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, Federal Minister for Aviation Khawaja Saad Rafique, Minister for Board of Investment Chaudhry Salik Hussain, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, 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 a summary of Ministry of Aviation on engagement of International Finance Corporation as transaction advisor for the outsourcing of three airports. It was informed that outsourcing of three airports has been initiated within the scope of Public-Private Partnership Act-2017 to engage private investor/airport operator through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential. In this regard, International Finance Corporation (IFC), a part of the World Bank Group, has been qualified as a transaction advisor. The ECC after detailed discussion approved the draft Transaction Advisory Agreement (TASA), reached with the IFC by PCCA for outsourcing of three airports.

The ECC also considered and approved following summaries submitted by Ministry of Energy (Petroleum Division);

i. Approved Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL).

ii. Granted second two years’ renewal over Kirthar exploration license block in favour of Polish Oil & Gas Company Limited (POGC) w.e.f 28-08-2022.

iii. Granted permission of Extended Well Testing (EWT) over Ghazi-1 discovery to M/s Mari Petroleum Company Limited (MPCL).

Additionally, ECC also decided to provide following Technical Supplementary grants for current fiscal year:

i. Rs. 607.6 Million in favor of Ministry of Energy (Power Division) for execution of development schemes in Sindh province.

ii. Rs. 1689.5 Million in favor of Ministry of Housing and Works for execution of development schemes under SDGs Achievement Programme (SAP) in KPK and Sindh provinces.

iii. Rs 5000 Million in favor of Ministry of Housing and Works for execution of development schemes in erstwhile FATA.

The ECC deferred a summary submitted by Ministry of Energy ( Power Division) on implementation agreement signed between Government of Pakistan and K-Electric (Erstwhile KESC) on pending issue of payment of duties and taxes.

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 Mr. Ishaq Dar and H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates shared the deep rooted brotherly relations between the two countries and discussed avenues of furthering and strengthening economic and financial ties between the UAE and Pakistan .

Finance Minister Senator Ishaq Dar stated that Pakistan and the UAE are engaged in various areas including energy, refinery, petroleum and trade, however, still a lot of potential is unexplored. In this regard, the Finance Minister highlighted various avenues in which both countries can enhance their existing trade and investment relations.

The Ambassador of the United Arab Emirates appreciated development-oriented economic policies of Pakistan initiated by the present government and expressed the interest of the UAE in augmenting and furthering investment in various sectors of the economy of Pakistan.

Finance Minister Senator Ishaq Dar welcomed the investment proposals of the UAE in Pakistan and extended full support and cooperation by the government.

In conclusion, the Finance Minister shared sentiments of gratitude for good will and cooperation of his Excellency and hoped to enhance the bilateral relations further in the future.

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, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, 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 a summary of Ministry of Energy (Petroleum Division) regarding arrangement of Finance Facility for funding of Government of Baluchistan’s share of obligation in Reko-Diq project dispute settlement with directions to the Finance Division to arrange payment of markup amounting to Rs. 6,238,358,879/- for the period from March 31, 2022 to December 30, 2022 to the NBP for the short term finance facility of Rs. 65 billion.

The ECC considered a summary of Ministry of National Health Services, Regulations and Coordination for maximum retail price of Remdesivir 100 mg injection for the treatment of Covid-19 and decided not to increase the price of Remdesivir 100 mg injection and the existing MRP i.e Rs. 1892/vial shall remain fixed.

The ECC deferred summaries of Ministry of National Health Services, Regulations and Coordination on fixation MPR of 54 new drugs and increase in prices of 119 drugs. The ECC also deferred a summary of Ministry of Aviation on engagement of International Finance Corporation as transaction advisor for the outsourcing of three airports.

Air Marshal Mr. Ghulam Abbas Ghumman, SI(M) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

The meeting discussed the prevailing economic and security situation of the country. The Finance Minister commended the efforts of Pakistan Air Force in defending the country’s air space and aerial interests of Pakistan. The Finance Minister further expressed confidence on the role of Pakistan Air Force in safeguarding the aerial boundaries and extended present government’s full support to Pakistan Air Force.

The Air Marshal thanked the Finance Minister for his support and appreciation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Resident Representative, UNDP, Mr. Knut Ostby and his team at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Me. Tariq Mehmood Pasha, Mr. Haroon Sharif, Sr. Adviser UNDP, Ms. Ammara Durrani, Assistant resident representative UNDP, Secretary Finance and senior officers from Finance Division attended the meeting.

The UNDP team briefed the Finance Minister on the ongoing institutional arrangements being made by UNDP regarding the Climate Resilient Pakistan rehabilitation and recovery plan of action in flood affected areas. The UNDP team further extended support to the government in mobilizing financing for development in flood affected areas and technical expertise for mobilizing SDG investments and climate financing for development.

Finance Minister Senator Muhammad Ishaq Dar welcomed the UNDP team and appreciated UNDP for being a great partner in taking flood relief measures in Pakistan and welcomed the financial proposals for unlocking Geneva pledges.

The Finance Minister also appreciated the key role of UNDP as development partner in achieving the Sustainable Development Goals (SDGs). He reiterated the commitment of government of Pakistan on achievement of SDGs.

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, 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.

Ministry of Energy (Petroleum Division) submitted a summary on credit facility from Kuwait and presented that the Government of Pakistan is utilizing a credit facility extended by Kuwait Petroleum Corporation (KPC) against supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year. PSO deposits Rupee equivalent with NBP after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait. In the current situation, this account has witnessed huge exchange losses due to upheaval in the Rupee-dollar parity during the last 12 months.the GoP is committed to cover these exchange losses. Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs. 27 billion for Kuwait Petroleum Company.

The ECC considered a summary of Ministry of Kashmir affairs and Gilgit-Baltistan on Wheat supply to Gilgit-Baltistan and approved immediate release of 25,000 MTs to GB for the months of March and April, 2023to avoid shortage of wheat in the region, especially during the holy month of Ramzan. Keeping in view current wheat price, the ECC granted additional amount of Rs. 2.9 billion through Technical Supplementary Grant to meet urgent requirement of Gilgit- Baltistan. The ECC further directed Ministry of KA&GB to submit a comprehensive plan for price rationalization in consultation with concerned stakeholders for consideration of the ECC within 30 days.

The US Ex-Ambassador Ms. Robin L. Raphel, called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

Finance Minister Senator Ishaq Dar welcomed Ms. Robin L. Raphel and shared deep rooted and strong 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 and socio-economic development of the population.
The two exchanged views on matters of mutual interest in the backdrop of Pak-US relations and further deepening the existing bilateral relations between the two countries.

Ms. Robin L. Raphel underscored that both countries enjoy good relations and expressed confidence on the policies and programmes of the Government for economic sustainability and growth.

My statement on the floor of the Senate of Pakistan on 16th March, 2023, in response to a query regarding reasons for delay in IMF Program, is being quoted out of context.

My comments with regards to Pakistan’s Nuclear Program was in response to a colleague Senator’s specific question, wherein, I emphasized that Pakistan has sovereign right to develop its nuclear program, as it best suits our national interests, without any external dictation, which, by no means should in any way whatsoever be linked with the ongoing negotiations with the IMF.

It is clarified that neither IMF nor any other country has attached any conditionality or made any demand from Pakistan with regard to our nuclear capability and the delay in IMF staff level agreement is purely due to technical reasons, for which we are continuously engaged with the IMF in order to conclude it at the earliest.

Ms. Asmaa Resmouki, President International Federation of Accountants (IFAC) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM/Chairman RRMC Mr. Ashfaq Yousuf Tola, and senior officers from Finance Division attended the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed Ms. Asmaa Resmouki, President IFAC and extended felicitations on becoming the first Muslim lady President of IFAC. Highlighting the role of accountants in the economic development of a country, the Finance Minister stressed on high quality corporate reporting based on international standards which is key to mobilizing financial resources and helping in reducing corruption and mismanagement.

Finance Minister Senator Mohammad Ishaq Dar also highlighted the economic and financial outlook of the country and expressed resolve of the government to overcome the economic challenges and steering the economy towards growth.

Ms. Asmaa Resmouki, President, IFAC highlighted the role of IFAC as global voice for the accountancy profession and said that IFAC serves the public interest through advocacy, development and support for member organizations. She also discussed the economic challenges globally and in this context appreciated the economic policies and programs initiated by the government in Pakistan for achieving sustainable economic development.

Ms. Asmaa Resouki became IFAC president in Nov, 2022. Prior to becoming President, she was appointed Deputy President IFAC in Nov 2020 after serving the IFAC board since Nov, 2017.

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, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting.

The ECC considered and deliberated on the summary submitted by Ministry of Industries and Production on Urea Fertilizer requirement for Kharif 2023. The Ministry presented details on the demand, production and domestic production gap of urea fertilizer in the country for Kharif 2023 season. Setting aside the option of importing the Urea fertilizer, the ECC decided and directed Petroleum Division to supply indigenous gas to urea fertilizer plants till 31st May, 2023 to meet the urea requirement in the country for Kharif 2023.

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 Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting.

Ministry of National food Security and Research submitted a summary on Cotton Intervention Price (CIP) for 2023-24 Crop and argued that announcement of CIP at this time, ahead of the main sowing season will help growers decide about the area and investment in cotton crop and expected to enhance yield and area by 10-15%.

To revive Cotton production in the country, bring stability in the domestic market and assure fair return to the farmers, the ECC after detailed discussion approved the proposal of MNFSR to fix Cotton(Phutti) Intervention Price at Rs. 8,500/40Kg for current sowing season. The ECC directed MNFSR to constitute Cotton Price Review Committee (CPRC) with mandate to review market prices. The ECC further directed the Ministry to proactively involve the Cotton industry.

The ECC considered a summary of Ministry of Commerce on extension in the shipment period of sugar export and after detailed discussion allowed extension from 45 days to sixty(60) days time limit for shipment of sugar from date of quota allocation.

National Disaster Management Authority (NDMA) submitted a summary on financial requirements for NDMA execution plan regarding Pakistan’s assistance for Turkey and Syria earthquake-2023. It was informed that the devastating earthquake caused massive causalities in Turkey and Syria. To support the brotherly countries in their difficult time, NDMA was directed to maximize and extend full support from 6th February and onwards. Considering timely help and support to brothers and sisters in Turkey and Syria, the ECC approved immediate allocation of Rs. 10 billion to NDMA for payment for procurement and transport of the goods to affected areas in Turkey and Syria.

Ministry of Energy( Petroleum Division) tabled a summary on liquidity requirement of PSO for import of Petroleum products in the country and argued that PSO is engaged in import of Liquefied Natural Gas (LNG) in the country to meet the energy requirement in terms of LNG and petroleum products. PSO is importing 8-9 LNG cargos per month whereas as per the contracts with LNG suppliers, PSO is obliged to clear the invoices within the time frame. In order to enable PSO to remain afloat in its payment obligations to LNG suppliers and to continue LNG supply chain, the ECC allowed a sovereign guarantee in favour of SNGPL for commercial borrowing of Rs. 50 billion on immediate basis.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of the Committee constituted by the Prime Minister on Pharmaceutical Industry’s issues, at Finance Division today.

Federal Minister for Economic Affairs Sardar Ayaz Sadiq, Federal Minister for National Health Services, Regulations and Coordination Mr. Abdul Qadir Patel, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Advisor to the PM on Establishment Mr. Ahad Khan Cheema, Chairman FBR and senior, CEO DRAP and senior officers attended the meeting.

While delegation of Pharma industry included Syed Farooq Bukhari, Chairman PPMA, CEO GSK Ms. Erum Shakir Rahim, CEO Ferozsons Mr. Osman Waheed, MD Abbott Mr. Anis Ahmed, CEO Sante Mr. Tauqeer ul Haq,Mr. Zahid Saeed former Chairman PPMA, Mr. Hamid Raza former chairman PPMA, MR. Shahzad Akram, Vice President FPCCI, ED Pharma Bureau Ms. Ayesha Tammy Haq and others.

The Chair was briefed about the contribution of the Pharmaceutical industry in the economic development of the country. The Chairman PPMA appreciated the decision of the government on resolving the issues of LCs and fixing the price of paracetamol drug. He further sought support of the government for addressing their issues related to price adjustment of drugs affected due to devaluation of Pak rupee.

Finance Minister Senator Mohammad Ishaq Dar acknowledged the contribution of pharmaceutical industry and stressed that the present government is committed to resolve the operational issues being faced by various sectors of the economy. Referring the vision of the Prime Minister not to burden the common man, the Finance Minister emphasized that the government is determined and working hard to address the issues of common man in spite of various economic challenges.

The Finance Minister expressed commitment of the government to provide essential drugs on affordable prices to common man which is their basic right, assured the Pharma delegation to address their issues at earliest.

The Finance Minister directed the relevant authorities to undertake the required measures for addressing the concerns of Pharmaceutical industry within the existing structure.

H.E Ms. Leslie Scanlon, High Commissioner of Canada 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 Ms. Leslie Scanlon, High Commissioner of Canada and shared that there are friendly relations between the two countries. The Finance Minister commended the support of Canadian Government for flood affectees.

The two sides discussed overall global economic situation as well as economic policies and programmes of the government in Pakistan. They exchanged views on enhancing bilateral relations in various avenues and cooperation in a number of fields including trade, investment and climate resilience.

The Finance Minister briefed the envoy about the economic outlook of the country and the challenges being faced by the country, coupled with huge losses due to the devastating floods last year. He further shared that the government with its pragmatic policy decisions has not only arrested the economic decline but is also steering the economy towards stability and growth. He also shared that the government has taken difficult decisions in key sectors, including energy sector in order to reduce budgetary and current account deficits and increase the revenue generation. The Finance Minister also informed about the talks held with IMF Mission and reiterated the commitment of the government to complete the existing IMF program and fulfill all the international obligations.

H.E Ms. Leslie Scanlon, High Commissioner of Canada, also shared sentiments of deep rooted friendly relations between Pakistan and Canada and said that both countries enjoy excellent relations and these need to be further promoted especially on trade, investment and Climate resilience. She informed about the newly developed Strategy for the region through which Pakistan will be able to access for Climate resilience and re-building. She supported the policies and programs of the government for socio-economic development and economic growth.

The Finance Minister appreciated the Canadian investments in Pakistan and extended full support and cooperation of the government to enhance the economic relations between both the countries.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the Second meeting of monitoring Committee to oversee the implementation of austerity measures, at Finance Division, today.

Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Federal Minister for Law & Justice Mr. Azam Nazeer Tarar, Advisor the PM on Kashmir Affairs & Gilgit- Baltistan Mr. Qamar Zaman Kaira, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal secretaries and senior officers attended the meeting.

The meeting reviewed the implementation of the decisions of its First meeting on the implementation of austerity measures. A detailed presentation was given and was informed that implementation on austerity measures has already been started by the respective Ministries/Divisions. The meeting was updated on the status of use of luxury vehicles and was apprised that majority of the allocated vehicles have been returned back by the Cabinet members. The meeting expressed concerns on the non-return of remaining luxury vehicles and directed Cabinet Division for strict implementation of the decision and to get back the luxury vehicles within three days. The meeting also deliberated on the withdrawal of use of security vehicles and decided to implement the decision in its letter and spirit.

The meeting expressed serious concerns on the use of SUV/Sedan Cars above 1800 cc by some officers and directed all the authorities to immediate stop the use of all these vehicles by the government officials.

Ministry of Law and Justice was entrusted with the task to approach the Superior Judiciary suggesting implementation of austerity measures in Judiciary and approach Chairman Senate and Speaker National Assembly of Pakistan regarding use of tele-conferences for all meetings to save time and expenditure. The meeting was also informed that Ministry of IPC has already approached the provincial governments suggesting implementation of similar austerity measures in their respective provinces.

The meeting also discussed the working timings and decided that new timing for office work will be 7.30 am to 2.30 pm and upto 12.30 pm on Friday starting from first of Ramzan and will be followed in the summer season as per decision of the Cabinet. A notification will be issued accordingly.

Finance Minister Senator Mohammad Ishaq Dar emphasizing the current economic situation in the country directed all the concerned to expedite the implementation of austerity measures with sincerity and true spirit without any exception.

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

Federal Minister for Aviation Khawaja Saad Rafique, Federal Minister for Law and Justice Mr. Azam Nazeer Tarar, Ex- PM Mr. Shahid Khaqan Abbasi, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Advisor to the PM on Establishment Mr. Ahad Khan Cheema, Secretary Aviation, Special Secretary Finance, DG Aviation and senior officer from relevant ministries attended the meeting.

The meeting discussed and deliberated on various issues related to Civil Aviation sector and suggested pragmatic measures for the resolution of issues to enhance the revenue generation of the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Mr. Arif Ur Rehman , Managing Director, Fauji Fertilizer Bin Qasim Limited (FFBL),at the Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Mr. Javed Akhtar, CFO FFBL, Special Secretary Finance and senior officers from Finance and Petroleum Divisions and FBR attended the meeting.

Mr. Arif Ur Rehman, MD, FFBL briefed the Finance Minister on company’s profile and its contribution to the national exchequer. It was informed that FFBL is contributing largely in manufacturing DAP and striving for sustainable agricultural growth in Pakistan. The Managing Director further apprised the Finance Minister of company’s future investment plans to produce micro-nutrient products in order to bring more vitalities to the fields and thereby the increase the production.

Finance Minister Senator Mohammad Ishaq Dar appreciated the contribution of FFBL and stressed the importance of Fertilizer sector for the agriculture sector and economic growth of the country. The Finance Minister said that agriculture is the back bone of the country and the government is keen to provide maximum facilities to the farmers in order to reduce the cost of farming and increase the production. The Finance Minister supported the investment proposals of FFBL on better DAP product to increase per acre yield and extended his full support and cooperation.

Mr. Arif Ur Rehman, MD , FFBL thanked the Finance Minister for his support.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual meeting with H.E Ms. Sri Mulyani, Finance Minister of Indonesia, today.

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

Finance Minister Senator Mohammad Ishaq Dar greeting the Indonesian Finance Minister highlighted profound historical and brotherly relations between the two countries. The Finance Minister shared that Pakistan attaches great importance to its relations with Indonesia. He expressed satisfaction over the magnitude of economic and trade and investment cooperation between the two countries.

H.E Ms. Sri Mulyani, Finance Minister of Indonesia emphasized deep rooted bilateral relation between both the countries and exchanged views to strengthen bilateral economic and trade relations with Pakistan. She also shared various economic reforms introduced by the Indonesian government and steps taken for achieving sustainable economic development.

The two sides discussed avenues of mutual cooperation in the economic and financial sectors to strengthen bilateral relations between the two countries.

Finance Minister Senator Mohammad Ishaq Dar and H.E Ms. Sri Mulyani, Finance Minister of Indonesia agreed to extend full support to enhance the bilateral economic cooperation between both countries.

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, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP,MD PASSCO, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of Inter Provincial Coordination and granted Technical Supplementary Grant of Rs. 10 million for medical treatment of Mr. Jan Sher Khan, Ex-world Squash Champion, diagnosed with multiple health issues.

Ministry of National Food Security & Research submitted a summary on fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of new food year on 01-04-2023.

Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of Ministry of National Food Security & Research to assign wheat procurement target of 1.80 MMT @ procurement price of Rs. 3,900/40kg. Further the ECC directed MNFS&R to form a committee to review the proper wheat usage, wheat storage mechanism/ Silos in the country and present its findings to the ECC in 15 days.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting at the establishment of Passport offices, at Finance Division, today.

Interior Minister Rana Sanaullah Khan, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Interior, Special Secretary Finance, Chairman NADRA, DG Passport & Immigration and senior officers from Finance, NADRA and Passport office attended the meeting.

The meeting was apprised of the performance of the Passports & Immigration office and reviewed the existing setup of passport offices in the country and abroad. The meeting was informed that more than 26 billion rupees have been deposited in the national exchequer due to issuance of 4.5 million passports to date.

The meeting also deliberated on the establishment of Passports Processing Counters and Mobile Register Vehicles in collaboration with NADRA in remaining districts of Pakistan utilizing available resources for maximum facilitation and service delivery to the general population.

Finance Minister Senator Mohammad Ishaq Dar emphasized that the government is providing maximum facilities to the population in all sectors in spite of limited resources and financial challenges. Finance Minister further appreciated the efforts of Interior Ministry for establishment of Passport Processing Counter centers in far flung areas of Pakistan and extended full cooperation and support.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on Pakistan’s assistance to Turkey & Syria earthquake victims and remodeling of National Disaster Management Authority (NDMA), at Finance Division, today.

Federal Minister for Climate Change Ms. Sherry Rehman, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman NDMA Lt. Gen. Inam Haider Malik HI(M), Chairman FBR, Special Secretary Finance and senior officers from Finance and NDMA attended the meeting.

Chairman NDMA briefed the meeting through a presentation on the quantum of casualties in Turkey and Syria due to the deadly earthquake and immediate relief provided by Pakistan Government to support brothers and sisters in Turkey and Syria. Chairman NDMA also highlighted a comprehensive and timely relief plan consisting of cargos through air, road and sea routes for possible help from Pakistan Government for Turkey and Syria during this time of need. The meeting was apprised on the readiness of NDMA for quick support of their Turkish and Syrian brothers and sisters in the shortest time.

The Chairman NDMA also briefed the meeting on remodeling of NDMA on modern technological lines for quick and immediate response to disasters transforming NDMA from a reactive to a proactive organization in order to minimize the damages caused by the natural disasters in future.

Finance Minster Senator Mohammad Ishaq Dar appreciated NDMA for its immediate response and relief work for distressed people affected in the devastating earthquake in Turkey and Syria. He also appreciated the disaster preparedness responses and NDMA’s remodeling of disaster response to mitigate losses from future natural calamities.

In conclusion, the Chairman NDMA thanked the Finance Minister for support.

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, Federal Minister for Religious Affairs & Interfaith Harmony Mufti Abdul Shakoor, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers attended the meeting.

Ministry of Religious affairs and Interfaith Harmony submitted a summary on Hajj Policy-2023. The ECC after discussion approved Hajj-2023 policy and agreed to provide foreign exchange cover of USD 90 million. As per policy Hajj quota allocated to Pakistan for the year 2023 is 179,210, which shall be distributed between the Government and Private Hajj Schemes at a ratio of 50:50. Out of the Government and Private Hajj Schemes, a quota of 50% each shall be reserved for sponsorship scheme. For the year 2023, tentative Hajj Package for Northern region is PKR 1,175,000/- and for the South Region is PKR 1,165,000/-.

The ECC also approved Technical Supplementary Grant of RS. 12 billion in favour of Planning Commission for conduct of 7th Population & Housing Census and Rs. 3,244 Million in favour of Poverty Alleviation & Social Safety for National Poverty Graduation Programme (NPGP).

The ECC deferred a summary presented by Ministry of National Food Security & Research on Urea Fertilizer requirement for year 2023 with direction to incorporate the recommendations of Committee framed by ECC on gas distribution plan headed by Mr. Shahid Khaqan Abbasi.

The ECC also deferred another summary submitted by Ministry of Industries and Production on Solar Panel & Allied Equipment Manufacturing Policy-2023 with direction to review and revise the proposed policy considering inputs from all stakeholders.

Federal Finance Minister Senator Mohammad Ishaq Dar chaired a meeting on Hajj Policy-2023 at Finance division, today.

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

The meeting was apprised on the Hajj-2023 policy, expected number of Pakistanis applied to perform Hajj. It was informed that more than 179,000 Pakistanis are expected for Hajj this year.

Mufti Abdul Shakoor, Federal Minister for Religious Affairs informed the Finance Minister about certain issues related to foreign exchange and sought his support.

Finance Minister Senator Mohammad Ishaq Dar stated that Hajj is a sacred religious obligation to be performed by every Muslim and we have to contribute our part for the blessings of Almighty Allah. The Finance Minister committed to extend maximum support and cooperation of facilitating the Hujjaj to make the religious event blessed and peaceful.

Mufti Abdul Shakoor, Federal Minister for Religious Affairs thanked the Finance Minister for cooperation and support.

H.E Dr. Mehmet Pacaci, Ambassador of the Republic of Turkiye called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

SAPM for Finance Mr. Tariq Bajwa, Special Secretary Finance, Mr. Nurettin Demir, Turkush Commercial councellor, Mr. Ali Battal Country Manager Turkish airline, Mr. Farhan Akram CFO Dawlance and senior officers from Finance Division and FBR attended the meeting.

Finance Minister Senator Ishaq Dar welcomed H.E Dr. Mehmet Pacaci and shared sympathies on human and material losses in the deadly earthquake in Turkiye. He stated that Government and people of Pakistan are saddened at the loss of precious lives and properties in the devastating earthquake and stand with the people of Turkiye in its difficult time. He further shared that Government of Pakistan is ready to further extend relief support to Turkiye.

H.E Dr. Mehmet Pacaci, Ambassador of the Republic of Turkiye expressed gratitude for providing immediate relief support and necessary to Turkish brethren in its difficult time. The Turkish Ambassador shared that the Republic of Turkiye has strong bilateral ties with Pakistan on various fronts and apprised the Finance Minister of certain issues related to Turkish companies operating in Pakistan.

The two sides further exchanged views on the long-standing religious, cultural, political, economic and social ties between Pakistan and Turkiye. The economic, trade and investment cooperation between the two countries was also discussed in the meeting.

The Finance Minister highlighted the future potential areas for strengthening relations especially on business and investment front extended maximum facilitation to the Turkish investors.

H.E Dr. Mehmet Pacaci, Ambassador of the Republic of Turkiye thanked the Finance Minister for support and cooperation.

H.E Mr. Masood Khan, Pakistan’s Ambassador to the United States of America called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

The Finance Minister and Mr. Masood Khan, the Ambassador exchanged views on bilateral economic and commercial relations between Pakistan and the United States of America. The Ambassador apprised the Finance Minister that the friendly relations between the two countries are deepening and mutual cooperation is enhancing between the two countries with the passage of time.

The Finance Minister highlighting the long historical relations between the two countries and stressed upon making efforts to further enhancing business collaboration between the two countries which have a great potential of growth given the opportunities for business and investment available in Pakistan.

The Finance Minister extended his full support and cooperation to the Ambassador and hoped the bilateral collaborations between the two countries would further grow during the tenure of Ambassador Masood Khan.

H.E Mr. Abdulaziz Hamad Aljomaih, Managing Director, Aljomaih Holding Company Limited 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 Mehmood Pasha, Secretary Finance and senior officers from Finance Division attended the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed H.E Mr. Abdulaziz Hamad Aljomaih and highlighted deep rooted brotherly relations with the Kingdom of Saudi Arabia. The Finance Minister also welcomed and appreciated Aljomaih Holding Company’s investments in Pakistan and said that present government provides conducive environment and maximum facilitations to the foreign investors in Pakistan.

H.E Mr. Abdulaziz Hamad Aljomaih briefed the Finance Minister on Aljomaih Holding Company’s profile and investments in Pakistan. He also apprised the Finance Minister of Company’s future investments and business plans in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar extended all out support and cooperation to Aljomaih Holding Company Limited.

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 Planning and Special Initiatives Mr. Ahsan Iqbal, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP,MD PASSCO, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary tabled by Ministry of National Food Security and Research regarding procurement price of Wheat crop 2022-23 and after detailed discussion approved a uniform procurement price of wheat crop 2022-23 at Rs. 3900/40 kg.

Ministry of Industries and Production submitted a summary on Ramzan Relief Package for Utility Stores Corporation- 2023. The ECC after discussion approved hybrid model of Ramzan Relief Package (Targeted and Un-targeted) consisting of 19 items for Utility Stores Corporation, budgeted of Rs. 5 billion.

Ministry of Industries and Production presented a report on the logistic plan of PASSCO for in-land transportation of imported wheat 2022-23. The ECC considered and noted the report.

The ECC considered a summary submitted by Ministry of Maritime Affairs and approved Karachi Port Trust (KPT) Board Resolution regarding waiving off all the charges of storage on the stuck-up containers/cargo landed help up at Karachi Port as a result of non-retirement of Letter of Credits and remittances of Foreign Exchange subject to condition that demurrages charges on each case beyond Rs. 5 million will be waived off after getting certification from SBP. The ECC further directed to submit a report on magnitude and amount of cleared consignments on monthly basis.

Ministry of Energy ( Power Division ) submitted a summary on Uniform Tariff for K-Electric at par with XWDICSOS 2nd Quarter 2021-22. The ECC after discussion approved tariff rationalization for K-electric by way of adjustments on the consumption of July 2022 to September 2022 and to recover from consumers from March 2023 to May 2023 respectively.

The ECC considered another summary of Ministry of Energy ( Power Division) on uniform tariff for K-Electric at par with XWDISCOS 1st Quarter 2022-23 and allowed tariff rationalization by way of adjustments for K-electric on the consumption of Feb-23 to March-23 and to recover from consumers in March-2023 to April 2023respectively.

The ECC also considered another summary of Ministry of Energy ( Power Division ) and approved the proposal regarding enhancement of surcharge for financial year 24 to cover federal government obligations towards power producers. Further, these surcharges for FY 24 will also be applied to K-Electric consumers to maintain uniform tariff across the country.

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

1. Rs. 200 Million in favour of Ministry of Housing and Works for execution of development schemes- road from Lalmosa to Noona Wali Bhago and Malwana with link infrastructure Tehsil Kharian.
2. ii. Rs. 429.436 million in favour of Ministry of Housing and Works for development schemes of district Kasur.
3. iii. Rs. 702.9 million in favour of Ministry of Housing and Works for execution of schemes in Punjab province under sustainable development goals achievement programme.
4. Rs. 12 million in favour of Ministry of Interior for National progarmme for Improvement of Water courses Phase-II in ICT.
5. Rs. 20 million in favour of Ministry of Interior for National prgramme for enhancement command areas in Barani areas of ICT.
6. Rs. 1112.04 million in favour of Ministry of Interior for project implementation letter of HQ FC( South) & HQ FC (North) KP funde

A delegation of Executive Directors of Asian Development Bank (ADB) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

The delegation comprised Mr. LiuWeihua, ED for People’s Republic of China, Mr. Noor Ahmed, ED for Pakistan, Mr. Takahiro Yasui, ED for Japan, Mr. SAngmin Ryu, ED for Korea, Mr. Shunsuke Sakugawa, Adviser ADB,Mr. Ronald San Huan, Adviser ADB and Mr. Yong Ye, Country Director, ADB.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance senior officers from Finance Division participated in the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in Pakistan. The Finance Minister informed the delegation about the economic outlook of the country and challenges being faced by the country coupled with physical and financial losses due to devastating floods last year.

Finance Minister Senator Ishaq Dar apprised the delegation that the present government with its pragmatic policy decisions has not only arrested the decline but has also steering the economy towards stability and growth. He also shared that the government has taken difficult decisions in key sectors including energy sector in order to reduce budgetary and current account deficits and increase the revenue generation. The Finance Minister also informed about the talks held with IMF Mission and reiterated the commitment of the government to complete the existing IMF program and fulfill all the international obligations.

ADB delegation appreciated the reforms introduced by the government and policy decisions in important economic sectors for achieving sustainable economic development. The delegation also exchanged views on climate financing and environment protection. The delegation extended ADB’s all out support and cooperation to Pakistan.

In the end, Finance Minister expressed gratitude to ADB delegation for their persistent support and continuous cooperation.

A delegation of Executive Directors of Asian Development Bank (ADB) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

The delegation comprised Mr. LiuWeihua, ED for People’s Republic of China, Mr. Noor Ahmed, ED for Pakistan, Mr. Takahiro Yasui, ED for Japan, Mr. SAngmin Ryu, ED for Korea, Mr. Shunsuke Sakugawa, Adviser ADB,Mr. Ronald San Huan, Adviser ADB and Mr. Yong Ye, Country Director, ADB.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance senior officers from Finance Division participated in the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in Pakistan. The Finance Minister informed the delegation about the economic outlook of the country and challenges being faced by the country coupled with physical and financial losses due to devastating floods last year.

Finance Minister Senator Ishaq Dar apprised the delegation that the present government with its pragmatic policy decisions has not only arrested the decline but has also steering the economy towards stability and growth. He also shared that the government has taken difficult decisions in key sectors including energy sector in order to reduce budgetary and current account deficits and increase the revenue generation. The Finance Minister also informed about the talks held with IMF Mission and reiterated the commitment of the government to complete the existing IMF program and fulfill all the international obligations.

ADB delegation appreciated the reforms introduced by the government and policy decisions in important economic sectors for achieving sustainable economic development. The delegation also exchanged views on climate financing and environment protection. The delegation extended ADB’s all out support and cooperation to Pakistan.

In the end, Finance Minister expressed gratitude to ADB delegation for their persistent support and continuous cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the first meeting of monitoring Committee to oversee the implementation of austerity measures, at Finance Division, today.

Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Federal Minister for National Food Security & Research Mr. Tariq Bashir Cheema, Federal Minister for Law & Justice Mr. Azam Nazeer Tarar, Advisor the the PM on Kashmir Affairs & Gilgit- Baltistan Mr. Qamar Zaman Kaira, SAPM on Finance Mr. Tariq Bajwa, Federal secretaries and senior officers attended the meeting.

The meeting reviewed the implementation of the decisions of the Cabinet on austerity measures. Secretary Finance gave a presentation on the decisions and their implementation status. It was informed that Ministries/Divisions are already working on these measures and instructions have been issued for immediate compliance and reporting of any exemption and violation of these decisions. The Committee directed all PAOs to implement 15% cut in their current budgets. It was decided that use of tele conferences must be encouraged for all meetings to save time and expenditure. The Committee conveyed that decision to withdraw use of luxury vehicles by the Cabinet members and Government officials be implemented with no exemption in any case.

Finance Minister Senator Mohammad Ishaq Dar highlighting the challenging economic situation in the country stressed all the concerned to ensure and expedite the implementation of austerity measures with sincerity and devotion in their ranks without any exception.

Sardar Tanveer Ilyas, Prime Minister Azad Jammu and Kashmir called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Prime Minister Azad Jammu and Kashmir discussed important financial matters related to Azad Jammu & Kashmir and pace of public welfare schemes and projects with the Finance Minister in the meeting. 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. The meeting also discussed the on-going and future development projects in AJK.

Finance Minister Senator Ishaq Dar welcomed Sardar Tanveer Ilyas, AJK Prime Minister and expressed federal government’s commitment for the development and progress of 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 left unturned for its development. He offered the full assistance of Federal Board of Revenue to the AJK government in its quest to increase its own receipts.

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

Sardar Tanveer Ilyas, Prime Minister Azad Jammu and Kashmir thanked the Finance Minister for extending support for the progress of the people of Kashmir.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on development projects of Capital Development Authority (CDA), at Finance Division, today.

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

The meeting reviewed the progress on the development projects carried out by CDA especially related to housing projects 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 is in the completion phase and has been launched for registration.

Finance Minister Senator Mohammad Ishaq Dar emphasizing the importance of overseas Pakistanis in the economic and financial development of the country and directed the CDA authorities for fast track and early execution of housing projects for overseas Pakistanis by maintaining international standards and transparency through online system. The Finance Minister further directed the authorities to extend maximum facilities in these projects to attract overseas Pakistan’s investment in the country.

There are rumours floating around that Government has instructed to stop payment of pay, pension, etc. This is completely false as no such instructions have been given by Finance Division, which is the concerned federal ministry. AGPR has confirmed that pay and pension have already been processed and will be paid on time. Further, other payments are being processed as per routine.

The eighth meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) was held in Tashkent on February 24th, 2023. Both countries signed a one billion trade agreement to encourage the exchange of goods and services.
The meeting mainly focused on bilateral economic cooperation in various sectors including commerce and trade, banking, industries and production, investment, textile industry, energy, oil and natural resources, transportation and communication, agriculture and tourism and culture development.

The IGC meeting was co-chaired by H.E. Mr. Laziz Kudratov, the Minister of Investments, Industry and Trade from the Republic of Uzbekistan, and by H.E. Senator Mohammad Ishaq Dar, Minister for Finance and Revenue from the Islamic Republic of Pakistan.

It was appreciated by the Uzbek side the continuous efforts by both countries to encourage closer ties, especially in the fields of trade, transport, banking, and agriculture. The most important outcome of the IGC was the signing of the 1 billion trade agreement, which will encourage the exchange of goods and services into a target and will also ease the process of trade.

Mr. Ishaq appreciated the deeper interests by the Uzbek side and strengthening the relationship and lauded progress already made in the field of transport, trade and welcomed Uzbek side to explore the areas in automobiles, information technology and natural minerals.

The parties emphasized the huge untapped potential in investment cooperation and bilateral trade. Furthermore, the IGC recognized the importance of closer collaboration in order to bring sustainable development through technology, innovation, and economic partnership. The IGC aims at increasing economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environment.

The Commission expressed satisfaction on the bilateral trade volume between the two countries and desired to enhance it further in the future. Moreover, Uzbekistan showed commitment for enhancing bilateral connectivity through diverse modes.

The meeting was attended by the Minister for Finance, Senator Mohammad Ishaq Dar, and Special Adviser to Prime Minister, Mr. Tariq Bajwa, Special Assistant to Finance Minister, Mr. Zulfiqar Younus, Federal Secretary Economic Affairs Division, Dr. Kazim Niaz, along with other ministry representatives from Pakistan. From the Uzbek side, the session was attended by Mr. Laziz Kudratov, the Minister of Investments, Industry and Trade, Mr. Hamraev Oybek Nematovich, Minister of Sport and Youth Policy, Chairman Chamber of Commerce of Uzbekistan, Mr. Ikramov Adham Ilhamovich…

Both the parties agreed to hold the ninth meeting of the Pakistan-Uzbekistan Inter-governmental Commission next year in Pakistan.

The Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar called on the President of Uzbekistan, H.E. Mr. Shavkat Mirziyeyov today in Tashkent. The Finance Minister is scheduled to co-chair the 8th Session of Pakistan-Uzbekistan Joint Ministerial Commission (JMC) in Trade, Economy, and Scientific & Technical Cooperation, on 24 February 2023.

The meeting lasted for more than an hour, in which a wide range of trade, investment and regional connectivity issues were discussed.

The Uzbek President fondly recalled his meetings with the Prime Minister Shahbaz Sharif in Samarkand and Astana in 2022, and his earlier meetings with the former Prime Minister Mian Mohammad Nawaz Sharif and reiterated deep rooted ties between Pakistan and Uzbekistan. The Uzbek President appreciated Pakistan’s continued support for the trans-Afghan Railway project. Both sides discussed the various options for the funding of railway project that is expected to benefit the whole region.

The President also expressed satisfaction on the increased level of interaction with Pakistan and underlined the need to have even more interaction at all levels. He offered his full support to further deepen the economic cooperation between the two countries.

Finance Minister Senator Mohammad Ishaq Dar thanked the President for hosting the Pakistani delegation and hoped that the target set by the Joint Ministerial Commission for enhancing the bilateral trade to the level of One billion US $ is achieved at the earliet as both sides have keen interest. He also conveyed warm wishes to the Uzbek President and people of Uzbekistan from the Prime Minister Mohammad Shehbaz Sharif. He also expressed his positive sentiments for early development of road and rail network between the two brotherly countries that will ultimately pave the way for regional connectivity.

Both sides expressed hope that the operationalization of Preferential Trade Agreement and the Transit Trade Agreement (UPTTA) will help boost the bilateral trade.

The Joint Ministerial Commission being Co-chaired by Senator Mohammad Ishaq Dar is scheduled to meet tomorrow in Tashkent to take up major areas of collaboration between the two countries.

On February 23, President of the Republic of Uzbekistan Shavkat Mirziyoyev received the minister of Finance of the Islamic Republic of Pakistan, Chairman of the Pakistan part of the commission Ishaq Dar, who was in our country as part of the next meeting of the bilateral intergovernmental commission.

Further expansion of mutually beneficial cooperation, first of all, practical aspects of the implementation of projects in the trade, investment and transport sectors were discussed.
Ishaq Dar thanked the leader of Uzbekistan for the opportunity of the meeting and conveyed the greetings and best wishes of the Prime Minister of Pakistan Shahbaz Sharif.

At the meeting, special attention was paid to the implementation of important agreements signed on transit and preferred trade.

In addition, within the framework of the agenda of intergovernmental negotiations, the importance of promoting specific cooperation projects in various sectors of the economy was noted.

The head of state touched upon the need for the development of bilateral bus services and the acceleration of the railway construction project, which connects Central and South Asia through Afghanistan and leads to the ports of Pakistan.

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 on the trajectory path. It was also shared that the present government is highly concerned about the well-being of the masses therefore a number of measures are being undertaken in this regard.

The two sides exchanged views on matters of common interest and enhance 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.

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.

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

Welcoming H.E Ms. Pang Chunxue, the Finance Minister highlighted the long-standing and deep-rooted brotherly ties between both countries. It was shared that China and Pakistan have strong bilateral relations in a number of economic avenues. Both sides discussed about further deepening these ties in economic as well as financial sectors. The Finance Minister commended the support of Chinese leadership to Pakistan in its challenging times and shared various economic measures taken by the government to bring the economy on progressive path.

Ms. Pang Chunxue appreciated the policy steps taken by the government for sustaining and boosting the fiscal and monetary stability. She shared good will gestures and assured the continuous support of Chinese Government to Pakistan and added that government of China stands with people of Pakistan and is willing to provide every possible assistance.

The two sides also discussed the progress on CPEC projects and reiterated to further expedite the successful implementation of CPEC projects for the mutual benefits of the two countries. The two sides extended resolve to accelerate and enhance mutual cooperation.

In conclusion, Finance Minister Mr. Ishaq Dar appreciated Ms. Pang Chunxue, Charge’d Affairs for support and cooperation.

A delegation of M/s Rothschild & Co comprising Mr. Eric Lalo, Partner and Mr. Thibaud Fourcade, Managing Director called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha and senior officers from Finance Division participated in meeting.

Finance Minister Senator Mohammad Ishaq Dar greeted the delegation and shared the economic outlook of the country and said that despite challenging economic situation, the government is steering the economy of the country towards stability and growth. He shared 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.

The Rothschild & Co delegation briefed the Finance Minister on Company’s profile and its financial services provided to various countries across the world. The delegation supported the policy steps taken by the government for sustaining and boosting the fiscal and monetary stability and expressed confidence on achieving sustainable economic development due to pragmatic policies of the government.

The meeting discussed the economic challenges being faced by Pakistan and possible roadmap for economic recovery leading to sustainable growth and development. The delegation was of the view that positives in the economy had to be highlighted vigorously globally.

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

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

The Finance Minister welcomed the British Acting High Commissioner and they exchanged views on matters of common interest including promoting mutual trade and investment between the two countries.

Finance Minister Senator Ishaq Dar underscored that Pakistan had long historic ties with the United Kingdom and relations between the two countries needed to be further expended for the mutual benefits of the two sides. The Finance Minister briefed the envoy about economic challenges coupled with devastated floods and said that the government aims to bring about economic and fiscal stability leading to economic recovery and growth.

H.E Mr. Andrew Dalgleish, British Acting High Commissioner commended the practical and pragmatic measures being undertaken by the government and extended full support of the British government for the government and people of Pakistan in mitigating the socio-economic challenges.

Finance Minister Mr. Ishaq Dar appreciated the good will and cooperation extended by the British Acting High Commissioner.

The Minister of Finance and Revenue Senator Muhammad Ishaq Dar called on H.E. Syed Basar Shueb, Chief Executive Officer, Executive Director and Managing Director of International Holding Company (IHC) today. The Finance Minister briefed the CEO of IHC regarding the recent visit of the Prime Minister and his various meetings held with the Emirati businessmen and investors. He thanked the management of the IHC for their interest in making investments in Pakistan. He discussed the ways to accelerate the economic cooperation between the two countries and expressed the desire to strengthen the existing economic ties to a next level.

The Finance Minister stated that Pakistan would welcome investment from the UAE and explained various investment opportunities in Pakistan. He further stated that the Government of Pakistan is pursuing various reforms for providing greater facilitation to investors and businessmen.

Welcoming the Finance Minister, the CEO H.E. Syed Basar Shueb highlighted the cordial relation that exists between the two countries and appreciated the role of the Government to attract investment opportunities in Pakistan.

The Finance Minister assured the CEO of maximum facilitation by the Government of Pakistan for Emirati investors in Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar made a telephone call to Dr. Nureddin Nebati, Minister for Finance and Treasury, Republic of Turkiye, and offered his heartfelt condolences and sympathies on human and material losses in the deadly earthquake in Turkiye and extended all out relief support in this difficult time. He further expressed the resolve of the Government and its people to stand with their Turkish brothers and sisters during these testing times.

Dr. Nureddin Nebati, Minister for Finance and Treasury, Republic of Turkiye expressed gratitude to Finance Minister Ishaq Dar and admired Govt of Pakistan for sending immediate relief aid and necessary help for the earthquake victims in need of hour. He further stated that in their Cabinet meting Turkish President greatly appreciated the support which Pakistan has been extending for the earthquake victims.

Islamabad, 14 February 2023: Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar, called on President Dr Arif Alvi today and apprised him about the progress in talks with the International Monetary Fund (IMF) and that all modalities have been agreed upon.

The President appreciated the efforts of the Government for negotiating an agreement with the IMF, and assured that the state of Pakistan would stand by the commitments made by the Government with the IMF.

The Minister informed that the Government wanted to raise additional revenue through taxes by promulgating an ordinance. The President advised that it would be more appropriate to take the Parliament into confidence on this important subject, and that a session be called immediately so that the bill is enacted without delay.

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 Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, Federal Secretaries and other senior officers attended the meeting in person while Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Mr. Musadik Masood Malik and Governor SBP attended the meeting virtually through video link.

Ministry of Energy ( Petroleum Division) tabled a summary on Natural Gas Sale Pricing FY 2022-23 and presented tariff proposals for all consumer categories in accordance with RERR FY 2022-23. The ECC after detailed discussion approved gas price revision proposal for domestic, commercial and power sectors for six months i-e January to June, 2023.

Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI). This debt relief was announced in April 2020 for IDA eligible countries to mitigate the socio-economic impact of Covid-19. Under this initiative debt relief was extended through the suspension of principle and interest payments. So far, 37 debt rescheduling agreements with 15 creditor countries have been signed. Foregoing in view, the ECC allowed the Ministry of Economic Affairs for signing of debt rescheduling agreement with Russia for debt suspension of Covid related amount US$ 14.53 million.

Ministry of Poverty Alleviation and Social Safety presented a summary on enhancement of BSIP budget. The meeting was briefed on the on-going BISP programmes including Unconditional Cash Transfer (UCT) Programme “Benazir Kafaalat” covering around 9 million families, two Conditional Cash Transfer (CCT) programmes namely Benazir Taleemi Wazaif and Benazir Nashonuma. Besides. This disbursement of cash assistance to affectees of floods as emergency relief of Rs. 25,000/- was provide per affected family to around 2.7 million families. In Conditional Cash Transfer Programme, there has been accelerated enrolments in Benazir Taleemi Wazaif and it is anticipated that additional 1 million children will be enrolled by the end of June, 2023. Also BISP has extended CCT Benazir Nashonuma to all the districts of the country. The ECC after discussion granted Rs. 40 billion as Technical Supplementary Grant to BISP to meet its budgetary requirements for increase in the unconditional and conditional grants.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the preparatory meeting on 8th Pakistan-Uzbekistan Joint Ministerial Commission (JMC) at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, Secretary Commerce, Secretary EAD, Secretary Railways, Secretary Communication and senior officers from relevant ministries attended the meeting.

The meeting discussed and deliberated proposed plan and agenda items of Pakistan- Uzbekistan Joint Ministerial Commission’s meeting scheduled in Uzbekistan in February 2023. The meeting aims to foster bilateral relations between the two countries in a number of fields including trade, commerce, railways, investment, agriculture, science & technology, education, tourism etc. Trans- Afghanistan Rail and Road project, Raising of Trade volume to $1 billion, cooperation in banking and textile sectors and export/import facilitation.

Finance Minister Senator Mohammad Ishaq Dar will lead Pakistani delegation and co-chair the conference.

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 Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of National Health Services, Regulations and Coordination and allowed fixation of Maximum Retail Prices (MRPs) of 18 new drugs as recommended by Drug Pricing Committee (DPC). The prices of these 18 new drugs are at the lowest as compared to the prices of same drugs in neighbouring countries especially in India.

The ECC considered another summary of Ministry of National Health Services, Regulations and Coordination on Maximum Retail Price (MRP) of Paracetamol products and approved the recommendation of Drug Pricing Committee (DPC) for increase in Maximum Retail Price (MRP) of Paracetamol products and fixed price of Paracetamol Plain Tablet 500 mg at Rs. 2.67 and Paracetamol Extra Tablet 500 mg at Rs. 3.32.

The ECC also considered another summary of Ministry of National Health Services, Regulations and Coordination and approved the recommendation of Drug Pricing Committee (DPC) for reduction in Maximum Retail Prices (MRPs) of 20 drugs.

Ministry of Energy (Power Division) presented a summary on refinancing of Power Holding Limited’s debt and a surcharge to recover markup payments.

The ECC after discussion approved the proposal to recover Rs. 76 billion while exempting non-ToU domestic consumers having consumption ≤ 300 units and private agriculture consumers in four months period from March 2023 to June 2023 to recover the markup charges of PHL loans and allowed to impose additional surcharge of Rs. 1/unit for FY 2023-24 to recover additional markup charges of PHL loans not covered through the already applicable FC surcharge. The above surcharges will be applicable to K-Electric consumers to maintain uniform tariff across the country.

The ECC also deferred PHL’s principal installments payable in respect of Rs. 283.287 billion for a period of two (2) years from the date of execution of fresh facilities and directed Finance division to issue a Government Guarantee for repayment of principal as well as interest/fees, etc for the fresh facilities of Rs. 283.287 billion.

The ECC considered and approved the proposals contained in another summary of Ministry of Energy (Power Division) regarding recovery of staggered Fuel Charges Adjustment applicable for the months of August and September 2022.

The ECC deferred the electricity bills for the month of September 2022 for commercial consumers in the flood affected areas till the next billing cycle and waived off electricity bills for the months of August and September 2022 for the non- ToU domestic consumers having ≤ 300 units consumption. The ECC also approved additional supplementary grant of Rs. 10.34 billion to cover waiver of electricity bills in flood affected areas.

The ECC also considered another summary of Ministry of Energy (Power Division ) and approved the Revised Circular Debt Management Plan.

The ECC considered and approved in principle a summary of Finance Division on Kamyab Pakistan Program and entrusted State Bank of Pakistan to validate the claims of Wholesale lenders (WLs) after due diligence, due to non-existence of Program Management Unit (PMU) at Finance Division.

The ECC considered a summary of Ministry of Energy (Petroleum Division ) and granted approval for declaration of commerciality (DOC),Field Development Plan (FDP) and Development and Production lease (D&PL) for the period of five years w.e.f. 25th January, 2022 over Jugan Field (Latif Block) to M/s United Energy Pakistan (UEP) Beta.

The ECC also considered another summary of Ministry of Energy (Petroleum Division) and granted two years extension in renewal in Missa Keswal Development and Production Lease (D &PL) covering an area of 23.43 Sq kms in district Rawalpindi, Punjab w.e.f. 11th April, 2022.

The ECC also approved in principle a technical supplementary grant of Rs. 450 million in favour of Ministry of Defence.

The Resident Representative, UNDP, Mr. Knut Ostby called on Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar at Finance Division today.

Finance Minister Senator Muhammad Ishaq Dar welcomed Mr. Knut Ostby and thanked him on behalf of the Steering Committee on Climate Resilient Pakistan for being a great partner in taking flood relief measures in Pakistan. The Finance Minister appreciated the combined efforts of UNDP and Planning Division for preparing a constructive plan for rehabilitation and reconstruction of flood affected areas which was presented at Geneva Conference in January 2023. He further added that it was due to the timely and praiseworthy support of UNDP that Pakistan was able to garner support from various partners.

Mr. Ostby briefed the Finance Minister on the ongoing institutional arrangements being made by UNDP for Short, Medium, and Long term goals regarding the Climate Resilient Pakistan rehabilitation and recovery plan of action in flood affected areas. He briefed that plans are being constructed in collaboration with EAD and Ministry of Planning and Development in order to implement the recovery plans. He further requested the Finance Minister to involve the Private Sector to accelerate and catch-up with the SDGs related projects.

The Finance Minister extended full support in this regard and appreciated the key role of UNDP as development partner in achieving the Sustainable Development Goals (SDGs). He reiterated the commitment of government of Pakistan on achievement of SDGs.

In conclusion, the Finance Minister thanked Mr. Knut Ostby,the Resident Representative, UNDP for his support and cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar visited Turkish Embassy in Islamabad and offered & recorded his heartfelt condolences and sympathies in the condolence book on human and material losses in the deadly earthquake in Turkiye. The Finance Minister shared that the Government and people of Pakistan are saddened at the loss of precious lives and properties in the devastating earthquake and stand with the people of Turkiye in its difficult time.

The Finance Minister further shared that Pakistan and Turkiye share a long-standing relationship of mutual trust, harmony and brotherhood. Both countries have stood by each other during times of crisis. He further expressed resolve of the Government and its people to support and stand with their Turkish brothers and sisters during these testing times.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual interaction with the members of Business Community, Business leaders, heads of Commerce Chambers, heads of Corporate bodies, Bankers, Bankers Associations, etc. at FBR Headquarters, today, and apprised them of the decision of Cabinet meeting held on 7th February, 2023 to set up Prime Minister Relief fund to support Turkiye Earthquake victims and stand with brotherly country in its difficult time. The Finance Minister further shared that Prime Minister of Pakistan Mr. Mohammad Shehbaz Sharif and the Cabinet members in the Cabinet meeting offered duaé Mughfarat for the deceased of the earthquake and special prayer for the injured in the devastating earthquake for their early recovery. The Finance Minister further informed that the Cabinet members will contribute their one month’s salary and the Government servants above 18 grade will donate their one day’s salary in Prime Minister’s Relief Fund for the victims of the Turkiye’s earthquake to show solidarity with our brethren nation in its difficult time.

The Finance Minister further shared that Pakistan and Turkiye share a long-standing relationship of mutual trust, harmony and brotherhood. Both countries have stood by each other during times of crisis. He further expressed resolve of the Government and its people to support and stand with their Turkish brothers and sisters during these testing times.

The Finance Minster made an appeal to the members of Business Community, Business leaders, heads of Commerce Chambers, heads of Corporate bodies, Bankers, Bankers Associations, etc. for generous donations and contributions in relief funds for the earthquake victims of our brotherly country Turkiye. He also shared the Prime Minister’s Relief Fund account number and title established in the National Bank of Pakistan (NBP) i-e “Prime Minister’s Relief Fund for Turkiye Earthquake Victims (IBAN: PK18NBPA0001004182864740).
Mr. Tariq Mehmood Pasha SAPM on Revenue, Mr. Ashfaq Yousuf Tola, SAPM/Chairman RRMC, Mr. Asim Ahmad Chairman FBR and Members FBR were also present during the interaction.

While Mr. Sulaiman Chawla, SVP, FPCCI, President Islamabad Chamber of Commerce and Industry, Ms. Naima Ansari, President, Islamabad Women Chamber of Commerce & Industry, Mr. Irfan Siddiqui, President Overseas Investors Chamber of Commerce & Industry, Mr. Arif Ehsan Malik, Chairman All Pakistan Bedsheets & Upholstery Manufacturers Association, Mr. Muhammad Ali Tabba, Chairman, All Pakistan Cement Manufacturers Association, Mr. Abdul Rahim Nasir, Chairman, All Pakistan Textile Mills Association, Mr. Ziad Bashir, Chairman Gul Ahmad, Mr. Khurram Mukhtar, APTMA, Mr. Farukh Hussain Khan, MD/CEO, Pakistan Stock Exchange, Ali Hussam Asghar Chairman Rice Exporters Association of Pakistan, Ch. Muhammad Zaka Ashraf Chairman Pakistan Sugar Mills Association, Mr. Abrar Hussain CEO National Foods Ltd, Mr. Muhammad Aurangzeb, President HBL, President Faisal Bank Ltd and other heads of banks and businessmen participated in the interaction.

H.E. Mr.Suh Sangpyo, Ambassador of the Republic of Korea called on the Federal Minister for Finance & Revenue, Senator Mohammad Ishaq Dar at Finance Division today.

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

Finance Minister Senator Mohammad Ishaq Dar shared the depth of friendly relations between Pakistan and Republic of Korea and highlighted the bilateral ties between both the countries in areas of trade, investment, human exchange and development cooperation. The Finance Minister also highlighted that present government is focusing on various other avenues of mutual interest so that the existing bilateral relations could be extending to a new level. The Finance Minister apprised the Korean Ambassador about the potential investment areas and extended present government’s greater facilitation and support in this regard.

The Ambassador of Republic of Korea expressed a keen interest in enhancing and strengthening the bilateral relations between both countries especially on trade and investment, which need to be enhanced.

Finance Minister Senator Ishaq Dar shared welcoming sentiments for pursuing investments in Pakistan and assured the Ambassador of Republic of Korea of present government’s full support and cooperation.

Mr. Erik Berglof, Chief Economist of Asian Infrastructure and Investment Bank (AIIB) 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 Mehmood Pasha and Senior officers from Finance Division participated in the meeting.

Finance Minister Mohammad Ishaq Dar welcomed Mr. Erik Berglof and shared the current economic outlook of the country and further apprised the economic policies and reforms of the government for sustainable economic development and social uplift of the poor segment of society.
He informed that despite economic challenges, the government is determined to set the things in right direction and put the economy on positive trajectory. The Finance Minister also apprised the delegation about the economic losses due to the devastated floods in Pakistan and rehabilitation and reconstruction in the flood affected areas.

Mr. Erik Berglof, Chief Economist, AIIB 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 in Pakistan discussed future cooperation in development projects especially eco- friendly and climate resilience.

In conclusion, the Finance Minister expressed gratitude to Mr. Erik Berglof, Chief Economist AIIB for his support to Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on role of Pakistan Development Fund Limited (PDFL) and SOEs 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 role of Pakistan Development Fund Limited (PDFL) and State Owned Enterprises (SOEs) and discussed modalities for bringing improvement in the governance of SOEs & line ministries. The meeting also discussed restructuring of PDFL in order to re-vitalize its role to promote infrastructure in the country.

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.

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

Finance Minister Senator Mohammad Ishaq Dar welcomed Ambassador of Japan, H.E. Wada Mitsuhiro and highlighted cordial relations between Pakistan and Japan, said that Pakistan and Japan 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 gave a brief overview of the economic challenges and apprised of economic policies and reforms of the government to set the things in right path. He reiterated the resolve of the government to enhance and strengthen the bilateral economic and trade relations between Pakistan and Japan.

Ambassador of Japan Mr. Wada Mitsuhiro stated that Japan greatly values its bilateral relations with Pakistan. He briefed the Finance Minister about operations of the Japanese entities in Pakistan and shared his commitment to work to enhance business and investment relations. He expressed confidence on the economic policies of the current government and said that business and economic linkages would further strengthen between the two countries.

The proposed visit of the Finance Minister to Japan in the month of February was also discussed in the meeting.

In conclusion, the Finance Minister shared sentiments of gratitude to the Ambassador for his support and extended his cooperation in improving the trade and economic relations between the two countries.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a preparatory meeting on 8th Pak-Uzbek Joint Ministerial Commission(JMC) at Finance Division, today.

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

The meeting deliberated on proposed plan of the Joint Ministerial Conference between Pakistan and Uzbekistan scheduled in Uzbekistan. Finance Minister Senator Mohammad Ishaq Dar will lead Pakistani delegation and co-chair the conference. The Conference aims to cement bilateral relations between the two countries in a number of fields including trade, commerce, railways, investment, agriculture, science & technology, etc. Trans- Afghanistan Rail and Road project, Raising of Trade volume upto $1 billion, cooperation in banking and textile sectors between both the countries, export/import facilitation, are included in the agenda of the conference.

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 at Finance Division today.

Finance Minister Mr. Ishaq Dar and H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates shared the historical and long-standing ties between both countries and exchanged views on further boosting and strengthening these economic ties.

Finance Minister Senator Ishaq Dar stated that Pakistan and UAE are engaging in various areas including energy, refinery, petroleum and trade, however, still a lot of potential is unexplored. In this regard, the Finance Minister also highlighted various avenues in which both countries can trade and invest.

The Ambassador of the United Arab Emirates highlighted that UAE is fully cognizant of the development-oriented economic policies of the country being undertaken by the present government and shared that UAE is keenly interested to augment its investment in Pakistan in new sectors of the economy.

Both sides exchanged views on the recent visit of Prime Minister of Pakistan to the UAE and his meetings with the UAE leadership and discussed the timely implementation of decisions taken in these meetings for furthering the brotherly relations between the two countries.

The Finance Minister welcomed the proposal for new investment in Pakistan of UAE and assured the UAE’s Ambassador of full support and cooperation by the present government.

In conclusion, the Finance Minister shared sentiments of gratitude for good will and cooperation of his Excellency and hoped to enhance the bilateral relations further in the future.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar witnessed agreement signing ceremony of launching Pilot project of Digitization/Dematerialization of National Saving Certificates (NSCs) through Central Depository Company of Pakistan Limited, at Finance Division, today.

Mr. Badiuddin Akber, CEO,CDC and Mr. Hamid Raza, DG, CDNS signed the agreement on behalf of the Central Depository Company of Pakistan Limited (CDC) and Central Directorate of National Savings (CDNS) respectively.

SAPM on Finance Mr. Tariq Bajwa, Mr. Akif Saeed Chairman SECP, Mr. Moin M Fudda, Chairman CDC , Mr. Hamid Raza DG CDNS and others attended the ceremony.

Addressing the ceremony, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar extended his felicitations to Chairman CDC & senior executives, DG CNDS and Chairman SCEP for launching important project for the facilitation of investors of CDNS in digital form. He further lauded the contributions of CNDS and CDC in the economic growth of the country and said that there is a great potential in CNDS to attract more investors for the economic betterment of the country.

The Finance Minister also appreciated the team of the Finance Division, especially the Secretary Finance and the AFS(Budget).

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with IMF review Mission led by IMF Mission Chief Mr. Nathan Porter at Finance Division, today.

Ms. Esther Perez Ruiz , IMF resident representative, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Governor State Bank of Pakistan Mr. Jamil Ahmed, Secretary Finance, Chairman FBR, members of IMF delegation and senior officers from Finance Division attended the meeting.

The meeting discussed and reviewed the economic and fiscal policies and reforms agenda to accomplish the 9th review under the Extended Fund Facility.

Finance Minister Senator Ishaq Dar welcomed the delegation and shared long standing friendly relations with the IMF. He briefed the Mission on fiscal and economic reforms and measures being taken by the Government in different sectors including bridging the fiscal gap, exchange rate stability and in energy sector for the betterment of the economy. He apprised that reforms are being introduced in power sector and a high level committee has been formed for devising modalities to offset the menace of circular debt in gas sector.

Finance Minister also extended gratitude to the Managing Director of IMF on continuation of talks and shared that as Finance Minister he had successfully completed the IMF programme in the past and that the Government was committed to complete the present programme. He further extended all his support to the Mission and committed to work together for reaching an agreement to complete the 9th review under Extended Fund Facility (EFF).

Mr. Nathan Porter, IMF Mission Chief expressed his confidence that the government will meet the IMF requirements for the completion of the 9th review and hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF Programme within time effectively. He further added that IMF and Pakistan will be working together on fiscal reforms.

Federal Minister for Finance and revenue, Senator Mohammad Ishaq Dar chaired a meeting on the Telecom sector at the Finance Division today.

Federal Minister for IT and Telecommunication, Syed Amin Ul Haque, Federal Minister for Law and Justice Senator Azam Nazeer Tarar, Secretary Finance, Secretary Privatization and Secretary IT & Telecom participated in the meeting.

The meeting discussed Telecom sector in general and PTCL in particular. Finance Minister Senator Mohammad Ishaq Dar underscored the significance of this sector and emphasized that the nominee Directors of the Government on the Board of PTCL must make active contribution for the best possible performance of the PTCL.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on role of Pakistan Development Fund (PDF) and State Owned Enterprise (SOEs) at Finance Division, today.

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

The meeting discussed the role of Pakistan Development Fund (PDF) and State Owned Enterprises (SOEs) in the light of new SOE Act 2022. The meeting discussed modalities to improve governance of SOEs & line ministries and restructuring of PDF to re-vitalize its role to promote infrastructure in the country.

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

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Chairman Senate Muhammad Sadiq Sanjrani, Acting Governor Baluchistan Mir Jan Mohammad Jamali and Baluchistan Provincial Minister Mr. Zamrak Khan Achakzai in Islamabad, today.

SAPM on Finance Mr. Tariq Bajwa and Secretary Finance also attended the meeting.

The meeting discussed current economic situation in the country and financial issues and execution of development projects especially in flood affected areas of Baluchistan.The Finance Minister committed to extend full support of the federal government for the development and progress of Baluchistan province.

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

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, Governor State Bank of Pakistan (SBP),Secretary Finance, members of the Steering Committee and senior officers from Finance Division and SBP attended the meeting.

Inaugurating the First meeting of the Steering Committee, Finance Minister Senator Ishaq Dar appreciated Governor SBP for his sincere efforts in making roadmap for implementation of Islamic financing and interest free system and hoped that the guidance of Governor SBP will lead the implementation of interest free system to its logical destination. He also expressed satisfaction on SBP and NBP for withdrawing appeals in the Supreme Court against the judgment of Federal Shariat Court and paving the way for its implementation.

Finance Minister Senator Mohammad Ishaq Dar further expressed commitment of the Government to promote Islamic finance and eliminate interest based system in Pakistan in true spirit and achieve its goal of transformation within the timeframe of five years. He expressed hope that the decisions of this meeting would be beneficial for the proliferation of Islamic financing system in the country. He stressed all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in way of implementation of interest free system and making the system feasible and stronger that all citizens would aspire for it, as already 21 per cent of banks enjoy Islamic banking system.

The Finance Minister urged to include professional experts on Islamic laws in the committees and also sought guidance of Ulema and Islamic intellectuals into launching of additional Islamic Sukuk bonds. He further extended full support to every effort towards implementation of FSC decision on Islamic finance system.

Earlier, Governor State Bank of Pakistan welcomed the participants of the meeting and briefed on the roadmap and areas of actions on implementation of the FSC’s judgment. He further informed that five working groups have been formed to overcome the technical issues, getting recommendations and deciding on way forward for fully implementation of the Islamic financing.

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

Ministry of Commerce submitted a summary regarding export of sugar with proposals from SBP and PSMA on certain conditions regarding mode of payment and time period for realization of export proceeds. It was informed that the ECC has already allowed export of a total of 250,000 MT of sugar on 3rd January, 2023. However, certain queries have been raised by the stakeholders in the process of export of sugar.

For the facilitation of export of sugar, the ECC after detailed discussion approved revised conditions, which may be considered as follow:

i. Provincial Cane Commissioners will allocate quota within seven (07) days of the issuance of the notification.

ii. Export proceeds shall be received either in advance through banking channel, or within a period of sixty(60) days of opening of LC for export of sugar.

iii. The exporter shall ensure that the consignment is shipped within 45 days of quota allocation.

IT Industry assured of full support from the Government to boost IT exports

Meeting of Steering Committee to facilitate promotion of IT sector was held today at Finance Division, co-chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar and Minister for IT and Telecommunication, Syed Amin Ul Haque.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Youth Affairs Ms. Shaza Fatima Khwaja, Governor State Bank Mr. Jamil Ahmad, Secretary IT, Secretary Finance, Chairman SECP, VC Hazara University, MD PSEB Mr. Junaid Iman, Chairman P@SHA Zohaib Khan, CEO Contour Pvt. Ltd Mr. Bilal Mahmood, senior officers from FBR and Finance Division and leading IT exporters attended the meeting.

Progress on directions given by the Prime Minister in the meeting held on 5th January 2023 to increase IT exports were reviewed. Representatives of the IT Industry discussed ease of doing business and cost of doing business challenges being faced by the Industry and shared recommendations with the Finance Minister for resolving immediate issues. The industry acknowledged the focus of Prime Minister and Finance Minister and appreciated the efforts by the State Bank of Pakistan and Federal Board of Revenue to facilitate IT sector.

Finance Minister Senator Ishaq Dar assured full support to the IT Industry in resolving their concerns and pointed to the commitments made by the Industry to the Prime Minister to rapidly enhance IT export remittances to Pakistan.

Syed Amin Ul Haque, Minister for IT and Telecommunication appreciated the sincere efforts and unwavering support of the Finance Minister and assured full cooperation of the Ministry of IT and Telecommunication and affirmed his confidence in the IT industry in enhancing IT exports.

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 Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Planning and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, 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.

The ECC considered a summary of Ministry of Energy (Petroleum Division) and granted extension in Adam X-1 development and production lease for a period of five years w.e.f. 10-02-2022 in order to increase the domestic oil and gas production and to reduce burden of imported energy. Adam X-1 Development and Production lease was granted for a period of seven years w.e.f. 10-02-2015, covering an area of 19.42 sq. km and located in district Sanghar. The field still has potential for further commercial production.

The ECC considered another summary of Ministry of Energy (Petroleum Division) and allowed one-year extended Well Testing (EWT) over Umair SE-1 Discovery Guddu (E.L) w.e.f. start of production under EWT arrangements. It was informed that an exploration licence (EL) was granted over Guddu Block in 1999, operated by M/s OGDCL. Based on the results of seismic data , OGDCL has made a new discovery in the Guddu EL from the Habib Rahi Limestone and Pirkoh Limestone by drilling a well namely Umair S.E-1.

The ECC also considered a summary of Ministry of National Health Services, Regulations and coordination and approved increase in MRPs of one (01) drug as per recommendation of Drug pricing Committee.

The ECC granted approval to a summary submitted by Ministry of Commerce and allowed TCP to carry on pre-shipment inspection of imported Wheat at load ports by its already pre-qualified six (06) International Pre-shipment inspection agencies (PSIAs) to ensure quality of imported Wheat as per approved specifications. It was informed that a number of wheat consignments are due in the coming months.

The ECC considered a summary of Ministry of Poverty alleviation & Social Safety on subsidy for wheat seed (Rabi 2022-23) and allowed provision of Rs. 8.39 billion through TSG in favour of BISP for cash subsidy to farmers of flood affected areas instead of provision of wheat seeds as per recommendations of the Committee. Further, the ECC directed BISP to initiate cash disbursement through its partner bank as per eligibility criteria and the amount to be disbursed to each eligible person identified by Government of Sindh.

The ECC also considered and approved two summaries of Ministry of Interior regarding grant of financial aid of Rs. 10 million to the legal heirs of the deceased who died during the recent suicide blast at I-10 Markaz , Islamabad and Rs. 20 million for the legal heirs of the deceased who died during the recent long march of a political party.

The ECC discussed a summary of Ministry of National Food Security & Research for Technical Supplementary Grant of PCCC Employees and formed a committee consisting of Secretaries of MNFSR and Commerce headed by SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan to evaluate viable options for the financial sustainability of Pakistan Central Cotton Committee (PCCC) and to submit report in 15 days.

The ECC also approved following Technical Supplementary/Supplementary Grants:

i. Rs. 844.389 million in favour of Ministry of Housing and Works for repair and maintenance of Supreme Court of Pakistan building, Judges Residences , Rest houses & Sub-offices in various cities.

ii. Rs. 3 billion to Cabinet Division for development expenditure under SDGs Achievement Programme (SAP).

Mr. Robert Kaproth, Deputy Assistant Secretary of the US Department of the Treasury for Asia called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Senior Macroeconomist for the Deptt of Treasury for Pakistan Ms. Eva Ghirmai, Financial attache’ Ms. Larita Bolden, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, Secretary Finance and senior officers from Finance Division attended the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed Mr. Robert Kaproth and briefed on the economic outlook of the country. He apprised that present Government inherited weak economic legacy and said that despite challenging economic conditions, the government is focusing on fixing things in right direction and introducing reforms in all sectors including energy sector and capital market to achieve economic growth and development. He said that due to pragmatic measures taken by the government, the country is destined for progress and development.

Finance Minister also apprised them on the economic priorities of the government to fix the economy to right path while fulfilling its international obligations.

The Finance Minister also shared with Mr. Robert Kaproth damages caused by the floods in Pakistan and its impact on the economy of Pakistan. He stressed that the government is handling all challenges with complete commitment.

Mr. Robert Kaproth on his part underscored good relations between Pakistan and the United States. He further expressed confidence in the policies and programmes of the government for economic and financial stability. He further extended his support and cooperation on economic and financial issues.

Finance Minister extended gratitude to Mr. Robert Kaproth for support and cooperation.

The Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, met with His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Finance, State of Qatar, on 23rd January 2023. Dr. Muhammad Jehanzeb Khan, Special Assistant to the Prime Minister on Government Effectiveness and H.E. Muhemmed Aejaz, Ambassador of Pakistan to Qatar, also attended the meeting.

The finance minister congratulated his counterpart on successful completion of FIFA World Cup 2022. He also apprised regarding the recovery and rehabilitation efforts after the massive floods in Pakistan.

During the meeting, they discussed different areas of mutual interest. They both agreed that both countries share historical and cordial relations, and Pakistan and Qatar can explore cooperation in the field of science and technology, agriculture, and education. The Finance Minister also extended invitation to Mr. Ali bin Ahmed Al Kuwari. to visit Pakistan.

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

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, Mr. Ashfaq Yousuf Tola Chairman RRMC, Chairman SECP, Controller General of Pakistan, Accountant General of Pakistan and senior officers from Finance and Petroleum Divisions attended the meeting.

Mr. Ashfaq Yousuf Tola, Convenor of the Committee for the settlement of the circular debt in gas sector apprised the chair of the quantum of the circular debt in gas sector and modalities and framework to introduce reforms in energy sector to offset the burden of circular debt in gas sector. The meeting discussed viable proposals focused on bringing sustainability to the energy sector to achieve economic growth in the country.

Finance Minister Senator Ishaq Dar emphasized the priority of the government to address the issues of energy sector including circular debt to bring financial sustainability of the sector and economic growth of the country. The Finance Minister further directed the Committee to finalize their report and action plan for early settlement of circular debt in gas sector.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of M/s Nestle Pakistan & Afghanistan led by its CEO Mr. Samer Chedid, 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. Samer Chedid expressed gratitude to the Finance Minister 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 & Afghanistan and highlighted the economic situation. He stressed that despite challenging economic conditions, the government is introducing reforms in various sectors of the economy. He further said that the government is providing conducive environment for ease of doing business and facilitation to the 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 at the earliest.

Mr. Samer Chedid, CEO Nestle Pakistan & Afghanistan thanked the Finance Minister for extending cooperation and support.

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

Mr. Tariq Mehmood Pasha SAPM on Revenue, Mr. Ashfaq Yousuf Tola, Chairman RRMC, Mr. Asim Ahmed Chairman FBR, Dr. Mohammad Iqbal, Mr. Abdul Hameed Memon, Dr. Veqar Ahmed, Mr. Ghazanfar Bilour, Mr. Ardsher Saleem Tariq and Mr. Tauqeer Ahmed attended the meeting in person while Rana Munir Hussain President Pakistan Tax Bar Association, President FPCCI Mr. Irfan Iqbal Sheikh, Mr. Asif Haroon, Mr. Haider Ali Patel, Mr. Abdul Qadir Memon and Mr. Ziad Bashir virtually attended the meeting through zoom.

Finance Minister Senator Ishaq Dar welcomed the members of the Commission and highlighted the economic and financial outlook of the country. He shared that in spite of inherited weak economic legacy, the government is determined to set the economy in right direction and introducing reforms in various sectors to achieve economic stability and growth.

He further highlighted the importance of the Reforms and Resource Mobilization Commission in identifying issues and difficulties in the exiting taxation system and suggesting reforms in existing revenue policies for resource mobilization, ease of doing business and tax payer facilitation to achieve sustainable economic growth.

The Finance Minister extending his best wishes and support to the Commission emphasized the members to put their best efforts for fast track activity of the Commission in introducing tax reforms for the financial and economic stability and enhancement of the revenue generation.

Mr. Ashfaq Yousuf Tola Chairman RRMC expressed his gratitude to the Finance Minister for taking keen interest in notifying the Commission including all level stakeholders and for detailed ToRs for comprehensive reforms.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of BB Energy headed by its Group CEO Mr. Mohamed Bassatne at Finance Division today.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha, Secretary Finance and other senior officers from Finance Division participated in the meeting.

Mr. Mohamed Bassatne, Group CEO BB Energy expressed gratitude to the Finance Minister and shared BB Energy’s business profile and business. He apprised the Finance Minister about their current investment in energy sector and expressed interest to develop a strategic business relationship to supply affordable petroleum.products and LNG to Pakistan.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and shared the economic outlook of the country. He further said that the present Government inherited week economic legacy but is focusing on fixing things in right direction and is introducing reforms in all sectors to achieve economic growth and development. He said that due to pragmatic measures taken by the government, the country is destined for progress and development.

The Finance Minister appreciated Mr. Mohamed Bassatne for showing interest in expanding their business activities and investment in energy sector in Pakistan to boost its energy supply line. He further assured that Government of Pakistan will provide all kinds of support required by the company in order to expand its business and investment in the country.

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

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 Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Planning and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aysha Ghous Pasha, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, 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 tabled a summary on Import of Agricultural tractors under the Kissan package 2022 and proposed amendments in Import Policy Order 2022 to reduce cost of tractors. The ECC after deliberation approved the proposals of the Commerce Ministry and allowed amendment in the relevant clause of the IPO 2022 for import of upto 5 year old tractors. Regarding ‘Duty Reduction’ for import of secondhand tractors, the ECC allowed depreciation in value at 2% per month up to maximum of 60% as already provided under CGO no. 14 of 2005.

Finance Division presented a summary on proposals of State Bank of Pakistan (SBP) regarding equity investment of USD 4.9 million by Fauji Foundation for acquisition of shares of Daharki Power Holding Limited and submitted that the Govt allowed Fauji Foundation to make equity investment abroad of US$ 12 million in ‘Daharki Power Holdings Limited’ in 2008. Fauji Foundation, Asian Development Bank and Daharki Power Holdings Limited, BVI entered into an agreement in 2008, which provided ADB the right to exercise put option in respect 2,750,000 shares subscribed by it. The ECC considered the proposals of SBP and allowed equity investment of US$ 4.9 million by Fauji Foundation for acquisition of 2,750,000 shares (18.64% stake) of Daharki Power Holdings Limited and granted waiver/exemption to Fauji Foundation from the policy enumerated in Foreign Exchange Manual being incorporated as a trust under Charitable Endowment Act 1980.

Ministry of Energy (Petroleum Division) presented a summary for assignment of working interest in exploration licenses/Blocks. The ECC after discussion approved assignment of 34% working interest of M/s Pakistan Oilfields Limited (POL) and 6% of M/s Attock Oil Company Limited (AOC) to M/s Polskie Gornictwo Naftowe I Gazowinictwo S.A (Polish Oil and Gas Company) (POGC) in Kirthar South Block (Sindh).

Ministry of Energy (Power Division) submitted a summary regarding amendments in the Standardized Security Package Documents (SPDs) for the large solar PV projects, based on the market response on the earlier modifications by the competent forum and in order to ensure the viability of the project. The ECC after discussion approved the proposals that indexation of tariff in the SPDs be on annual basis and payment mechanism for settlement of invoices as per Framework Guidelines.

The Ministry of Energy (Petroleum Division) submitted another summary regarding the Enhancement of Oil and Gas production from Tal Block (KPK) proposing sale of gas from Mamikhel South discovery to third party in accordance with Petroleum Concessions Agreement (PCA). It was also submitted that the State Owned Entities (SOEs) have around 70% working interest in TAL exploration License. This arrangement will be to the benefit of Government of Pakistan in the form of increased dividends and taxes and it will be an opportunity to enhance private sector participation. The ECC considered and approved the proposal.

The ECC considered and approved a summary submitted by Ministry of Commerce on policy regarding B2B barter trade mechanism specially where there is absence of banking channels and generally to facilitate trade with other countries.

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

i. Rs. 300 million in favour of Ministry of Energy (Power Division) for expenditures on development projects under PSDP being executed by Peshawar Electric Supply Company (PESCO) during the current financial year (2022-23).

ii. Rs. 12.462 million in favour of Ministry of Housing and Works for the urgent repair and maintenance expenditures during current fiscal year 2022-23.

iii. Rs. 1000 million for the project “Rehabilitation/Construction of Roads in SITE Industrial Estate Karachi”.

Federal Minister for Finance and Revenue Senator Mohammd Ishaq Dar hosted a farewell lunch on behalf of Prime Minister of Pakistan Mohammad Shehbaz Sharif in honour of H.E Mr. Nong Rong, out-going Ambassador of the People’s Republic of China in Islamabad, today.

Federal Minister for Planning & Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, Mr. Tariq Fatmi SAPM, Mr. Zafaruddin Mehmood SAPM, Governor State Bank of Pakistan and others joined the farewell reception.

The Finance Minister welcomed the Ambassador of Republic of China and praised the long-standing and deep-rooted friendly relations between the two countries. The Finance Minister, on behalf of the Prime Minister, lauded Chinese Ambassador’s contributions in enhancing and cementing the decades old brotherly ties between the two countries and fast –tracking Chinese Government’s all out support and help to Pakistan in challenging times.

The Chinese Ambassador extended his thanks and appreciated the help and support provided by the Pakistani leadership to him in his efforts to strengthen the bilateral relations between the two countries.

In concluding remarks, Finance Minister Mr. Ishaq Dar extended best wishes of the Prime Minister of Pakistan to H.E Mr. Nong Rong and good luck for his future assignments.

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 Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and senior officers attended the meeting.

Petroleum Division tabled a summary on change in take-or-pay commitment in power purchase agreements & gas supply agreements of three RLNG public sector power plants namely Quaid-e-Azam Thermal Power Plant, Balloki Power Plant and Haveli Bahadur Shah Power Plant. In the wake of prevailing international economic conditions and the unprecedented price hike of RLNG in the international market and to optimize the utilization of RLNG for the continued operations of these Power Plants, the ECC considered and approved the proposal of Power Division to fix the minimum take or pay commitment at 33% under the PPA and GSA to guard the interests of both buyers and suppliers. Further, the ECC allowed the fixation of GSD under the GSA at Rs. 15 billion per power project.

The ECC considered and approved a summary of Ministry of Industries and Production on revision of price of imported Urea and allowed to fix Dealer Transfer Price (DTP) of 50 kg imported Urea bag at Rs. 2340/bag by NFML and provisionally approved incidental charges from KPT at Rs. 594/bag and from Gwadar at Rs. 1008/bag respectively to bring stability in the prices of Urea in the market. The ECC further directed that the 50% of subsidy of the imported Urea should be shared by the provinces.

The ECC considered another summary of Ministry of Industries and Production on provision of funds to Heavy Electrical Complex (HEC) to release markup amount to Bank of Khyber (BoK). The ECC after discussion approved Technical Supplementary Grant (TSG) amounting to Rs. 80.988 million to HEC for payment to Bank of Khyber for mark up amount for 2nd, 3rd and 4th quarters of the calendar year 2022. The ECC also gave approval in principal for provision of funds with direction that the transaction of HEC must be completed by 15th February, 2023.

Ministry of Railways submitted a summary on its business plan to generate decent source of earning in order to improve its financial health through laying of fiber optic cable along its infrastructure. The ECC after discussion constituted an inter-ministerial committee comprised federal secretaries of all relevant divisions, headed by Federal Minister for Law & Justice to prepare draft Right of Way Policy on the issue.

The ECC also approved a Technical Supplementary Grant of Rs. 500 million in favour of Ministry of Housing and Works for execution of development scheme on construction/rehabilitation of flood affected roads, District Muzafargarh-I.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual meeting with Mr. Jin Liqun, President Asian Infrastructure and Investment Bank (AIIB), today.

Finance Minister Senator Ishaq Dar extended felicitations to the President AIIB for assuming second term as bank’s President and stated that the Bank to continue to progress in future under his able leadership. The Finance Minister highlighted deep rooted friendship between the Bank and Pakistan for supporting Pakistan in difficult times.

The Finance Minister highlighted the economic outlook of the country and said that the present Government inherited weak economic legacy but is focusing on fixing things in right direction and is introducing reforms in all sectors to achieve economic growth and development. He said that due to pragmatic measures taken by the government, the country is destined for progress and development.

The Finance Minister also apprised the President AIIB of damages caused by the floods in Pakistan and its impact on the economy of Pakistan. The forthcoming Donor’s Conference in Geneva was also discussed in the meeting. The Finance Minister also extended invitation to the President AIIB to visit Pakistan in 2023.

The President AIIB lauded the relationship between Pakistan and the AIIB and appreciated Pakistan for being an excellent member of the AIIB. The President 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 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 Communications Mr. Asad Mehmood, Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, Federal Secretaries and other senior officers from Federal and Provincial ministries and departments participated in the meeting in person while Finance Minister Khyber Pakhtunkhwa Mr. Taimur Saleem Khan Jhagra, Finance Minister Govt of Punjab Mr. Mohammad Mohsin Leghari attended the meeting through zoom.

The ECNEC approved National Development Internship Programme. The programme is in line with the vision of the Prime Minister of Pakistan to mainstream the youth and involve them in national development. The programme aims to enhance the capacity of young Pakistanis in their relevant educational areas and enhance their practical and technical skills and provide opportunity to introduce fresh ideas in the development sector of Pakistan. The expenditure of the programme will be met from the development projects being implemented under PSDP.

Planning commission submitted a summary regarding Indus Highway (N-55) additional carriage Project. The ECNEC considered and allowed 15% of procurement for one of the four components of the project in US dollars as per ADB guidelines. The project was already approved by the ECNEC on 1st October,2022 at cost of Rs. 44,703.89 million with ADB share of Rs. 40,233.50 million (US$ 241.27 million).

The ECNEC considered and approved Construction of Northern Section of Ring Road (Missing Link) from Warsak Road to Nasir Bagh Road- project at the rationalized/reduced cost of Rs. 17,139.007 million without any FEC , fully funded by Govt of Khyber Pakhtunkhwa. The project envisages construction of 6 lane Northern section of Peshawar Ring road from Warsak road to Nasir Bagh road with total length of 7.8 Kms. There will be 2 lane service road on each side of the Ring Road.

The ECNEC also considered and approved provincial project named “Construction of Gravity Flow Water Supply Scheme Mansehra” at a cost of Rs. 18,583.41 million, to be executed by Govt of Khyber Pakhtunkhwa. The project aims at provision of gravity flow potable water supply system for Mansehra city to fulfil the present and future needs upto 2040. The project on its completion will provide the required potable water supply facilities to the population of 201,249 persons for the designed period.

The ECNEC approved PC-1 of Post-Flood 2022 Reconstruction Plan: Resilience, Enhancement and Livelihood Diversification in Baluchistan, project at a total cost of Rs. 88,000 million (US$ 400 Million) funded by the World Bank. Federal Government and Govt of Baluchistan through Federal PMU and Project Implementation Unit will execute the project to support, finance and incentivize Post-Flood reconstruction, resilience enhancement and livelihood diversification initiatives with focus on flood-ravaged and resource constrained province of Baluchistan.

The ECNEC approved Special Development Initiatives for Backward/Poor Districts in the country at a cost of Rs. 40 billion on 50:50 basis between Federal and provincial governments. The project aims to support interventions to bring noticeable change in social and economic fabric of these districts.

The ECNEC approved Overseas Scholarship for MS/M.Phil leading to Ph.D in selected fields (Phase-III) at a cost of Rs. 22,214.578 million with FEC Rs. 21,402.142 million to give chances to young Pakistani scholars to pursue higher education at some of the world’s leading universities.

The ECNEC approved Prime Minister’s Youth Laptop Scheme-HEC(Phase-III) at a cost of Rs. 10,827.28 million in order to provide an opportunity to young and talented students studying in public sector higher education institutes across the country including AJK and GB. Under the envisaged Phase-III project, 100K laptops would be distributed among meritorious students in two years.

The ECNEC approved a project regarding provision of Higher Education Opportunities for students of Balochistan & erstwhile FATA ( Phase-III) at a cost of Rs. 8,663.350 million with aim to provide equal education opportunities to the talented students of the disadvantaged areas to bring them at par with developed and developing areas of the country creating a core of talented and qualified manpower.

The ECNEC considered and approved Sindh Human Capital Investment: 1000 days-Integrated Health and Population programme at a total cost of Rs. 61,600 million including foreign funds of Rs. 55,000.058 million by the World Bank to improve utilization and quality of reproductive , maternal, neonatal, child and adolescent health and nutrition services, and women economic empowerment through skill development and micro financing to a target population of 9.7 million in selected districts of Sindh province.

The ECNEC also approved Flood Response Emergency Housing Project at rationalized cost of Rs. 160,000 million including World Bank loan of US$ 500 million to support the flood affected people in all districts of Sindh in the climate resilient reconstruction & repairs of their houses and helping them overcome the misery and trouble inflicted upon them during the recent rain disaster.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Minister of State for Foreign Affairs Ms. Hina Rabbani Khar in Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, Secretary Finance, Secretary Foreign Affairs, and other senior officers from Finance division and Foreign Affairs participated in the meeting.

The Finance Minister and the Minister of State for Foreign Affairs discussed the current political and economic situation of the country. The latest diplomatic developments in the region were also discussed. The two also exchanged views on financial matters related to foreign office during the meeting.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar assured full support and cooperation and directed the relevant authorities for taking required steps in this regard.

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 Commerce Syed Naveed Qamar, Federal Minister for National food Security and Research Mr. Tariq Bashir Cheema, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, senior officers attended the meeting.

Petroleum Division tabled a summary on liquidity requirement of PSO for import of LNG and petroleum products in the country. It was submitted that PSO has been engaged in import of LNG in the country to meet the deficit in gas demand and supply and is obliged to clear its financial obligations of supplier within stipulated period. In order to enable PSO to remain current in its payment obligations to LNG suppliers as well as to maintain LNG supply chain, the ECC allowed release of Rs. 10 billion budgeted subsidy to Petroleum Division and allowed GoP guarantee against bank financing upto Rs. 50 billion.

Ministry of National Health Services, Regulation and Coordination submitted a summary regarding transfer of amount to Government of Afghanistan for functioning /maintenance/equipments/salaries of three Pakistani hospitals in Afghanistan. The ECC after discussion approved the revised mechanism/modalities for transfer of funds to Afghanistan as proposed by the Afghanistan Inter-Ministerial Coordination Cell (AICC) with direction to attempt to release the amount in Pak rupees. As per revised mechanism, the total amount already approved by the Cabinet for salaries i.e. Rs. 1.009 billion would be transferred to Afghanistan in four tranches. The first tranche to be transferred by Ministry of Finance to Ministry of NHSR&C account. These funds would be transferred through MoFA and sent to Pakistan Embassy Kabul. The remaining three tranches would be transferred through banking channels to the Embassy account opened for the purpose of disbursement of salaries for doctors and other staff working in hospitals in Afghanistan constructed and operated by Pakistan.

Petroleum Division presented a summary for extended well testing (EWT) over Wali-1 Discovery Wali (E.L) and submitted that an exploration licence (EL) was granted over Wali Block to OGDCL and company drilled an exploration well named Wali-1 and made a gas/condensate discovery in Lockhart Hangu and Kawagarh Formations. Extended Well Testing is a technical requirement to appraise the said discovery over Wali-1 exploration well drilled in Wali Block. The ECC after discussion allowed one-year EWT over the aid discovery w.e.f. start of production under EWT arrangements with condition that OGDCL will submit Declaration of Commerciality (DoC) and Field Development Plan (FDP) over the Wali-1 discovery before expiry of allowed EWT period.

Ministry of National Food Security and Research submitted a summary on export of sugar during the year 2022-23 and presented the recommendations of 4th meeting of Sugar Advisory Board (SAB). The ECC after detailed discussions on the recommendation of SAB, allowed 250,000 tons of sugar for export inclusive of previous permitted 100,000 tons by the ECC on fist come first basis. The ECC further decided that the total quantity of export may be distributed among provinces based on their installed crushing capacity to be determined by PSMA. The ECC further decided that dollar proceeds of exports will be recovered with sixty days of LC opening.

Ministry of Industry and Production submitted a summary on diversion of RLNG to Urea fertilizer plants upto 31st Jan, 2023. The ECC after deliberation decided to reject the proposal of Ministry of NFS&R and Ministry of I & P and decided that the RLNG supply to these plants would be discontinued with effect from mid night of 3rd January, 2023.

The ECC deferred a summary submitted by Ministry of Industries and Production tabled on price fixation of imported Urea with direction to work out and submit detailed mechanism of sharing of subsidy by provincial governments.

Mr. Yancey Spruill, CEO Digital Ocean 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, Secretary Finance, Chairman FBR, Commissioner SECP and other senior officers from Finance Division participated in the meeting.

Mr. Yancey Spruill expressed gratitude to the Finance Minister and shared their business profile and their contribution to the economic development of Pakistan. He also apprised the Finance Minister about their current investment in the country in software development and enabling medium and cloud computing SMEs. He also showed interest in expanding their business further in Pakistan.

CEO Digital Ocean also apprised the Finance Minister that they have recently acquired Cloudways Pakistan and they are planning to start a training programe for Pakistani youth in the country in collaboration with various universities in order to provide IT skills to enable them to compete in global market.

Finance Minister Senator Mohammad Ishaq Dar welcomed Mr. Yancey Spruill and shared that Pakistan has a lot of potential in IT sector and the present government is keen to expand the IT industry in order to increase its contribution to the economic development of Pakistan.

The Finance Minister appreciated Digital Ocean for showing interest in training the manpower of the country in IT. He further assured that Government of Pakistan will provide all kinds of support required by the company in order to expand its business and investment in the country.

Mr. Yancey Spruill, CEO Digital Ocean thanked the Finance Minister for extending cooperation and support.