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

SAPM on Finance Mr. Tariq Bajwa, Mr. Ashfaq Yousuf Tola, Secretary Finance and senior officers from Finance and Petroleum Division attended the meeting.

The Committee constituted for the settlement of circular debt in gas sector briefed the meeting on issue of circular debt in gas sector and presented proposals to offset the burden.

The Finance Minister emphasized the priority of the government to address the issue of energy sector including circular debt to bring financial sustainability of the sector and economic growth of the country. He further directed the Committee to finalize their report within three working days to settle the issue of circular debt in gas sector.

The Governemnt earlier constituted a Committee convened by Mr. Ashfaq Yousuf Tola for the settlement of circular debt in gas sector.

Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar virtually joined and addressed a Ceremony to mark the first listing of a developmental REIT (Globe Residency REIT) on Pakistan Stock Exchange, today.

Dr. Shamshad Akhtar Chairperson Pakistan Stock Exchange, Mr. Farrukh H. Khan CEO Pakistan Stock Exchange, Mr. Akif Saeed Chairman SECP, and Mr. Arif Habib Chairman Arif Habib Group of Companies participated in the ceremony.

Finance Minister Senator Ishaq Dar extended felicitations to Mr. Arif Habib and his team for their success upon the oversubscription of their REIT. He highlighted the need to consolidate the Stock market of the country during the challenging economic circumstances and emphasized the concerned authorities not to let rumors create uncertainty in the capital markets.

He also stressed upon the role of SECP as a contributor to the financial and economic development in Pakistan by restoring and maintaining the confidence of domestic as well as foreign investors. Appreciating the proposals presented by Chairman SECP Mr Akif Saeed for improvements and reforms in corporate sector, the Finance Minister emphasized SECP to play its active role as a regulator of corporate sector and further extended his support to SECP for the economic progress and development of the country.

In conclusion, he assured the participants that Pakistan despite economic challenges is destined to progress and development. He promised to ensure a conducive economic environment to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon.

Mr. Jawed Ali Manwa, Finance Minister Gilgit-Baltistan and his team called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, Secretary Finance and senior officers from Gilgit-Baltistan and Finance Division attended the meeting.

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

Finance Minister Senator Ishaq Dar expressed present government’s commitment for the development and progress of all regions including Gilgit-Baltistan. He also stressed for utilization of tourism potential in this region as it will not only enhance the revenues of Gilgit-Baltistan but also will portray a beautiful image of the country all over the world.

The Finance Minister agreed to extend support of the present government for the development of the Gilgit-Baltistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on Gas Infrastructure Development Cess (GIDC) at Finance Division, today.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Secretary Finance, Deputy Attorney General, MD OGDCL, representatives of SNGPL, SSGCL, PPL and senior officers from Finance and Petroleum Divisions attended the meeting.

The meeting was apprised of amount of outstanding Cess recoveries from various entities and discussed GIDC Acts and Supreme Court’s order in this regard. It was informed that Rs. 447 billion is still outstanding and needed to be recovered and there are 3194 petitions in various Court of laws.

Examining the Court’s decisions and stay order, the Finance Minister expressed serious concerns over the non-recoveries of Cess dues and expressed resolve of the government to recover each penny from the defaulters on account of Gas Infrastructure Development Cess (GIDC). He further directed the authorities to share updated break-up of arrears of sector wise GIDC in the next meeting in order to frame up legal and administrative strategy for fast track recovery of the outstanding GIDC outstanding dues.

A delegation of Uzbekistan headed by H.E Mr. Khodjaev Jamshid Abdukhakimovich, Deputy Prime Minister /Minister of Investment & Foreign Trade called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance division, today.

The delegation comprised Mr. Kudratov Laziz Shavkatovich, 1st Deputy Minister-Ministry of Investment and Foreign Trade, Mr. Mahkamov Ilkhom Rustamovich, Minister of Transport, Mr. Siddikov Furqat Ahmedovich, 1st Deputy Minister- Ministry of Foreign Affairs, Mr. Yuldashev Kahramon Anvarjanovich, Deputy Minister- Ministry of Agriculture, Mr. Ergashev Ibrohim Kenjaboevich, Chairman- Agency of Plant Protection & Quarantine and Mr. Mr. Oybek Arif Usmanov, ambassador of Uzbekistan to Pakistan.

Federal Minister for National food Security and Research Mr. Tariq Bashir Cheema, 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 SBP Mr. Jamil ahmed, Federal secretaries and senior officers attended the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and highlighted cordial and brotherly relations based on common faith, shared history and cultural affinities between Pakistan and Uzbekistan. The Finance Minister further underscored that constructive interaction at the top leadership level has given a positive momentum to our bilateral relations which must be continued and strengthened. He highlighted the potential of cooperation in economic and investment sectors and expressed desire of the Govt to further strengthen and diversify bilateral trade and economic linkages between the two countries.

Mr. Khodjaev Jamshid Abdukhakimovich, Deputy Prime/Minister of Investment & Foreign Trade of Uzbekistan acknowledged the friendly and cooperative relations with Pakistan. He exchanged views to extend bilateral economic and trade relations with Pakistan and showed keen interest to establish road and rail link between the two countries through Afghanistan.

The two sides discussed various avenues of cooperation to deepen the trade and economic partnership between the two countries including improvement of road infrastructure from Tashkent to Pakistan, Pakistan- Afghanistan- Uzbekistan Rail link, export/import facilitation, etc. The two sides agreed to enhance the current trade volume between both the countries at optimal level. The Uzbek side also sought technical support of Pakistan for its inclusion in WTO and getting GSP+ status.

The two sides expressed confidence that scheduled meeting of Joint Inter Governmental Commission (IGC) in early February, 2023 in Pakistan will further enhance bilateral economic cooperation and investment to the mutual benefit of the two countries.

In conclusion, the Finance Minister thanked the Deputy Prime/Minister of Investment & Foreign Trade of Uzbekistan and extended full support and cooperation of the Government to enhance bilateral economic and trade relations between both countries.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of Cabinet Committee on Privatization (CCOP) today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Privatization / Chairman Privatization Commission Mr. Abid Hussain Bhayo, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on government effectiveness Dr. Muhammad Jehanzeb Khan, Federal secretaries and senior officials attended the meeting.

Privatisation Commission tabled a summary related to Privatisation of Services International Hotel (HIS) and updated the Committee on process of privatisation of HIS till date. The CCoP after detailed deliberation referred the matter to Law and Justice Division for review of its earlier advice.

Privatisation Commission presented a summary on privatisation of SME Bank Limited and briefed the meeting on its status. After detailed discussion the CCoP considered the recommendation of PC board and decided to delist SME Bank from the Privatisation Programme, enabling SBP and Finance Division to proceed further with alternate options.

Regarding privatisation of PIA Investment Ltd. (PIA-IL) Owned Asset- Roosevelt Hotel, New York, the CCoP decided to uphold its earlier decision dated 2nd July, 2022 , where the meeting directed the Privatisation Commission (PC) to initiate the process of appointment of Financial Adviser (FA) to undertake envisaged leasing of Roosevelt site for meeting up a Joint Venture project for prospective mixed-used development, through the best suited mode of Privatisation.

Mr. Khalid Mahmood, Member Parliament UK - House of Commons, 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 also attended the meeting.

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

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

Mr. Khalid Mahmood felicitated the Finance Minister on assuming the finance portfolio and also expressed sympathy on the loss of lives and properties in the devastating monsoon rains and flood.

Mr. Khalid Mahmood is the longest serving Member Parliament UK , House of Commons, elected from Birmingham Perry Barr.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting with Chairman NDMA Lt. Gen. Inam Haider Malik HI(M) and his team at Finance Division, today.

Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal Chaudhry, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Special Secretary Finance and senior officers from Finance and NDMA attended the meeting.

Chairman NDMA briefed the meeting through a presentation on existing working structure of NDMA with pre and post disaster preparedness. The meeting was apprised of NDMA’s responses during Covid-19 and recent devastating monsoons rains and flood in the country. The Chairman also highlighted remodeling of Disaster response regime from a reactive to a proactive organization to minimize the damages caused by the natural disasters in future.

Finance Minster Senator Mohammad Ishaq Dar appreciated NDMA for relief and rehabilitation of distressed people affected in the devastating disasters. He also appreciated the disaster preparedness responses and NDMA’s remodeling of disaster response to save Pakistan.

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

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

Finance Minister Senator Ishaq Dar welcomed the Ambassador and highlighted deep rooted cordial and fraternal relations between Pakistan and Iran based on centuries old religious and cultural affinities. The Finance Minister emphasized that Pakistan always highly values its brotherly relations with its neighboring country. The Finance Minister further said that the current trade volume between the two countries is not at the optimal level. Pakistan is committed to take all possible measures for resolving the bottlenecks for significantly augmenting the bilateral trade volume between the two countries.

Ambassador Seyed Mohammad Ali Hosseini extended felicitations to the Finance Minister on assuming the charge of Finance Ministry and appreciated the economic policies of the Government. He also underscored the deep rooted historical cultural, economic, trade and political bilateral relations between the two countries and discussed various avenues for enhancing fraternal relations. He further stressed that the two countries have great potential for extensive collaboration in the fields of energy, trade and other areas.

The meeting also discussed opening of border markets, barter trade, free trade agreement and mutual investment to enhance the volume of trade between the two countries.

The Finance Minister and the Iranian Ambassador expressed their satisfaction on mutual bilateral relations and showed keen intention for enhancing collaboration in various areas of common interest.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired an Inter Ministerial meeting on Donors Conference, at Finance Division today.

Minister for Climate Change Ms. Sherry Rehman, Minister for Planning, Development & Special Initiatives Mr. Ahsan Iqbal, Minister for Economic Affairs Sardar Ayaz Sadiq, Minister for Information & Broadcasting Ms. Maryam Aurangzeb, Minister of State for Foreign Affairs Ms. Hina Rabbani Khar, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Secretary MoFA, Secretary Climate Change, Secretary Planning Division, Secretary Economic Affairs Division, Secretary Information & Broadcasting and other senior officers from concerned ministries participated in the meeting.

The meeting discussed the proposed plan for the International Conference on Climate Resilient Pakistan to be held on 9th January, 2023 in Geneva. The conference co-hosted by the Government of Pakistan and the United Nations aims to garner international support for the people and Government of Pakistan to build back Climate resilient Pakistan after the devastating floods of 2022. It will also secure international humanitarian support for reconstruction and rehabilitation arrangements for the post-flood recovery.

Secretary MoFA gave a detailed presentation on draft agenda of the proposed conference with modalities, invitees, potential donors, and schedule of the conference. It was informed that heads of States and Governments from number of countries, UN agencies as well as leaders from private sector, civil society, and international development and financial institutions will participate in the conference. Prime Minister of Pakistan and the UN Secretary General will speak at the high- level opening segment.

The participants suggested re-articulation and reconsideration of some agendas with modifications to make the conference more participatory and meaningful and to present strong case for Pakistan at the international forum.

All the participants agreed to extend all out support to make the conference successful.

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

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

Chairman FBR Mr. Asim Ahmed welcomed the Finance Minister at FBR and gave a detailed presentation on revenue targets and performance of FBR for the months of November and December 2022. He apprised the Minister that FBR has surpassed the revenue collection targets till November and expressed hope to successfully meet its targets in remaining months of financial year 2022-23.

The Finance Minister expressed satisfaction and appreciated the FBR team for their efforts in meeting the targets. He further extended his full support to FBR in performance of their duties for revenue collection. The Finance Minister also stressed the FBR team to position themselves according to changes in economic outlook and advised the FBR rank and file to increase their efforts to achieve the true tax potential in the country.

H.E Mr. Nong Rong, Ambassador of the People’s Republic of China called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

The Finance Minister welcomed the Ambassador of Republic of China and praised the long-standing and deep-rooted friendly relations between the two countries. Both sides deliberated on a number of avenues for expansion of bilateral relations especially in economic and financial sectors.

The Chinese Ambassador appreciated the policy initiatives being taken by the government for sustaining and boosting fiscal and monetary stability. He assured continuous support of Chinese Government to Pakistan and added that government of China stands with people of Pakistan and is willing to provide all kinds of assistance.

In concluding remarks, Finance Minister Mr. Ishaq Dar thanked the Chinese Ambassador for their continuous support and assistance.

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 National Health Services, Regulations and Coordination Mr. Abdul Qadir Patel, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, 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, Coordinator to PM on economy Mr. Bilal Azhar Kiyani, Federal Secretaries, senior officers attended the meeting.

The ECC considered a summary of Ministry of Energy (Petroleum Division) on assignment of working interest in exploration licenses/blocks and approved transfer of 30% working interest of M/s MoL to M/s MPCL in Margala Block. It was apprised that Margala Block is governed by Pakistan Petroleum Exploration and Production Rules 2001. The acquiring company M/s MPCL is operating in Pakistan since 1954 and has working interests in 23 exploration licenses and 15 development & production leases. The ECC was further informed that M/s MOL has cleared all its financial obligations.

The ECC also considered a summary of Ministry of Maritime Affairs and approved Technical Supplementary Grant in aid of Rs. 822.750 million enabling Gwadar Port Authority (GPA) to disburse the amount of Rs. 250,000/- per head to 3291 fishermen registered with Baluchistan Fisheries Department for the purchase of boat engines.

The ECC approved Technical Supplementary Grant in aid of Rs. 200 million in favour of Ministry of National Health Services, Regulation and Coordination for Ghurki Trust teaching Hospital (GTTH), Lahore. Ghurki Trust teaching Hospital (GTTH) is a tertiary care non-profit organization providing “State of the Art” health facilities to the needy & poor patients.

The ECC deferred a summary submitted by Ministry of Energy (Petroleum Division) for foreign exchange coverage to PSO and directed the Ministry of Energy to resubmit the summary after reviewing the numbers.

Federal Minister for Finance and revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Etisalat International led by Mr. Mikhail Gerchuk, CEO e& International at Finance Division, today.

The delegation comprised Mr. Abdulrahim Abdulla Abdulrahim Al Nooryani, CEO Etisalat Pakistan, Mr. Hatem Bamatraf President and CEO PTCL & Ufone and Mr. Kamal Shehadi Chief Strategy e& International.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Secretary IT & Telecom and senior officers from Finance and Privatization Divisions attended the meeting.

Finance Minister Senator Ishaq Dar welcomed the delegation and highlighted the deep rooted brotherly relations between Pakistan and the UAE. He further said that the United Arab Emirates (UAE) is one of the major economic partners of Pakistan. Pakistan attaches great value to the brotherly relations with the UAE.

The Finance Minister recalled his meetings with Etisalat in Abu Dhabi and Dubai during his recent visit to the UAE and underscored the significance of resolving outstanding issues between Etisalat and the Privatization Commission and moving ahead for a mutually beneficial solution.

The Finance Minister also highlighted prospects of foreign investment in Pakistan especially in IT and Telecom sector which is growing rapidly and said that the Government is providing conducive environment and facilitation to attract foreign investment.

Mr. Mikhail Gerchuk, CEO e& International briefed the meeting on company’s profile and its future investments in Pakistan and expressed readiness to further invest in IT and Telecom sector in Pakistan.

Both sides agreed to proceed ahead for resolution of all outstanding issues between Etisalat and the Privatization Commission in a spirit of goodwill.

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

Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Secretary Power and senior officers attended the meeting.

Meeting discussed in detail viable proposals presented by the relevant Ministries for introducing reforms in Power and Gas sectors aiming to bring efficiency in the system, minimize wastage of the energy and provide relief to the masses. The proposals focused on bringing sustainability to the energy sector and thereby achieve economic growth in the country.

Ambassador of the Republic of Indonesia H. E. Mr. Adam M. Tugio called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Finance Minister Senator Mohammad Ishaq Dar welcomed the Ambassador and highlighted profound historical and brotherly relations between the two countries.

The Finance Minister and the Ambassador of Republic of Indonesia discussed measures to strengthen bilateral relations between the two countries.

The Ambassador of Republic of Indonesia emphasized deep rooted bilateral relation between both the countries and exchanged views to strengthen bilateral economic and trade relations with Pakistan. He appreciated Pakistan Government for supporting joint venture projects 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 and showed desire of the Government to further deepen the trade and economic partnership between the two countries.

The Finance Minister extended sympathy over loss of lives in recent earthquake disasters in Indonesia. He also appreciated the flood relief support of Indonesian Government to flood affectees in Pakistan and said that the humanitarian support reflected the spirit of friendship and mutual cooperation.

In conclusion, the Finance Minister and the Ambassador agreed to extend full support to enhance the bilateral relations between both countries.

Mr. Tarek Hamdy, CEO Eighteen –Elite Real Estate called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, Mr. Saleem Saifullah –Ex Senator, Mr. Saleem Farrukh- Economist and senior officers from Finance Division participated in the meeting.

Mr. Tarek Hamdy, CEO, Eighteen Elite Real Estate briefed the Finance Minister of Company’s profile which is a subsidiary investment project of prominent Egyptian businessman Mr. Naguib Sawiris and his future investment plans in Pakistan. It was shared that the Egyptian investor has long-standing business relations with Pakistan in telecommunication and real estate sectors and desires to promote this relationship deeper. Mr. Tarek Hamdy, CEO also expressed desire of the Egyptian businessman to invest in other sectors in Pakistan.

Finance Minister Senator Ishaq Dar welcomed and appreciated the contribution of Egyptian businessman Mr. Naguib Sawiris and added that the present government welcomes foreign direct investment and provides conducive environment to the foreign investors. He further said that present government is providing maximum facilitation and friendly environment to encourage foreign businessmen to avail investment opportunities in Pakistan.

Finance Minister Senator Ishaq Dar committed full support and facilitation to the Egyptian Investments in 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. Ayesha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Secretary Finance, Secretary Power and senior officers attended the meeting.

The meeting discussed introducing various reforms in Energy Sector and issues of stock and flow of circular debt in the sector.

The Finance Minister highlighting the importance of reforms in energy sector said that reforms are crucial in energy sector for the economic growth of the country. He further added that the present Government puts priority to address the issues of energy sector including circular debt in order to bring financial sustainability of the sector and economic growth of the country. He further directed the relevant authorities in to make viable solutions for the settlement of all issues of energy sector.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired an inter-ministerial follow-up meeting on anti-smuggling measures at Finance Division today.

Minister for Law and Justice Mr. Azam Nazeer Tarar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Governor SBP, Secretary Finance, Secretary Interior, DG I&I Customs, Member Customs, ADG FIA and senior officers from Finance Division participated in the meeting.

The meeting reviewed the progress on anti- smuggling measures and roadmap to strengthen anti-smuggling regime in the country. The meeting was apprised that strict and vigilant operations have been initiated against the illegal cross border movement of foreign currency, urea, wheat and other items by the Customs, law enforcement and intelligence agencies. It was informed that large quantity of foreign currency and other valuable items have been confiscated at various points between 9 to 15 December, 2022 period due to these strict measures.

The representatives of Pakistan Customs, FIA and Interior have updated the meeting on their progress and suggested pragmatic measures to curb the menace of smuggling.

The Finance Minister highlighted the necessity to stop the cross border smuggling of foreign currency and other valuable items affecting the economic growth in the country and expressed satisfaction on the progress of concerned agencies. He further stressed upon the need of coordination among all the concerned agencies for this purpose and directed them to take comprehensive and combined action against those involved in the smuggling activities and currency speculation. He further directed the relevant authorities to speed up their operations to curb the cross-border smuggling.

It was also decided that a regular review meeting on anti- smuggling operations will be held on weekly basis.

In conclusion, the participants thanked and appreciated the Finance Minister for taking appropriate and active measures for tackling the current economic situation and ensured their support for ensuring smooth and sustainable economic growth.

Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar held a meeting with SECP Management at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Chairman SECP Mr. Amir Khan, Mr. Akif Saeed Commissioner SECP, Ms. Sadia Khan Commissioner SECP, Mr. Abdul Rehman Warraich Commissioner SECP, Mr. Mujtaba A. Lodhi Commissioner SECP and senior officers from Finance Division attended the meeting.

Finance Minister Senator Ishaq Dar extended felicitations to the newly appointed SECP Commissioners and highlighted the role of SECP as a regulator of corporate sector, capital market, insurance and investment sectors for the betterment and progress of Pakistan’s economy. The Finance Minister further appreciated SECP's work as a contributor to the financial and economic development in Pakistan by taking a number of regulatory measures in restoring and maintaining the confidence of domestic as well as foreign investors.

Extending support to SECP, the Finance Minister emphasized the SECP team to work with dedicated focus and zeal to ensure consistent, transparent and focused regulatory oversight across sectors for achieving high economic growth and social harmony in the country.

Chairman and SECP Commissioners apprised the Finance Minister of various regulatory initiatives being taken for mitigating systemic problems and building invertors’ confidence and further ensured their full support and cooperation.

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 National food Security and Research Mr. Tariq Bashir Cheema, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Coordinator to PM on economy Mr. Bilal Azhar Kiyani, Federal Secretaries, senior officers and office bearers of PSMA attended the meeting.

The ECC considered and approved a summary of Ministry of National Food Security and Research regarding export of sugar during FY 2022-23 and allowed export of sugar up to 100,000 MT. It was further decided that the ECC shall review the situation on fortnightly basis. The ECC further directed and PSMA committed that the existing price of sugar will not increase in domestic market atleast till 31st January, 2023.

The ECC also approved following Technical Supplementary Grants:
i. Rs. 7 million in favour of Ministry of Climate Change.
ii. Rs. 743.57 million in favour of Ministry of Housing and Works for execution of its development schemes.

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

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

The ECC considered and approved two important agenda items related to Reko Diq project, thus paving the way for early start of the Reko Diq Project.

Ministry of Energy (Petroleum Division) submitted a summary on accrued interest with respect to the amount held in an escrow account in connection with the Reko Diq Project dispute settlement. It was presented that government of Pakistan (GoP) and Provincial Government of Baluchistan (GoB) entered into an out-of-court dispute settlement with M/s Tethyan Copper Company Pvt Limited- a consortium of Barrick Gold Corporation of Canada and M/s Antofagasta PLC of Chile, in respect of Reko Diq Copper-Gold Project in Chaghai district of Baluchistan. As per settlement terms, Government of Pakistan has to clear liabilities to Antofagasta PLC. In the light of the terms of agreed settlement, the ECC allowed Finance Division to direct GHPL (for its own as well as GoB’s share), OGDCL and PPL to deposit the aggregate amount of interest to the sum of US$ 22,718,173/- in the escrow account from March 31, 2022 to December 15, 2022. The ECC further allowed Finance Division to arrange the interest payable for GoB’s share amounting to US$ 8,519,314 /- from the loan of Rs. 65 billion already raised by the GHPL with the GoP guarantee. Further, the ECC allowed the concerned Divisions of GoP and the SOEs to act in such a manner to ensure that the deposited amount alongwith interest deposited by the SOEs in the escrow account to form part of the consideration for share purchase of Reko Diq Mining Company Limited.

The ECC also considered and approved a proposal of Finance Division through a summary on funding plan of Government of Pakistan for share of Government of Baluchistan in Reko Diq Project. As per proposal, overall funding commitment of US$ 717 million over the period of 6 years by GoP in respect of GoB SPV Project Capital Commitment to be provided by the Government of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired an inter-ministerial meeting on economic situation of the country at Finance Division today.

Minister for Law and Justice Mr. Azam Nazeer Tarar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Governor SBP, Secretary Finance, Secretary Interior, Chairman FBR, DG FIA, DG I&I Customs and senior officers from Finance Division and intelligence agencies also participated in the meeting.

The meeting discussed and reviewed the economic situation and current mechanism of foreign currency; wheat and urea smuggling. Various measures were discussed in order to strengthen anti- smuggling regime.

The Finance Minister highlighting the economic situation in the country stressed upon the need of coordination among all the necessary platforms for this purpose. He further emphasized the relevant authorities to devise a robust and proactive road map to curb the cross-border smuggling of various items in order to bring economic and financial stability in the country.

In conclusion, the participants thanked and appreciated the Finance Minister for taking appropriate and active measures for tackling the current economic situation and ensured their support for ensuring smooth and sustainable economic growth.

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 economic situation of the country. The latest diplomatic developments were also discussed. Various financial matters related to foreign office were also discussed during the meeting.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar extended 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 held a virtual meeting with Governor State Bank of Pakistan Mr. Jameel Ahmad at Finance Division today. SAPM on Finance Mr. Tariq Bajwa, Special Secretary Finance and other senior officers of Finance Division attended the meeting.

Finance Minster Senator Mohammad Ishaq Dar discussed about the overall economic situation of the country. Various fiscal and monetary measures were discussed for maintaining the economic growth and stability in the country.

In conclusion, the Governor SBP thanked the Finance Minister for continuous support by the present government for the policy initiatives taken by State Bank of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with delegation of Daraz headed by its MD Mr. Ehsan Saya at Finance Division today.

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

The delegation of Daraz expressed gratitude to the Finance Minister and shared their business profile and their contribution to the economic development of Pakistan. They also apprised the Finance Minister about various operational issues being faced by them especially cross-border payments. The delegation requested for resolving their issues and sought support of government in this regard.

MD Daraz also apprised the Finance Minister that M/s Alibaba in collaboration with Daraz is extending a humanitarian support of US$ 0.5 million to the flood affectees in Pakistan.

Finance Minister Mr. Mohammad Ishaq Dar greeted the delegation and shared that present government is keen to see IT sectors increasing their contribution to the economic development of Pakistan. The Government is placing high priority to IT related business activities in Pakistan. The Finance Minister appreciated their support for the flood affectees and extended support to address and resolve the issues of Daraz at earliest time possible.

H.E. Ms. Henny Fokel de Vries, Ambassador of the Netherlands to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar today. SAPM on Finance Mr. Tariq Bajwa and other senior officers from Finance Division participated in meeting.

The Finance Minister welcomed H.E. Ms. Henny Fokel de Vries and highlighted the bilateral, economic and historical relations between Pakistan and Kingdom of Netherland. The Finance Minister shared that the two have always enjoyed outstanding bilateral relations based on mutual respect, trust, and common interests.

The Finance Minister apprised the Ambassador of the Netherlands the on-going post-flood reconstruction and rehabilitation projects being undertaken by the present government. It was also shared that present government is highly concerned about the uplift of masses and especially through financial inclusion.

H.E. Ms. Henny Fokel de Vries reciprocated same sentiments on bilateral relations between Kingdom of Netherlands and Pakistan. The Ambassador shared sympathetic sentiments on the huge level of economic losses faced by Pakistan due to floods and monsoon rains. She further shared that government of Netherland aims at enhancing the bilateral ties with Pakistan on various economic fronts as Pakistan being 5th largest country by population offers a great destination for investment.

The Finance Minister commended the investment proposals of Netherland and shared that provision of business friendly environment is the priority of present government. The Finance Minister further highlighted about multiple lucrative economic avenues present in Pakistan in which both countries can further deepen their economic relations.

In conclusion, the Finance Minister and H.E. Ms. Henny Fokel de Vries exchanged thankful remarks to each other.

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

Finance Minister Senator Ishaq Dar extended warm welcome to the Ambassador of Saudi Arabia and highlighted the historical, religious, cultural and long-standing bilateral ties between Pakistan and Saudi Arabia. It was shared that both of states enjoy exceptional relationship on various front including economy and trade.

The Finance Minister apprised the Ambassador of Kingdom of Saudi Arabia about the ongoing post-flood reconstruction and rehabilitation program. Finance Minister Mr. Muhammad Ishaq Dar thanked the Ambassador on extending the term of US$ 3 billion deposit in SBP by Saudi Fund for Development (SFD). He also thanked Saudi Fund for Development for their valuable investments in different sectors of Pakistan’s economy.

H.E. Mr. Nawaf Bin Said Al-Malki, Ambassador of Saudi Arabia acknowledged the long-term relationship and shared that Kingdom of Saudi Arabia aims at further deepening the economic and commercial ties with Pakistan.

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

Islamabad, 07 December 2022: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, called on President Dr Arif Alvi, at Aiwan-e-Sadr, today.

During the meeting, the Federal Finance Minister briefed the President on the overall economic situation of the country, and the steps taken by the government to provide relief to the most vulnerable segments of society.

Various matters concerning finance, economy and rehabilitation of flood affectees were also discussed during the meeting.

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, SAPM on Finance Mr. Tariq Bajwa, Federal Secretaries and other senior officers from Federal and Provincial ministries and departments participated in the meeting in persons while Federal Minister for Commerce Syed Naveed Qamar, Finance Minister Khyber Pakhtunkhwa Mr. Taimur Saleem Khan Jhagra, Finance Minister Govt of Punjab Mr. Mohammad Mohsin Leghari, Senator Nisar Ahmed Khuhro attended the meeting virtually.

The ECNEC considered and approved following development projects related to reconstruction and rehabilitation in flood affected areas of Pakistan.

i. Rehabilitation & Reconstruction of N-5 from Moro to Ranipur Km 318 – 404 (NBC/SBC) & 32x Damaged Bridges under ADB Flood Emergency Loan, at the total cost of Rs. 36.211 billion (US$ 164,598,149), with 90% FEC share amounting to Rs. 32.5 billion and 10% GoP share amounting to Rs. 3.6 billion. It will be funded by the Asian Development Bank (90% share) and Government of Pakistan (10% share). The Road consists of flood damaged section of National Highway (N-5) from Ranipur to Moro. The Bridge component consists of Bridges on National Highway Network in Sindh, Khyber Pakhtunkhwa & Balochistan.

ii. Emergency Flood Assistance Project (EFAP) – On Farm Water Management Component, at the total cost of Rs. 3828 million (US$ 17.4 million), with FEC of Rs. 3300 million (US$ 15 million), to be funded by the Government of Balochistan (GoB) and Asian Development Bank (under a Loan).The project will be implemented in flood affected districts of Balochistan. The proposed project envisages restoration of flood damaged on-farm water management infrastructure for revival of agriculture production in the severely flood affected districts of the province.

iii. Sindh Flood Emergency Rehabilitation Project – SFERP (Irrigation Component), at the total cost of Rs. 48,327.22 Million, to be fully funded by the World Bank. The project is related to the issues of water conservation, protection of infrastructure from floods and institutional reforms in various districts of Sindh province.

iv. Sindh Flood Emergency Rehabilitation Programme (SFERP) (Infrastructure, Livelihoods ( Rescue 1122 Component) with total cost of Rs. 66,002.57 million with FEC Rs. 59,402.321 million ( US$ 30 million) for restoration of roads, water supplies, rehabilitation of damaged drainage system, improvement of food security and sustainable livelihood and strengthening of institutional residence in various districts of Sindh province.

v. Emergency Flood Assistance Project- Reconstruction and Rehabilitation of Irrigation, Drainage system and flood protection works in Khyber Pakhtunkhwa, at a total cost of Rs. 15.00 billion (US$ 68.2 million), with FEC of Rs. 13200 million (US$ 60.00 million), to be funded by the Government of Khyber Pakhtunkhwa (GoKp) and Asian Development Bank (under a Loan). The project is designed to rehabilitate the irrigation and flood protection system and put it back to operation for restoring agricultural productivity and protecting lives, infrastructure and properties in the flood affected areas of Khyber Pakhtunkhwa.

vi. Emergency Flood Assistance Project- Reconstruction and Rehabilitation of Flood affected Irrigation Infrastructure at Balochistan, at the total cost of Rs.12,500 million (US$ 56.8 million), with FEC of Rs. 11,000 million (US$ 50 million), to be funded by the Government of Balochistan (GoB) and Asian Development Bank (under a Loan). The project envisages restoration of damaged irrigation infrastructure damaged due to reent floods in various districts of Balochistan province.

vii. Sindh Water and Agriculture Transformation (SWAT) Project located in over Twenty-Three (23) districts of Sindh at a total cost of Rs. 70,445.95 million. The project envisages Creating Water and Agriculture Nexus, increased Agriculture Water Productivity, Rationalize Water requirement by encouraging water thrifty crops, Supporting farming community for crop after flood devastation, Boost up Rural economy. Besides it will push start the devastated agriculture sector after deluge of 2022 monsoons.

The ECNEC considered revised project for the construction of Authmuqam- Sharda –Kel –Taobat road section ( 109.2 Kilometer ) including two tunnels at Kahori/Kamser and Challpani section of Neelum Valley road, Azad Jammu & Kashmir. The ECNEC approved the revised project at the reduced scope of construction of two tunnels at the revised rationalized cost of Rs. 9,0108.050 million, to be funded through Saudi Development Fund (SDF) and local share of Rs. 1,122.852 million to be provided through PSDP. NHA will execute the tunnels scope on Deposit Work basis and hand it over to Govt of AJ&K after completion.

The ECNEC considered and approved Improving Workforce Readiness in Punjab Project at a total cost of Rs. 23.982 billion, including the Government of Punjab’s share of Rs. 2.086 billion and ADB’s share of Rs. 21.896 billion. The project will be executed across Punjab. The Improving Workforce Readiness in Punjab Project will help the TVET system to produce skilled workers, thereby, supporting economic growth and jobs creation in priority economic sectors. The project will finance the establishment of 20 centres of excellence (COEs) in existing TEVTA & PVTC institutes that will deliver high quality and relevant TVET by offering competency-based National Vocational Qualifications Framework programs and DAEs in the eight priority economic sectors. The project will also strengthen TVET sector institutional framework in Punjab.

The ECNEC also considered and approved a project on Strengthening Social Protection Delivery System in Sindh (SSPD) at a total cost of Rs. 48,300 million with IDA share of Rs. 42,000 million and Government of Sindh share of Rs. 6,300 million. The project will be located in predominantly rural districts with highest MPI scores ( poorest) to strengthen Sindh Social protection service delivery systems and Mother and Child support programme (MCSP).

H.E Mr. Nong Rong, Ambassador of the People’s Republic of China called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

The Finance Minister welcomed the Ambassador of Republic of China and highlighted about the long-standing and deep-rooted relations between both countries. It was shared that China and Pakistan have strong bilateral ties in a number of economic avenues.

Both sides discussed about further deepening these ties in economic as well as financial sectors. The Finance Minister expressed grief on the sad demise of former Chinese President Jiang Zemin and said that it is a great loss for China as well as Pakistan as Mr. Zemin was a great friend of Pakistan.

Finance Minister Senator Mohammad Ishaq Dar highlighted about the ongoing reconstruction and rehabilitation program being undertaken by the current government. The Finance Minister commended the support of Chinese government in these hard times and shared that present government is taking various measures to protect the vulnerable segment of the society. It was also shared that government of Pakistan has realistic plan for dealing with any upcoming expenditures regarding reconstruction and rehabilitation program in of flood affected areas. The Finance Minister further apprised the Chinese Ambassador that the Government remains committed to completing the IMF program while meeting all external debt repayments on time.

The Chinese Ambassador appreciated the policy initiatives being taken by the government for sustaining and boosting the fiscal and monetary stability. He 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.

In concluding remarks, Finance Minister Mr. Ishaq Dar thanked the Chinese Ambassador for continuous support and assistance.

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

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

The Finance Minister welcomed H.E. Mr. Donald Blome and highlighted the historic and durable bilateral relations with the United States on economic and trade front.

The Finance Minister apprised the US Ambassador about the on-going post-flood reconstruction and rehabilitation projects being undertaken by the present government. It was also shared that present government is highly concerned about the well-being of masses therefore a number of measures are being undertaken in this regard.

Both sides shared other matters of common interest as well during the meeting. The Finance Minister apprised the US Ambassador about the government’s comprehensive and pragmatic plans in terms of revenues and expenditures for meeting its national as well as international financial obligations.

H.E. Mr. Donald Blome reciprocated same sentiments on bilateral relations between United States of America and Pakistan. He acknowledged the huge level of economic losses being faced by Pakistan due to flood crisis and shared that US government stands with Pakistan in such testing times.

The Finance Minister commended the support of United States and stated that US has always been a great support Pakistan during tough times. The Finance Minister shared various economic avenues in which both countries can further deepen their economic relations.

In conclusion, the Finance Minister thanked H.E. Mr. Donald Blome for his support to Pakistan.

Sri Lankan State Minister for Finance H.E Mr. Shehan Semasinghe along with Deputy Secretary to the treasury Mr. Priyantha Rathnayaka called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

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

The Finance Minister welcomed the delegation and shared Pakistan’s overall economic outlook. The Finance Minister also talked about the on-going post-flood reconstruction and rehabilitation program and shared that due to pragmatic policies of present government, the economy of Pakistan has resiliently faced the negative repercussions of devastating flood crisis.

The Sri Lankan State Minister of Finance apprised about the economic situation of Sri Lanka and it was shared that Sri Lanka is currently facing massive economic crunch. He appreciated well-consolidated and fully streamlined digital cash transfer system and social safety net in form of BISP in Pakistan.

The Finance Minister offered that Pakistan would be happy to provide any assistance in terms of technical assistance and capacity building to Sri Lanka. The Finance Minister shared best wishes and offered full support and cooperation to Sri Lankan State Minister of Finance H.E Mr. Shehan Semasinghe in this time of crisis.

The Sri Lankan Finance Minister thanked Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar for his support and goodwill.

British High Commissioner, H.E Dr. Christian Turner along with UNDP Consultant Sir Michael Barber called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

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

The Finance Minister extended his warm welcome to the British High Commissioner and UNDP Consultant Sir Michael Barber and apprised them about the overall economic outlook of the country. It was shared that Pakistan is meeting its external financial obligations and has recently repaid a $1 billion bond. The Finance Minister also shared the on-going post-flood reconstruction and rehabilitation program and shared that overall reconstruction and rehabilitation phase is going to take 5-7 FY. It was also mentioned that present government has a comprehensive and pragmatic program in terms of revenues and expenditures for meeting its national as well as international financial obligations.

The Finance Minister also briefed about the policies and measures being undertaken by the present government for safeguarding the vulnerable segments of society. It was shared that the present government aims to ensure economic and fiscal stability leading to economic recovery and growth. Other matters of common interest were also discussed during the meeting.

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

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

Under Secretary General of the UN/ Executive Secretary of ESCAP Ms. Arminda Salsiah Alisjahbana called on the Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar at Finance Division today.

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

The Finance Minister welcomed Under Secretary General of the UN/ Executive Secretary of ESCAP Ms. Arminda Salsiah Alisjahbana and appreciated the supportive role of UN. He shared that Pakistan highly acknowledge the solidarity of UN with Pakistan in the wake of devastating floods in the country. Pakistan was, however, in need of further international support for flood reconstruction and rehabilitation. The Finance Minister also appreciated the support of friendly countries during such testing times.

Executive Secretary of ESCAP Ms. Arminda Salsiah Alisjahbana briefed the Finance Minister about the framework of ESCAP. It was shared that being most inclusive intergovernmental platform in the Asia-Pacific region, ESCAP aims at promotion of cooperation among its members States in pursuit of solutions to sustainable development challenges. The Finance Minister was also apprised about the areas in which ESCAP is currently working in Pakistan including education, energy, social development etc.

The Finance Minister shared that huge amount of money has been spent on reconstruction and rehabilitation in flood affected areas. He briefed about the overall economic outlook of the country and socio-economic policies being undertaken by the present government for uplift of the poorer segment of the society.

The Executive Secretary of ESCAP appreciated the policies of present government towards achieving sustainable development goals and offered full support and cooperation to Pakistan.

Ambassador of the Federal Republic of Germany H. E. Mr. Alfred Grannas called on the Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Finance Minister Senator Mohammad Ishaq Dar welcomed H.E. Mr. Alfred Grannas, Ambassador of Germany and shared warm sentiments with him. The Finance Minister highlighted bilateral relations between the two countries and stated that Pakistan highly values its bilateral relations with Germany. He also pointed the importance of enhancement in trade and economic relations between both countries.

The Finance Minister briefed H. E. Mr. Alfred Grannas about the economic policies of the present government aiming at promotion of trade and investment. He also shared the potential avenues for investment present in Pakistan through which both countries can further deepen the commercial and economic ties.

H.E. Mr. Alfred Grannas, Ambassador of Germany shared sentiments of gratitude with the Finance Minister on offering the cooperation and support for enhancing and strengthening bilateral relations between both the countries. The Ambassador also showed keen interest for getting benefit from investment opportunities in Pakistan in various sectors.

The Finance Minister, in conclusion, thanked the German Ambassador H.E. Mr. Alfred Grannas and offered full support and cooperation for future investment endeavors in Pakistan.

Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar chaired 4th meeting of the Board of Directors of Pakistan Development Fund Limited (PDFL) at Finance Division today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Secretary Law and Justice, CEO PDFL Mr. Ali Mehdi and other senior officers from Finance Division attended the meeting.

The Finance Minister was briefed about the corporate structure of PDFL and its existing portfolio. It was shared that PDFL was the holding company of NPPMCL which was operating two RLNG based power plants. Pertinent financial details of the holding company and NPPMCL were discussed during the meeting.

The Finance Minister highlighted the investment opportunity of PDFL and stressed for exploration of real potential of PDFL for the economic and financial uplift of the country.

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

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, 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 in person while Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal and Governor SBP, MD PASSCO joined the meeting through Zoom.

Ministry of National Food Security and Research submitted a summary on Award of 7th International Wheat Tender 2022 opened on 30th November, 2022. Keeping in view results of 7th International tender and G2G offer, the ECC approved the lowest bid from M/s Cereal Crop Trading LLC @ US$ 372/MT for supply of 130,000 MT at Karachi ports for the shipment period from 16th December, 2022 8th February, 2023 and also granted approval of the offer of M/s Prodintorg , Russia on G2G basis @US$ 372 /MT for supply of 450,000 MT at Gwadar Port for shipment period from 1st February, 2023 to 31st March, 2023. It was decided that any additional cost on inland transportation from Gwadar Port will be borne by PASSCO to be recovered from provinces at the time of release of wheat stock.

The ECC also approved proposal of Finance Ministry to change the title of the revolving fund account for CPEC Independent Power Producers from “Pakistan Energy Revolving Fund” to “Pakistan Energy Revolving Account”.

Ambassador of the Republic of Uzbekistan to Pakistan H. E. Mr. Oybek Usmanov called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Finance Minister Senator Mohammad Ishaq Dar welcomed the Ambassador and highlighted profound fraternal relations and deep rooted cultural and historical linkages between Pakistan and Uzbekistan.

The Finance Minister and the Ambassador of Republic of Uzbekistan discussed measures to strengthen relationship between the two countries. The Ambassador of Republic of Uzbekistan shared that their government has keen interest in enhancing the relations with Pakistan on multiple fronts through enhancement of trade, investment and business. The Ambassador also invited the Finance Minister on behalf of his Government to visit Tashkent in January 2023 for co-chairing joint ministerial meeting.

The Finance Minister shared that the government of Pakistan attaches great importance to strengthen bilateral relations and mutual interests to enhance and cooperate in multiple sectors including trade, energy, education, science and technology, and cultural exchanges with Uzbekistan. He apprised the Uzbek Ambassador about the potential investment avenues present in Pakistan.

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

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

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Mr. Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries, Chairman SECP and other senior officers attended the meeting in person while Federal Minister for Commerce Syed Naveed Qamar, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal and Governor SBP joined the meeting through Zoom.

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 through the suspension of principle and interest payments. The G 20 Finance Ministers extended debt relief for a further period of six months (July – Dec, 2021). Foregoing in view, the ECC allowed the Ministry of Economic Affairs for signing of debt rescheduling agreement with Japan Bank for International Cooperation (JBIC) for debt suspension of Covid related amount US$ 26.150 million.

Ministry of Industries and Production submitted a summary on Award of 3rd International Urea Tender opened on 1st December, 2022. The ECC after deliberation approved the lowest bid from M/s Swiss Singapore Overseas PTE Ltd at US$ 551/MT for 33,000 MT of Urea on CFR bulk basis.

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

i. Rs. 349.383 Million in favour of Ministry of Foreign affairs incurred on evacuation of Pakistanis from Ukraine due to war between Ukraine and Russia.

ii. Rs. 8109.772 Million in favour of Ministry of Energy (Power Division) for execution of development schemes of Punjab, Sindh, Baluchistan and Khyber Pakhtunkhwa under PSDP.

iii. Rs. 8,000 Million in favour of Ministry of Housing and Works

Secretary Defence Lt Gen (Retd) Hamood Uz Zaman Khan HI(M) called on Finance Minister Senator Mohammad Ishaq Dar at Finance Division, today.

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

Defence and Economic issues together with security related budgetary matters were discussed during the meeting.

Finance Minster Senator Mohammad Ishaq Dar highlighted economic outlook and fiscal position of the country and various measures taken by Federal Government to stabilize the economy and said that the results of these measures will soon be reflected in strengthened fiscal position and enhanced economic activities.

In conclusion, the Secretary Defence thanked the Finance Minister for cooperation.

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 new avenues in which both countries can trade and invest.

The Finance Minister recalled his recent visit to the UAE and discussed the fruitful meetings held in UAE with management of Abu Dhabi Holding Company and International Holding Company. It was shared that the ADQ and IHC showed their confidence in the ongoing economic policies of the present government and shared their interest in investing in energy, agriculture, healthcare and other sectors.

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.

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 held a meeting with Governor State Bank of Pakistan Mr. Jameel Ahmad at Governor House Karachi today. Mr Tariq Bajwa, SAPM on Finance and other senior officers of of Ministry of Finance attended the meeting.

Finance Minster Senator Mohammad Ishaq Dar discussed various measures taken by Federal Government to stabilize the economy and hoped that the results of these measures will soon be reflected in enhanced economic activity. He appreciated the timely provision of $500 million transferred by Asian Infrastructure Investment Bank (AIIB) to Pakistan. It was shared that this financing will contribute in maintaining the external account stability. He further said that the market has responded positively with inflow of AIIB loan and the further inflows in the pipeline from international financial institutions and friendly countries will boost our foreign reserves.

Governor State Bank shared various steps taken by SBP in this regard. He commended the efforts of present government for bringing in the efficiency, stability and growth in the economy of Pakistan. He highlighted that SBP is fully committed to support the process of economic revival as per the policies of the present government.

In conclusion, the Governor SBP thanked the Finance Minister for continuous support by the present government for the policy initiatives taken by State Bank of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar called on Governor Sindh Mr. Kamran Khan Tessori at Governor House, today.

Finance Minister Mr. Ishaq Dar and Governor Sindh Kamran Khan Tessori exchanged views on current political situation and issues of mutual interest including relief and rehabilitation work in flood affected areas in Sindh province.

Measures related to ease of doing business and improving investment climate also came under discussion. Finance Minister showed resolve of the Federal Government to take all necessary steps to attract foreign investment in the country.

The Finance Minister and Governor Sindh also discussed the economic outlook of the country and pace of development work in Sindh province.

Finance Minister further extended full support and cooperation of the Federal Government in the relief and rehabilitation of the flood affected people and for the development of the province.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of institutional investors at Finance Division today.

The delegation comprised of Managing Director Mr. Khurram Sheikh and Ms. Alia Moubayed from Jefferies, Mahmood Ali Shah Bukhari – CEO K-trade, Vice President Mr. Luis Assad Simon Tamborrel from Goldman Sachs Asset Maangement, Co-Chief Investment Officer Mr. James Edmon Craige from Stone Harbor Investment Partners, Portfolio Manager Mr. Carl Vermassen from Vontobel Asset Management. While SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Special Secretary Finance and other senior officers from Finance Division also attended the meeting.

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

The Finance Minister welcomed the delegation and assured the delegation that the present government has taken all pragmatic measures to facilitate the business environment in Pakistan. He shared that Pakistan is slowly but gradually moving toward economic stability and it is high time to invest in Pakistan. It was shared that reconstruction and rehabilitation phase will start in the coming months. The Finance Minister appreciated the friendly countries for their flood relief support.

The Finance Minister further asserted that present government aims at successfully completing the IMF program and shared that the government will repay the international bonds on time. Further, there was no plan to approach Paris Club. He further asserted that present government is committed to honor all of the financial commitments made by the present as well previous government with national and international financial institutions.

In conclusion, the delegation thanked the Finance Minister for their positive response and support.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual meeting with President Bank of China Mr. Liu Jin at Finance Division, today. SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Special Secretary Finance and other senior officers from Finance Division attended the meeting.

Finance Minister Mr. Muhammad Ishaq Dar shared that it has always been great pleasure to work with Bank of China and Pakistan has enjoyed sound financial dealings with the bank. The Finance Minister also highlighted the recent visit of Prime Minister of Pakistan to China and talked about reciprocation of warm sentiments from Chinese leadership.

The Finance Minister, while talking about the long standing and durable relationships between government of China and Government of Pakistan, shared gratitude to President, Bank of China for continuous support to Pakistan in testing times. It was shared that Bank of China has played a crucial role in extending budgetary support to Pakistan which has played a significant role in easing pressure on the external account and meeting budgetary needs.

The Finance Minister extended invitation to President Bank of China to visit Pakistan. He briefed the President Bank of China about the financial and fiscal conditions inherited by the present government and shared that present government has strong resolution to bring back the macroeconomic stability. In this regard, the Finance Minister sought the support of Bank of China and asked the President for expansion of business relations with Pakistan to deepen the economic and financial relations.

The President Bank of China also highlighted the historical and bilateral ties between both countries and appreciated the Government of Pakistan for taking the necessary measures for easing the lives of masses in the country. He also acknowledged the contribution of Pakistan in supporting China during hard times. He also commended the ongoing facilitation being provided by the government of Pakistan on various Chinese projects under the umbrella of CPEC.

In conclusion, the Finance Minister thanked the President Bank of China for continuous support and assured him of same support by the present government in deepening the economic, trade and investment cooperation.

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Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting at Finance Division, today to review the demand and supply situation of sugar in the country.

Federal Minister for National Food Security and Research Mr. Tariq Bashir Cheema, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary NFS&R, Special Secretary Finance and other senior officers from Finance and NFS&R attended the meeting.

The meeting reviewed the available stock position and future demand of sugar in the country and was apprised that sufficient stocks of sugar are available in the country. It was informed that sugar mills have started crushing the sugar cane in Sindh and Punjab provinces. It was also informed that production of sugar in the province of Sindh will be less than last year due to floods.

The Chair expressed satisfaction on the availability and production of sugar in the country and stressed on maintaining the strategic reserves of sugar and maintenance of prices of sugar for providing maximum relief to masses.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of Apex Committee on Reko Diq Project to review the progress on implementation of agreed steps for completion of the Reko Diq arrangement.

The Finance Minister highlighted the importance of early completion of the remaining steps under the agreed arrangement and stressed upon all concerned to ensure that the deadline of December 15, 2022 is successfully met and the project revived soonest after the settlement.

The meeting was informed that after the advice of the Supreme Court on reference already filed is received, necessary legislative steps would be taken for which the relevant provinces concerned are fully on board. The provincial governments have also assured to complete all the codal formalities within the due date.

The meeting was of the view that successful completion of the agreed arrangement by the deadline would add to the confidence of the international investors. The revival of Reko Diq project would give a fillip to the economy by boosting investment sentiments and will increase employment opportunities in the country.

Federal Law Minister Sardar Ayaz Sadiq, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Revenue Mr. Tariq Mehmood Pasha, DG (MI) Maj. Gen. Iftikhar Hussan Chaudhry, Director (MI) Brig. Atif Rafiq, Additional Attorney General Mr. Ahmed Irfan Aslam as well as senior officials from Attorney General’s office, Petroleum Division and Finance Division attended the meeting in person while Chief Secretary Baluchistan and officials of the Government of Baluchistan joined the meeting on zoom.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of the Special Committee Constituted by PM on Qaumi Sehat Card / Sehat Sahulat Program at Finance Division today.

The Federal Minister for National Health, Services, Regulations & Coordination Mr. Abdul Qadir Patel, Minister for Planning, Development & Special Initiatives Mr. Ahsan Iqbal, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmoud Pasha, CEO Sehat Sahulat Program Mr. Muhammad Arshad, Chairman State Life Insurance Mr. Shoaib Javed, Special Secretary Finance and other senior officers from Finance, Health and Poverty Alleviation Divisions also attended the meeting.

The meeting reviewed nature and operational framework of Sehat Sahulat Program. It was shared that Federal Sehat Sahulat Program is currently expanded to all population of Federal Capital - Islamabad, AJK, Gilgit-Baltistan and district Tharparker. Various policy options for expansion of the program along with their financial implications were also shared during the meeting. It was highlighted that this health program has potential to reduce poverty rate, increase financial protection of masses, facilitate health infrastructure transformation and improve health quality at large.

Finance Minister Senator Ishaq Dar shared that present government is deeply concerned about the well being of masses especially the lower strata of the society and determined to support and uplift the living standards of masses through various programmes.

In conclusion Federal Minister for National Health, Services, Regulations & Coordination Mr. Abdul Qadir Patel appreciated the Finance Minister for support and consideration of the health program.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with delegation of Sialkot Chamber of Commerce & Industry led by Minister of Defence Khawaja Muhammad Asif along with President Sialkot Chamber of Commerce Mr. Abdul Ghafoor Malik at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha, Finance Secretary and other senior officers also attended the meeting.

The delegation of Sialkot Chamber of Commerce & Industry expressed gratitude to the Finance Minister and apprised the Finance Minister about their contribution in the economic development of the country. They also briefed about various issues being faced by them especially related to Special Economic Zone. It was added that these issues are hugely impacting the overall productivity and efficiency of their chamber. The delegation requested the Finance Minister for resolving their issues at earliest time possible.

Finance Minister Mr. Mohammad Ishaq Dar welcomed the delegation of Sialkot Chamber of Commerce & Industry and acknowledged their contributions in the economic growth of the country. The Finance Minister shared that present government is well aware of the challenges being faced by various sectors of the economy and is proactively taking all pragmatic measures for smoothing out the operational anomalies for ensuring the greater ease of doing business in Pakistan.

The Finance Minister further apprised the delegation of various policy measures being undertaken by the government of Pakistan which would further improve the business friendly environment in Pakistan. He urged the delegation to work for the enhancement of value added exports for sustainable economic growth of the country.

The delegation thanked the Finance Minister for cooperation and support.

H.E Mr. Nong Rong, Ambassador of the People’s Republic of China called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today. SAPM on Finance Mr. Tariq Bajwa, Secretary Finance and other senior officers of Finance Division attended the meeting.

The Finance Minister and the Chinese Ambassador discussed enhancing bilateral relations in economic and financial sectors between both the countries.

Finance Minister Senator Ishaq Dar warmly welcomed the Ambassador of Republic of China and shared the deep-rooted and brotherly relations between Pakistan and China. It was highlighted that both countries have historic and strong bilateral ties in various economic sectors.

Finance Minister Senator Mohammad Ishaq Dar highlighted the repercussions of unprecedented floods faced by Pakistan which have largely impacted the infrastructure, agriculture, lives and properties of the people. He appreciated support given by the Govt. of China during these testing times and shared that present government is taking various measures to ease the life of masses by ensuring fiscal and monetary stability.

The Ambassador of China assured Chinese Govt’s sustained support to Pakistan in hour of need and shared that China stands with people of Pakistan in these hard times. He also thanked Govt of Pakistan for giving facilitation to Chinese projects in Pakistan.

In concluding remarks, Finance Minister Mr. Ishaq Dar thanked the Chinese Ambassador for continuous assistance and support.

Ms. Yasmin Qureshi, Member Parliament UK- House of Commons/Co-Chair of All Party Parliamentary Group on Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Ishaq Dar welcomed Ms. Yasmin Qureshi, MP and briefed on the current economic outlook of Pakistan. He apprised her of various policy measures being undertaken by the present government to ensure sustainable and inclusive economic growth by enhancing ease of doing business, encouraging exports and facilitating foreign investment. The Finance Minister also shared economic and financial losses incurred due to devastating floods in Pakistan. He appreciated the UK government for extending flood relief support to Pakistan.

Discussing Pak- UK bilateral relations, the Finance Minister expressed satisfaction at the level of friendship between the two countries and hoped that the existing cooperation between both the countries will further strengthen in the future. Finance Minister Mr. Ishaq Dar also appreciated the contribution of Pakistani Diaspora towards economic development of the UK and building bridges between the two countries.

Ms. Yasmin Qureshi expressed sympathy on the loss of lives and properties due to devastating floods. She appreciated the economic policies of the present government in Pakistan for achieving sustainable economic growth. She further expressed hope that the bilateral relations between Pakistan and the UK will strengthen due to the pragmatic policies of the present leadership in Pakistan.

Ms. Yasmin Qureshi, MP( Labour Party ) was elected as Member Parliament(MP) for Bolton South East in 2010, 2015 and 2017. She remained Shadow Minister for Justice from December 2016 till April 2020. After that she became Shadow Minister for International Development from April, 2020 to December, 2021. Prior to becoming Shadow Minister, She remained member of important committees including Foreign Affairs Sub Committee, Home Affairs Committee, Privacy and Injunctions Committee, Political and Constitutional Reform Committee, Justice Committee. Ms. Yasmin Qureshi is a member of number of All-Party Parliamentary Groups including group on Britain-Pakistan Trade and Tourism, Childcare and Early Education, Dalits,etc.

Chairman/Director Vitol Mr. Christopher Bake along with CEO Hascol Mr. Aqeel Khan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

Minister of State for Petroleum Mr. Musadik Masood Malik joined the meeting via zoom while SAPM on Finance Mr. Tariq Bajwa , Secretary Finance and senior officers attended the meeting.

The Chairman Vitol briefed the Finance Minister about the operational nature of Vitol, business profile and their contribution in economic development of Pakistan. It was shared that Vitol has long-standing business relations with Pakistan and desires to promote this relationship deeper. The delegation also gave various proposals for expanding their business activities in Pakistan. Mr. Christopher Bake also apprised the Finance Minister of certain issues being faced by them.

Finance Minister Senator Ishaq Dar acknowledged and appreciated the contribution of Vitol and added that the present government welcomes foreign direct investment and provides conducive environment to the foreign investors. He further said that present government is providing maximum facilitation and friendly environment to facilitate the businesses in Pakistan. The Finance Minister also highlighted the economic outlook of the country and shared that with the far-sighted and pragmatic policies of the present government, the economy of Pakistan is progressing.

Finance Minister Senator Ishaq Dar welcomed their suggestions for expanding their business portfolio in Pakistan and further assured the delegation of full support and cooperation and said that their issues would be resolved by the government at the earliest.

In conclusion, the delegation thanked the Finance Minister for his cooperation and support.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Pakistan Sugar Mills Association (PSMA) headed by its Chairman Mr. Asim Ghani Usman at Finance Division today. Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for National Food Security and Research Mr. Tariq Bashir Cheema, SAPM on Finance Mr. Tariq Bajwa, Chairman FBR, Vice Chairman PSMA Mr. Iskander M. Khan, Vice Chairman PSMA Mr. Ahmed Ebrahim Hasham and senior officers from Finance Division attended the meeting.

The Chairman PSMA Mr. Asim Ghani Usman apprised the Finance Minister about the contribution of sugar industry in overall economic development of the country. He further briefed the meeting about the issues being faced by the sugar industry related to GST, availability of sugar stock and sugar export.

Finance Minister Senator Ishaq Dar emphasized on maintaining the strategic reserves of sugar and maintenance of prices of sugar for providing maximum relief to masses. He assured Chairman PSMA that present government is well-aware of the issues being faced by the sugar industry as well as the sugar cane growers in Pakistan. He further stated that present government aims to facilitate the business community and ease of doing business to keep the economy of the country at trajectory path.

Finance Minister Senator Ishaq Dar assured the delegation to address and resolve their issues at the earliest and extended full support and cooperation to delegation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar has taken serious notice of the illegal and unwarranted leakage of tax information of the family members of General Qamar Javed Bajwa, Chief of Army Staff (COAS). This is clearly violative of the complete confidentiality of tax information that the Law provides.

In view of this serious lapse on the part of to-date unknown functionaries the Finance minister has directed the SAPM on Revenue Mr. Tariq Mehmood Pasha to personally lead an immediate investigation into the violation of tax law and breach of FBR data, affix responsibility and submit a report within twenty four hours.

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Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC), 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, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of Industries and Production submitted a summary on procurement of 200KMT Urea and shared that the Ministry has negotiated on various options including import from Chinese firms who have committed to supply the negotiated quantity of Urea fertilizer on lowest rate. The ECC after discussion allowed TCP to proceed ahead for import of 125,000 MT on G2G basis from China for meeting demand of Urea fertilizer and import of 35000 MT on G2G basis through M/s Socar from Azerbijan. The ECC further directed TCP to explore feasible options for import of remaining quantity of Urea fertilizer to meet the strategic reserves of 200,000 MT.

The ECC considered a summary submitted by Ministry of Energy, Petroleum Division on High Speed Diesel (HSD)/Gas Oil premium. Considering the increasing demand for HSD in the country, the ECC recommended that PSO’s weighted average premium (KPC & Spot) may be applied for HSD price computation as per Federal Govt applicable policy guidance and in case of higher HSD premium paid by importing OMCs other than PSO, the differential of premium will be computed in the price.

The ECC also approved technical supplementary grant of Rs. 115 million in favour of Ministry of Housing and Works.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held an online meeting with Mr. Nathan Porter, IMF Mission Chief for Pakistan, today.

The two sides discussed the progress made with the ongoing IMF program, particularly the impact of floods on macroeconomic framework and targets for the current year. IMF indicated its willingness to sympathetically view the targeted assistance for poor and vulnerable, especially flood affectees. It was agreed that expenditure estimates for flood related humanitarian assistance during the current year will be firmed up alongwith estimates of priority rehabilitation expenditure. In this regard engagement at the technical level shall be expeditiously concluded for proceeding with the 9th Review.

Finance Minister Senator Ishaq Dar reiterated GOP’s commitment to successfully completing the IMF program.

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

Federal Minister for Power Mr. Khurram Dastgir Khan, 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 Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of Industries and Production submitted a summary on continuation of Prime Minister’s Relief Package (PMRP) and Sasta Atta initiative for Khyber Pakhtunkhwa beyond 31st August, 2022. After deliberation, the ECC approved

( i ) continuation of PM’s Relief Package (PMRP) and Khyber Pakhtunkhwa Sasta Atta initiative from 1st Sep till 15th Nov. 2022 on the existing model of untargeted subsidy at the prevailing rates and allocation of additional funds amounting to Rs. 4,908 million over and above the regular budgetary allocation through supplementary/technical supplementary grant to recoup the amount already spent by USC. ( ii ) The ECC also allowed continuation of PMRP on hybrid model for a period w.e.f. 16th Nov. to 30th June, 2023 (Excluding Ramzan) and allocation of funds to the tune of Rs. 10,755 million through supplementary/technical supplementary grant and ( iii ) continuation of Khyber Pakhtunkhwa Sasat Atta initiative and provision of subsidized Atta from 16th Nov. 2022 to 30th June 2023, after rationalizing number of stores, with allocation of funds of Rs. 1,560.68 million through supplementary/technical supplementary grant.

Ministry of Industries and Production submitted a summary for release of funds for SSGC for gas supply to Pakistan Steel Mills (PSM). It was shared that the production of PSM has been at a halt since 2015 and low flame gas of 2 million cubic feet per day (MMCFD) is being supplied to PSM primarily to preserve the Coke Oven Batteries and refractory kilns. The ECC after deliberation approved Rs. 1,258.248 million for sixteen month gas bills from the already approved budgetary allocation of Rs. 10 billion to PSM for FY 2022-23 and releasing of an amount Rs. 298.248 million for the period from March to June 2022.

The ECC considered a summary of Ministry of Energy, Petroleum Division on continuation of subsidized RLNG supply to Fatimafert and Agritech Ltd and allowed operations of the Plants on subsidized RLNG from October, 2022 to December 2022.

The ECC also approved following technical supplementary grants:

i. Rs. 100 million in favour of Ministry of Information and Broadcasting for creation of Film and Drama Finance Fund for promotion and support of film industry in Pakistan.

ii. Rs. 9,767 million including FEC USD 12.667 million for Ministry of Defence against various approved projects during CFY 2022-23

iii. Rs. 60.606 million to the National Commission for Human Rights (NCHR)

The ECC deferred the summary presented by Ministry of Energy, Petroleum Division on deregulation of superior kerosene oil/ light diesel oil and E-10.

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

Federal Minister for Power Mr. Khurram Dastgir Khan, 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, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of Energy, Petroleum Division submitted a summary on High Speed Diesel (HSD)/Gas Oil premium and shared that the demand for HSD has been substantially increased due to ongoing sowing season and rehabilitation efforts after the floods in the country. With regard to premium reimbursement to importers for smooth and sustainable supply of HSD in the country, the ECC allowed premium on HSD subject to maximum capping at US$ 16.75/BBL for importing OMCs other than PSO for the months of November, 2022.

The ECC also considered the summary of Ministry of Energy, Power Division on standardized security package agreements for large-scale solar PV projects for substitution of expensive imported fossil fuels based power generation under the framework and approved the summary except special payment mechanism and quarterly indexation as was proposed in the Summary. Further the ECC authorized Boards of AEDB and CPPA-G to approve any amendments in the IA (Implementation Agreement) and EPA (Energy Purchase Agreement), as the case may be, that are project specific and may be required to comply with NEPRA’s Tariff Approval and/or Generation License for specific projects, subject to the condition that such amendments will not increase GOP obligations as contemplated and stipulated in the standard Security Package Documents. It was shared that GoP plans to develop large scale solar PV projects for substitution of existing imported fossil fuel based thermal power plants within their technical and contractual limits through private sector on Built Own Operate and Transfer (BOOT) basis.

The ECC discussed summary submitted by Ministry of National Food Security & Research submitted on Kissan Package-2022 and approved the package as proposed in the Summary. Inter-alia the package includes, enhancement of agriculture loan disbursement from 1,419 billion to 1,802 billion, reduction in DAP price to Rs. 11,250/- per bag from Rs. 13,750/- and Interest free loans to convert 3 lac tube wells to solar.

The ECC after detailed discussion approved proposal of Finance Division for revision and renaming of Prime Minister’s Kamyab Jawan- Youth Entrepreneurship Scheme (PMKJ-YES) as Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB & ALS) with a view to make it more purposeful and beneficial for small businesses and agriculture. New components of interest free microloans and agriculture loans have been added in the new scheme.

Strategic Plan Division tabled a summary regarding transfer of Heavy Electrical Complex (HEC) and State Engineering Corporation (SEC) Land to HMC and HMC-3.It was informed that the decision is needed to settle the land issue of HEC for completion of its privatization. The ECC after deliberation approved that the lands under consideration may be transferred from State Engineering Corporation and HEC to HMC and HMC-3 respectively along-with liabilities and subject payment of requisites dues.

The ECC approved the summary of ministry of Ministry of National Health Services, Regulations for technical Supplementary Grant as rupee cover for the remaining amount of ADB Financing Agreement of USD 12.20 million equivalent to Pak Rupee 2,928 million (out of USD 500 million committed by ADB), for procurement of COVID-19 vaccine and discharging liability of COVID-19 campaign during current financial year 2022-23.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a preparatory meeting on visit to Afghanistan with Minister of State for Foreign Affairs Ms. Hina Rabbani Khar, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa and senior officers from Finance Division and Foreign Office attended the meeting.

In this preparatory meeting, comprehensive agenda was discussed for carrying out decisive discussions with the Afghan leadership. Various bilateral initiatives for deepening the cooperation through enhancing the trade and regional connectivity between Pakistan and Afghanistan were discussed during the meeting.

The Finance Minister was also briefed about the economic and regional peace and stability issues. The Finance Minister shared that Pakistan has always been determined to support the Afghan people and asked for working on framework to help out our neighboring country, Afghanistan, in these challenging times.

In conclusion, the Finance Minister directed to prepare a comprehensive plan for making an effective and result-driven visit to Afghanistan in the near future.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a follow-up meeting on PM’s relief package through Utility Stores Corporation (USC) at Finance Division, today.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Secretary Industries & Production, MD USC and senior officers attended the meeting.

The chair was updated on the Prime Minister’s relief package and subsidy being provided on five essential items ( Pulses, flour, sugar, rice and ghee) through Utility Stores Corporation (USC) to facilitate the masses of the country.

The meeting discussed a comprehensive hybrid model consisting on targeted and un-targeted elements to provide maximum relief to the lower strata of the society. The financial implications of the subsidy were also discussed in the meeting.

Finance Minister Mr. Ishaq Dar expressed the resolve of the present government to provide maximum relief to the poor and support them. He further emphasized that the present government is aware of the issues of the masses and providing maximum support is the top priority of the present government.

Mr. Guangzhe Chen, Regional Director South Asia Infrastructure World Bank called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Country Director World Bank Mr. Najy Benhassine, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance and other senior officers of Finance Division attended the meeting.

The Finance Minister welcomed Mr. Guangzhe Chen and highlighted the current economic outlook of Pakistan’s economy. He apprised the delegation of various policy measures being undertaken by the present government to ensure the sustainable and inclusive economic growth and development by enhancing ease of doing business, encouraging exports and facilitating various sectors of the economy.

Mr. Guangzhe Chen appreciated and congratulated government of Pakistan for successfully completing the fiscal reform program – RISE. He briefed the Finance Minister about the various other programs being undertaken by the World Bank in the country in line with the vision of the government of Pakistan. He further highlighted the support by the World Bank for relief and rehabilitation work in flood affected areas.

Finance Minister Senator Ishaq Dar commended the developmental role of World Bank in Pakistan and further added that Pakistan values the financial and technical assistance provided by the World Bank for the institutional reforms and economic development of the country.

The Finance Minister assured the delegation that every possible support will be provided by the current government for the current projects being undertaken by World Bank in Pakistan and thanked the delegation for their persistence contribution in the economic development of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of National Tax Council at Finance Division today.

Finance Minister Punjab Mr. Muhammad Mohsin Leghari, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Chairman FBR, Provincial Finance Secretaries and other senior officers of Finance Division attended the meeting.

The meeting reviewed the progress on the decisions of the last meetings of the NTC on harmonization of GST across the country. The Finance Minister shared that in order to have ease of doing business, harmonization of GST is important. Further, GST harmonization will be a major step towards completion of policy actions under World Bank’s RISE programe. The participants shared their opinions on the harmonization of GST.

Chairman FBR and provincial stakeholders extended their consensus to proceed ahead in the spirit of greater national interest for harmonization of GST under the umbrella of National Tax Council (NTC).

In conclusion, Finance Minister Senator Ishaq Dar appreciated the stakeholders for building consensus and settlement of the decision regarding harmonization of GST for ease of doing business.

Governor State Bank of Pakistan Mr. Jameel Ahmad called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minster Mr. Ishaq Dar and Governor SBP discussed about fiscal and monetary measures being undertaken for economic stability, revival and growth of the country. The coordination of fiscal and monetary policy was also discussed in the meeting.

Governor SBP Mr. Jameel Ahmad said that the continuing administrative efforts by the government and the policy measures of SBP have resulted in achieving stability to Pak rupee value and restrained exchange rate volatility. The Governor SBP apprised the Finance Minister on different macroeconomic policy initiatives in line with the objectives of fiscal policy taken to achieve sustainable growth. He said that SBP is fully committed to support the process of economic revival as per the policies of the present government and its mandate statutory.

Finance Minister Senator Ishaq Dar appreciated the role of the SBP for economic growth of the country. He acknowledged the regulatory role of SBP in bringing back the exchange rate stability and showed satisfaction over the current monetary policies being undertaken by the SBP. He further stated that if the monetary policy always in consonance with the fiscal policy, sustainable growth and stability in the economy can be achieved.

The Governor SBP thanked the Finance Minister for acknowledgement and continuous support.

H.E Mr. Ameer Khurram Rathore, Pakistan’s Ambassador to Kingdom of Saudi Arabia paid a courtesy call on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division, today.

The Finance Minister and the Ambassador discussed long-standing deep-rooted bilateral relations between Pakistan and Saudi Arabia, which are strengthening with each passing day. The recent visit of Prime Minister of Pakistan to Saudi Arabia and the support extended by the leadership of Saudi Arabia were appreciated in the meeting.

Ambassador Mr. Ameer Khurram Rathore said that the recent visit of Prime Minister of Pakistan has further enhanced the brotherly relations between Pakistan and Kingdom of Saudi Arabia.

Finance Minister Senator Ishaq Dar stated that the Ministry of Finance will continue to engage itself in further strengthening brotherly and friendly ties relations between the two countries.

Lord Wajid Khan, Member House of Lords UK along with a delegation of prominent businessmen from UK called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today. The business delegation comprised Mr. Zuber Issa, CBE, head of EG Group & ASDA, Mr. Mohammad Asim, Mr. Mohammad Tayyab and Mr. Shakoor Ahmed, Directors of EG Group.

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

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and apprised of them the current overall macroeconomic outlook of the country.

The Finance Minister further shared about policies and measures being undertaken by the present Government for dealing with the challenges to the economy of the country in order to put it in the right direction. He further said that through prudent policy decisions, the challenges to Pakistan’s economy are being effectively addressed.

Finance Minister Senator Dar further said that the present government is placing high priority to facilitate the business community and foreign direct investment and highlighted the potential avenues and opportunities available in Pakistan.

The delegation expressed gratitude to the Finance Minister Dar and shared their business profile and vision. The delegation appreciated business friendly policies of the government and showed keen interest to consider investing in Pakistan in different sectors.

The Finance Minister assured full cooperation and support of the Government of Pakistan to the delegation for making investment in Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Federal Minister for Communications Mr. Asad Mehmood at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Secretary Communications, Chairman NHA, IG Motorway and senior officers attended the meeting.

Federal Minister for Communications Mr. Asad Mehmood apprised the Finance Minister of the financial matters related to different organizations of Communication Ministry including Motorway Police, Pakistan Post and NHA. He further highlighted the contributions of these organizations in the progress and development of the country.

The Finance Minister acknowledging the contribution of Ministry of Communication and its attached organizations into the economic stability and progress of the country said that present Government is mindful of the fact that a well integrated communication network is essential for socio-economic development and financial stability of the country. He further assured the Communications Minister to address and resolve the issues of the organizations of Communication Ministry for their better performance and contribution to the progress and development of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Federal Minister for Privatization/Chairman Privatization Commission Mr. Abid Hussain Bhayo on privatization programme at Finance Division, today.

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

The meeting reviewed the privatization programme of state owned entities. The meeting discussed various issues impeding the progress of privatization and bottlenecks in the privatization process of NPPMCL and other entities. The chair was also apprised of the issues related to completion of privatization of PTCL.

The Finance Minister expressed resolve of the Government to proceed further for the privatization of loss making entities and impressed upon the Privatization Commission to frame up modalities to overcome bottlenecks hampering the smooth expeditious privatization. He further extended his full support and cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on PM’s relief package through USC at Finance Division, today.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Secretary Finance, Secretary Industries & Production, MD USC and senior officers attended the meeting.

The chair was apprised of the Prime Minister’s relief package and subsidy being provided on five essential items ( Pulses, flour, sugar, rice and ghee) through Utility Stores Corporation (USC) to facilitate the masses of the country. It was informed that good quality of flour, sugar, rice, ghee and pulses are provided to the masses across the country on subsidized rates. The financial implications of the subsidy were also discussed in the meeting.

Finance Minister Mr. Ishaq Dar said that the present government is cognizant of the issues of the poor segment of the society that needs maximum relief support. He further emphasized that providing relief to the poor is priority of the government and the Govt is providing utmost support to them.

The Finance Minister further directed Ministry of Industries and Production to formulate comprehensive model under which maximum relief may be provided to the lest endowed segment on priority.

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

Federal Minister of Planning, Development & Special Initiatives Mr. Ahsan Iqbal,
Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of energy (Petroleum Division) submitted a summary on High Speed Diesel/ Gas oil premium and informed that due to difference of premium on import of HSD for importing OMCs and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country. In order to ensure sustained supply/import security, the ECC after detailed discussion allowed premium on HSD subject to maximum capping at US$ 15/BBL for importing OMCs other than PSO for the months of November and December, 2022.

Federal Board of Revenue presented a summary on increase in rate of Sales Tax on HOBC. It was conveyed that the rates of Sales Tax on POL products were reduced to zero from 1st February, 2022, that put pressure on FBR’s efforts to achieve its revenue targets. Therefore, the ECC after deliberation allowed to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 and above with effect from 16th November, 2022, which is a luxury good being consumed by wealthy consumers in expensive vehicles.

The ECC also approved Technical Supplementary Grants of Rs. 5 billion for conduct of 7th population census.

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

Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Planning & Development Minister of Baluchistan Mr. Noor Muhammad Dummar, Federal Secretaries, Chairman FBR and other senior officers from Federal as well as provincial participated in the meeting.

ECNEC considered and approved in principle Ministry of Railways modified PC-1for up-gradation of Pakistan Railways existing Main Line-1(ML-1) project at the total cost of US$ 9,851.079 million subject to recommendation of cost, technical details and preferably an equity participation financial model. Main Line -1 (ML-1) starts from Karachi, passes through Kotri /Hyderabad, Rohri, Multan, Lahore, Rawalpindi an terminates at Peshawar.

ECNEC also considered and approved in principle Karachi Circular Railway (KCR) Project at total cost Rs. 292,388 million with foreign share of Rs. 263,149 million. The project envisages construction of 44- kilometer long and dedicated track of modern urban Railway in Karachi starting from Drig road, passes through areas including Gulshan-e-Iqbal, Federal B area, Liaquatabad, North Nazimabad, Nazimabad, SITE, and Liyari.

ECNEC also discussed and approved in principle Establishment of 48 MW Shounter Hydropower Project in district Neelum, AJK subject to revision of cost based on exchange rate of dollar @ Rs. 220. The project envisages construction of 48 MW Hydro Power Project located on the lower part of Baral river which is right bank tributary of Neelum river, near Kel town village Shounter in Neelum Valley.

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

Federal Minister of Planning, Development & Special Initiatives Mr. Ahsan Iqbal, 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 Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of Commerce presented a summary on procurement of wheat from Russia on G2G basis and submitted the offer of M/s. Prodintorg a state-owned enterprise of Russian Federation for supply of 300,000 MT of specified milling wheat @ US$ 372/MT for the shipment period from 1st November, 2022 to 15th January, 2023. The ECC after deliberation approved the summary.

Ministry of Energy (Power Division) presented a summary on revision of oil marketing companies (OMCs) margins on petroleum products. After comprehensive discussion, ECC approved the summary in principle and allowed the agreed revised margin at Rs. 6/liter but its implementation will be subject to fiscal space in POL prices.

Ministry of Energy (Petroleum Division) presented another summary for amendment in Power Purchase Agreement (PPA) for commissioning of designated project – CPEC – TCB – I (On Thar Coal) without financial close. The summary presented that that project is 90% complete but the company was unable to achieve the Financial Close due to unforeseen events and reasons which led to delay in Sinosure and lenders approvals. Therefore, request was made to consider and permit effectiveness of the PPA from the date of its execution i.e. 27-08-2019 and authorize CPPA to amend the PPA accordingly. The ECC after deliberation approved the summary and added that it must be ensured that there will be no impact on tariff through this decision and this summary is being approved due to exceptional situation.

Ministry of Energy (Power Division) presented another summary on Pakistan Energy Revolving Fund (PERF). The ECC after deliberation approved opening of an assignment account under the title of Pakistan Energy Revolving Fund (PERF) to be opened with SBP Islamabad and operated by CPPA.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with heads of all the major Forex Exchange Companies of Pakistan at state Bank of Pakistan, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Governor SBP Mr. Jameel Ahmad and senior officers from Finance Division and State Bank of Pakistan attended the meeting. Mr. Malik Mohammad Bostan Chairman Pakistan Currency Exchange, Sheikh Alaudin Ravi Exchange, Mr. Zafar sultan Paracha , Secretary General and CEO’s of leading forex Companies in Pakistan attended the meeting.

The Finance Minister while highlighting the economic situation of the country stated that stabilizing Pakistan’s economy was government’s top priority. For this purpose, the government had taken tough decisions in the past few months, which were essential to put Pakistan on the path of economic recovery. The catastrophic floods had compounded the difficulty but the government was confident that through prudent policies, the challenges to Pakistan’s economy will be effectively tackled. He emphasized that the present government with its pragmatic policy decisions has not only arrested the economic decline but has also set the economy in the right direction. The Finance Minister further expressed resolve of the Government to ensure stable economic and fiscal policies and requested the forex companies to ensure appropriate exchange rate for the betterment of the Country.

The heads of exchange companies discussed on broader economic issues and on matters impacting the forex market. They proposed measures to bring about stability in the USD-Pak Rupee exchange in Pakistan. They affirmed that the real exchange rate is much lower than the prevailing exchange rate in the market and hoped that the recent measures taken by the State Bank of Pakistan will very soon bring down the exchange rate to its real level Heads of leading Exchange companies of Pakistan showed their unwavering trust in Government's fiscal and monetary policies and expressed their strong commitment to work in tandem with State Bank of Pakistan to achieve this objective. They also assured the Finance Minister their full support to ensure economic and financial strengthening of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with President/CEOs of the leading commercial banks at state Bank of Pakistan, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Governor SBP Mr. Jameel Ahmad and senior officers from Finance Division and State Bank of Pakistan attended the meeting.

Federal Finance Minister Senator Mohammad Ishaq Dar while highlighting the overall positive economic outlook of the country shared that due to the prudent and pragmatic policies of the present government, the economy of the country is on a firmer footing. He assured that Government's financial situation is very stable and Government is committed to fulfil its local and international commitments. The Finance Minister urged them to play their due role in financial and economic stabilization and progress of the country. He also shared that during his recent visit to USA to attend IMF and World Bank Annual meetings he has got very positive response from international development partners and Government is all set to leverage the opportunities emanating from his US visit. He also explained that the Prime Minister’s recent visit to Saudi Arabia was also very successful and Saudi side is very keen to further enhance our bilateral
economic relations.

The leading Bankers of Pakistan reposed full confidence in Government's macroeconomic policies and shared various proposals for enhancing market confidence and improving current account balance. They appreciated various steps taken by Finance Minister after assuming office including sending a clear message to the concerned quarters that Pakistan will neither reschedule its multilateral loans nor extend the maturity of its commercial loans. The firm resolve shown by the present Government to fulfill its commitments made to the IMF has also sent very positive signal to the market. They assured the Finance Minister their full support for growth and prosperity of Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Mr. Jorgen C. Arentz Rostrup, Executive VP and Head of Telenor Asia at Finance Division today. Mr. Irfan Wahab Khan, CEO Telenor Pakistan and senior officers from finance Division also participated in the meeting.

The Telenor delegation briefed the Finance Minister about their business activities and contribution of Telenor in economic development of Pakistan. Mr. Jorgen Rostrup also shared that Telenor Pakistan is proud to serve Pakistan’s people and expressed resolve to play its part to support the recovery efforts given the crucial role mobile connectivity plays as the country rebuilds.

The Finance Minister appreciated Telenor group’s efforts for serving Pakistan through its services and its significant economic contribution in the country and commended the role of telecommunication sector in growth of digital economy of Pakistan.

The Finance Minister further apprised the Telenor delegation about the overall economic outlook and shared that with the far-sighted and pragmatic policies of the present government for all sectors including telecommunication, the economy of Pakistan is strengthening. He stressed that the economic growth would bring in greater benefits for businesses as well as masses of the country.

In conclusion, the Telenor delegation thanked the Finance Minister his support and cooperation.

H.E Mr. Nong Rong, Ambassador of the People’s Republic of China called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division today.

Finance Minister Mr. Ishaq Dar welcomed the Chinese Ambassador and highlighted the friendly and multi-dimensional historic bilateral ties between Pakistan and China. The Finance Minister shared huge gratitude toward Government of China for providing support to Pakistan for rescue and relief efforts for the flood affectees. The latest flood losses were also discussed in the meeting.

Both sides further discussed fast-tracking progress on CPEC and exchanged views on further enhancing brotherly relations between both countries. It was also shared that CPEC is a key project and its completion in timely manner is imperative for reaping full economic dividends.

The Chinese Ambassador shared historical brotherly ties between both the countries and assured the Finance Minister of continuous facilitation and support to Pakistan. At the same time, the Chinese Ambassador also shared thankful sentiments toward government of Pakistan for facilitating the Chinese companies working on various projects in Pakistan.

In concluding remarks, the Finance Minister thanked Chinese Ambassador H.E Mr. Nong Rong for continuous support and cooperation being offered by the government of China.

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

Ministry of Commerce presented a summary on suspension of import conditions contained in Import Policy 2022 with regard to import of Timber/Wood. It was informed that all Pakistan Timber Traders Association (APTTA) requested for extension in the date of implementation of conditions of import permit. The Federal government subsequently suspended the operation of Import Policy provisions till 31st August, 2022. APTTA has again approached with same request to support the wood business sector. In order to facilitate the import of wood/timber, the ECC directed Department of Plant Protection (DPP) of Ministry of National Food Security & Research to review the conditions for import of wood and timber and to bring them in conformity with the international best practices so that the import of wood and timber will not be subjected to unnecessary and cumbersome procedures. However, to address the immediate concerns of the wood/timber industry, the ECC approved the proposal to suspend the date of implementation of IPO 2022 regarding import of timber and wood till 31st March, 2023.

The ECC approved summary presented by Ministry of Industries and Production and allowed TCP to proceed ahead with the lowest subject offer received @ US$ 520/MT for import of 300,000 MT of Urea Fertilizer. TCP floated international tender in this regard on Oct 19, 2022 and same was opened on Oct 26, 2022. Three bidders offered rates. Lowest responsive bid was @ US$ 520 PMT for 300,000 MT.

Ministry of National Food Security & Research tabled a summary regarding permission for the import of 0.80 MMT of wheat through TCP. It was submitted that ECC on 09-05-2022 allowed TCP to import 3 MMT of wheat and directed to devise import modalities. Modalities were devised and TCP was allowed to import 1.00 MMT of specified milling wheat through international tendering process. Later, public wheat stocks were re-verified by Committee and reported that actual shortfall would be 2.60 MMT, instead of 3 MMT. Therefore, TCP was allowed to import only 0.80 MMT through open tendering as well as through G2G basis out of remaining 1.60 MMT on 06-09-2022. In view of aforementioned, the ECC approved the proposal and allowed TCP to arrange import of the remaining quantity of 0.80 MMT through open tendering or through G2G arrangement, before harvesting of the new crop. Further ECC directed the concerned Ministry to frame and submit a logistic plan within 15 days.

Ministry of National Food Security & Research submitted another summary regarding request of Food Departments Government of Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan for additional supply of imported Wheat from PASSCO’s stock. It was presented that Ministry of National Food Security & Research prepares a list of allocations of the recipient agencies at the start of each food year and simultaneously local and imported wheat is supplied. However, provinces have demanded additional supply of imported wheat from PASSCO’s stock. Considering the urgent demand of Provincial Food Departments of Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan and subject to the approval of respective provincial cabinets, the ECC granted permission to provide 1.00 MMT of imported wheat from PASSCO’s stock to Punjab ( 0.50 MMT) , Sindh ( 0.30 MMT) and KPK ( 0.20MMT) with full cost and incidentals of PASSCO. Further, 0.04 MMT of local and imported wheat @ 50:50 ratio with full cost and incidentals of PASSCO may be provided to Baluchistan.

The ECC also discussed in details another summary of Ministry of National Food Security and Research regarding urgent advice related to award of 6th International Wheat Tender-2022 opened on 26th October, 2022 for 500,000 MT. Keeping in view results of 6th International Tender, the ECC approved the lowest bid offered @ US$ 373.00/MT for 380,000 MT on CFR bulk at Karachi.

The ECC also approved technical Supplementary grant of amount Rs. 333.915 million in current financial year 2022-23 in favour of Interior Ministry enabling Frontier Constabulary to establish anti-riot unit comprising of 2000 personnel.

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

Finance Minister Senator Mohammad Ishaq Dar welcomed the US Ambassador and highlighted that both Pakistan and the United States have historic, long-standing, extensive and durable relations. The Finance Minister apprised the US Ambassador about the estimated losses faced by Pakistan due to recently devastated floods.

H.E. Mr. Donald Blome expressed the same sentiments on bilateral relations between the United States of America and Pakistan. He further informed about his recent visit to flood affected areas in Pakistan and expressed sympathy on the enormous losses caused by floods. Moreover, he apprised the Finance Minister on additional flood relief assistance to Pakistan by the US government in this time of crisis.

The Finance Minister appreciated the support of the United States for flood relief and mentioned that the US has always been a great support to Pakistan, whenever it got hit by any calamity. He further expressed the intention of the present government to further augment the bilateral relations between both the countries in fields of economy, investment and trade.

The Finance Minister thanked H.E. Mr. Donald Blome for his support to Pakistan.

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 National Food Security & Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Mr. Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.

Ministry of Commerce presented a summary on amendment in Import Policy Order 2022 to allow import of the Holy Quran subject to NOC from the relevant Federal or the Provincial Authority. The summary was presented in the light of the directions of the honourable Lahore High court and Baluchistan High court directing the Federal and Provincial authorities to ensure only error-free printing, publishing, recording and import of copies of the Holy Quran. The proposed amendment of import of the Holy Quean was subject to NOC. The ECC after discussion approved the proposal.

The ECC also approved another summary of Ministry of Commerce seeking amendment in the earlier decision of the ECC dated 25-07-2022 on Regionally Competitive Energy Rates for Export Oriented Sectors during FY 2022-23 and allowed amendment that “the electricity tariff will be effective from 1st August, 2022, whereas RLNG tariff will be effective from 1st July, 2022.”

The ECC considered a summary of Petroleum Division and allowed to grant a Development and Production Lease (D&PL) for (15) fifteen years w.e.f 15-01-2022 over Kandhkot Mining Lease area on existing Gas Price and subject to the condition that M/s PPL will pay all the financial obligations in accordance with Petroleum Policy 2012. Kandhkot discovery was made by PPL in 1959. The Government granted the mining lease over Kandhkot Gas field for a period of 30 years in 1962 which was renewed for further thirty years in 1992.

Petroleum Division submitted another summary on revival of revoked petroleum exploration licenses. It was informed that (11) eleven exploration licenses were revoked due to non performance of work commitment and non-payment of financial obligations by various exploration & production companies. In all the eleven blocks, status quo order was passed by the respective Civil Courts, Islamabad and Sindh High Courts. It is pertinent to mention that the litigant companies have approached the government and shown keen interest in exploration of the blocks awarded. In order to resolve this longstanding issue of litigation, which has resulted in halting of exploration and production activities in some of the respective blocks of the country, Petroleum Division has developed a framework for revival of revoked licenses through out of court settlement. The ECC after detail discussion approved the proposed framework.

The ECC approved another summary of Petroleum Division for change of effective control from M/s Eni ULX Limited, M/s Eni UK Limited and M/s Eni Oil Holdings B.V, in respect of its subsidiary companies i-e M/s ENI Pakistan Limited , ENI Pakistan (AEP) Limited and ENI Pakistan (M) Limited , respectively to M/s Prime International Oil & Gas Company Limited (PIOGCL) subject to condition that PIOGCL shall be liable to the Government for all the minimum work commitments and financial obligations and Government’s revenue s will not be adversely affected after this change of effective control.

Ministry of National Health Services, Regulations and Coordination presented a summary on proposal for increase in Maximum Retail Price (MRPs) of Paracetamol products. The ECC approved following agreed price of Paracetamol products.

The ECC considered and approved a summary of Ministry of Industries and Production and allowed the payment of projected net salary of Rs. 1,378 million for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant. This decision will ensure disbursement of monthly salary to the employees.

The ECC also approved Technical Supplementary Grants of Rs. 30,888.5 million in favour of Defence Division and Rs. 1000 Million for Ministry of Housing and Works.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over a meeting with DAP manufacturers on Fertilizers (DAP) at Finance Division today.

Federal Minister for Industries and Production Syed Murtaza Mahmood, SAPM on Finance Mr. Tariq Bajwa, Secretary Finance, MD FFBL Mr. Arif ur Rehman, Head Corporate Affairs FFBL Brig. Edgar Felix, CFO FFBL Mr. Javed Akhtar, and other senior officers form Finance division attended the meeting.

The FFBL delegation briefed the Finance Minister about the contribution through local DAP manufacturing to national exchequer by FFBL, as it is the only DAP producer in the country. It was shared that local DAP manufacturing ensures round the year availability and shield the farmers from vagaries of international market. They also apprised the Finance Minister about the various issues being faced by them due to expensive inputs, power shortage, GST, etc.

Federal Minister Senator Mohammad Ishaq Dar acknowledged the positive contribution of local DAP manufacturers and commended the local production of DAP makes the production not only more competitive but also significantly reduces the overall cost of production. The Finance Minister apprised the FFBL delegation about the ongoing economic situation of the country regarding huge loss due to devastating floods and the reconstruction and rehabilitation efforts.

The Finance Minister further shared that present government is keenly focusing upon giving relief to farmers to ensure smooth production of goods in the country and stressed the Fertilizer Manufacturers to reconsider the price of DAP Fertilizer.

The meeting discussed in details on the price of Fertilizer (DAP) and Fertilizer manufacturers agreed to consider significant reduction in the price of DAP.

The Finance Minister thanked the DAP manufacturers for their cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a virtual meeting on First Joint Economic Sub Committee of the Saudi – Pakistan Supreme Coordination Council with HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy Kingdom of Saudi Arabia, today.

The Federal Minister for Board of Investment (BOI) Chaudhry Salik Hussain, Minister of State for Petroleum Dr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa and other senior officers from Finance, BOI, Maritime, Aviation, IT & Telecommunication, NFS&R, Petroleum and Power Division attended the meeting.

The Saudi Prince welcomed Pakistani delegation and highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar expressed his thanks to the government of Kingdom of Saudi Arabia for their commitment and dedication toward government of Pakistan and highlighted the deep rooted brotherly ties between both countries in various fields. He further reiterated that both countries have exceptional relationships based on social, political, religious and cultural fronts and the need of the hour was to further strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving greater level of cooperation and for further strengthening the relations.

HRH Prince Abdulaziz bin Salman bin Abdulaziz recalled the recent visit of Prime Minister of Pakistan Muhammad Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing the bilateral ties.

In today’s meeting, both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired meeting of Prime Minister’s Task Force on Information Technology (IT) and Telecom at Finance Division.

Federal Minister for IT& Telecom Syed Amin Ul Haque, SAPM on Youth affairs Ms. Shaza Fatima Khwaja, SAPM on Finance Mr. Tariq Bajwa, Governor SBP, Secretary Finance, Secretary IT&T, Chairman FBR, Chairman PTA and other senior officers attended the meeting.

The meeting discussed the issues related to IT sector’s declining export and measures to bring it back to a growth trajectory. Finance Minister Senator Mohammad Ishaq Dar emphasizing the importance of IT sector said that government accords priority attention to IT sector to tap its true potential. He said that IT sector has immense potential for growth and could play significant role in strengthening Pakistan’s economy.

The chair considering the proposals of Ministry of IT&T, directed to the concerned authorities to take steps for facilitation of IT sector and to remove bottlenecks in order to encourage its exports.

H.E Mr. Nong Rong, Ambassador of the People’s Republic of China called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar here at Finance Division.

Welcoming the Ambassador, Finance Minister Senator Ishaq Dar said that Pakistan and China enjoy deep-rooted friendly relations which strengthen with each passing day. The Finance Minister further highlighted the economic challenges and policies of the present government with aim to bring about economic and fiscal stability.

The Finance Minister also appreciated the support extended by the Chinese leadership for flood relief and refinancing of syndicate facility of RMB 15 billion (US$ 2.24 billion) to Pakistan.

Referring to CPEC, the Finance Minister said that the Economic Corridor will play an important role in taking Pakistan’s economy forward as well as cementing the bilateral relationship between both the countries. He further assured his full support for the successful implementation of CPEC projects.

H.E Mr. Nong Rong, Ambassador of China reaffirmed Chinese Govt’s continued support to Pakistan and thanked Govt of Pakistan in facilitating Chinese companies in various projects in Pakistan. He also assured full support and cooperation of Chinese Government in developing Special Economic Zones as part of CPEC.

The proposed visit of Prime Minister of Pakistan to China was also discussed in the meeting and both sides hoped that the visit will enhance bilateral relations between both the countries.

Finance Minister Mr. Ishaq Dar thanked the Chinese Ambassador for support and cooperation.

Chief Minister of Sindh Syed Murad Ali Shah called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Sindh Information Minister Mr. Sharjeel Inaam Memon, Chairman FBR, Secretary Finance and senior officers attended the meeting.

Finance Minister Mr. Ishaq Dar and CM Sindh Syed Murad Ali Shah discussed issues of mutual interest including flood situation and rehabilitation work in Sindh province.

CM Sindh apprised the Finance Minister of the damages caused by the unprecedented floods and informed about relief and rehabilitation work being carried out in flood affected areas.

Finance Minister Senator Mohammad Ishaq Dar expressed resolve of the Federal Government to stand hand in hand with the Sindh Government in this difficult time caused by devastating floods. He extended full support and cooperation of the Federal Government in the relief and rehabilitation of the flood affected people and for the development of the province.

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

Federal Minister for National Food Security & Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Federal Secretaries and senior officers attended the meeting.

The ECC approved additional funds as Technical Supplementary Grant amounting to Rs. 17 billion during current financial year 2022-23 under the Sustainable Development Goals Achievement Programme (SAP), to finance the urban/rural infrastructure and social development schemes for areas deprived so far across the country.

In view of the heavy damages to the Agriculture sector due to recent rains and floods and to support flood affected farmers in the country, the ECC approved Technical supplementary Grant of Rs. 3.2 billion in favour of MNFS&R and subsequent transfer to NDMA for procurement and distribution of wheat seed to flood affected districts. Additional funds to the tune of Rs. 3.4 billion will also be made available to the Ministry of National Food Security & research subsequently. 50% of funds would be provided by the Federal Government and 50% by provincial governments.

The ECC deferred summary of M/o PD&SI for conduct of 7th Population and Housing Census.

Washington DC
16 October 2022

Pakistan’s delegation led by Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar had a fourth day of meetings during the IMF/WB spring meetings in Washington D.C.

Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar met today in Washington D.C with Eng. Hani Salem Sonbol, CEO Islamic Trade Finance Corporation. The Minister apprised him of the current macroeconomic situation of the country. He appreciated the support of ITFC to Pakistan and discussed way and means to further strengthen cooperation with ITFC.

The Finance Minister in his meeting with Mr. Andrew Torre, Regional President, Visa reiterated that attracting the U.S. foreign investments in all sectors of Pakistan’s economy was the government’s top priority. The government was focused on creating a business friendly environment and would welcome all suggestions.

The Finance Minister briefed Pakistani media, based in Washington, regarding Pakistan’s commitment to implement the ongoing program and the Government’s economic priorities.

On the sidelines, the delegation members held a meeting with the Multilateral Investment Guarantee Agency (MIGA) and discussed different modalities as well as financial products for enhancing its exposure in Pakistan.

The Finance Minister was leading Pakistan’s delegation in the IMF/World Bank’s 2022 Annual meetings being held in Washington DC. Other delegates include Sardar Ayaz Sadiq, Federal Minister for Economic Affairs, Dr. Aisha Ghaus Pasha, Minister of State for Finance & Revenue, Mr. Jameel Ahmed, Governor State Bank of Pakistan, Mr. Hamed Yaqoob Sheikh, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division and Mr. Ali Tahir, Additional Secretary, Finance Division.

Washington DC
16 October 2022

Senator Mohammad Ishaq Dar, Federal Minister for Finance and Revenue and Mr. Ayaz Sadiq,Federal Minister for Economic Affairs held a virtual meeting with prominent Pakistani-American IT/Tech entrepreneurs.

They were also joined by MOS for Finance and Revenue, Ms. Aisha Ghaus Pasha and Governor State Bank of Pakistan Mr. Jameel Ahmed and Ambassador Masood Khan along with other members of Pakistan delegation.

The Finance Minister said that stabilizing Pakistan’s economy was government’s top priority. For this purpose, the government had taken tough decisions in the past few months, which were essential to put Pakistan on the path of economic recovery. The catastrophic floods had compounded the difficulty but the government was confident that through prudent policies, the challenges to Pakistan’s economy will be overcome.

The Finance Minister appreciated the interest of Pakistani-American tech entrepreneurs in strengthening Pakistan’s IT sector. He emphasized that this sector had immense potential for growth and could play significant role in strengthening Pakistan’s economy. The government was according priority attention to IT/ Tech sector and Pakistan’s tech savvy youth was an immense resource which needed to be optimally tapped for IT sector’s growth. The Finance Minister assured the participants of government’s complete support in their efforts to enable Pakistan achieve exponential growth in its IT exports in the coming years.

In their interventions, the Pakistani-American IT/Tech entrepreneurs appreciated the government’s focus on the IT/Tech sector and reaffirmed their interest in investing in Pakistan. They also made a number of suggestions and proposals to further promote IT sector’s growth, especially exports from Pakistan.

The Finance Minister assured them that their suggestions will be carefully examined for proper follow up and urged them to remain engaged with the government to ensure robust growth in Pakistan’s IT sector that is commensurate with our potential.
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Washington DC
15 October 2022

Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar led Pakistan’s delegation in IMF Managing Director’s high level meeting with MENAP Ministers and Governors today. He apprised the participants of the economic challenges being faced by the GoP due to the floods. He also shared the GoP’s vision for bringing about macroeconomic stability in the country. He emphasized the need to provide adequate support to Pakistan to meet the challenges of recovery and rehabilitation. He also urged that IMF should tailor its response to address the situation in Pakistan and similar countries by taking into consideration serious socio-economic and political challenges that these countries were facing due to the climate change induced calamities. Finance Minister underscored that climate change had become an existential threat for the world and this could be seen from the unprecedented and devastating floods in Pakistan. In this regard, he appreciated IMF’s deployment of new financing instruments to support countries facing such threats. MD IMF Ms. Kristalina Georgieva expressed sympathies on the devastation caused by the floods and assured of the Fund’s support.

Finance Minister met with Mr. Masatsugu Asakawa, President Asian Development Bank. He thanked ADB for being the major development partner of Pakistan over the years. The Minister apprised Mr. Asakawa about the measures being taken by the GoP to stabilize the economy and also tackle the socio-economic challenges being faced after the devastation caused by the unprecedented floods. Mr. Asakawa assured that ADB would continue to support the GoP and facilitate fast track approval and disbursement under BRACE programme amounting to US$ 1.5 billion. The two sides also discussed ways to increase and diversify the existing cooperation and speed up project implementation activities.

Finance Minister met with Mr. Makhtar Diop, Managing Director International Finance Corporation. He thanked Mr. Diop for the important role that IFC was playing in promoting private sector development in Pakistan. The two sides discussed ways to increase IFC’s footprint in the country through enhancing trade finance and other new initiatives. Mr. Diop assured that IFC would continue to support Pakistan.

Finance Minister met with Mr. Marwan Abdullah Yusuf Thunayan Al-Ghanem, Director General of Kuwait Fund. He appreciated the Kuwait Fund for its investments in Pakistan and shared the GoP’s economic vision for stabilizing the economy. Mr. Marwan Abdullah conveyed sympathies for the tragic loss of life and damages caused due to the floods. The two sides also discussed the ongoing projects being sponsored by the Fund and ways to further enhance collaboration in potential new areas.

Finance Minister met Queen Maxima of Netherlands on the sidelines of the IMF / WB Annual meetings. The two sides discussed progress made with financial inclusion and banking on equality in Pakistan and the need to deepen the ongoing work. Finance Minister also, apprised Queen Maxima of the damages caused by the floods. Queen Maxima conveyed sympathies for the tragic loss of life and property.

Finance Minister met with Mr. Khaled Al-Mabrouk Abdullah, Finance Minister of Libya. The two sides discussed issues of mutual interest and agreed upon the need to strengthen cooperation between the two countries.

The delegation also attended the Human Capital Ministerial Conclave and several other events on the sidelines of the Annual Meetings including productive meetings with the senior leadership of Al Baraka Islamic Bank, M/S Moody’s, Standard Chartered Bank, Asian Infrastructure Investment Bank and the US Department of Treasury.

The Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC. Other delegates include Sardar Ayaz Sadiq, Federal Minister for Economic Affairs, Dr. Aisha Ghaus Pasha, Minister of State for Finance & Revenue, Mr. Jameel Ahmed, Governor State Bank of Pakistan, Mr. Hamed Yaqoob Sheikh, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division and Mr. Ali Tahir, Additional Secretary, Finance Division.

Washington DC
14 October 2022

The Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar led Pakistan’s delegation in a high level Roundtable on Pakistan’s Floods - Impact and Response. This event, organized by the World Bank, was co-chaired by Mr. Martin Raiser, Vice President for South Asia, World Bank and Mr. Nigel Casey, UK Prime Minister’s Special Envoy for Pakistan and Afghanistan. The Roundtable was attended by senior representatives of all major bilateral and multilateral partners and donors. Initial findings of Pakistan’s post-disaster need assessment which are jointly prepared by the World Bank, Asian Development Bank, UNDP, EU and the GoP were presented in the Roundtable. The participants expressed their sympathies on the tragic loss of life and property due to the devastating floods in Pakistan. In his concluding remarks, Finance Minister emphasized the need to provide adequate support to Pakistan to meet the challenges of recovery and rehabilitation.

In his meeting with Mr. Jihad Azour Director MCD IMF, Finance Minister discussed implementation of the IMF program. Mr Azour sympathized for the losses caused by the flood. He appreciated the GoP’s commitment in implementing the ongoing IMF Program and assured of continued support by the Fund.

The Minister met with Ms. Vicky Ford, United Kingdom’s Minister of State for Development in the Foreign, Commonwealth & Development Office (FCDO). He thanked the UK Government for humanitarian assistance and financial support to meet the challenges posed by the devastating floods. He also appreciated the trade concessions accorded to Pakistan and other developing countries under the DCTS Scheme. The Minister also shared the GoP’s vision for stabilizing the economy and carrying out sustainable and resilient recovery. Minister Ford conveyed the condolences of the UK government on the devastation caused by the floods and appreciated the government’s rescue and relief efforts. She reiterated the United Kingdom’s continued support for Pakistan during this difficult period.

The Finance Minister in his meeting with H.E. Sultan Abdur Rehman Almurshed, CEO Saudi Fund for Development, conveyed the GoP’s deep gratitude for the support provided by the brotherly Kingdom of Saudi Arabia during all challenging times for Pakistan. He also welcomed the upcoming visit of the Saudi Fund team to Pakistan. H.E. Almurshed conveyed condolences on the tragic loss of life and damages caused by the floods. He assured that the SFD would continue to work with and support the GoP.

Mr. Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs and Mr. Donald Lu, Assistant Secretary for South and Central Asia Bureau, U.S. Department of State called on the Finance Minister at the Embassy of Pakistan to express United States Government’s solidarity with the Government and the people of Pakistan on the tragic loss of life and property due to the floods. They assured continuous US support for recovery and relief efforts of the GoP. Other issues of mutual interest were also discussed.

The Finance Minister reiterated Pakistan’s commitment to implement the ongoing IMF program along with highlighting the economic priorities of the government in his interviews to Bloomberg, Wall Street Journal, Reuters, AP and AFP and in a subsequent evening engagement at the Pakistan house with senior representatives of various think thanks and US media.

The Finance Minister along with Minister for Economic Affairs Sardar Ayaz Sadiq also attended the 2022 Annual Plenary of the IMF / World Bank. The delegation members met senior representative of UNCTAD and participated in several events being held on the sidelines of the Annual Meetings including meeting the leadership of the US Pakistan Business Council and representatives of major US multi-national companies operating in Pakistan.

The Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC. Other delegates include Sardar Ayaz Sadiq, Federal Minister for Economic Affairs, Dr. Aisha Ghaus Pasha, Minister of State for Finance & Revenue, Mr. Jameel Ahmed, Governor State Bank of Pakistan, Mr. Hamed Yaqoob Sheikh, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division and Mr. Ali Tahir, Additional Secretary, Finance Division.

Washington DC
13 October 2022

Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar met today in Washington DC with Ms. Antoinette Sayeh, Deputy Managing Director, IMF. The Minister apprised her of the damages caused by the unprecedented floods in Pakistan. He shared the GoP’s vision for stabilizing the economy and carrying out sustainable and resilient recovery. DMD IMF appreciated the government’s policies and assured of IMF’s continued support to Pakistan.

The Finance Minister in his meeting with Mr. David Malpass, President World Bank, thanked the Bank for its continued support in the socio economic development of Pakistan. He thanked the World Bank for its assistance for rescue and relief operations in the aftermath of the unprecedented devastating floods. President Malpass assured that the Bank would continue to work with GoP to help Pakistan overcome its socio-economic challenges due to the floods.

The Finance Minister in a separate meeting today with Mr. Martin Raiser, Vice President SAR, World Bank thanked Vice President Raiser for undertaking a visit to Pakistan to see first hand the devastation caused by the floods. The visit helped in projecting the tremendous damages caused by the devastating floods. The Vice President assured that the Bank would continue to support Pakistan in overcoming the economic difficulties that the country was facing.

The Minister met with Dr. Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank. The Finance Minister thanked Islamic Development Bank for its continued engagement with Pakistan. He appreciated that Pakistan and the Bank had remained trusted partners for decades. President Al Jasser appreciated the measures being taken by GoP to stabilize the economy while providing relief to the flood victims.

The Finance Minister in his meeting with the leadership of Deutsche Bank and J.P. Morgan elaborated upon the government’s vision to stabilize the economy, while also providing relief to the victims of the flood. He assured that the GoP was committed to completing the IMF’s programme.

The delegation also met with rating agencies and participated in several events being held during the Annual Meetings.

The delegation also engaged at the Pakistan House with a diverse group of Pakistani professionals including leading businessmen, tech entrepreneurs and others.

The Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC. Other delegates include Sardar Ayaz Sadiq, Federal Minister for Economic Affairs, Dr. Aisha Ghaus Pasha, Minister of State for Finance & Revenue, Mr. Jameel Ahmed, Governor State Bank of Pakistan, Mr. Hamed Yaqoob Sheikh, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division and Mr. Ali Tahir, Additional Secretary, Finance Division.

Washington DC
13 October 2022

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 National Food Security & Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Federal Secretaries and senior officers attended the meeting.

Ministry of National Food Security & research presented a summary to consider proposals to use Gwadar port and revision of procedure for pre-shipment inspection agency for import of Wheat. The ECC was informed that the reasons for higher price in limited bids received, in tender dated 26th September, 2022, was increased risks due to change in inspection regime and port.

In view of the higher cost on import of wheat associated with the two proposals, ECC approved the proposal that both amendments to TCP tender inspection may be dropped for the time being. However, pre-shipment inspection should be ensured at the loading port from the top four inspection firms by TCP/Ministry of Commerce. TCP was also directed to issue fresh tenders to ensure import of allocated quantity of Wheat.

On another summary from Ministry of Commerce, in order to keep export oriented sectors internationally competitive and sustain exports in backdrop of economic slowdown, the ECC approved continuation of Regionally Competitive Electricity Tariff for Export Oriented Sectors during CFY 2022-23 and decided that Electricity may be provided at Rs. 19.99 per kWh all inclusive to five export oriented sectors namely textile including jute, leather, surgical and sports goods across Pakistan from 1st October, 2022 to 30th June 2023.

Further, the ECC also approved Supplementary Grant of Rs. 410.181 million in favour of Ministry of Interior for expenses relating to law and order

The ECC deferred summary of Ministry of National Food Security & Research on profitable support price of Wheat Crop 2022-23.

Minister for Finance and Revenue Senator Muhammad Ishaq Dar here on Saturday reaffirmed the commitment of the government to fully honor all the commitments made with International Monetary Funds and other creditors, beside addressing the issues faced by the local business community.

Addressing a press conference, the minister also categorically dismissed the speculation regarding to approach Paris Club for the rescheduling of loans of the multi-lateral lenders and donors agencies, besides extending the date of maturity of bound in international market.

He said that Pakistan is an independent and sovereign state and current government was fully determined to protect and maintain its national sovereignty and integrity, adding that all the commitments made with creditors would be fulfilled in its letter and spirit.

The minister said that prior to current program with IMF, the government of Pakistan Muslim league-N had completed a program with the fund in 2016, adding that this time the government too protect all the agreements done with the monetary fund.

The 9th review with IMF is scheduled on October 25, he said adding that all the previous commitments would be completed in order to successfully completed the program second time, besides maintaining the reputation of the country in international market.

The minister said that Prime Minister had received complaints from the business community in which they said that their shipments were stopped arriving, LCs opened and there was not any mechanism for the payment due unavailability of credit.

He said that all this situation emerged due to bad governance and poor management of last regime, adding that foreign exchange reserves were reached to lowest level leaving very narrow space for opening the LCs, adding that steps are being taken to address the grievances of local business community.

He said that he had hold series of meeting and discussion with Governor State Bank of Pakistan (SBP) and asked him to compile a comprehensive value wise data before leaving for US to attend annual general meeting to facilitate the local business community.

The minister said that the SBP had compiled the data and as a first step it was decided that all the pending payments worth upto $50,000 would be cleared, adding that about 7,952 payments would be made, which would help to clear about about 52 percent pending LCs.

On the Special directives of Prime Minister, long standing issue of export oriented industry of the country was also addressed and now 05 export oriented industries would be provided Rs19.99 per unit, adding that it would help to flourish the exports from the country and attract foreign exchange for the country.

Regarding the recent Moody's Credit rating, the minister said that they had complied report in haste, adding that the ministry had submitted its response on its press release.

Senator Ishaq Dar said that Pakistan had faced even the worse economic challenges during the time of nuclear test in 1998 and it came out from the crisis, adding that all the challenges faced now would also be over come.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Mr. Najy Benhassine, Country Director, World Bank and his team at Finance Division, today.

The Finance Minister welcomed Mr. Najy Benhassine and his team and shared economic challenges that the country is currently facing. He said that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth. The present government is committed to set the economy on sustainable and inclusive growth path. He also informed about the devastations caused by the recent floods in the country.

Mr. Najy Benhassine extended felicitations to the Finance Minister on assuming the charge of the office and briefed on existing programs and future cooperation of the World Bank for Pakistan. He informed the Finance Minister that the Bank is allocating $ 2 billion funds from existing World Bank financed projects for emergency operations in flood affected areas to support Pakistan. He further informed that around $ 1.5 billion funds would be mobilized this year due to emergency situation.

Finance Minister Senator Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country. He further said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country.

The Finance Minister assured Mr. Najy Benhassine and his team of meeting prior actions for timely completion of programmes and thanked them for their continuous support and facilitation.

H.E Dr. Christian Turner, British High Commissioner called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

The Federal Minister extended his warm welcome to the British High Commissioner and exchanged views on matters of common interest. He also briefed the British High Commissioner about devastations caused by the recent floods in Pakistan.

The Federal Finance Minister 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 agenda and priorities of the government and said that present government aims to bring about economic and fiscal stability leading to economic recovery and growth.

H.E Dr. Christian Turner, British High Commissioner extended his felicitations to the Minister on assuming his new responsibilities. He expressed sympathy on the destruction caused by the floods and said that the UK stands with Pakistan in this difficult time and apprised on the humanitarian support provided by the UK Govt to Pakistan for flood relief. He further extended full support of the British government and British people for the government in Pakistan.

Finance Minister Mr. Ishaq Dar thanked the British High Commissioner for extending flood relief support to Pakistan.

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

Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Finance Minister Khyber Pakhtunkhwa Mr. Taimur Saleem Khan Jhagra, Finance Minister Govt of Punjab Mr. Mohammad Mohsin Leghari, Senator Nisar Ahmed Khuhro, Federal Secretaries and other senior officers from Federal as well as provincial participated in the meeting.

ECNEC considered and approved a 500 KV Sialkot Substation project of Ministry of Energy (Power Division) funded by French Development agency (AFD) at a total estimated cost of Rs. 31,820.66 million including FEC of Rs. 17,202.32 million subject to review of cost in next three months according to the exchange rate of dollar. The main object of the project is construction of 500 KV substation at Sialkot with associated transmission lines to meet the additional load demand and voltage profile improvement of areas which fall under jurisdiction of Gujranwala Electric Power supply Company (GEPCO).

ECNEC also considered and approved project of Power Division on Addition & Augmentation of 500 KV and 220 KV Transformers at the Existing Grid Stations for removal of NTDC system constraints at rationalized cost of Rs. 15,112.05 million including FEC of Rs. 8,926.30 million subject to review of cost in next three months according to the exchange rate of dollar. The project is funded by Asian Development Bank (ADB) and is addition of 2,250 MVA and 430 MVA capacity in the system at six existing 500 kV & 220 kV Grid stations in Rahim Yar Khan, Faisalabad, Multan, Sheikhupura, Dadu, Kashmore districts to meet the power demand of the country in minimum possible time period and to reduce system losses.

ECNEC also approved project on Up-gradation of existing 220 kV Vehari substation to 500 kV Vehari Substation. The project cost is Rs. 17,106.12 million including FEC of Rs. 9,515.60 million subject to review of cost in next three months according to the exchange rate of dollar. The project is funded by French Development Agency (AFD) to be completed in 41 months.

ECNEC discussed and approved construction of Chasma Right Bank Canal Project at a cost of Rs. 189,606.428 million including FEC of Rs. 18,030.58 million with 65% finance contribution by the Federal Government and 35% by Government of Khyber Pakhtunkhwa. The proposed canal is an off-taking from Head Race channel of chasma hydro power station at the right bank of Chasma barrage.

ECNEC approved Naulong Multipurpose Dam Project at a revised cost of Rs. 43,797.000 million. Naulong Dam project consisting of 186 ft high and 2,996 ft long zoned earth filled dam in district Jhal Magsi, Baluchistan on Mula river with the total catchment area of 7485 sq. Kms. The project will result in flood mitigation, socio-economic uplift and poverty reduction in the area.

ECNEC approved Higher Education Commission’s project Allama Muhammad Iqbal Scholarship for Afghan National Students at a rationalized cost of Rs. 12,702.340 million covering 4500 scholarships. The project aimed at creating a core of talented and qualified manpower in order to meet shortage of trained human resource and improve the socioeconomic conditions in Afghanistan. It is expected to help in strengthening relations with a brotherly neighbouring country.

ECNEC considered and approved a project of Ministry of Communication on Dualization & Rehabilitation of Karachi- Quetta- Chaman Road ( N-25 ) from Karachi- Kararo and Wadh- Khuzdar at a cost of Rs. 74,716.226 million to be completed in 36 months. The project envisages construction of additional carriageway and dualization/rehabilitation/improvement of existing carriage way from Karachi to Khuzdar.

ECNEC also considered and approved project of Ministry of Communication on Dualization of Karao- Wadh section (83 kms) & Kuchlak- Chaman section (104km) of National Highway at a cost of 67,671.920 million to be completed in 18 months. The project envisages dualization/rehabilitation/ improvement of existing carriageway National Highway N-25 Kararo to Wadh ( 83 kms) section and Kuchlak to Chaman ( 104 kms) section.

ECNEC discussed and approved a project of Ministry of Communication on Improvement & Widening of Chitral – Booni – Mastuj – Shandur Road ( 153 kms) at a rationalized cost of Rs. 17,783.193 million. The project will be completed in 36 months. The revised project envisages construction of 153 kms long 2 –lane single carriageway starting from Chitral city, passes through the towns of Booni & Mastuj and ends near Shandur at the border of Khyber Pakhtunkhwa and Gilgit Baltistan.

ECNEC also approved revised Lowari Road Tunnel & access Roads Projectat the total rationalized cost of Rs. 27,960.48 million with FEC of Rs. 4,273.970 million. The Lowari tunnel is part of National Highway N-45. It originates from Nowshera, passes through Mardan, Malakand, Chakdara and culminates at Chitral. The project is located between the townships of Dir and Drosh connecting districts of Dir and Chitral. The project comprises of two tunnels of length 8.5 km and 1,9 km, 04 bridges in tunnel complex two portals and link access roads along with bridges.

ECNEC also approved Locust Emergency and Food Security project of Ministry of National Food Security and Research at an updated cost of Rs. 26,014.51 million including government share of Rs. 4,000 million and World Bank share of Rs. 22,014.51 million. The project will be implemented throughout Pakistan with immediate focus on flood affected areas. The objective of the project includes enhancing country’s preparedness for combating future locust and other invasive pest attacks, enhancing the capacity of Federal and Provincial Plant Protection Departments and strengthening the national food security information & management system.

ECNEC approved Govt of Punjab’s project on Punjab Resileint and Inclusive Agriculture Transformation (PRIAT) at a total cost of Rs, 74,757.60 million including World Bank loan of Rs. 45,863.56 million. The project will be implemented throughout Punjab in five years for Community –driven Improvement of Water Conveyance and Application, Promotion of Climate Smart High Value Production, Regenerative Agriculture, Crop Diversification, Agriculture Value addition and Inclusive Access to Markets.

Ministry of Planning, Development and Special Initiatives presented a summary on Instructions for Techno –Economic Feasible Studies and submitted that a feasibility study is a pre-requisite for the preparation of a major development project proposal on sound lines. Instructions to carry out Techno –Economic Feasibility Studies have been improved in the light of comments of the stakeholders. The ECNEC approved the recommendations of CDWP that;

i. All provinces should have Project Development Facility (PDF) Fund for provincial ADPs for conducting feasibility of th projects.

ii. Feasibilities should be carried out for all major cities , focusing on ring roads, wastewater treatments, urban mass transit etc. Stack of feasibility studies should be available to guide future investments.

iii. Improvements of techno-economic feasibility framework/guidelines should be made in the light of comments of all key stakeholders before placing it for ECNEC approval.

iv. Instructions for conducting feasibility studies shall be made a part of Development Manual.

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.

While extending a warm welcome to H.E. Wada Mitsuhiro, Ambassador of Japan, Finance Minister Senator Ishaq Dar briefed the Ambassador on the devastations caused by the recent flood in Pakistan and its impact on the country’s economy.

Highlighting the cordial relations between Pakistan and Japan, Finance Minister stated 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 priorities of the present government and said that present government believes in enhancing the bilateral economic and trade relations between Pakistan and Japan.
The Finance Minister and the Ambassador discussed issues of mutual interest.

Ambassador of Japan Mr. Wada Mitsuhiro extended felicitations to the Finance Minister on assuming the charge of the Finance Ministry. He expressed sympathy on the loss of lives and properties in the flashfloods and extended his govt’s support. He further said that Japan greatly values its bilateral relations with Pakistan. He briefed the Finance Minister about operations of the Japanese entities in Pakistan. 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.

Finance Minister Senator Mohammad Ishaq Dar thanked the Ambassador for support and assured of his full cooperation in improving the trade and economic relations between the two countries.

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

Finance Minister Senator Ishaq Dar extended warm welcome to the Ambassador and stated long-term, broad-based and multi- dimensional relationship between Pakistan and the United States. He also briefed the Ambassador about devastations caused by the recent floods in Pakistan.

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

H.E. Mr. Donald Blome, the Ambassador felicitated the Finance Minister on assuming the charge of Finance Ministry. He also extended sympathy on the destruction caused by the floods and support of his govt.

The Ambassador further underscored that both countries enjoy good relations and expressed confidence on the policies and programmes of the government. He extended his support to further promote bilateral economic, investment and trade relations between both the countries.

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

Moody’s has released the revised rating for Pakistan in which it has downgraded the sovereign credit rating from B3 to Caa1. The rating action by Moody’s is strongly contested by the Ministry of Finance as the rating action by Moody’s was carried out unilaterally without prior consultations and meetings with our teams from the Ministry of Finance and State Bank of Pakistan. Following Moody’s intimation of the rating action, Ministry of Finance held two meetings with the Moody’s team over the past 24 hours, sharing data and information which clearly show a picture contradicting Moody’s rating action.

After a regular stock take of the economic and fiscal conditions, Ministry of Finance seeks to inform that government policies over the last few months have helped in fiscal consolidation. Government of Pakistan has adequate liquidity and financing arrangements to meet its external liabilities. Pakistan is currently under the IMF Programme, the continuity of which is based on the confirmation and confidence in country’s ability to maintain the fiscal discipline, debt sustainability and its ability to discharge all its domestic and external liabilities. The country remains committed to the agreements reached under IMF prorgamme.

Moody’s “worsening near- and medium-term economic outlook” does not depict the correct picture due to gaps in information available with Moody’s and its use of estimations is not grounded in fundamentals. As such, the estimate of economic cost of the floods at US$ 30 billion is premature as the data is still being compiled in collaboration with World Bank and other partners, to ensure transparency and accuracy, and will be available once the figures are firmed up. Thus, the impact on GDP growth rate cannot be fully and accurately assessed at this time and so Moody’s downward revision of GDP growth rate at 0-1% has no solid basis. Similarly, translating economic losses into fiscal deficit is contested. On the expenditure front, government will largely be involved in public infrastructure rebuilding, and that too, over a number of years. The uptick in urgent current expenditure is being met through re-allocations and re-appropriations of budgeted funds thus mitigating the risk of rising deficit. On the revenue front, the increase in nominal GDP is likely to compensate for any dip in revenues.

During recent meetings with multilaterals, the government has received additional funding commitments from ADB of over US$ 2.5 billion. Similarly, World Bank has also pledged additional funding of around US$ 1.3 billion for infrastructure and other projects in the current financial year. These are in addition to Ministry’s financing plan at the start of the financial year.

On the appeal of UN Secretary General, funds to the tune of US$ 816 million were pledged by countries in a conference in Geneva on October 04, 2022. We expect further fundings from multilaterals and friendly countries in the donor conference planned to be held in Pakistan in November this year. Consequently, we expect the external sector to improve further in line with the increase in liquidity.

The impression of restructuring of Pakistan’s debt is refuted unequivocally as currently no such proposal is under consideration or is being pursued as has been categorically stated by the Finance Minister.

Some of the key numbers can further help understand performance of the economy in the post-flood scenario:

 On revenues, it may be noted that FBR taxes grew by about 28% in September FY23.
 Similarly, the recent post-flood performance numbers of various sectors of the economy including agriculture and livestock show that its impact on current account deficit is likely to be moderate compared to that assumed by Moody’s. Commodity prices, especially crude oil, have eased compared to a month ago, this would help in offsetting some of the impact of floods on the current account deficit. The downward trend of the deficit during the past months of FY23 has already been widely reported.

The overall situation of the country, especially in the post-flood scenario, needs to be seen in the context of the steps taken by the government for relief and recovery and the assistance and commitments by the global community, including multilaterals and bilateral, to help in the rehabilitation and reconstruction phase. Ministry of Finance strongly feels that the downgrading of Pakistan’s rating is not truly reflective of Pakistan’s macroeconomic conditions.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting with a delegation of exporters on regionally competitive energy tariff 2022-23 at Finance Division, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Mohamamd Zubair Motiwala, Mr. Gohar Ejaz, Mr. Aisf aijaz and others attended the meeting.

The delegation apprised the Finance Minister about the issue being faced by their industry specifically related to the electricity tariff and sought support of the Finance Minister to resolve their issue.

The Finance Minister acknowledged the contribution of export industry in economic growth of the country and assured the delegation of full support and cooperation of the present government. He said that the present government is providing friendly environment and maximum facilitation to the export oriented industry for ease of doing business.

Moreover, the Finance Minister after discussion with the businessmen announced fixed power tariff at Rs. 19.99/ KWH for the rest of the current year for the export industry.

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

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of Committee constituted by the Prime Minister of Pakistan on Kissan Package at Finance Division today.

Federal Interior Minister Rana Sanaullah, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed, Federal Minister for National Food Security and Research Chaudhry Tariq Bashir Cheema attended the meeting.
Federal Interior Minister Rana Sanaullah briefed the meeting about the delegations of farmers who met the Prime Minister and their demands. The committee deliberated on all the issues including power tariff for agriculture sector, solarisation of tube wells, availability of agricultural inputs including fertilizers, etc.
Federal Minister for National Food Security and Research Chaudhry Tariq Bshir Cheema stressed for solarization of tube wells and providing relief to the growers in fertilizer and import of tractors.

Federal Minister for Power Mr. Khurram Dastgir Khan also apprised the meeting regarding subsidized power tariff being provided to the farmers.

Finance Minister Mr. Ishaq Dar informed the meeting about Prime Minister’s concern for promotion of agriculture sector especially in the aftermath of devastating rains and floods. He advised relevant ministers and officials to ensure that a wholesome package is devised for the agriculture sector within a week. The proposals should focus on improving productivity as well as reducing import bill. He emphasised that the government is keen to provide maximum relief and facilitation to the farmers.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with Federal Minister Economic Affairs Mr. Sardar Ayaz Sadiq at Finance Division, today. Chairman FBR, Secretary Finance, Secretary EAD and senior officers attended the meeting.

Federal Minister Economic Affairs Mr. Sardar Ayaz Sadiq and Finance Minister Mr. Ishaq Dar discussed the progress of ongoing projects and status of future projects financed by Saudi Development Fund. It was informed that a dedicated EAD team is resolving the issues hampering the progress and to ensure swift execution of projects. It was also informed that Ministry of EAD is working on a dashboard for keeping all the stakeholders well informed of progress on all projects.

Finance Minister Mr. Ishaq Dar appreciated the support of brotherly country Saudi Arabia and the assistance of Saudi Development Fund for financing various projects in Pakistan. He said that SDF funded projects play a vital role in the economic progress and prosperity of the Pakistan. He stressed for timely execution of the projects and directed to resolve any pending issues delaying the completion of these projects and investment in future projects by SDF.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over a meeting on Foreign Exchange challenges and business community, at Finance Division today.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Dr. Muhammad Jehanzeb Khan, SAPM on Government Effectiveness, Mr. Tariq Bajwa SAPM on Finance, Governor State Bank, Chairman FBR and senior officer attended the meeting.

The meeting was apprised on the issues the business community is facing regarding imports and exports. It discussed the modalities for facilitating business community regarding imports and enhancing exports to boost the business activities in the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over a meeting on gas supply during winter, at Finance Division today.

Mr. Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Mr. Tariq Bajwa SAPM, Secretary Finance, Secretary Petroleum and senior officer attended the meeting.

The meeting was apprised on the supply and demand situation of gas during the winter season. The meeting also discussed modalities for adequate supply of gas for the domestic and industrial consumption and reducing the shortfall in the winter season.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Asian Development Bank (ADB) headed by its Country Director Mr. Yong Ye at Finance Division, today.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Mr. Asad Aleem, Dy Country Director ADB, Mr. Kiyoshi Taniguchi Principal Economist ADB, Mr. Laisiasa Tora, Senior Public Management Specialist ADB and 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. He apprised the delegation of devastation caused by the recent floods in the country and its impact on the economy of Pakistan. He further stated that Pakistan’s economy faced huge challenges. The present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction. Finance Minister Mr. Ishaq Dar also shared the priorities of the present government.

Mr. Yong Ye, Country Director ADB extended felicitations to Finance Minister on assuming the charge of the office and expressed sympathy on the loss of lives and properties in the devastating floods in Pakistan. He informed the Finance Minister that ADB will provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion including US$ 1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month. He also apprised the meeting about ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors. Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of government of Pakistan.

In the end, Finance Minister expressed gratitude to ADB delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.

H.E. Mr. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on 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 exchanged views on enhancing and strengthening the bilateral economic relations between both the brotherly countries.

Finance Minister Mr. Ishaq Dar shared that Pakistan and UAE share long-standing bilateral ties in a number of areas . The Finance Minister also highlighted that present government is focusing on various avenues of mutual interest so that the existing bilateral relations could be extending to a new level.

The Ambassador of UAE extended felicitations to the Finance Minister on joining Finance Ministry and expressed a keen interest of Abu Dhabi Investment Authority to invest in Pakistan.

The Finance Minister shared welcoming sentiments for pursuing new investments in Pakistan and assured the UAE’s Ambassador of full support and cooperation by the present government.

Deputy Leader of Opposition UK Rt. Honr’ble Ms. Angela Rayner and Lord Wajid Khan, Member of UK House of Lords called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance division, today.

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

Finance Minister Mr. Ishaq Dar shared the devastation caused by the recent floods in Pakistan and said that huge losses have been incurred to the economy of the country. Discussing Pak- UK bilateral relations, the Finance Minister expressed satisfaction at the level of friendship between the two countries and hoped that the existing cooperation between both the countries will further strengthen in the future.

Finance Minister Mr. Ishaq Dar also appreciated the contribution of Pakistani Diaspora towards economic development of the UK and building bridges between the two countries.

Ms. Angela Rayner expressed sympathy on the loss of lives, infrastructure and properties due to the devastating floods. She extended her support for the people and the government of Pakistan in this needy hour.

Finance Minister Mr. Ishaq Dar thanked the visiting dignitaries for their support for the flood affectees.

Mr. Ubaid Ur Rehman Nizamani, Head of Mission designate to Afghanistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

The Finance Minister extended best wishes to Mr. Ubaid Ur Rehman Nizamani,on his new assignment and emphasized on leveraging the advantage of proximity and further cementing trade and economic ties with brotherly country of Afghanistan.

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

The Finance Minister welcomed the Ambassador of Qatar and extended the best wishes to the people and leadership of the State of Qatar. The Finance Minister highlighting the long-standing mutual relations between both brotherly countries, shared that present government is pursuing various reforms for providing greater facilitation to investors and businesses in Pakistan. The Finance Minister also apprised about the available lucrative investment opportunities in various sectors of Pakistan and welcomed Qatar Investment Authority’s plans to invest $3 billion in various commercial and investment sectors in Pakistan.

Ambassador of Qatar H.E. Mr. Sheikh Sauod bin Abdulrahman bin Faisal Al-Thani extended felicitations to the Finance Minister on joining Finance Ministry and reciprocated the warm and welcoming sentiments with the Finance Minister. The Ambassador shared the intention of Qatar Government for investment in various sectors of Pakistan especially in energy, trade and businesses for further strengthening the bilateral economic ties between both of the countries.

Finance Minister Mr. Ishaq Dar while welcoming the investment proposals, assured the Ambassador of his all out full support and cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting to review the payments of cash assistance to flood affectees at Finance Division, today.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Governor SBP, President HBL, Secretary Finance, Secretary BISP and senior officers attended the meeting.

Secretary BISP briefed the meeting that almost ninety per cent of beneficiaries have been paid cash assistance. The remaining beneficiaries will receive the payment within next five days. He further informed that there were a few complaints regarding malpractices in payment at ATMs and POS.

Governor SBP and President HBL also updated the meeting on the situation and informed that a big volume of the relief cash has been distributed to the flood affectees and apprised on taking steps to address the complaints.

Finance Minister Senator Mohammad Ishaq Dar expressed concern on the malpractices in payments to the flood affectees and emphasized that the government stands with the people in this hour of need and will utilize all available resources for the rescue and assistance of the flood affectees.

The Finance Minister further stressed SBP and HBL to redress the grievances of the flood effectees and take every possible step for the smooth and actual distribution of cash relief to the affectees. He further directed to ensure availability of cash at all the distribution points, resolution of cyber related issues to ensure timely payment of relief cash to flood affectees by strengthening cash distribution system.

Governor State Bank of Pakistan Mr. Jameel Ahmad called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minster Mr. Ishaq Dar shared about fiscal measures being undertaken for economic revival of the country. He stressed that fiscal and monetary policy coordination is imperative for sustainable and effective economic growth.

The meeting discussed the measures being undertaken for the stabilization and growth of the country’s economy.

Governor SBP Mr. Jameel Ahmad extended felicitations to the Finance Minister on assuming the office and stated that with the arrival of the Finance Minister, the market sentiments have considerably improved as reflected in the appreciation of the rupee. He was of the view that continuing efforts by the government and the Bank will further put a squeeze on those who were manipulating the foreign exchange market.

The Governor SBP apprised the Finance Minister on different macroeconomic policy initiatives in line with the objectives of fiscal policy taken to achieve sustainable growth. He said that SBP is fully committed to support the process of economic revival as per the policies of the present government and assured the Finance Minister of his full support.

The Finance Minister commended the initiatives of the SBP on introducing digital banking in line with international best practices and Pakistan’s first Instant Payment System- Raast. He also appreciated the role of the State Bank of Pakistan for the monetary stability and economic growth of the country.