The 10th Quarterly Business Confidence Survey conducted by Gallup Pakistan and reported in the print media today is limited in scope and needs to be considered in a much broader context. It is important to note that economic conditions may vary widely from one quarter to another.

Even though the Business Confidence Index is a valuable tool for understanding the sentiments of the business community, it is critical to interpret its findings and data cautiously. It is important to consider factors such as market dynamics, external economic influences, and the specific circumstances of the businesses being surveyed.

A comprehensive analysis is required to determine the economic indicators and factors that ultimately influence the business confidence in the economy. The caretaker government is determined to initiate imperative policy measures to boost the business confidence in the country and lead the economy towards stability and growth. The government intends to honor all its international obligations on time. The caretaker government is committed to provide friendly environment for ease of doing business and lay the roadmap to a long-term economic revival.

Country Director World Bank Mr. Najy Benhassine called on Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatization Dr. Shamshad Akhtar, at Finance Division, today.

Mr. Njay Benhassine was also accompanied by his team including Mr. Tobias Akhtar Haque, Lead Country Economist, and Mr. Gailius J Draugelis, Operations Manager. Secretary Finance, Secretary Economic Affairs Division, and senior officers from Finance and Economic Affairs Division were also present in the meeting.

Dr. Shamshad Akhtar appreciated the role of World Bank as one of the major development partners of Pakistan. She also expressed gratitude for the World Bank's continued support and commitment to Pakistan's economic growth through its ongoing development projects in the country that will help Pakistan strengthen its fiscal management, undertake foundational reforms, and uplift the masses.

Dr Shamshad Akhtar also informed the delegation about the comprehensive measures being taken by the interim government to enhance revenue collection of the country and pursuance of sound fiscal policies. She further underscored the caretaker Government’s unwavering commitment to the successful fulfillment of its obligations under the IMF program and timely completion of all ongoing development project. She also emphasized the government's determination to prioritize the well-being of its citizens, especially those most vulnerable, through targeted initiatives that promote inclusive development and mitigate the impact of economic challenges on the people of Pakistan.

Mr. Najy Benhassine, Country Director of the World Bank, commended Pakistan's dedication to economic reforms and expressed the World Bank's readiness to provide technical assistance and financial support to help Pakistan achieve its development goals. He highlighted the importance of collaboration between the World Bank and the Pakistani government to address pressing economic challenges and promote sustainable development.

During the meeting, both parties exchanged views on their shared vision of promoting economic stability and social development in Pakistan to foster a prosperous and resilient future for the country. Dr. Akhtar underscored need for support for strengthening social safety nets, aimed at providing much-needed relief to the masses during challenging economic circumstances.

The meeting concluded with both sides reaffirming their commitment to strengthening the partnership for the benefit of Pakistan's economy and its people. The World Bank delegation thanked Dr. Shamshad Akhtar and the government of Pakistan for their warm hospitality and constructive dialogue.

Caretaker Federal Minister for Finance, Revenue, Economic Affairs and Privatisation Dr. Shamshad Akhtar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC), today.

Mr. Sami Saeed, Minister for Planning, Development and Special Initiatives, Mr. Shahid Ashraf Tarar, Minister for Communications, Maritime Affairs & Railways, Mr. Muhammad Ali, Minister for Power & Petroleum, Mr. Ahmad Rasool Bangash Minister for Finance, Revenue, and Excise & Taxation KPK, Mr. Muhammad Younas Dhaga Minister for Finance, Revenue Sindh Government, Mr. Amjad Rasheed, Minister for Finance & Revenue Balochistan, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved project of Ministry of National Health Services, Regulations & Coordination titled “Emergency Plan for Polio Eradication(3rd revised)” at a cost of USD 1784.93 million including grant from GPEI partners of USD 1197.93 million, Islamic Development Bank loan of USD 552 million and AFD loan of USD 35 million. The project will supply polio eradication vaccines all over Pakistan and will be executed by WHO and UNICEF. The ECNEC after discussion extended the duration of umbrella PC-1 of the project to three years with authorization to EAD to enter into loan agreements to finance the project on behalf of Govt. of Pakistan to achieve the objectives of eradication of Polio and make polio free Pakistan.

The ECNEC requested Planning Commission and Ministry of National Health Services, Regulations and Coordination to provide project/programme evaluation of Polio Eradication programme and integrated lesson learnt in implementation of Phase –III.

The ECNEC also directed that a committee co-chaired by the Secretary Finance and Secretary EAD to examine the re-lending arrangements with provinces for funding of project of similar nature with clear recommendation to ensure proper implementation of the projects.

Caretaker Federal Minister for Finance, Revenue, Economic Affairs and Privatization Dr. Shamshad Akhtar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Mr. Sami Saeed, Minister for Planning, Development & Special Initiatives, Mr. Umar Saif, Minister for IT and Telecom, Dr. Waqar Masood, Advisor to the PM on Finance, Federal Secretaries and other senior officers attended the meeting.

Ministry of National Food Security & Research submitted a summary regarding cancellation of export quota of sugar with a ban on export of sugar while briefing the meeting about the production, stock position of sugar, consumption and rising prices of sugar in the market, and its impact on overall food inflation. The ECC reviewed its previous decision regarding export quota of sugar and after detailed discussion and deliberation decided that in light of the previous decision of the ECC on the matter, the ban on export of sugar was already in place post 10th of August, 2023. The ECC further directed Ministry of National Food Security and Research to prepare and submit regular reports on availability of sugar stocks, consumption, and pricing to the ECC in order to enable it to monitor the availability and pricing of this important commodity. The ECC also directed the Ministry of NFSR to coordinate with all the relevant agencies and authorities to check smuggling and hoarding of sugar. Furthermore, the ECC also asked the Ministry of NFSR to provide the latest stock, availability and prices of Wheat immediately.

Dr. Shamshad Akhtar arrived at the Finance Ministry and officially took over the responsibility of Caretaker Finance Minister of Pakistan after taking oath at the Presidency, today.

On her arrival at the Finance Ministry, she was warmly welcomed by Secretary Finance and senior officials of the Ministry. Later, Secretary Finance and his team gave a detailed briefing on the economic situation and trends of major financial economic indicators of the country.

Upon assuming her new role, Dr. Shamshad Akhtar expressed her dedication to ensuring fiscal discipline, promoting investment, and bolstering efforts to address income inequality.

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

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pahsa, Secretary Maritime Affairs, Secretary Law & Justice, Chairman KPT and team and other senior officers attended the meeting.

The CCoIGCT reviewed the recommendations of the negotiation committee which held its deliberation in two sessions on 8th August, 2023, for the development of Bulk and General Cargo Terminal, at Karachi Port. The Committee approved the recommendations of the negotiating committee subject to conditions that the concessioner will pay USD$ 25 million non-refundable / non-adjustable upfront as a goodwill. The UAE government owned firm will pay another US$25 million upfront adjustable against revenue sharing in next 7 years with USD $3 million/annum for first 5 years and USD 5 million each in next two years. In order to modernize the terminal, the Concessioner will start development work from September, 2023.It was also decided that all liabilities regarding KDLB will be the responsibility of AD Ports.

The Committee recommended the commercial agreement as amended to the Federal Cabinet for its approval.

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 Planning, Development and special Initiatives Mr. Ahsan Iqbal, SAPM on Finance Mr. Tariq Bajwa, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved a World Bank funded project of Ministry of Planning, Development & Special Initiatives titled “Resilient Housing Reconstruction and Restoration in all districts of Balochistan at a cost of Rs. 43,400 million. The project is to be executed by Government of Balochistan through Federal PMU & provincial PIU to support communities to reconstruct their houses affected by floods in 2022 in Baluchistan province. The entire cost will be borne by the Federal Government.

The ECNEC also considered a project of Board of Revenue (BoR) regarding “Punjab Urban Land Systems Enhancement Project (PULSE)”at an updated cost of Rs. 26, 440.704 million, to be fully financed by the World Bank. The project is to be executed by Punjab Board of Revenue (BoR) through Punjab Land Records Authority (PLRA) in Punjab Province.

A project of Ministry of Kashmir Affairs & Gilgit Baltistan titled “Establishment of Regional Grids in Gilgit-Baltistan Phase-I (Revised)” was also considered and approved at with rationalized scope and cost of Rs. 9,148.509 Million with FEC of Rs. 1,679.274 million. The project will be executed by W&P Dept, Gilgit-Baltistan in Districts Gilgit, Hunza, and Skardu in GB region.

Ministry of Communication submitted a summary regarding the project “Dualization of road from Chistan to Chak no 46/3R via Dahrnawala (41.154 km) including two lane Link Road from Dahrnawala to Chaki 175m (4.859 km)” to be executed in District Bahwalnagar of Punjab Province by National Highway Authority and Ministry of Communications. The project was approved by ECNEC at a total cost of Rs. 8,962.982 million without FEC on 50:50 cost sharing basis between Federal Government and Government of Punjab with condition of confirmation of Punjab Government cost share.

A project submitted by the Ministry of Water Resources, namely “Construction of Awaram Dam (Revised)” was also submitted for the approval of ECNEC. The project was approved at a cost of Rs. 23, 579.263 without FEC. It will be executed in District Awaran of Balochistan by the Irrigation Department, Government of Balochistan. Moreover, the project is to be financed through Federal and Provincial Government on 80:20 cost sharing basis.

Another project of Ministry of Water Resources regarding “Construction of Panjgur Dam in District Panjgur, Balochistan” was also approved by the ECNEC at a revised cost of Rs. 22,340.59 without FEC. The project is to be financed by both Federal and Provincial Governments on 80:20 cost sharing basis. This project will also be executed by the Irrigation Department, Government of Balochistan in District Panjgur.

A project of Government of Sindh regarding “Construction/Re-construction of Existing Schools in Sindh affected under Rain/Flood 2022 in Sindh (1800 units)” was also considered and approved at a cost of Rs. 12,338.294 million with 50:50 cost sharing basis between Federal Government and Government of Sindh with the condition to fulfill the uncompleted observations in accordance with the decision of CDWP. The project is to be executed by School Education & Literacy Department (SE&LD) Sindh in various Districts of Sindh. The project is to be financed through PSDP (2023-24).

Lastly, an already approved Project of Government of Sindh, namely “Sindh “Solar Energy Project (SSEP)” with an updated cost of Rs. 27,418.13 million was also reconsidered. The meeting was updated on the site of implementation of the project and substantially savings in the electricity units.

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

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production 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, SAPM on Revenue Mr. Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Jehanzeb Khan, Coordinator to PM on Economy Bilal Azhar Kiyani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.

The summary of Finance Division regarding SME Asaan Finance (SAAF) Scheme was submitted for consideration of the ECC. The ECC approved the proposed revised features of the scheme and its budgetary impact as proposed by SBP.

The ECC considered a summary of Ministry of Industries and Production regarding Urea fertilizer requirement for Rabi season 2023-24. Considering the recommendations/proposals given by Fertilizer Review Committee (FRC), the ECC decided that the SNGPL based plants i.e. Fatima Fertilizer (Sheikhupura) and Agritech may be allowed to operate beyond 31st August, 2023 till 15th October, 2023.

A summary submitted by Pakistan Atomic Energy Commission regarding the issuance of GoP Guarantee for Chashma Nuclear Power Project Unit -5 (C-5). The ECC decided to allow the issuance of gradual sovereign Guarantee for Chasma C-5 project within IMF program.

Ministry of National Food Security & Research submitted a summary for extension of Financial Schemes of Kissan Package 2022. The ECC after discussion allowed extension in time period as per fiscal space available till 31 December, 2023 to Financing Schemes of Kissan Package including the following:
i. Provision of subsidy for interest-free loans for subsistence farmers in flood affected areas.
ii. PM’s Youth Business and Agriculture Loan Scheme (PMYBALS)
iii. Markup Subsidy & Risk Sharing scheme for Farm Mechanization (MSRSSFM)
iv. Interest Free Loan to landless farmers in the flood affected areas.

The ECC also considered a summary of Ministry of Industries & Production regarding North Waziristan District (NWD) Single Entity Export Processing Zone. It was decided that Mineral Lease located in Muhammad Khel for area of 30 Sq. Km (ML – 30) and Exploration Lease located in Manzar Khel for area of 101 Sq. Km (EL-101) be declared as NWD Single Entity Export Processing Zone under Section 2 (k) of the EPZA Ordinance 1980.

The ECC also considered and approved a summary of Ministry of Aviation on state support agreement for the outsourcing of Islamabad International Airport through international competitive bidding.

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

Federal Minister for Aviation and Railways Khawaja Saad Rafique, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, CEO Public Private Partnership Authority, DG Pakistan CAA, IFC team and other government officials attended the meeting.

The Committee was briefed about the latest status of outsourcing of Islamabad Airport transaction for advertisement has been published in all leading local and international newspapers.

Finance Minister Senator Muhammad Ishaq Dar appreciated the efforts and contribution of all the members of the Committee which has made the plan of outsourcing possible in order to bring the best international aviation practices and services at Pakistani airports.

Minister for Aviation Khawaja Saad Rafique also thanked the Finance Minister, on the behalf of all the authorities involved, for his continuous support during the entire process.

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

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal secretaries and senior government officials attended the meeting.

The CCoP considered the proposal of Privatisation Commission regarding inclusion of Pakistan International Airlines Co. ltd (PIACL) in the privatisation progarmme. The CCoP after deliberation decided to include Pakistan International Airlines Co. Ltd (PIACL) in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament.

Privatisation Division presented a summary on detailed update regarding privatization of Roosevelt Hotel. The CCoP after discussion gave concurrence to the Privatization Commission for hiring of Financial Adviser to process/structure transaction of Roosevelt Hotel, New York, an asset of PIA Investment Limited (PIA-IL).

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

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Information and Broadcasting Maryam Aurangzeb, 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, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.

The ECC was considered a summary of Finance Division regarding revision in Home Remittance Incentive Schemes. The ECC after discussion approved the proposal of changes in the contours of six incentives schemes of SBP in order to improve the inflow of remittances, and to get optimal remittance inflow through formal channels.

The ECC considered and noted the comprehensive report on damaged wheat of PASSCO due to rainfall and floods 2022 presented by Ministry of National Food Security & Research.

ECC also considered a summary of Ministry of Energy (Power Division) regarding a contract with TAVNIR Iran for the purchase of 104MW electricity. The ECC approved the amendments in the contract with TAVANIR related to extension of Tariff for existing supply of 104MW (Jackigur-Mand) from 1st January 2022 to 31st December 2024, negotiating tariff for additional supply (Polan-Gabd) and tariff agreed for additional supply of 100MW through Polan-Gabd Transmission Line from 16th March 2023 to 31st December 2024.

The ECC also considered and approved another summary of Power Division regarding application of uniform tariff for KE consumers by way of tariff rationalization. The ECC approved tariff rationalization for K-Electric by way of adjustments that shall be applicable on the consumption of April, May, and June 2023 to be recovered from consumers in three months (July, August, and September 2023), respectively.

The ECC also considered and approved the summary of Ministry of Energy regarding proposed amendments in Transmission Line Policy 2015 (the TL Policy 2015) for inclusion of ancillary services projects in its scope.

The summary of Ministry of Industries and Production regarding continuation of Prime Minister’s Relief Package of five essential items on subsidized rates through Utility Stores Corporation (USC) for FY 2023-24 for 10 months from 1st August, 2023 to 30th June, 2024 (excluding month of Ramzan) was approved with direction that there should be no increase in the price of Atta.

The ECC also considered and approved following Technical Supplementary Grants:

1. Rs. 3000 million in favor of Ministry of Information & Broadcasting for Prime Minister’s Health Insurance Scheme for Media Workers, Journalists and Artists and Provisions of Film Finance Fund to MOIB.

2. Rs. 500 million in favor of Ministry of Defence for Defence Services for security related requirements of JSHQ, during FY 2023-24.

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

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pahsa, Secretary Maritime Affairs, Secretary Law & Justice, and other senior officers attended the meeting.

The CCoIGCT considered and reviewed the progress of the negotiation committee which held its negotiations on 4 and 5th August, 2023, on the commercial agreement between KPT and AD Ports UAE for the development of Bulk and General Cargo Terminal at East Wharf, Karachi Port and directed the negotiation committee to re-engage with AD Ports UAE to improve the terms offered by AD Ports UAE.

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

Federal Minister for Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved a Punjab Government project titled “Developing Resilient Environment and Advancing Municipal Services (DREAMS-I)” at a cost of Rs. 64,480.646 million (USD 225 million) including ADB loan of Rs. 51,584.517 million (USD 180 million) and local component of Rs. 12,896.129 million (USD45 million) by the Punjab government. The project will enhance climate resilience and urban living and health conditions for about 2.9 million in Rawalpindi and Bahawalpur cities of Punjab province.

The ECNEC also considered project regarding Prime Minister’s National Programme for Solarization of agriculture Tube wells in Sindh, Punjab, Khyber Pakhtunkhwa and Baluchistan provinces and allowed to include Islamabad Capital Territory(ICT) rural areas into its scope.
The ECNEC considered and approved a revised/updated project of Sindh Government titled “ Karachi Neighborhood Improvement project (KNIP)” at the cost of Rs. 18,805.577 million (USD 85.610 million) including World Bank loan of Rs. 16,709.389 million (USD 76.067 million). The revised/updated project envisages the improvement/up gradation of infrastructure of Karachi City in Karachi South, Korangi and Malir districts.

The ECNEC considered and approved a project of Gilgit –Baltistan Government tilted “Rural Development and Climate resilience Project” at updated cost of Rs. 16,264 million with foreign financing of Rs. 1,1067 million. The project envisages to improve sustainability of living conditions and resilience to climate change and natural disasters of Gilgit-Baltistan households and communities.

The ECNEC also considered and approved a project titled “Feasibility/cost estimate for Dualization of Sialkot-Eminabad Road upto Kamoki including link to Motorway: 65 kms”at the cost of Rs. 10,825.113 million with 50% cost sharing between Federal and Punjab Govt and decided that National Highway Authority (NHA) to execute the project.

Planning Commission submitted a summary regarding Outsourcing of Islamabad International Airport (IIA) under PPP mode to undertake modernization of existing infrastructure of Islamabad International Airport and associated facilities by attracting private sector participation , bringing in international expertise to improve service quality and efficiency and implementing the latest international standards to stimulate aviation activities and growth. The ECNEC approved the project proposal.

Mr. Cao Shudong, Vice President, China National Nuclear Corporation (CNNC) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, PAEC team, CNNC team and senior officials from Finance Division attended the meeting.

The meeting discussed China-Pakistan Cooperation in the field of nuclear energy projects including and construction of Chasma Nuclear Power Plant (C-5) of 1200 MW capacity in Mianwali district with Chinese credit.

The Finance Minister appreciated the Chinese leadership for extending support to Pakistan in different fields of development and growth. The Finance Minister extended full GoP support to CNNC in timely construction and completion of nuclear power plant, which shows the bondage and deep rooted friendship between Pakistan and China.

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

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

The meeting conversed about the ongoing issues in the Energy sector, particularly the issue of Circular debt in the gas sector, and discussed and finalized modalities and framework to be followed in order to bring sustainability in the energy sector including reduction in the circular debt in gas sector. The Finance Minister reiterated the priority of the government to address the issues of the energy sector to improve the macro-economic indicators of Pakistan and to enhance economic growth of the country

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

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Power Mr. Khurram Dastgir Khan, SAPM on Finance Mr. Tariq Bajwa, SAPM Revenue Mr. Tariq Mehmood Pahsa, Secretary Maritime Affairs, Secretary Law & Justice, Special Secretary Finance, Chairman KPT and his team and other senior Govt officers attended the meeting.

The CCoIGCT considered a summary of Ministry of Maritime Affairs regarding Commercial Agreement between AD Ports UAE and KPT for Out-sourcing of the operations of Bulk and General Cargo East Wharf Karachi Port. The CCoIGCT after discussion approved the Price Discovery Mechanism in the light of discussion and constituted a committee to negotiate and frame a commercial agreement to be signed between the nominated agencies of the UAE and Pakistan for the development of Bulk and General Cargo Terminal at East Wharf, Karachi Port.

British High Commissioner to Pakistan, H.E Ms. Jane Marriott CMG OBE, called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Mohammad Ishaq Dar extended warm welcome to the newly appointed High Commissioner H.E Ms. Jane Marriott. The Finance Minister underscored the significance of long historic ties between Pakistan and the United Kingdom and discussed the avenues available for both countries to expand these relations further for mutual gains of the two sides.

The Finance Minister also apprised her of the overall economic outlook of the country and the challenges faced by the outgoing government during its tenure. He also shared the measures and policy decisions taken by the Government to overcome those challenges that resulted in putting the economy of the country on stability leading to a positive trajectory. The two sides further discussed the current macro-economic situation of the world as well as Pakistan.

The British High Commissioner reciprocated the sentiments about long-standing relations between the two countries and expressed the desire of the British authorities to further foster the bilateral relations between the two countries in various fields.

Finance Minister Senator Mohammad Ishaq Dar extended his support and cooperation to the British High Commissioner.

A delegation of Pakistan Cricket Board (PCB) headed by Chairman Muhammad Zaka Ashraf called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

SAPM- Revenue Tariq Mehmood Pasha, senior officers from Finance and PCB team attended the meeting.

Chairman PCB Muhammad Zaka Asharf apprised the Finance Minister of matters related to PCB and hosting of Men’s ODI Asia Cup-2023, jointly by Pakistan and Sri Lanka in August-September, 2023.

Finance Minister Senator Mohammad Ishaq Dar reiterated the Govt of Pakistan’s support and cooperation to encourage sports activities all over the country, especially Cricket which is becoming more popular among youth.

The Finance Minister further extended full cooperation of the Government to make the Asia Cup 2023 event successful.

H.E Dr. Samuel Rizk, Resident Representative UNDP called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division today.

SAPM on Revenue Me. Tariq Mehmood Pasha, Ms. Ammara Durrani, Assistant resident representative UNDP, Special Secretary Finance and senior officers from Finance Division attended the meeting.

Finance Minister Senator Muhammad Ishaq Dar welcomed Dr. Samuel Rizk and shared the economic outlook of the country and measures taken by the Government for achieving economic stability and growth. He informed that the government has introduced reforms in various sectors for tackling persistent outstanding structural issues with a special focus on sustainable and inclusive growth.

Dr. Samuel Rizk, Resident Representative UNDP discussed the ongoing institutional arrangements by UNDP regarding the Climate Resilient Pakistan and rehabilitation initiatives in flood affected areas. The UNDP team further extended support to the government for mobilizing SDG investments and climate financing for development.

Finance Minister Senator Muhammad Ishaq Dar appreciated the key role of UNDP as development partner in helping Pakistan to achieve the fast track Sustainable Development Goals (SDGs) and reiterated the commitment of GoP on achievement of SDGs. The Finance Minister also appreciated UNDP in mobilizing global support for rehabilitation work in flood affected areas in Pakistan.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of the steering Committee on outsourcing of airports, at Finance Division, today.

Federal Minister for Aviation and Railways Khawaja Saad Rafique, Minister for Commerce Syed Naveed Qamar, Minister for Law & Justice Azam Nazir Tarar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Mohammad Jehanzeb Khan, Secretary Aviation, CEO Public Private Partnership Authority, DG Pakistan CAA, IFC team, government officials and representatives of Civil Aviation Employees Union attended the meeting.

The representatives of Unions of Civil Aviation Employees put forward their concerns on outsourcing of airports especially related to their job security.

The Cabinet Committee listened the issues of the employees and assured them that the Government has already taken into consideration all the matters related to transition of management services and have addressed all the matters put forward by the unions especially job security.

Finance Minister Senator Ishaq Dar extended full support to the employees and reiterated that the Government will not leave any vagueness in the process of outsourcing and everything will be taken care of with full consideration about the employees and their future.

The team of representatives of all Unions of employees of Civil Aviation thanked the Finance Minister for his support and cooperation.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the Ist meeting of the Committee constituted for the Development and Management of Hazrat Bari Imam Shrine/Complex, at Finance Division, today.

SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Gen ® M. Afzal Janjua, Mr. Hanif Abbasi Ex-MNA, Raja Sarfraz Akram, Mr. Gauhar Zahid Malik, Chairman CDA, Deputy Commissioner ICT, and others participated in the meeting.

The Committee discussed and decided to hold the Urs Mubarak of Hazrat Bari Imam R.A. on 15-16 and 17 August, 2023. The Urs will be concluded with Dua on 17th August, 2023. The Urs Mubarak for this year is being held with the gap of 16 years and it is also been decided by the Committee that hence onwards the Urs Mubarak will be regular annual feature on these dates.

H.E. Duarte Pacheco, President Inter-Parliamentary Union (IPU), along with a delegation of representatives of International Parliamentarians’ Congress (IPC), called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Ishaq Dar warmly welcomed the H.E. Duarte Pacheco, President Inter-Parliamentary Union (IPU) on his visit to Pakistan and shared that Pakistan values its partnership with the IPU and provides regular support through its candidacy at International Organization in pursuit of global peace, prosperity, and economic stability. The Finance Minister also informed about the recent economic and financial measures taken by the government which have put the financial position of the country on an upward trajectory. The Finance Minister also mentioned that keeping in view its Strategic position in the region, Pakistan’s vision is to make the country regional hub for trade and energy corridors as well as destination of choice for industrial production and IT services and for this reason Pakistan values its trade ties with all the regional countries.

IPC H.E. Duarte Pacheco, President Inter-Parliamentary Union (IPU), appreciated the role that Pakistan and its Parliamentarians has been playing through the platform of the IPU and IPC in ensuring the common aspirations of people across the world, particularly in terms of peace, security, human rights, and sustainable development. He further expressed the resolve of IPU to further strengthen the engagement of Parliamentarians and ensure adequate representation from across the globe for the betterment of the world in terms of peace, security, and economic development.

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

The delegation consisted of H.E. Abdel Rehman Maaia Member IPC from Jordan Parliament, H.E. Saran Traore Member IPC from Guinea Parliament, H.E. Nagiyev Arzu Member IPC from Azerbaijan Parliament, Ms Sitara Ayaz Former Member IPC from Senate of 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 Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved revised project of Ministry of Communication titled “Dualization of Rawalpindi –Kahuta road ( 28.4 kms) including 4-lane bridge over Sihala Railway pass, Sihala bypass and Kahuta bypass ” at a revised rationalized cost of Rs. 23,545.021 million on financing share of 50:50 basis by the Federal and Provincial Govt. The project will be executed by NHA.

The ECNEC considered a revised project of Ministry of Defence Production titled “Infrastructure Up-gradation of Karachi Shipyard and Engineering Works (KSEW).” The project envisages renewed underwater repair capability and concrete rehabilitation/up-gradation works for restoration of existing two dry Docks for ships/ submarines. The ECNEC approved the project at a revised updated cost of Rs. 10,689.807 million including FEC of Rs. 4,934.564 million.

The ECNEC considered and approved a project titled “Construction of Abdul Khel – Dhakhi- Kallurkot (45 kms) road” at a cost of Rs. 14,257.294 million without FEC. The project will be executed by NHA in Dera Ismail Khan district of KPK at 50:50 cost sharing between the Federal Govt and KPK Govt.

The ECNEC considered revised project of Ministry of Water Resources titled “Garuk Storage Dam, district Kharan” to be executed by Irrigation Department, Balochistan Government in Kharan district. The project aims at mitigating and storing flood waters of Garuk River and providing water for irrigation. The ECNEC approved the revised project at a cost of Rs. 27,753.763 million without FEC.

The ECNEC also considered and approved another project of Ministry of Water Resources titled “Remodeling of Pat Feeder Canal System in Baluchistan, district Naseerabad ” at a cost of Rs. 61,793.367 million without FEC. The project will be financed through Federal and Provincial Government on 80:20 cost sharing basis.

The ECNEC considered and approved a project of Pakistan Atomic Energy Commission (PAEC) titled “Chasma Nuclear Power Project Unit-5 (C-5)” at a rationalized cost of Rs. 1,047,988.84 million with FEC of Rs. 187,098.96 million and Chinese credit of Rs. 820,742.99 million to install a nuclear power plant of 1200 MW capacity in Mianwali.

The ECNEC also considered and approved in principle a project of Sindh Government on Construction/Re-construction of Existing Schools in Sindh affected under Rain/Flood-2022 in Sindh at a cost of Rs. 12,338.294 million, with 50:50 cost sharing basis between Federal and Provincial Governments.

The Planning Commission submitted a project of Federal Board of Revenue titled “Investment Project Financing (IPF) Component of Pakistan Raises Revenue Project” at a cost of Rs. 21,518.677 million ( i-e US$ 80 million World Bank loan) to enhance tax to GDP ratio. Under the project, mobile facilitation centers will be established in phased manner. The ECNEC approved the project.

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

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

The ECC considered a summary of Ministry of Industries and Production on provision of free Atta under Prime Minister’s gift Atta initiative during Ramzan and approved an amount of Rs. 985.43 million spent by the Utility Stores Corporation (USC) under the Prime Minister’s free Atta scheme during Ramzan in last financial year 2022-23. The scheme was launched on 18th March, 2023 and continued till 16th April, 2023.

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

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Climate Change Senator Sherry Rehman, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.

Ministry of National Food Security & Research submitted a summary for allocation of PASSCO’s Wheat amongst recipient agencies/ provinces /areas for the year 2023-24 and informed that the recipient agencies have made their demand of 2,488,000 MT for the food year 2023-24. The ECC after discussion allowed allocation of wheat amongst the recipients @ 50% local and 50% imported on weighted average price of the stock. The ECC further directed that all recipients would pay full price of wheat and incidental charges of PASSCO as there would be no financial liability on part of the federal govt for supply of the wheat to the respective provinces/entities. The ECC also directed the provincial governments to pay the pending liabilities of Rs. 149 billion of PASSCO before signing of MoU for the procurement of wheat for the current year.

The ECC considered and approved summary of Ministry of Industries and Production regarding amendments in the EPZA Rules, 1981 and EPZs ( Control of entry and Exit of Persons and Goods) Regulations, 1994, to allow import of construction material from tariff area into EPZs of Northern region (Sialkot, Gujranwala and Risalpur) as well as all future EPZs in local currency instead of foreign convertible currency for their speedy colonization and achievement of optimum export targets, with condition that this relaxation would be for locally manufactured products by Pakistani entrepreneurs for a period of next five years.

Power Division submitted a summary for approval of commissioning of 1263 MW CCPP- Punjab thermal Power (Pvt) Limited Jhang. The ECC after discussion approved the proposal of deferment of performance tests on HSD as required by the Govt of Punjab and declaration of Commercial Operation Date (COD) of Punjab thermal Power (Pvt) Limited on RLNG upon successful completion of Commissioning Test testing on RLNG; and in case of non- availability of RLNG fuel, PTPL shall be treated on forced outages under the PPA till the successful testing of the power plant on HSD fuel.

Petroleum Division submitted a summary regarding allocation of condensate to Attock Refinery Limited and its freight charges adjustment through IFEM. The ECC after discussion approved the proposal and allowed reallocation of 5,000 BPD condensate to ARL from UEPL’s Naimat Facility.

Ministry of National Health Services, Regulations and Coordination submitted a summary regarding fixation of Maximum Retail Prices of 26 new drugs. The ECC afer detailed discussion approved fixation of Maximum Retail Prices (MPRs) of Twenty Five ( 25) new drugs.

The ECC also approved following Technical Supplementary Grants:

i. Rs, 47,149 million as TSG in favour of Ministry of Housing and Works for execution of development schemes under SDGs Achievement Program (SAP) in Punjab, Sindh, Baluchistan and KPK provinces.

ii. Rs. 10 billion as TSG in favour of PM’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) surrendered from PM’s Youth Program for small loans.

iii. Rs. 2,725 million as TSG in favour of Power Division for execution of development schemes of Punjab, Sindh, KPK and Baluchistan provinces under Sustainable Development Goals Achievement Program (SAP).

iv. Rs. 1,016.000 million as TSG in favour of Petroleum Division for execution of gas schemes in Punjab province under SAP.
v. Rs. 80 million as TSG in

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

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

The CCoIGCT considered summary of Ministry of Maritime Affairs regarding G2G agreement between the Governments of UAE & Pakistan on Cooperation for the Development of Bulk and General Cargo Terminal at East Wharf at Karachi Port under Inter-Governmental Commercial Transaction Act, 2022. The Committee approved G2G draft Framework Agreement for the ratification of the Federal Cabinet. The agreement will be signed between the governments of the UAE and Pakistan.

Ambassador of the Islamic Republic of Iran to Pakistan H.E. Mr. Reza Amiri Moghaddam called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Ishaq Dar warmly welcomed the Ambassador and extended felicitations on assuming the charge of Ambassador in Pakistan. The Finance Minister extended blessings to the Iranian leadership and people on the start of new Islamic year. The Finance Minister highlighted deep rooted historical relations between Pakistan and Iran based on age old commonalities.

Ambassador H.E. Mr. Reza Amiri Moghaddam also reciprocated the historical relations between the two countries and stressed upon the potential held by both countries for mutual cooperation. He appreciated the cooperation and support of the present government in enhancing the bilateral relations in trade and economic fields.

The two sides discussed in details various fields for mutual cooperation including trade, investment and security between the two countries. They discussed enhancing trade relations by activating the recently inaugurated border markets and opening of three more border markets between the two countries in order to achieve the optimal trade volume through the border trade mechanism and removing technical hurdles in enhancing trade relations between the two countries.

Collaboration in the banking sector between the two countries also came under discussion as the heads of central banks of two countries would meet next week in Pakistan to discuss and sort out the issues related to banking cooperation.

The Finance Minister and the Ambassador appreciated the decisions of Joint Economic Ministerial Commission, which convened after 5 years and stressed upon fast track implementation of actions to enhance bilateral trade and economic ties between the two countries.

The two sides also discussed Iran-Pakistan Gas Pipeline and stressed on resolving technical hurdles mutually for the benefit of both the countries.

The two sides also lauded the mutual support and cooperation for each other on international forums.

Finance Minister Senator Mohammad Ishaq Dar extended his support and cooperation to the Ambassador of Iran during his tenure in Pakistan.

H.E. Mr. Reza Amiri Moghaddam, Ambassador of Iran thanked the Finance Minister for his cooperation and support.

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

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

The ECC considered and approved a summary of Election Commission of Pakistan regarding the demand for funds of Rs. 42.528 billion as TSG for conduct of General Elections in FY 2023-2024. The ECC allowed Rs. 10 billion as first release and further release on need basis.

The ECC also approved a Technical Supplementary Grant (TSG) of Rs. 200 million in favor of the Special Investment Facilitation Council (SIFC) of PM Secretariat, which has been established to attract investment from GCC and other countries in the fields of Defence, Agriculture, Mineral, IT, and Energy.

The ECC considered a summary of Ministry of Information & Broadcasting regarding charging electricity rates to Cinema houses. In order to revive the film industry in Pakistan, the ECC approved the proposal that Cinemas may be charged electricity as per rates admissible to industry .

The ECC also considered a summary of Ministry of Commerce regarding export of vegetable ghee/cooking oil from export processing zones to Afghanistan through land route and approved omission of Para 7(6) and para 7(7) of Export Policy Order (EPO) -2022, which specifies the conditions for exports to Afghanistan. The ECC further allowed amendment in Schedule –II of EPO-2022 to the extent of removing the exception regarding export of vegetable ghee/cooking oil from EPZs, manufacturing bonds and export oriented units to Afghanistan.

The ECC also considered a summary of Ministry of National Food Security & Research regarding the revision of Cess rates of Tobacco for the year 2023-24. The ECC approved revised Cess rates for the year 2023-24 as par Section 9 of PTB Ordinance 1968, on the basis of MIPs for the year 2023-24 as follows:

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

Federal Minister for Aviation and Railways Khawaja Saad Rafique, Minister for Commerce Syed Naveed Qamar, Minister for Law & Justice Azam Nazir Tarar, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, CEO Public Private Partnership Authority, DG Pakistan CAA, IFC team and other government officials attended the meeting.

IFC, transaction advisor apprised the meeting of the progress on the working. The meeting unanimously decided and allowed Ministry of Aviation to proceed further for tendering of the outsourcing of the first airport i.e. Islamabad Airport in order to improve service delivery in line with the best industry practices.

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

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

The ECNEC considered and approved a Project of Ministry of Planning, Development, and Special Initiatives titled “Prime Minister’s Laptop Scheme” to be executed by Higher Education Commission (HEC) in Islamabad at a rationalized cost of Rs.16,801.230 million including FEC of Rs. 15,166.250 million. The project is to be financed by the Federal Government. The project is to be completed within two years i.e. 2023-2025.

The ECNEC also considered and approved a project of Aviation Division titled “Modernization of Hydromet Services of PMD in Pakistan (MHSP)” at a cost of Rs. 14,498.875 million to be executed in the whole country by Pakistan Meteorological Department. The project is financed by World Bank as a component of “Post-flood 2022 Reconstruction Program”.

A project of Ministry of Water Resources titled “Water Requirement for K-IV Project Improvement of Kalri Baghar Feeder & Keenjhar Lake – Plain Cement Concrete (PCC) Lining of Karli Baghar Feeder Upper-Phase-I Project ” to be executed in District Jamshoro & Thatta of Sindh Province was also considered and approved. The cost of the project is estimated to be Rs. 39,942.559 million and it is to be financed at a 50:50 sharing basis by the Federal and the Provincial Government (Govt. of Sindh). The project is to be executed by the Irrigation Department of Government of Sindh.

ECNEC considered and approved a project of Govt of Punjab titled “Lahore Ring Road-Southern Loop (SL-3) Construction of Road from Raiwind Road upto Multan Road” at the total cost of Rs. 17,785.850 million without FEC. The project is to be executed in the District Lahore of Punjab Province by C&W Dept Govt. of Punjab and is to be entirely financed by the Government of Punjab ADP.

The ECNEC also considered and approved a summary of Ministry of National Food Security & Research regarding project titled “Prime Minister’s National Programme for Solarization Agriculture Tube Wells Punjab, Sindh, KPK, and Balochistan” and allowed inclusion of existing pumping systems on small dams, ponds, and river/stream/nullah ponds, serving the same purpose as tube-wells.

A project of Ministry of Communications was also considered and approved by the ECNEC titled “Construction of Khawazakhela – Besham Expressway (48Km)” at a cost of Rs. 79,130.878 million without FEC. The project is to be executed by National Highway Authority in Districts of Shangla and Swat of KPK Province. The project is to be financed entirely through Federal PSDP.

Another project of Ministry of Federal Education & Professional Training titled “Pakistan Education Fund” was considered and approved in principle at a cost of Rs. 14000 million to be executed all over Pakistan by Higher Education Commission, NEST, and M/o FE&PT. The project is to be financed by Federal PSDP 2023-24, to provide scholarships.

Lastly, another project of Ministry of Communications titled “Lahore-Sahiwal-Bahwalnagar Motorway (295 Kms) Phase –I” was also considered and approved at a cost of Rs. 263,795.863 million to be executed in Districts Bahawalpur, Kasur, Lahore, Okara, Pakpattan, Sahiwal of Punjab Province. The project is to be financed by Federal PSDP.

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

Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, 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 Maritime Affairs, Secretary Law & Justice, Secretary Commerce and other senior officers attended the meeting.

The CCoIGCT considered summary of Ministry of Maritime Affairs regarding G2G agreement between the Governments of UAE & Pakistan on Cooperation for the Development of Bulk and General Cargo Terminal at East Wharf at Karachi Port Trust (KPT) under Inter-Governmental Commercial Transaction Act, 2022. The Committee after detailed discussion allowed negotiations on Framework Agreement and constituted a committee comprised of Secretary Law & Justice, Secretary Maritime Affairs, representatives from Ministry of Foreign Affairs and Finance to negotiate the draft framework agreement with the Government of UAE.

A Delegation of Asian Development Bank (ADB) led by Country Director Mr. Young Ye, 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 senior officers from Finance Division and ADB team participated in the meeting.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and appreciated the valuable role of ADB in promoting sustainable development in Pakistan. The Finance Minister apprised the delegation of the current economic outlook of the country and also briefed about the recently concluded Standby Arrangement (SBA) with IMF.

The Finance Minister shared reform priorities of the government in the areas of domestic revenue mobilization, energy sector reforms, and women inclusive finance. Timely implementation of the ongoing development projects funded by ADB was also discussed in the meeting. The Finance Minister further reiterated the commitment of the government to fulfill all the international obligations well within time and expressed the commitment of the Government to complete the SBA.

Mr. Young Ye, Country Director of ADB appreciated the reforms and policy decisions introduced by the government in important economic sectors for achieving sustainable economic development. The Country Director,ADB congratulated FM on reaching the agreement with IMF and related positive developments in Pakistan’s economy since the approval of SBA by the IMF Board that included the outstanding performance of stock market, improvement in Pakistan’s global ratings, strengthening of Pak- Rupee vis-à-vis US dollar , etc. He also extended ADB’s support to Pakistan specifically for enhancing food security in the country and rehabilitation of the flood affectees.

The delegation also thanked the Finance Minister for ensuring fast track progress of various development projects being executed by ADB.

In the end, the Finance Minister expressed his profound gratitude to ADB management for their persistent and unflinching support and cooperation to Pakistan on multiple fronts.

H.E. Mr. Brent Neiman, Deputy Under Secretary of the US Department of Treasury along with H.E. Mr. Donald Blome Ambassador of the United States of America to Pakistan called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Muhammad Ishaq Dar warmly greeted H.E. Mr. Brent Neiman and highlighted the deep rooted historic and durable bilateral relations with the United States on economic and trade fronts. The Finance Minister thanked the US administration and the US Department of Treasury for their role in the conclusion of agreement with the IMF. The Finance Minister also apprised of the economic policies and programmes taken by the government in order to set the economy from stability to growth. He further updated the US delegation on the talks held with the IMF and informed them on the GoP’s firm commitment to complete the SBA.

H.E. Mr. Brent Neiman appreciated the steps taken by the government in implementing timely reforms in the fiscal as well as monetary policy. He further stressed on the continuity of these actions and policies in order to keep Pakistan on a positive economic trajectory.

H.E. Mr. Brent Neiman also highlighted the importance of economic and trade relations between the US and Pakistan. He added that Pakistan has been a significant partner of the US global ties. He also appreciated the exports potential of Pakistan and expressed the desire of the US to further strengthen ties with Pakistan especially in terms of trade and finance.

Finance Minister Senator Ishaq Dar appreciated the support and cooperation of the US and reiterated the desire of the government to further deepen bilateral economic and trade ties with the US.

Mr. Sirajuddin Aziz, Banking Mohtasib/Ombudsman (Designate) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at Finance Division, today.

Finance Minister Senator Ishaq Dar greeted the guest and extended his best wishes to him. The Finance Minister further expressed confidence in his experience that would bring more transparency in the banking sector as well as efficient and just settlement of the complaints and grievances of the customers.

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

Federal Minister for Aviation and Railways Khawaja Saad Rafique, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, CEO Public Private Partnership Authority, DG Pakistan CAA, IFC team and other government officials attended the meeting.

During the meeting, IFC, transaction advisor, briefed the meeting with the latest status and progress on the matter. The meeting discussed the broad parameters and issues to be resolved for fast tracking the outsourcing of the first airport in order to improve service delivery in line with best industry practices.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on the establishment of Pakistan Sovereign Wealth Fund, today.

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

As announced by the Finance Minister Senator Mohammad Ishaq Dar in his budget 2023-24 speech in the Parliament, the meeting reviewed the draft bill for the establishment of Pakistan Sovereign Wealth Fund for optimal leveraging and better management of GoP assets in the country in line with international standards, policies and practices. The establishment of the fund is authorized under the Public Finance Management Act- 2019.

The meeting deliberated upon technicalities involved, finalized the draft law and decided to it to Ministry of Law and Justice for legal opinion and further necessary action.

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

Federal Minister for Aviation and Railways Khawaja Saad Rafique, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Aviation authorities, IFC team and senior officers from Finance Division attended the meeting.

During the meeting, IFC, transaction advisor, briefed the meeting with the latest status and progress on the matter.

Finance Minister Senator Mohammad Ishaq Dar emphasized for receiving roadmap with timelines for moving forward on fast track for outsourcing the first airport in order to improve service delivery and match best international aviation practices in 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 Commerce Syed Naveed Qamar, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Senator Nisar Ahmad Khuhro, Mr. Himayatullah Khan Advisor Finance KP Govt, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting.

The ECNEC considered and approved a Project of Ministry of National food Security & Research titled “Prime Minister’s National Programme for Solarization of Agriculture Tube wells” in Punjab, Sindh, KPK, and Baluchistan at a cost of Rs. 377,236.275 million with a gestation period of three years. Phase-I of the project will consist Rs. 90 billion including 30 billion of PSDP and equivalent share by provincial governments as well as beneficiary farmers for financial year 2023-24. This project is to enhance agricultural productivity through clean and green energy by converting the existing 100,000 tube wells into solar PV system. The project is to be executed by Ministry of National Food Security through Federal Water Management Cell (FWMC) and Provincial Departments of Agriculture.

The ECNEC also considered and approved a project of Government of KPK titled “Khyber Pakhtunkhwa Rural Investment & Industrial Support Project (RIISP) to be executed by Govt. of Khyber Pakhtunkhwa in District Bajur, Khyber, Kurram, Mohmand, North Waziristan, Orakzai, South Waziristan, and erstwhile FR regions at a cost of Rs. 110,700 million including IDA loan of USD 300 million from World Bank and Govt. of Khyber Pakhtunkhwa share of Rs. 29, 700 million (in kind). The project will be completed in two phases i.e. Phase-I is six years (2023-2029) and Phase-II is also six years (2029-2031).

The ECNEC also considered and approved revised PC-I of on-going project of Sindh Government titled “Sindh Solar Energy Project (SSEP)” executed in the Sindh Province by Energy Department of Govt. of Sindh at a revised cost of Rs. 27,418.13 million including FEC of Rs. 24,265.57 million. The project is to be financed through WB loan i.e. IDA credit of US$100 million (95.2%) and US$5 million by Govt. of Sindh (4.7%). This on-going project will improve energy security and fulfill Pakistan’s international commitments on climate change.

The ECNEC further considered and approved a project of Ministry of Energy (Power Division) titled “Evacuation of Power from 800 MW Mohmand Dam HPP to the National Grid (PC-I)” at a rationalized cost of Rs. 14,319.18 million including FEC of Rs. 6,318.38 million. The source of Financing of the Project is Asian Development Bank. The project is to be executed by National Transmission & Despatch Company (NTDC) in the districts Nowshera, Peshawar, and Mohmand of Khyber Pakhtunkhwa Province.

The ECNEC also discussed and approved a project of Ministry of Communications titled “Construction of Lahore Bypass from Kalashah Kaku Exit to KLM to Multan Road near Radio Station (40km approx)” at a rationalized cost of Rs.34,446.585 million without FEC. The project is to be executed by National Highway Authority (NHA) in districts Lahore and Sheikhupura of Punjab Province. The project is to be financed entirely by the Federal government PSDP.

The ECNEC also considered and approved a revised project to be executed by Ministry of National Health Services, Regulation and Coordination and provincial health departments in collaboration with WHO and UNICEF titled “Emergency Plan for Polio Eradication” at cumulative cost of US$ 1,784.90 million, for polio eradication and make Polio free Pakistan.

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 Commerce Syed Naveed Qamar, Federal Minister for Privatization / Chairman Privatization Commission Mr. Abid Hussain Bhayo, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, Federal secretaries and senior officials attended the meeting.

The Privatization Commission submitted a summary regarding privatization of Services International Hotel (SIH) and updated the Committee on its privatization process. The CCoP after detailed discussion allowed Privatization Commission to proceed towards successful conclusion of SIH transaction with completion of transfer/mutation process in the name of the purchaser.

The Privatization Commission also presented a summary on privatization of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder. After detailed deliberations, CCoP decided to allow Privatization Commission to proceed with single source/negotiated transaction for Privatization of HBFCL with sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL).

The Privatisation Commission tabled a summary related to Budget Estimates of the Privatization Commission for Fiscal Year 2023-24 to the tune of Rs. 1248.8 million. The CCoP after detailed deliberation approved the summary.

The Privatisation Commission also presented summaries on privatisation of Pakistan Engineering Company (PECO) and privatization of Sindh engineering Limited (SEL) and briefed the meeting on their status. The CCoP after discussion deferred both the summaries with directions that Secretary Privatization Commission, Secretary Law & Justice and Secretary Industries & Production may hold mutual consultations and come up with future course of action in both cases.

The Privatization Commission also updated the CCoP on the status of privatization process of Roosevelt Hotel. The CCoP after discussion deferred the summary with direction to submit an update on the privation of Roosevelt Hotel after consultation with Aviation Ministry.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on matters related to restructuring of PIA, at Finance Division, today.

Federal Minister for Railways and Aviation Khawaja Saad Rafique, Minister for Commerce Syed Naveed Qamar, Minister for Planning Development and Special Initiatives Ahsan Iqbal, SAPM on Finance Mr. Tariq Bajwa, Secretary Aviation, Air Vice Marshal Mr. M. Amir Hayat, and senior officers from Finance and Aviation attended the meeting.

The team from Aviation Division briefed the Chair about operational and financial challenges being faced by the PIA authorities and gave a detailed presentation about the possible solutions and measures that can be taken for the resolution of those issues. The members deliberated upon the solutions available for restructuring of PIACL in order to enhance its performance and make it compatible with the international standards.

Finance Minister Senator Mohammad Ishaq Dar appreciated the way forward suggested and instructed the relevant authorities to develop a detailed road-map for presentation in the next meeting.

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

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

The Chair was briefed on the issues being faced by the Aviation sector pertaining to regulation, service provision, and security functions. The meeting discussed various legal solutions available and the necessary amendments required in the aviation laws/ordinances in order to enhance the capacity in aviation sector and to make it compatible with the international standards of aviation.

The Finance Minister instructed the relevant authorities to bring forward the appropriate legislation as soon as possible to ensure quick resumption of PIA flights to the USA, UK and the Europe.

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.

Finance Minister Senator Muhammad Ishaq Dar warmly greeted H.E. Mr. Donald Blome and appreciated the deep rooted historic and durable bilateral relations with the United States on economic and trade fronts. The Finance Minister also updated the Ambassador about successfully reaching the staff level agreement with IMF and communicated about the economic policies and priorities of the government in order to set the economy on the path from stability to growth.

H.E. Mr. Donald Blome expressed confidence in the policies and programmes of the government for bringing economic sustainability in the country. He also extended his support to further promote bilateral economic, investment and trade relations between the two countries. The two sides also exchanged views about areas of common interest and how the existing bilateral relations between the two countries can be enhanced further.

Finance Minister Senator Ishaq Dar appreciated the support and cooperation of the US and reiterated the desire of the government to further deepen bilateral economic and trade ties with the US.

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

Finance Minister Senator Muhammad Ishaq Dar warmly greeted the Charge de Affairs and appreciated the deep rooted historical bilateral relations between Pakistan and China. The Finance Minster further informed the Charge de Affairs about the progress on the 9th review with IMF stating that Pakistan has successfully reached the staff level agreement. He also apprised the Charge de affairs about stability in the economy and how the government is making efforts to preserve this economic stability and move the economy towards growth. Additionally, he appreciated the Chinese support to Pakistan on multiple fronts, and specifically thanked for the cooperation of Chinese Financial Institutions with Pakistan during last few months.

Ms. Pang Chunxue reciprocated the sentiments about the deep-rooted friendly relations between both countries. She also appreciated the efforts of the Government of Pakistan to bring economic stability in the country despite difficult economic circumstances. She further assured the Finance Minister that the Chinese Government will continue to support Pakistan.

The two sides also discussed the various avenues available for both countries to deepen bilateral relations in economic, trade, and financial sectors in order to expand the exiting cooperation to unprecedented levels.

In the end, Finance Minister Mr. Ishaq Dar expressed gratitude to Ms. Pang Chunxue, Charge’d Affairs for all the support and cooperation Pakistan has always been receiving from the leadership in Beijing.