussed the current economic situation of the country with the Finance Minister and apprised him about the various issues being faced by them. In this regard, they also presented their proposals to the Finance Minister for the upcoming Federal Budget. They also assured the Finance Minister of their support and cooperation to the Government in its efforts to enhance the economic and business activities in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar appreciated the budget suggestions of the delegations and expressed the commitment of the government to overcome the challenges being faced by the commerce sector and ensure the economic growth of the country. He also assured the business leaders that Government will provide all possible assistance to the business community for the economic stability and growth by bringing forward a business and people friendly budget for Fiscal Year 2023-24.

The Finance Minister reiterated the importance of business community and appreciated their efforts and contribution to the economy of Pakistan.

The delegation thanked the Finance Minister for considering their budget proposals.

A delegation of M/s PepsiCo led by Mr. Eugene Willemsen, CEO Africa,Middle East & South Asia called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at FBR(Hq) today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha and senior officers from FBR and PepsiCo team participated in the meeting.

Mr. Eugene Willemsen extended warm sentiments to the Finance Minister and expressed his confidence in Pakistan and the potential the country offers on the growth front given availability of investment conducive environment. He apprised the Minister of the profile of the company, the operational nature of its business activities, and the company’s overall contribution in the revenue growth of the country. He also communicated about the issues being faced by the company regarding taxation and imports of items.

Finance Minister Senator Ishaq Dar appreciated the economic contribution of the company in terms of FDI and revenue generation in Pakistan. The Finance Minister also highlighted the existing economic circumstances and informed that the current government has put in place a variety of far-sighted policy initiatives in order to bring stability and growth in the economy and for the ease of doing business. He further assured the delegation of well-intended efforts by the government in order to support the company for expanding its business and investment in the country.

Mr. Eugene Willemsen thanked the Finance Minister for extending his support and cooperation.

H.E Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman Board of Trustees AAOIFI, called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

The Finance Minister welcomed H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa and congratulated him for the holding of the First International Conference on Islamic Capital Markets in Pakistan in coordination with SECP Pakistan.

H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa lauded the brotherly relations between Pakistan and Bahrain. He also appreciated the continuous support of Pakistan and stated that Pakistan has always been the closest partner from among the Muslim world. He also expressed his desire to start various social welfare ventures in Pakistan specially for capacity building and easy loan facilitation for entrepreneurs, specially for the women and the youth as Pakistan holds great potential in this regard.

The Finance Minister apprised H.E Sheikh Ebrahim Bin Khalifa Al Khalifa of the current Government’s policies and programmes to support the youth and particularly women such as Benazir Income Support programme which is well-praised by the World Bank and also being followed in various African countries. He also added that government is fully committed to support the lower classes through various microfinance schemes of such nature.

In the end, H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa thanked the Finance Minister for his support and cooperation.

A delegation of Association of Builders and Developers of Pakistan (ABAD) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at FBR, today on Budget 2023-24 proposals.

SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Chairman FBR, senior officers from FBR attended the meeting.

The delegates from ABAD apprised the Finance Minister of the challenges being currently faced by the construction industry and presented their proposals for the upcoming Federal Budget. The delegation also assured to support the Government in its efforts for overcoming the economic challenges and to boost the economic and business activities in the country.

Finance Minister Senator Mohammad Ishaq Dar appreciated the proposals presented by the delegation and assured them that the government is taking concrete steps to overcome the economic challenges and for strengthening the economy of the country. He further reiterated that Government will try to provide a business friendly budget in order to support the masses and for the economic progress and development in the country.

The delegation thanked the Finance Minister for considering their budget proposals.

The delegation included Mr. Altaf Tai chairman ABAD, Mr. Arif Yousaf Gewa former Chairman ABAD, Mr. Khawar Munir Senior Vice Chairman ABAD, Mr. Nadeem Gewa, Vice Chairman ABAD, Mr. Raheel Rinch Chairman South Region ABAD, Mr. Askari Agha, Mr. Sufiyan Adiya.

Chairman SECP Mr. Akif Saeed called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division,today.

Chairman SECP and Finance Minister Mohammad Ishaq Dar diacussed the arrangements of the First International Conference on Islamic Capital Market to be held in Islamabad from tomorrow.

The Chairman SECP also informed the Finance Minister that the delegations have already arrived to participate in the conference. This Conference will help Pakistan in implementing the Federal Shariat Court's judgement to make our financial system Riba free.

Apart from the arrangements of the conference, other matters related to the SOEs were also discussed in the meeting.

H.E. Mr. Donald Blome, Ambassador of the United States of America to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar today.

Finance Minister Senator welcomed H.E. Mr. Donald Blome and shared deep rooted historic and durable bilateral relations with the United States on economic and trade fronts. The Finance Minister shared economic policies and priorities of the government to address the challenging economic environment and set the economy to stability and growth.

The two sides exchanged views on matters of mutual interest and enhancing the existing bilateral relations between both the countries. The Finance Minister informed the US Ambassador about the government’s pragmatic plans related to revenues and expenditures for meeting its national as well as international financial obligations. He shared various economic avenues in which both countries can further deepen their economic relations.

The Finance Minister also informed the envoy about the on-going IMF programme and assured the dedication of the government to complete the program.

H.E. Mr. Donald Blome, the US Ambassador underscored that both countries enjoy good relations and expressed confidence on the policies and programmes of the government for economic sustainability and socio-economic uplift of the masses. He extended his support to further promote bilateral economic, investment and trade relations between both the countries.

Finance Minister Senator Ishaq Dar thanked the US Ambassador and reiterated the desire of the government to further deepen bilateral trade and investment ties with the USA.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with delegation from Rawalpindi, Islamabad, Sarhad Chambers of Commerce on Budget 2023-24 proposals at FBR (Hqrs), today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousif Tola, Secretary Finance, Chairman FBR, senior officers from Finance Division and FBR attended the meeting.

The delegation appreciated the Finance Minister for inviting the budget proposals from the Chambers of Commerce and discussed the current economic situation of the country. The delegation gave proposals for the upcoming Federal Budget in the light of various issues being faced by them. They extended their complete support to the Government in its efforts to boost the economic and business activities in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and shared the economic and financial outlook of the country and expressed resolve of the government to overcome these challenges and set the economy towards growth.

The Finance Minister welcomed the budget proposals given by the members of the delegation and assured the business leaders that Government will provide all possible assistance to the business community for the economic stability and growth. He further said that the Government is working to provide business and people friendly budget 2023-24.

The Finance Minister reiterated the importance of business community and appreciated their efforts and contribution to the economy of Pakistan.

The delegation thanked the Finance Minister for considering their budget proposals.

The delegation included Mr. Saqib Rafiq, Mr. Sohail Altaf, Mr. Ahsan Bakhtawari, Mr. Aqib Jamil, Mr. Shahrukh Khan, Mr. Faad Waheed, Mr. Khalid Iqbal Malik, Mr. Ijaz abbasi, Mr. Mian Ramzan, Mr. Najam Rehan, Dr. Sarosh and others.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Climate Change Senator Sherry Rehman, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal Federal Secretaries and other senior officers attended the meeting.

Ministry of Industries and Production submitted a summary on Urea Fertilizer requirement for year 2023 and briefed on urea fertilizer situation in the country. The ECC after detailed discussion allowed SNGPL based fertilizer plants i-e Fatima Fertilizer (Sheikhupura) and Agritech to operate beyond May 31st, 2023 till August 31st, 2023 on indigenous gas with no subsidy requirement from the Federal Government.

Ministry of Climate Change & Environmental Coordination submitted a summary on participation of Sindh’s Mangroves projects in voluntarily Carbon Markets and presented that Sindh Forest Department is implementing two Indus Delta Mangrove projects viz Delta Blue Carbon-I(DBC-I) and Delta Blue Carbon-II (DBC-II) to generate Carbon Credits and trade with international entities on Voluntary Carbon Market(VCM). The ECC after discussion approved the proposal of the Ministry that the DBC-I and DBC-II projects as these were initiated prior to the commitment made under NDCs in 2021. These projects are expected to generate about US$ 200 to 220 million till 2043 with additional benefits of creating green jobs.

The ECC considered a summary of Ministry of Energy ( Power Division) on payment mechanism and agreements with M/s Uch Power (Pvt) Limited. After detailed discussion, the ECC approved the proposals of the Ministry for a Novation Agreement, Master Agreement, PPA Amendment that would result in the savings of Rs. 33 billion over a period of seven years.

The ECC considered and approved following Technical Supplementary Grants/ Supplementary Grants:

i. Rs. 2.5 million in favour of Ministry of Climate Change and Environment Coordination to meet its expenditures.

ii. Rs. 263.988 million in favour of the office of Controller General of Accounts (CGA) for implementation of online billing solution in Federal and Provincial Accountant Generals.

iii. Rs. 497.261 million in favour of Ministry of Housing and Works for execution of development scheme titled “Construction of Railway underpass Gojra, district Toba Tek Singh”.

iv. Rs. 420 million in favour of Ministry of Information and Broadcasting to meet its budgetary shortfall for Information Services abroad.

v. Rs. 10,746.216 million in favour of Federal Directorate of Immunization (FDI) to procure vaccines and syringes for un-interrupted supply to the provinces.

vi. Rs. 20 billion in ffavour of Cabinet Division for Sustainable Development Goals Achievement Programme (SAP).

vii. Rs. 25 million in favour of President Secretariat for ERE expenditures.

viii. Rs. 208 million in favour of Intelligence Bureau to meet its Employee Related Expenses.

ix. Rs. 4000 million in fvaour of Ministry of Defence to meet its expenditures.

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

Finance Minister Senator Ishaq Dar warmly welcomed the Ambassador of Saudi Arabia and appreciated the long-standing historical, religious, and cultural ties between Pakistan and Saudi Arabia. He stated that both states share outstanding relations on various fronts including economy and trade.

The Finance Minister also apprised the Ambassador of Kingdom of Saudi Arabia of policies and programmes of the Government to bring economic prosperity in the country through the upcoming budget. He also thanked the Saudi Ambassador their valuable support to Pakistan in economic and financial terms.

H.E. Mr. Nawaf Bin Said Al-Malki, Ambassador of Saudi Arabia reciprocated the sentiments about the long-term relationship among both countries and shared that Kingdom of Saudi Arabia desires to further strengthen the economic and commercial ties with Pakistan.

In conclusion, Finance Minister Senator Muhammad Ishaq Dar expressed gratitude toward Kingdom of Saudi Arabia for continuous support and cooperation with Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on budgetary proposals presented by FBR, at Finance Division, today.

Minister for States for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Mr. Ashfaq Yousuf Tola, Secretary Finance, Chairman FBR, and other senior officers from Finance Division and FBR attended the meeting.

Chairman FBR Mr. Asim Ahmad gave a detailed presentation on budgetary proposals for the Federal Budget 2023-24 which were discussed in detail.

Finance Minister Senator Mohammad Ishaq Dar reiterated the resolve of the Government to provide a business and people friendly budget. He added that the government is committed to ensure that the new budget brings economic prosperity for all sectors of the economy and ensures distribution of resources equitably among various sectors.

A delegation of Federation of Pakistan Chamber of Commerce & Industry ( FPCCI) headed by its President Mr. Irfan Ahmad Shaikh met Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at FBR (Hqrs) , today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Chairman FBR, senior officers from Finance Division and FBR attended the meeting.

The FPCCI delegation discussed the overall economic situation of the country and gave proposals for the upcoming Federal Budget. They gave full support to the Government in its efforts to revitalize the economy and enhance exports.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and highlighted the economic and financial outlook of the country and expressed resolve of the government to overcome these challenges and set the economy towards growth. He further said that the as Finance Minister he had completed the IMF programme in the past and that this government will complete the present program. The Finance Minister further informed that the present government has fulfilled all the international obligations on time and will continue to do so in the future.

The Finance Minister welcomed the budget proposals given by the members of the delegation and assured that Government is fully cognizant of the difficulties faced by the business community and will incorporate the suggestions of the Chamber in the upcoming budget.

The Finance Minister reiterated the importance of business community and appreciated their efforts and contribution to the economy of Pakistan.

The FPCCI delegation thanked the Finance Minister for considering their budget proposals.

The FPCCI delegation comprised of Mian Anjum Nisar,Mohammad Younus Dhaga, Abdul Qadir Memon, Mohammad Suleiman Chawla, Umer Masood ur Rehman, Zikriya Usman, Sohail Altaf, Engr. M.A Jabbar, Mirza Abdul Rehman, Usama Ahsan Khan,Mohammad Ali Mian, Mohammad Nadeem Qureshi and other.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of All Pakistan Textile Mills Association (APTMA) headed by its Petron-in-Chief Dr. Gohar Ejaz, at Finance Division, today.

Chairman APTMA Mr. Asif Inam, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Punjab Minister for Energy Syed M. Tanveer, Secretary Finance, Secretary Power, Secretary Petroleum, Chairman FBR, and other representatives from APTMA and officials from Finance Division attended the meeting.

Mr. Gohar appreciated the Government on supporting the Textile sector by fixing the Cotton Minimum price. He briefed the Finance Minister on the vital contribution of textile sector in economic growth and development of the country through revenue generation, creation of employment opportunities, and enhancement of exports of Pakistan. He further apprised the Finance Minister about the issues being faced by textile industry regarding supply chain, regulatory issues regarding imports and exports, and energy related issues as well as supply for various plants across the Punjab province. The delegation also discussed about the existing disparities among the provinces regarding energy prices and supply and sought support of the Minister in this regard.

Finance Minister Senator Mohammad Ishaq Dar acknowledged and appreciated the contribution of Textile sector in economic well being of the country. He committed to provide maximum facilitation of the government to the textile sector in order to strengthen the export sector and enhance the export-led growth of Pakistan. Additionally, the Finance Minister also directed the concerned authorities to address these issues on priority basis.

The APTMA delegation thanked the Finance Minister for extending support to resolve their issues timely.

Ministry of Finance (MOF) is set to raise PKR 40 bn through auction of new Government of Pakistan (GOP) Ijarah Sukuk for 1 year with Fixed and variable rental rates. The auction is scheduled to take place on 18th of May 2023 with settlement on 22nd May 2023. Along with 1-year GOP Ijarah Sukuk, MOF is set to auction 3-year and 5-year GOP Ijarah Sukuk as well with total issuance target of PKR 150 bn.

The GOP Ijarah Sukuk program of 1 year started earlier this year with first issuance in the month of February 2023. Since then three issuances have been completed with the fourth issuance expected on 22nd May 2023 i.e. the settlement date. The underlying structure of the Sukuk is based on Ijarah of various assets of National Highway Authority including Makran Coastal Highway (N-10), GT Road (N-5) portion from Nowshera to Peshawar and The Indus Highway (N-55).

The 1-Year GOP Ijarah Sukuk is ideal for investors who want to invest in shariah compliant Shorter tenure instruments with high rate of return. As per the last cutoff, the yield of 1-year GOP Ijarah fixed rate sukuk was as high as 21.25% per annum and for 1-year GOP Ijarah variable rate sukuk was 6 Month T-bill plus 0.75% with semi-annual repricing. The profit payment for these sukuk is on half yearly basis. These Sukuk can be freely traded in the secondary market and transferable through Subsidiary General Ledger Account.

The Sukuk can be held by individuals (subject to issuance of notification by the Government of Pakistan), institutions, trusts, funds of all types, bodies corporate including banks, non-banking finance companies and insurance and takaful companies irrespective of their residential status. The Investment by non-residents shall be in foreign exchange remitted through the official channels. Such investments shall be eligible for repatriation of the principal as well as periodic profit on the Sukuk but the exchange risk shall be that of the investor. The individual and non-banking investors can invest in these Sukuk through their IPS account opened in any mainstream Islamic Bank or window.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Climate Change Senator Sherry Rehman, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved the following Technical Supplementary Grants/ Supplementary Grants:

i. Rs. 100 Million to NHA under PSDP 2022-23 for construction of road from Dalbandin to Ziarat Balanosh (77 kms).

ii. Rs. 1,666 Million in favour of NHA to meet its expenditure incurred on restoration of roads damaged during flood 2022.

iii. Rs. 5.57 billion to Ministry of Commerce for payment of Federal Govt’s share of 50:50 basis with provinces on import of Urea fertilizer. The ECC further advised the Ministry of Industries & Production to ensure early clearance of subsidy payable by the provinces on imported urea.

iv. Rs. 17.3 Million in favour of Prime Minister’s Inspection Commission to meet its employee related expenditures.

v. Rs. 922 Million in favour of Ministry of Energy (Power Division) for execution of development project “Construction of 2nd Circuit stringing from Jiwani to Gwadar”.

vi. Rs. 1 billion in favour of Cabinet Division for SDGs Achievement Programme (SAP) for on-going schemes.

vii. Rs. 50 million in favour of Ministry of Poverty Alleviation & Social Safety for SOS Children’s Villages, Pakistan.

viii. Rs. 550 Million in favour of Ministry of Information and Broadcasting for publicity/awareness campaigns of the Federal Government during the current financial year.

ix. Rs. 1146.284 Million in favour of Ministry of Commerce for Pakistan's Trade Missions abroad.

Chaudhry Anwar Ul Haq, Prime Minister Azad Jammu and Kashmir called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Chaudhry Anwar Ul Haq, Prime Minister Azad Jammu and Kashmir and apprised the Finance Minister of development schemes and projects in the region and their financing.

Finance Minister Senator Ishaq Dar welcomed the AJK Prime Minister and expressed the commitment of the federal government for the development and progress of all regions including Azad Jammu & Kashmir. The Finance Minister extended possible support of the Federal Government to the AJK government in its quest for economic progress and development.

Chaudhry Anwar ul Haq, Prime Minister Azad Jammu and Kashmir thanked the Finance Minister for extending support for the progress of the people of Kashmir.

Members British Parliament( House of Commons) MP Mr. Khalid Mahmood, MP Mr. Tahir Ali, and MP Mr. Mohammad Yaseen met Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Bilateral relations as well as issues of regional importance were discussed during the meeting.

Finance Minister Senator Ishaq Dar and Members Parliament UK- House of Commons exchanged views on Pak- UK bilateral relations. The Finance Minister expressed satisfaction at the level of friendship between the two countries and hoped that the existing cooperation between both countries will further strengthen in the future.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Climate Change Senator Sherry Rehman, Federal Minister for Aviation/Railways Khawaja Saad Rafiq, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

Ministry of Aviation submitted a summary on Challenges and re-opening of Roosevelt Hotel, New York and briefed the meeting on the outcome of negotiations held by the Committee with the New York City Government and the Hotel Union on reaching an suitable agreement for utilization of the Roosevelt Hotel (1,025 rooms) over a period of three years for Immigrant Housing Business by the New York City Government. The ECC after detailed discussion approved the execution of settlement agreement with the Hotel Union and the New York City Government. The ECC further gave node for withdrawal of pending law suits by the Roosevelt Hotel with the Hotel Union and City of New York pursuant to the terms of settlement agreement with the Union. The ECC further directed the PIAL to engage and share its business plan with the NBP regarding rollover of loan.

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

i. Rs. 153 million in favour of Ministry of Water Resources for payment of court cases fee for the settlement of dispute with India under the Indus Waters Treaty.

ii. Rs. 4 billion (Equivalent to US$ 20 million) as Rupee cover in favour of Ministry of Federal Education and Professional Training for the World Bank Programme “Actions to Strengthen performance for inclusive and responsive education”.

H.E Ms. Pang Chunxue, Charge’d Affairs, Embassy of the People’s Republic of China called on Finance Minister Senator Mohammad Ishaq Dar at Finance Division, today.

Ms. Pang Chunxue conveyed best wishes and greetings from H.E Qin Gang, the State Councillor and Foreign Minister of Chine. The Finance Minister reciprocated greetings and conveyed his best wishes for H.E the Chinese Foreign Minister.

Finance Minister Senator Mohammad Ishaq Dar highlighted the deep rooted historical bilateral relations between Pakistan and China, and commended the Chinese support to Pakistan on multiple fronts. He also underscored the need to deepen bilateral relations further in the economic, trade, and financial sectors.

Ms. Pang Chunxue reciprocated the sentiments and admired the friendly relations between the two countries. She guaranteed the continuous support of the Chinese Government to the people of Pakistan.

The two sides discussed various avenues, especially available for both countries in order to enhance the existing cooperation to unprecedented levels. The meetings also talked about the progress on CPEC projects and programs in Pakistan.

H.E. Ms. Pang Chunxue praised the huge potential of Pakistan in terms of agriculture, Industry, IT, and services sector as well. She added that China wishes to work together with Pakistan to bring economic prosperity in the region. The Finance Minister also added that Pakistan, with the support of China, is confident to make Pakistan a growing economy of the region as well as the world soon.

In conclusion, Finance Minister Mr. Ishaq Dar appreciated Ms. Pang Chunxue, Charge’d Affairs for the support and cooperation Pakistan has been receiving from the leadership of China.

The media has carried a news that 3.7 billion dollar has to be repaid by GoP by the end of June, 2023, which is correct. However, this should not be any cause of concern as arrangements have been made for the rollover/repayment of this debt. It may also be noted that during this period significant inflows are also in the pipeline. The coalition government has averted the default and the economy is now on a course to stability and growth.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Climate Change Senator Sherry Rehman, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved a summary of the Ministry of National Health Services, Regulations and Coordination regarding fixation of Maximum Retail Prices of four (04) new Cardiac Stents recommended by National Price Fixation Committee for Life Saving medical devices.

The ECC further approved following two summaries of Ministry of Energy (Petroleum Division):

i. Grant of additional (free) area of 15.88 Sq Kms in Soghri Exploration License on the basis that a geological structure which is extending into free area in the Northern part of Soghri E.L.

ii. Grant of 6 months of Extended Well Testing over Qabul-2 St-1 discovery in Khipro Exploration License w.e.f 22-02-2023.

The ECC also considered and approved following Technical Supplementary Grants:

i. Rs. 13, 200, 000, 000 /- in favor of Pakistan Mortgage Refinance Company Limited (PMRCL) equivalent to US$ 50 Million to be obtained from the World Bank as 1st Tranche of Credit Line of US$ 85 Million.

ii. Rupee Cover of Rs.7,840 Million against an amount of US$ 33.1 million for World Bank funded Financial Inclusion and Infrastructure Project (FIIP).

iii. Rs. 8.4 billion in favor of Ministry of Foreign Affairs to meet its shortfall in annual budget for the current financial year 2022-2023.

iv. Rs. 5000 Million in favor of Ministry of Housing and Works for the current financial year 2022-2023 for execution of development schemes of Ex-FATA.

The ECC noted the presentation given by the Naya Pakistan Housing and Development Authority (NAPHDA) on its mandate and performance since its formation and directed to review its model and submit a summary on its future needs.

Ambassador- designate of Pakistan to the Kingdom of Saudi Arabia Mr. Ahmad Farooq called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at the Finance Division, today.

The Finance Minister greeted the Ambassador-designate and extended his felicitations on his new responsibilities and conveyed his best wishes for success.
The Finance Minister underlined that the bilateral relations between Pakistan and Kingdom of Saudi Arabia are deep rooted in history and will further strengthen in future.
He stressed upon further enhancing economic and trade relations between the two countries which have a great potential of growth given the opportunities for business and investment available in Pakistan. He also underscored the importance of enhancing relations in IT, agriculture and tourism sectors between the two brotherly countries.

The Ambassador-designate reaffirmed his resolve to strengthen economic and commercial relationships between the two countries and sought support of the Finance Minister in this regard.

Finance Minister Senator Ishaq Dar extended his full support and cooperation and hoped that the bilateral collaborations between the two countries will further grow during the tenure of the Ambassador.

Chaudhry Anwar Ul Haq, Prime Minister Azad Jammu and Kashmir called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Senior AJK Minister Colonel (Retd) Waqar Noor, AJK Minister Raja Faisal Mumtaz Rathore, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman FBR, Chief Secretary AJK, Secretary Finance AJK and senior officers from Finance Division attended the meeting.

Chaudhry Anwar Ul Haq, Prime Minister Azad Jammu and Kashmir discussed financial matters related to Azad Jammu & Kashmir and the pace of development schemes and projects in the region with the Finance Minister in the meeting. The Prime Minister AJK apprised the Finance Minister of the initiatives of AJK Govt to enhance its revenue generation and sought support of the Federal Government in this regard.

Finance Minister Senator Ishaq Dar welcomed Chaudhry Anwar Ul Haq, AJK Prime Minister and expressed the federal government’s commitment for the development and progress of all regions including Azad Jammu & Kashmir. He further added that the welfare and development of the people of Kashmir is among the top priorities of the government and no stone will be unturned for the development of the area.

Finance Minister Senator Mohammad Ishaq Dar also shared the economic outlook of the country and said that despite challenging situation, the government is determined to set the economy on stability and growth.

The Finance Minister extended all possible support of the Federal Government to the AJK government in its quest for economic progress and development.

Chaudhry Anwar ul Haq, Prime Minister Azad Jammu and Kashmir thanked the Finance Minister for extending support for the progress of the people of Kashmir.

A delegation comprising representatives of world renowned investment companies led by Mr. Imran Zaidi, JP Morgan Dubai, held a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, and senior officers from the Finance Division attended the meeting.

The delegation discussed the economic situation and outlook of the country. The delegation held a comprehensive discussion with the Finance Minister regarding IMF program, market perception and outlook, as well as external account situations.

Finance Minister Senator Mohammad Ishaq Dar greeted the delegation and shared the economic outlook of the country and said that despite the challenging economic situation, the government is steering the economy of the country towards stability and growth. He also shared that Pakistan is slowly but surely moving toward economic stability and it is high time to invest in Pakistan. He informed that as Finance Minister he had successfully completed the IMF programme in the past and that the present government is committed to complete the present programme and fulfill all international obligations.

Mr. Imran Zaidi, J.P Morgan briefed the Finance Minister on Company’s profile and its financial services provided to various countries across the world. The delegation appreciated the policy steps taken by the government for sustaining and boosting the fiscal and monetary stability and expressed confidence in achieving sustainable economic development.

Finance Minister Senator Ishaq Dar appreciated the delegation’s positive intentions for the economic prosperity of Pakistan.

A World Bank delegation headed by Ms. Mamta Murthi, Vice President of the World Bank for Human Development held a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Special Secretary Finance, and other senior officers from Finance Division attended the meeting.

The Finance Minister welcomed the Vice President of World Bank for Human Development and appreciated the role of World Bank as one of the major development partners of Pakistan. The Finance Minister praised the World Bank’s development projects in Pakistan and expressed gratitude for the financial and technical assistance being provided by the World Bank for meeting the development needs of the country.

Vice President, Ms. Murthi, emphasized the importance of investing in human capital, particularly in education, health & nutrition, social protection, population control, and women development. She also highlighted the importance of local ownership and community participation in implementing development projects. Furthermore, she shared her views on best Human Development practices being followed in the region, and expressed the desire to initiate the same practices in Pakistan as well.

The Finance Minister apprised the Vice President about the government’s policies and programs related to key areas of human development in order to uplift the masses and eliminate poverty from the country. The Finance Minister also expressed the commitment of the government to work in collaboration with the World Bank to achieve their shared goals of sustainable development in Pakistan.

His Excellency Mr. Mitsuhiro Wada, Ambassador of Japan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar here at the Finance Division, today.

Mr. Shinji Yanagi, Vice Chairman Toyota Co., SAPM on Finance Mr. Tariq Bajwa, Secretary Finance and senior officers attended the meeting.

Finance Minister Ishaq Dar extended a warm welcome to H.E. Wada Mitsuhiro and briefed the Ambassador about the economic challenges and priorities of the present government. He apprised the Ambassador of the economic policies and reforms being implemented by the government to lead the economy towards growth and stability.

The Finance Minister also expressed his views on the cordial relations between Pakistan and Japan and appreciated Japan’s investments in Pakistan. He stated the two countries enjoy sound friendly relations which have been getting stronger with each passing day. He said that Japan is one of the major development partners of Pakistan and he firmly believes that the cooperation will further strengthen in multiple fields for the mutual benefit of both the countries. The Finance Minister further highlighted potential opportunities of investment in Pakistan and welcomed investment plans of Japanese companies in Pakistan.

Ambassador of Japan Mr. Wada Mitsuhiro praised the pragmatic policies and actions being taken by the government and said that Japan greatly values its bilateral relations with Pakistan. He expressed confidence in the economic policies of the current government and assured that business, investment and economic linkages between the two countries would further strengthen in coming days.

The Finance Minister shared sentiments of gratitude to the Ambassador and assured of complete cooperation in improving the trade, investment and economic relations between the two countries.

H.E. Mr. Andrew Schofer, Charge’d Affaires of the Embassy of United States of America called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

Finance Minister Senator Mohammad Ishaq Dar warmly welcomed H.E. Mr. Andrew Schofer and exchanged views on remarkable bilateral relations held with the United States on economic and trade fronts.

The Finance Minister apprised him of the economy of the country and discussed the current challenges being faced by the country. He further communicated about the difficult policy decisions recently being taken by the government with the aim of stabilizing the economy and then taking the economy on an upward curve ensuring sustainable and inclusive growth.

The Finance Minister also informed the Charge’d Affaires about the on-going IMF programme and assured him that the Government is committed to complete the program.

H.E. Mr. Andrew Schofer voiced his confidence in the policies and programmes of Government of Pakistan for economic stability of the country and extended his support to advance the existing economic and trade relations between both the countries.

Finance Minister Senator Ishaq Dar thanked the US Charge’d Affaires and reiterated the desire of the Government to further expand bilateral trade and investment ties with the USA.

Ambassador of the Islamic Republic of Iran to Pakistan H.E. Seyed Mohammad Ali Hosseini called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Finance Minister Senator Ishaq Dar warmly welcomed the Ambassador and extended compliments on successful completion of his tenure in Pakistan. The Finance Minister highlighted deep rooted cordial relations between Pakistan and Iran based on age old common religious and cultural similarities. The Finance Minister expressed that Pakistan holds its brotherly relations with Iran in very high regard. He also highlighted economic outlook of the country and said that despite economic challenges, the country is destined to progress and development.

Finance Minister Senator Ishaq Dar lauded the Ambassador’s contributions in enhancing and cementing the decades old brotherly ties and fostering economic and trade cooperation between the two countries. Appreciating the tenure of the Iranian Ambassador in Pakistan, the Finance Minister bid farewell to him and extended best wishes and good luck on behalf of people and government of Pakistan for his future assignments.

Ambassador H.E. Seyed Mohammad Ali Hosseini also stressed upon the potential held by both countries for mutual cooperation and appreciated the cooperation and support of the present government in enhancing the bilateral relations in various fields. He also thanked the Finance Minister for his support and cooperation in strengthening economic and trade relations between the two countries during his stay in Pakistan. He expressed good memories of his stay in Pakistan and support of the people and government of Pakistan in shaping his tenure successful.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on reforms in Energy Sector at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Secretary Petroleum, Auditor General of Pakistan, MD SSGCL, MDs and CEOs of Sui Companies, and senior officers from Finance and Petroleum Division attended the meeting.

The meeting conversed about the ongoing issues in the Energy sector, and discussed viable proposals to introduce reforms in the energy sector in order to improve cash-flow, specifically in the gas sector.

The Finance Minister urged the relevant authorities in Petroleum Division, Sui Companies, and PSO to make necessary efforts to improve their liquidity as early as possible. He emphasized that it is the priority of the government to address the issues of liquidity and performance of SOEs of the energy sector to enhance economic growth of the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of Reforms and Resource Mobilization Commission (RRMC) at Finance Division, today.

Mr. Ashfaq Yousuf Tola MoS/Chairman RRMC, Mr. Tariq Bajwa SAPM on Finance, Mr. Tariq Mehmood Pasha SAPM on Revenue, Secretary Finance, Chairman FBR, and other senior officers from Finance Division, FBR, and RRMC attended the meeting.

Finance Minister Senator Ishaq Dar welcomed the members of the Commission and highlighted the current economic and financial outlook of the country. He shared that in spite of challenges, the government is determined to set the economy on a positive trajectory through introducing reforms in various sectors in order to achieve economic stability and growth.

The Chairman of the Commission presented an interim report containing recommendations of the Commission to the Finance Minister.

The Finance Minister further appreciated the efforts of the RRMC in recognizing issues and challenges in the exiting taxation system and for devising valuable suggestions for reforms in the revenue policies for resource mobilization, ease of doing business, and tax payer facilitation to achieve sustainable economic growth.

The meeting deliberated upon the suggestions being put forward by the Commission and agreed to come up with business friendly tax reforms after interacting all the stakeholders. The Finance Minister extended his best wishes and absolute support to the Commission to ensure fast track implementation of the reforms.

Chairman RRMC expressed his gratitude to the Finance Minister for taking keen interest in the process and for his kind support for comprehensive reforms.

Mr. Abdul Rehman Al Raheem Al Nooryani, CEO Etisalat International Pakistan called on Federal Minister for Finance and revenue Senator Mohammad Ishaq Dar, today.

SAPM on Revenue Mr. Tariq Mehmood Pasha, Special Secretary Finance and Senior officers from Finance Division attended the meeting.

Finance Minister Senator Ishaq Dar welcomed Mr. Abdul Rehman Al Raheem Al Nooryani and shared the close and brotherly relations between Pakistan and the UAE.

The two sides discussed and resolved to amicably settle all outstanding issues related to PTCL.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

Ministry of Aviation submitted a summary on Challenges and re-opening of Roosevelt Hotel, New York and informed that PIA investment Limited (PIA-IL) management has got an opportunity offered by New York City Government to utilize the Hotel ( 1,025 rooms) over a period of three years for migrant business @ US$ 200 per room per day. The ECC after discussion approved the recommendations of the Ministry and approved the formation of a four member negotiating committee led by the Secretary Aviation Division to negotiate with the New York City Government and the Hotel Union. The ECC also allowed PIA-IL/ RHC to utilize the funds of $ 1.145 million from the available balance as bridge financing to commence the re-opening work at the Hotel.

Ministry of National Health Services, Regulations and Coordination presented a summary on increase in maximum retail prices of drugs based on the recommendations of Policy Board of DRAP in the wake of devaluation of Pak Rupee and inflation. To ensure continuous availability of drugs in the market, the ECC allowed as a one-time dispensation , allowed manufacturers and importers to increase their existing MRPs of essential drugs equal to 70% increase in CPI ( with a cap of 14% ) and MRPs of all other drugs and lower priced drugs an increase upto 70% in CPI (with a cap of 20%) on the basis of average CPI for current year i-e 1st July, 2022 to 01st April, 2023 with condition that it should be considered as annual increase for the financial year 2023-24 and no increase under this category will be granted in next financial year. The ECC further advised the Policy Board to review the situation after three months i-e in July 2023 and make its recommendations to the Federal Govt regarding price decrease if Pak rupee appreciates its value.

The ECC considered and approved a summary of Ministry of National Food Security & Research regarding the fixation of Wheat procurement targets for the provinces of Sindh, Punjab, and Balochistan for Wheat Crop 2022-23 along with Cash Credit Limit.
i. Govt of Sindh assigned procurement target of 1.400 MMT with procurement price of Rs. 4000/40 Kg.

ii. Govt of Punjab assigned procurement target of 3.500 MMT with procurement price Rs. 3900/40 Kg.

iii. Govt of Balochistan assigned procurement target of 0.100 MMT with procurement price of Rs. 3900/40 Kg.

The ECC considered and approved Rs. 35 million additional funds as Technical Supplementary Grant in favour of Ministry of Interior for establishment of Passport Processing Centers (PPCs) at Tehsil level in 30 administrative units throughout the country and creation of 30 posts of MRP Operational officers in Department of Immigration and Passports, subject to approval of the Austerity Committee.

The ECC also approved Rs. 450 million in favor of Ministry of Interior as Technical Supplementary Grant to meet the Operational requirements of ICT Police regarding its liabilities and training of recruit

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Climate Change Senator Ms. Sherry Rehman, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Govt Effectiveness Mr. Mohammad Jehanzed Khan, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and approved following summaries of Ministry of Energy (Petroleum Division).

i. Extension in renewal of Bhal Syedan Development and Production Lease (D&PL) covering an area of 16.41 sq kms located in District Attock, Punjab w.e.f. 1st January, 2022 till 10th April, 2024 in favour of M’/s OGDCL.

ii. Declaration of commerciality (DOC), Approval of Field Development Plan (FDP), and grant of Development and Production Lease (D&PL) over Fazil Discovery (Mubarik Block) for a period of five years w.e.f 8th June 2022, in favour of M/s United Energy Pakistan (UEP) Beta GmbH, in order to meet the ever-growing energy needs of the country.

iii. Grant of five years renewal to Pariwali Development and Production Lease (D&PL) field covering an area of 121.95 Sq. Kms located in district Attock, Punjab, to M/s POL w.e.f. 1st July, 2022.

iv. Grant of five years renewal over Minwal Development and Production Lease (D&PL), covering an area of 18.85 sq kms located in district Chakwal, Punjab, w.e.f. 1st April, 2023.

The ECC further considered and approved following Technical Supplementary Grants/Supplementary Grants:

i. Rs. 284.5 million in favour of Ministry of Interior for disbursement of amount as financial assistance to the Shuhada and injured persons of terrorism incident occurred in Peshawar on 31st January, 2023, in which 84 persons embraced martyrdom and 233 persons were injured.

ii. Rs. 67 million in favor of Ministry of National Health
Services, Regulations and Coordination as a rupee cover for USD 0.400 Million committed by the World Bank to utilize IDA loan under “Pandemic Response Effectiveness in Pakistan (PREP)" initiative for financial year 2022-23.

iii. Rs. 61 million in favor of Ministry of Law and Justice for Federal Shariah Court to meet the shortfall being faced by FSC in current Financial Year 2022-23.

iv. Rs. 500 million in favour of Ministry of Poverty Alleviation & Social Safety for Benazir Income Support Program (BISP) Nashonuma project.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on CDA’s projects for overseas Pakistanis, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Chairman CDA, Member (Planning & Design) CDA, and senior officers from Finance Division and CDA attended the meeting.

The meeting reviewed the progress on the development projects carried out by CDA especially for the overseas Pakistanis.

The meeting was apprised that CDA has initiated a number of short term and medium term housing projects for overseas Pakistanis. It was informed that one of these housing projects namely Nilore Heights-I is in completion phase and over 6000 applications have been received from 81 countries for 2000 flats.

Finance Minister Senator Mohammad Ishaq Dar emphasized the importance of overseas Pakistanis in the economic and financial development of the country, and directed the CDA authorities to fast track the development projects for overseas Pakistanis. He further directed the CDA authorities to hold balloting of Nilore Heights-I project, which is exclusively developed for Overseas Pakistanis, before 8th May, 2023 instead of 16th May, 2023.

The meeting was briefed on the provision of commercial and residential plots for overseas Pakistanis on open auction basis. It was informed that in the next phase registration for plots in C-14 and C-16 sectors for overseas Pakistanis will commence and special facilitation desks have been established in CDA to facilitate the overseas Pakistanis.

The Finance Minister directed that for auction of commercial plots, incentives should be extended to those investors who pay the amount in US dollars so that foreign exchange reserve could be further bolstered. The Finance Minister further directed the CDA authorities to maintain public friendly and transparent system for investors during sale and purchase process by minimizing physical contact between CDA authorities and overseas investors by ensuring maximum interaction using the digital platform developed for this purpose. He further directed to expedite work on Kuri and Overseas Enclave projects and scheme for auction of plots in C-14 and C-16 sectors should be ready by mid of May, 2023 for overseas Pakistanis.

H.E Ms. Pang Chunxue, Charge’d Affairs, Embassy of the People’s Republic of China called on Finance Minister Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Mohammad Ishaq Dar highlighting deep rooted historical bilateral relations between China and Pakistan, commended the Chinese support for Pakistan and underscored the need for further deepening bilateral relations in economic and trade as well as financial sectors.

Ms. Pang Chunxue extended Eid greetings to the people of Pakistan and the Finance Minister. She praised close and shared friendly relations between the two countries. She assured the Finance Minister of continuous support of Chinese Government to the people of Pakistan.

The two sides discussed bilateral relations between the two countries and avenues to enhance exiting cooperation in multiple fields.

In conclusion, Finance Minister Mr. Ishaq Dar appreciated Ms. Pang Chunxue, Charge’d Affairs for all the support and cooperation which Pakistan has been receiving from the leadership of China.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on revenue performance of FBR, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman FBR, and other senior officers from Finance Division and FBR attended the meeting.

Chairman FBR Mr. Asim Ahmad gave a detailed presentation on revenue targets and performance of FBR for the period July 2022 to March,2023. It was expressed that FBR will make all out efforts to meet its targets in remaining months of financial year 2022-23.

The Finance Minister expressed satisfaction and extended his full support to FBR in performance of their duties for revenue collection. The Finance Minister further emphasized the FBR team to enhance their efforts to achieve the true tax potential in the country.

SBP rebuts Dawn News article: “In breach of law, govt borrows Rs239bn from State Bank: think tank”

Apropos to the story titled “In breach of law, govt borrows Rs239bn from State Bank: think tank”, State Bank of Pakistan categorically rejects the content of the article. It is also regrettable that prior to the filing of this story, the reporter did not bother to contact SBP for verification of the data. SBP further reiterates that no breach of Section 9-C of the SBP Act of 1956 has taken place, as asserted by the reporter.

Apparently, the said story is based on a research report by an Islamabad-based economic think tank, Prime Institute (PI) which prima facie has relied on the data titled “Credit/ Loans Classified by Borrowers”, on the SBP website. However, this data appears to have been misconstrued by the think tank. Ironically, the reporter relied on an unpublished research report, while failing to corroborate its assertions.

It is clarified that data in the aforesaid table is calculated on accrual basis which takes into account accretion of interest over time and impact of exchange rate fluctuation in case of on-lending of Special Drawing Rights (SDR) Allocation, received by the Government of Pakistan as a member of the International Monetary Fund (IMF). Furthermore, gross amount of lending is netted-off against the government deposits with the SBP. Based on these reporting principles, the increase of net SBP credit of Rs. 239 billion to the government sector is attributable to constituent elements namely; accrual of interest (Rs. 110 billion), impact of exchange rate revaluation (Rs. 84 billion) and decrease in government deposits with SBP (Rs. 45 billion). Needless to mention, SBP has not extended any fresh loan to the government since the promulgation of SBP Amendment Act, 2022.

It is further clarified that since the discontinuation of borrowing from the State Bank of Pakistan, the government has repaid SBP debt of Rs. 2,017 billion. It is hoped that in future, the newspaper would contact SBP prior to the publication of news related to the central bank and its subsidiary organizations.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Mr. Jin Liqun, President Asian Infrastructure and Investment Bank (AIIB) virtually through video link from Islamabad as part of the IMF/World Bank Spring meetings 2023.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Special Secretary Finance attended the meeting virtually from Islamabad. Whereas Ambassador of Pakistan to the USA Mr. Masood Ahmad Khan, Governor SBP Mr. Jamil Ahmad, Secretary Finance, Secretary EAD attended in person in Washington.

Finance Minister Mohammad Ishaq Dar shared the current economic outlook of the country and apprised him of the economic policies and reforms of the government for sustainable economic development. The Finance Minister thanked the President AIIB for his generous support in rehabilitation and reconstruction efforts in the flood affected areas in Pakistan.

The President AIIB lauded the relationship between Pakistan and the AIIB and appreciated the economic policies and reforms of the present government for social uplift of the masses. He highlighted the role of AIIB in infrastructure development projects and investment and extended AIIB’s complete support and cooperation to Pakistan.

The Finance Minister thanked the President AIIB for his continuous support to Pakistan for the sustainable economic development of the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held meeting with Mr Martin Raiser, South Asia Vice President at the World Bank on video-link as part of the World Bank - IMF Spring Meetings 2023 being held in Washington, today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman FBR, Special Secretary Finance attended the meeting virtually from Islamabad. Whereas Ambassador of Pakistan to the USA Mr. Masood Ahmad Khan, Governor SBP Mr. Jamil Ahmad, Secretary Finance, Secretary EAD attended in person.
Finance Minister informed the Vice President about the completion of World Bank-supported reforms, especially those supported under the RISE-2 program, under which major reforms like harmonization of GST have been achieved. FM also thanked the World Bank team for supporting Pakistan on flood rehabilitation and reconstruction.

Mr Martin appreciated Pakistan’s efforts on ensuring expeditious processing of all flood related projects. He especially thanked Pakistani side on completing reforms under RISE program which will contribute to ensure macroeconomic stability in the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar attended IMF/World Bank Spring meetings via Zoom from Islamabad with Deputy Managing Director, IMF Ms. Antoinette Moniso Sayeh, today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha attended the meeting virtually from Islamabad. Whereas Ambassador of Pakistan to the USA Mr. Masood Ahmad Khan, Governor SBP Mr. Jamil Ahmad, Secretary Finance, Secretary EAD attended in person in Washington DC.

Finance Minister Senator Ishaq Dar and Ms. Antoinette Moniso Sayeh discussed economic and financial policies and reforms of the Government of Pakistan and initiatives taken by the Government of Pakistan regarding implementation of the prior actions for ongoing IMF program.

Finance Minister Mohammad Ishaq Dar apprised her of country’s economic outlook and shared Government’s initiatives for bringing economic stability leading to growth. The Finance Minister further shared that all prior actions for 9th Review under the Extended Fund Facility have already been completed and Government of Pakistan is fully committed to fulfill its obligations as agreed with the IMF. The Finance Minister also shared that all the international obligations have been addressed in time.

Ms. Antoinette Moniso Sayeh,Deputy Managing Director, IMF appreciated the government’s policies and supported Government’s initiatives in various sectors in term of implementation of prior actions agreed with the IMF. She further extended her support to continue work together and showed confidence on signing of SLA very soon.

Finance Minister Senator Ishaq Dar thanked Ms. Antoinette Moniso Sayeh for support extended in completing 9th Review.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for National Food Security & Research Chaudhry Tariq Bashir Cheema, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

Ministry of Industries and Production submitted a summary regarding financing facility for electric bikes (E-bikes) and E-Ricksaws and presented details on viability, demand of electric bikes and incentive structure for potential users to make electric bikes affordable. In order to create quick and sustainable demand of E-Bikes/Rickshaws in the country, the ECC after discussion approved Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws. Under the scheme, clean loan upto Rs. 0.5 million will be given under Tier-I (T1) of PMYB&ALS at 0% markup rate for repayment in three years. This facility will be available for upto 15000 E-Bikes/Ricksaws in the current financial year. The modalities of the scheme will be worked out by the Ministry of Induatries & Production in coordination with PMYB&ALS.

The ECC considered and approved summary of Ministry of Commerce regarding declaration of Customs Station Angoor Adda as authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics.

The ECC considered a summary of Aviation Ministry and approved increase in GoP guarantee related to USD denominated loans of PIACL to the tune of Rs. 15,607,394,711/- by enhancing the existing guarantee limit of Rs. 247.630 billion to Rs. 263.237 billion.

Ministry of National Food Security and Research tabled a summary on price of sugar during the month of Ramdan and briefed the meeting on outcome of Sugar Advisory Board’s meeting with PSMA regarding retail price of sugar. The ECC endorsed the decisions of the meeting, that PSMA Punjab Zone has agreed to provide 20,000 MT of sugar at retail price o f Rs. 95 per kg during the month of Ramdan ( till Eid-ul-Fitar) for sale to general public through the Government of Punjab at district level. The ECC further directed to make arrangements with other provincial PSMAs on similar pattern for provision of sugar in other provinces/areas.

ECC approved following Technical Supplementary Grants/Supplementary Grants:

i. Rs. 261 million in favour of Ministry of Housing and Works for execution of development scheme – Construction of railway underpass Jahanian, District Khanewal.

ii. US D 0.5 million equivalent to Rs. 142.5 million Rupee Cover in favour of Ministry of National Health Services , Regulations and Coordination, committed by SAARC Development Fund for standard package for strengthening preventive and curative activities for mental health and condition of Covid-19 research activities.

iii. Rs. 250 million in favour of Ministry of Housing and Works for repair & maintenance of Supreme Court of Pakistan building, Judges residences, rest houses & sub- offices in various cities.

iv. Rs. 22 million in favour of Ministry of Foreign Affairs for payment of liabilities of electricity.

Mr. David Miliband, President and CEO of International Rescue Committee, called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, Special Secretary Finance and other senior officers from Finance Division participated in the meeting.

Finance Minister Senator Ishaq Dar extended warm welcome to the Mr. David Miliband, President and CEO of International Rescue Committee (IRC) and apprised him of the overall political and economic outlook of the country in the aftermath of recent floods. The Finance Minister also briefed him about the pragmatic policies and programmes of the present government being taken in terms of economic relief, recovery and rehabilitation of the flood affectees. He added that the government has already launched the rehabilitation and reconstruction efforts.

Mr. David Miliband, President and CEO of the International Rescue Committee commended the measures of the government being taken for the relief of masses in terms of various social security nets being provided after the floods. He also commended the huge support Pakistan has always been providing to the Afghan refugees. He further showed willingness to support the Government in term.of further support to the affectees.

The Finance Minister commended the support of the International Rescue Committee for relief and rehabilitation of flood affectees and other humanitarian measures in Pakistan. He also praised the efforts of the UN and other international organizations in providing support for the people and Government of Pakistan to build back Climate resilient Pakistan after the devastating floods of 2022.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar attended IMF/World Bank Spring meetings through Zoom from Islamabad with high level IMF team headed by Mr. Jihad Azour Director Middle East and Central Asia Department (MCD),today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha attended the meeting virtually from Islamabad. Whereas Ambassador of Pakistan to the USA Mr. Masood Ahmad Khan, Governor SBP Mr. Jamil Ahmad, Secretary Finance, Secretary EAD attended in person.

The two sides discussed the progress made with the ongoing IMF program, particularly talks held with the IMF Mission during their visit to Pakistan and implementation of prior actions.

Finance Minister Senator Mohammad Ishaq Dar mentioned that due to local important commitments, Prime Minister has asked him to stay in Pakistan due to which he had to cancel his scheduled visit to Washington DC and therefore he is attending the IMF/World Bank Spring meetings via zoom from Pakistan. He apprised IMF team about the economic challenges being faced by the country. He further shared the GoP’s vision for bringing about macroeconomic stability in the country. He also informed that all prior actions for 9th Review under the Extended Fund Facility have already been completed and Government of Pakistan is fully committed to fulfil its obligations as agreed with the IMF. He mentioned that the only IMF Program completed successfully was under his previous tenure as Finance Minister.

Mr. Jihad Azour, Director, IMF expressed his confidence that Staff Level Agreement (SLA) will be signed soon,which to be followed by the IMF Board’s approval. He hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF Programme in time and IMF will play its positive role in bringing economic stability in Pakistan.

Finance Minister thanked Director Jihad Azour and his IMF team for support extended in completing 9th Review.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on SECP’s matters at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, Chairman SECP Mr. Akif Saeed and senior officers from Finance Division attended the meeting.

The meeting discussed and reviewed the progress of Securities Exchange Commission of Pakistan (SECP) related to the role of Pakistan Development Fund (PDF) and State Owned Enterprises (SOEs). The meeting also discussed modalities for bringing improvement in the governance of SOEs & line ministries and restructuring of PDF in order to re-vitalize its role to promote infrastructure in the country in the context of SOE Act 2023.

Finance Minister Senator Ishaq Dar stressed to reinvigorate the role of PDF and SOEs considering business plan, governance structure and financial viability with the concept of accountability to safeguard public assets.

H.E Mr. Andrew Dagleish, Acting British High Commissioner called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, Special Secretary Finance and other senior officers from Finance Division participated in the meeting.

Finance Minister extended warm welcome to the Acting British High Commissioner and apprised of the overall economic outlook of the country. The Finance Minister briefed the envoy on pragmatic policies and programmes of the present government being taken in terms of revenue generation and bringing economic stability and growth.

The two sides discussed the current macro-economic situation of the world as well as Pakistan. The Finance Minister also briefed the envoy on the progress in talks with the IMF.

The High commissioner commended the practical measures being undertaken by the present government and offered all possible help from the British Government for the people of Pakistan in mitigating the socio-economic crisis.

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

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on Civil Aviation, at Finance Division, today.

Federal Minister for Railways and Aviation Khawaja Saad Rafique, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, Special Secretary Finance, and senior officers from Finance and Aviation attended the meeting.

During the meeting, Federal Minister for Aviation Khawaja Saad Rafique briefed the Chair on the progress pertaining to the agreement with IFC on outsourcing of three major airports of the country.

The meeting also discussed the legal and financial challenges being faced by the Aviation authorities in the restructuring of PIA and deliberated upon the prospects and opportunities available in this regard.

Finance Minister Senator Mohammad Ishaq Dar appreciated the measures and efforts being taken for improvement in Aviation sector, and promised to support the Aviation Division for measures being taken for restructuring of PIA in every possible way.

Reference news item circulating on media channels that Secretary Finance Mr. Hamed Yaqoob Sheikh has gone the USA on leave. It is clarified that the Secretary Finance has gone to the USA to attend spring meetings of the IMF and the World Bank and to represent the Finance Minister.

Vice Admiral Naveed Ashraf, Vice Chief of Naval Staff called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar Finance Division, today.

The meeting discussed the prevailing economic and security situation of the country. The 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 the government’s full support to Pakistan Navy.

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

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Climate Change Senator Sherry Rehman, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary submitted by Ministry of Religious affairs and Interfaith Harmony on utilization of Hajj quota and its financing. The Ministry presented details on the Hajj Policy-2023, number of applications received under Regular Hajj Scheme, unutilized quota under regular and sponsorship Hajj schemes and financial requirement. The ECC after discussion approved the arrangement/ modalities for Hajj Scheme-2023 and decided that all received applications under Regular Hajj Scheme i.e 72,869 shall be declared successful without balloting. The ECC also approved additional financial requirement of $163 million of foreign exchange for Hajj 2023.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar virtually chaired the 2nd meeting of Steering Committee on implementation of Federal Shariat Court (FSC)’s judgment on Riba, today.

Governor State Bank of Pakistan (SBP), Secretary Finance, members of the Steering Committee and senior officers from Finance Division and SBP attended the meeting.

Welcoming the Steering Committee members , Finance Minister Senator Ishaq Dar appreciated the significant progress that has taken place since the formation of the transformation plan developed by SBP in terms of awareness, capacity building, legal and regulatory reforms, and adoption of international standards, for the purpose of conversion of conventional banking system into Shariah compliant system.

The meeting also discussed the demand and supply side challenges being faced by the task force in eliminating Riba from the financial system, and deliberated upon various measures to be taken to address those challenges within the timeframe.

The Finance Minister also expressed his confidence that under the chairmanship of Governor, State Bank of Pakistan, the Steering Committee will able to complete the task efficiently. He further instructed all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in the way of implementation of interest free system and making the system feasible and stronger that all citizens would aspire for it.

Finance Minister emphasized the commitment of the Government to promote Islamic finance and eliminate interest based system in Pakistan in true spirit and assured complete support of Finance Ministry to the Committee for achieving its mandate and desired objectives.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC), today.

Federal Minister for Commerce Syed Naveed Qamar, SAPM on Revenue Mr. Tariq Mahmood Pasha, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting in person while Mr. Noor Muhammad Dummar Sr. Minister P &D Balochistan, SM Ahsen Tanveer Punjab Industries Minister, Mr. Himmayatullah Khan, Adviser to the CM Khyber Pakhtunkhwa on Finance attended the meeting through zoom.

The ECNEC considered and approved " Land Acquisition, Affected Properties, and Compensation for Rajanpur- Dera Ghazi Khan Section as 04-Lane Highway and Dualization& Rehabilitation of Dera Ghazi Khan- Dera Ismail Khan Section of N- 55" project at a rationalized cost of Rs. 11,377.328 million without FEC. The project envisages acquisition of land for up gradation/improvement/widening of 329.7 kms long and 04- Lane wide dual carriageway, starting from Rajanpur and terminating at Dera Ismail Khan Section Indus Highway, National Highway (N-55).

The ECNEC considered and approved Reconstruction of Turbat-Mand Road from Motorway (M-8) to Iranian Border (Radeeq) project at a rationalized cost of Rs. 19,571.092 million. The revised project envisages reconstruction/improvement/up gradation of 115 kms long carriageway starting from Motorway (M-8 Gwadar-Ratodero Motorway) to Kurumb (Iranian border) in Balochistan province. The project road connects Iranian border with West i.e coastal Belt of the province. The project road is a part of the Southern Balochistan Development Package (SBDP).

The ECNEC also considered and approved Construction of Panjgur-Gichak-Awaran road at the rationalized cost of Rs. 27,638.751 million without FEC. The revised project envisages construction of 228 kms long carriage way starts from Panjgur-Gichak-Awaran in southern Balochistan region. The project road is a part of the Southern Balochistan Development Package (SBDP).

The ECNEC considered and approved Diamer Basha Project- Power Generation Facilities (4500MW) at a totalcost of Rs. 1,236.10 billion including FEC of Rs. 598.19 billion. The main object of the project is to capitalize the economical and renewable hydropower energy benefits of 4500 MW from the power generation facilities under Diamer Basha Dam project. The project will be implemented by WAPDA.

The ECNEC considered and approved Digital Economy Enhancement Project (DEEP), at modified/updated cost of Rs. 17,470.750 million , funded by the World Bank IDA loan. The project plans to ensure the improvement in digitalization efforts undertaken so far throughout Pakistan. Ministry of IT & Telecom alongwith NITB, NADRA, PITB, IGNITE and Board of Investment (BoI) will execute the project.

Planning Commission submitted a summary regarding Agenda for the 31st Meeting of the Steering Committee on SDG Achievement Program (SAP). The ECNEC after discussion allowed continuity of prevailing mechanism and allowed Power Division to approve SDGs schemes.

The ECNEC also considered and approved a summary submitted by Planning Commission on procedure to clear pending liabilities of the closed projects.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on matters of Railways and Aviation, at Finance Division, today.

Federal Minister for Railways and Aviation Khawaja Saad Rafique, SAPM on Revenue Mr. Tariq Pasha, Secretary Railway, Secretary Aviation, Secretary Finance, Chairman FBR, and senior officers from Finance, Aviation, and Railways Divisions attended the meeting.

During the meeting, Federal Minister for Aviation Khawaja Saad Rafique briefed the Chair on the performance and ongoing projects pertaining to Civil Aviation Authority, PIA, and Pakistan Railways.

The meeting discussed various matters of Civil Aviation and Railways sectors related to finances, taxation, outstanding payments, and cash flows. The meeting also deliberated upon possible solutions and measures that can be taken for the resolution of the issues in order to ensure the provision of better services to air and rail passengers. The meeting also discussed the restructuring of PIACL in order to enhance its performance and make it compatible with the international standards.

Finance Minister Senator Mohammad Ishaq Dar appreciated the measures and efforts being taken for improvement in both sectors, and promised to support the timely execution of the projects of Civil Aviation, PIA, and Pakistan Railways in every possible way.

H.E. Mr. Donald Blome, Ambassador of the United States of America to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar today.

Finance Minister Senator welcomed H.E. Mr. Donald Blome and shared deep rooted historic and durable bilateral relations with the United States on economic and trade fronts.

The Finance Minister briefed the envoy about the economic outlook of the country and the challenges being faced by the country. He further shared the pragmatic policy decisions being taken by the government in order to arrest the economic decline and to steer the economy towards a positive trajectory leading to economic stability and growth.

The Finance Minister also informed the envoy on the progress in talks held with the IMF and reiterated the commitment of the government to complete the program.

H.E. Mr. Donald Blome expressed confidence on the policies and programmes of the government being taken for economic sustainability of the country and socio-economic uplift of the masses. He extended his support to further promote bilateral economic, investment and trade relations between both the countries.

The two sides also exchanged views on matters of common interest and showed their interest in enhancing the existing bilateral relations between both countries. They also talked about various economic avenues in which both countries can further strengthen their ties.

Finance Minister Senator Ishaq Dar thanked the US Ambassador and reiterated the desire of the government to further deepen bilateral trade and investment ties with the USA.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired 6th meeting of National Tax Council, today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Engr. Zamrak Khan Achakzai, Finance Minister Balochistan, S.M Ahsen Tanveer, Minister for Industries Punjab, Mr. Himayatullah Khan, Adviser to the CM KP on Finance, SAPM on Revenue Mr. Tariq Mahmood Pasha, Special Secretary Finance, Chairman FBR, Provincial Finance Secretaries and other senior officers from Finance Division and FBR attended the meeting.

The meeting considered and approved the recommendations of Executive Committee of the NTC dated 28.03.2023, regarding draft Place of Provision of Service Rules, which is a major milestone towards GST harmonization across the country. The approval will help achieve the prior actions for the World Bank funded RISE program.

The NTC decided with the consensus that the Place of Provision of Service Rules will take effect from 1st May, 2023 after approval by the respective provincial cabinets. However, exclusion of electric power transmission from the list of goods by FBR, for which Sales Tax Act is required to be amended through Finance Bill, will take effect from 1st July, 2023.

In conclusion, Finance Minister Senator Ishaq Dar appreciated the stakeholders for building consensus and for settlement of the harmonization of GST in the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.

Ministry of Commerce submitted a summary on amendments in the Import Policy Order-2022 with regards to import of live animals and animal products in line with the revised conditions/guidelines by the World Organization of Animal Health (WOAH) on animals (Cattle) trade. The ECC after discussion approved the proposed amendments in the relevant clauses of IPO-2022.

The ECC approved Technical Supplementary Grant of Rs. 299.997 Million in favour of Ministry of Housing and Works for repair and maintenance of Public buildings. The ECC also approved Supplementary Grant of Rs. 87.164 million in favour of Intelligence Bureau for payment of taxes and duties.

The ECC after discussion deferred a summary of Ministry of Commerce regarding Amendment in IPO-2022 pertaining to used Auto Lube Oil and a summary of Ministry of Information Technology & Telecommunication, seeking approval of NTC’s budget for financial year 2021-22 and 2022-23.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of All Pakistan Textile Mills Association (APTMA) headed by its Petron-in-Chief Dr. Gohar Ejaz, at Finance Division, today.

Federal Minister for Commerce Syed Naveed Qamar, SAPM on Revenue Mr. Tariq Pasha, Governor SBP, Chairman FBR, Secretary Power, Additional Secretary Commerce and senior officers from relevant ministries attended the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcoming the delegation, highlighted the economic and financial outlook of the country and expressed resolve of the government to overcome these challenges and set the economy towards growth.

The delegation briefed the Finance Minister about its contribution in the revenues, employment generation and exports of Pakistan despite the challenges being faced by APTMA members. The delegation further apprised the Finance Minister about the issues being faced by textile industry in terms of gas and electricity supply and their prices, and regarding the imports and exports. The major issuess being faced by APTMA members included liquidity crunch due to held up sales tax refunds, stuck import of raw materials due to LC opening issues and regionally competitive energy tariff. The APTMA delegation extended their all out support to the government in the economic development of the country and stated that they realize the tough situation being faced by the Finance Ministry.

The Finance Minister acknowledged the contribution of APTMA in economic growth of the country and committed to provide maximum support of the government to the textile industry in order to boost the export-led growth of Pakistan. Moreover, the Finance Minister directed the relevant authorities to address and resolve their issues on priority basis. The delegation APTMA thanked the Finance Minister for providing support and addressing their issues.

H.E Mr. Neil Hawkins, High Commissioner of Australia, called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Mohammad Ishaq Dar welcomed H.E Mr. Neil Hawkins, High Commissioner of Australia, and highlighted the friendly relations between the two countries.

The two sides discussed the existing level of bilateral cooperation between the two countries and exchanged views on enhancing bilateral ties and cooperation in trade, economic and investment fields.

The Finance Minister briefed the envoy about the current economic outlook of the country and apprised of pragmatic policy reforms initiated by the government for the socio-economic uplift of the masses as well as economic progress and development of the country. The Finance Minister commended Australian support for relief and rehabilitation of flood affectees in Pakistan. The High Commissioner informed that the entire amount pledged by the Australian Government had been disbursed.

The Finance Minister apprised the High commissioner of the progress in talks held with the IMF Mission.

H.E Mr. Neil Hawkins, High Commissioner of Australia, extending greetings on the Holy month of Ramdan, shared his views about the deep rooted friendly relations between Pakistan and Australia. He further shared the willingness to boost the ties further in terms of trade and investment. The Envoy also apprised the Minister that 100,000 strong Pakistan Diaspora and 15,000 Pakistani students in Australia are playing an important role in bringing the two countries closed. The High Commissioner also appreciated the policies and programs of the government for socio-economic development and economic growth. He stated that Australia wanted to see Pakistan as a strong, peaceful and prosperous country.

Former Prime Minister Syed Yousuf Raza Gilani and Syed Khursheed Ahmed Shah, Federal Minister for Water Resources met Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, today at Finance Division.

In the meeting, Former Prime Minister Syed Yousuf Raza Gilani discussed matters related to the Senate of Pakistan and Syed Khursheed Ahmed Shah, Federal Minister for Water Resources discussed different matters related to his Ministry.

Federal Finance Minister Senator Mohammad Ishaq Dar chaired a meeting to review progress on Hajj Scheme -2023 at Finance Division, today.

Mufti Abdul Shakoor, Federal Minister for Religious Affairs & Interfaith Harmony, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Religious Affairs, Special Secretary Finance and senior officers from Finance and Religious Affairs Ministries attended the meeting.

The meeting reviewed and discussed progress on the Hajj -2023. Secretary Religious Affairs briefed the meeting that receipt of applications for the Hajj-2023 was closed on 31st March, 2023 as per Govt policy. Further it was informed that 72869 applications have been received in the banks against Govt regular scheme quota of 44190. The Ministry of Religious Affairs & interfaith Harmony also provided details about its foreign exchange requirement for the Holy Hajj-2023.

It was desired by the Chair that complete and fully reconciled information regarding the final number of applications received under the Regular Scheme should be collected from the banks by Tuesday 4th April, 2023. On receipt of complete information, Government shall review and decide the final number of intended applicants for Regular Hajj Scheme-2023.

Finance Minister Senator Mohammad Ishaq Dar stated that Hajj is a sacred religious obligation and Government of Pakistan shall facilitate the Hujjaj in every possible manner.