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January 15, 2023 (PR No. 515)

POL Prices

Government of Pakistan has decided to reduce currrent Petrol price, whereas the price of High Speed Diesel has been maintaind during the fortnight starting from 16th January, 2024, as recommended by Oil and Gas Regulatory Authority (OGRA). The petroleum prices w.e.f. 16-01-2024, will be as follows:

Products
Existing Prices w.e.f.
01-01-2024
New Prices w.e.f
16-01-2024
(+) Increase/ (-)Decrease
MS (Petrol)
267.34
259.34
-8.00
High Speed Diesel
(HSD)
276.21
276.21
0.00
 
January 09 , 2024 (PR No. 514)

Federal Minister for Finance, Revenue and Economic Affairs chaired a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today. The meeting was attended by the Minister for Privatization and Inter Provincial Coordination Mr. Fawad Hasan Fawad, Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Deputy Chairman Planning Commission Dr. Muhammad Jehanzaeb Khan, Minister for Law and Justice, Water Resources and Climate Change Mr. Ahmed Irfan Aslam, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officers of the relevant ministries.

ECC was presented with five agenda an item of which first summary was from Intelligence Bureau for provision of additional funds of Rs. 250 Million during the current financial year 2023-24. The Intelligence Bureau briefed the committee about recent surge of terrorism which needed effective counter measures to thwart nefarious designs of terrorists. The Economic Coordination Committee approved the funds as Technical Supplementary Grant (TSG) for up gradation, technical enhancement and field activities of Intelligence Bureau with releases on need basis.

The summary of Ministry of Industries and Production for approval of mechanism for sale of imported urea at a basket price along with locally manufactured urea was discussed at length. The ECC approved the mechanism for weighted average price with the direction to NFML for ensuring reasonable price for urea and Ministry of Industries & Production to provide oversight to the whole process.

The Economic Coordination committee considered and approved the summary of National Health Services Regulation and Coordination for provision of Technical Supplementary Grant (TSG) amounting to Rs. 3,568.719 Million in favour of Federal Directorate of Immunization (FDI), and urged the provinces to clear their pending liabilities.

ECC also considered the summary of Finance Division for signing the addendum to the Subsidiary Grant Agreement (SGA) regarding financial inclusion & infrastructure project and exemption from relending policy of release of funds to State Bank of Pakistan and accorded its approval.

A summary from Ministry of Inter Provincial Coordination was also tabled for approval of release of grant for participation of Pakistan’s Hockey team in international events and other sports promotion activities. This grant, ECC was told would also be utilised for Davis Cup (Tennis) with India and other mind games like scrabble and chess. The Committee approved provision of additional funds amounting Rs. 100 Million as Technical Supplementary Grant (TSG) for FY 2023-24.

 
January 06 , 2024 (PR No. 513)

Restructuring of FBR is on the agenda of the Government to improve its governance, efficiency and effectiveness

The restructuring of FBR is on the agenda of the Government, to improve its governance, efficiency and effectiveness. Certain proposals have been prepared in line with international best practices to rationalize and streamline the functions of the FBR, strengthen the FBR policy board, and overall governance, integrity and performance of the revenue agency based on a creative oversight structure that would enhance its accountability to the state and clients. The creation of specialized administrative structures will be accompanied by better delegation & accountability of administration. An institutional mechanism is being considered to establish a Tax Policy group with the right expertise and analytical capability to facilitate rationalization of tax regime emphasizing fairness and equity in tax regime.
These proposals have been prepared by the government after months of deliberation and consultation with experts, academics, and senior leadership of FBR and its members. However, these proposals do not include any item relating to the downsizing of workforce or any outside interference in the administrative matters of Customs or Inland Revenue service by any other agency and ministry.

Reports carried by digital media on the restructuring of the Federal Board of Revenue misrepresent the objective and scope of reforms that are much needed to lift the tax/GDP ratio, while ensuring level playing in burden sharing and allowing for tax and investment facilities.

 
December 31, 2023 (PR No. 512)

POL Prices

Government of Pakistan has decided to maintain the current prices of Petrol and High Speed Diesel during the fortnight starting from 1st January, 2024, as recommended by Oil and Gas Regulatory Authority (OGRA). The prices of petroleum prices w.e.f. 01-01-2024, will be as follows:

Products
Existing Prices w.e.f.
16-12-2023
New Prices w.e.f
01-01-2024
(+) Increase/ (-)Decrease
MS (Petrol)
267.34
267.34
0.00
High Speed Diesel
(HSD)
276.21
276.21
0.00
 
December 23, 2023 (PR No. 511)

Rebuttal - Finance Ministry denies delay in fund release for salaries, projects

ISLAMABAD, Dec 23 (APP):The Finance Ministry here on Saturday categorically refuted as baseless the news item aired by a private news channel regarding a supposed delay in releasing funds for development projects and salaries.

In a rebuttal statement, the spokesperson for the ministry said that a particular news item on a private news channel regarding any delay in the release of funds for development projects and the salaries of federal government employees was baseless and false.

“It would have been appropriate for the news channel to contact the Finance Division's spokesperson before airing such news, but unfortunately this was not done,” the spokesperson said.

Pakistan remains on track to meet all commitments of the International Monetary Fund (IMF) program, as evident from the smooth and successful completion of the Staff Level Agreement (SLA) of the first review, the statement added.

The statement also elaborated on the details of important fiscal highlights relating to fund availability, adding that the finance division has already released quarter 2 funds both for current (salary pension and non-ERE) and development expenditures.

Further, the Planning, Development, and Special Initiative (PD & SI) Division has accordingly authorized funds for development expenditure to line ministries. No change has been made by the Finance Division or Planning Division in the release strategy, as wrongly reported by the particular channel.

Moreover, the statement added that the finance division has released all Quarter 2 funds for the Benazir Income Support Programme (BISP), and transfer to beneficiaries is already well underway.

Similarly, all funds committed to subsidizing the power sector, in line with Circular Debt Management Plan (CDMP) requirements, have been made available by the division. Further, as per tradition, the release of salaries to the Christian community before Christmas has been ensured by the Finance Division.

The statement added that revenue collection by the Federal Board of Revenue (FBR) and NTR collection by other ministries are fully on track. “These facts establish that the said news item was aired without any evidence and without taking the viewpoint of the government,” it added.

 
December 23, 2023 (PR No. 511)

Rebuttal - Finance Ministry denies delay in fund release for salaries, projects

ISLAMABAD, Dec 23 (APP):The Finance Ministry here on Saturday categorically refuted as baseless the news item aired by a private news channel regarding a supposed delay in releasing funds for development projects and salaries.

In a rebuttal statement, the spokesperson for the ministry said that a particular news item on a private news channel regarding any delay in the release of funds for development projects and the salaries of federal government employees was baseless and false.

“It would have been appropriate for the news channel to contact the Finance Division's spokesperson before airing such news, but unfortunately this was not done,” the spokesperson said.

Pakistan remains on track to meet all commitments of the International Monetary Fund (IMF) program, as evident from the smooth and successful completion of the Staff Level Agreement (SLA) of the first review, the statement added.

The statement also elaborated on the details of important fiscal highlights relating to fund availability, adding that the finance division has already released quarter 2 funds both for current (salary pension and non-ERE) and development expenditures.

Further, the Planning, Development, and Special Initiative (PD & SI) Division has accordingly authorized funds for development expenditure to line ministries. No change has been made by the Finance Division or Planning Division in the release strategy, as wrongly reported by the particular channel.

Moreover, the statement added that the finance division has released all Quarter 2 funds for the Benazir Income Support Programme (BISP), and transfer to beneficiaries is already well underway.

Similarly, all funds committed to subsidizing the power sector, in line with Circular Debt Management Plan (CDMP) requirements, have been made available by the division. Further, as per tradition, the release of salaries to the Christian community before Christmas has been ensured by the Finance Division.

The statement added that revenue collection by the Federal Board of Revenue (FBR) and NTR collection by other ministries are fully on track. “These facts establish that the said news item was aired without any evidence and without taking the viewpoint of the government,” it added.

 
December 20, 2023 (PR No. 510)

Federal Minister for Finance, Revenue and Economic Affairs chaired a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, the Minister for Privatization Mr. Fawad Husan Fawad, Minister for Industries and Commerce Mr. Ejaz Gohar, Minister for Power & Petroleum Mr. Muhammad Ali, Minister for Information Technology Mr. Umar Saif, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officers of the relevant ministries. Provincial Chief Secretaries, Governor State Bank and other relevant officers also joined the meeting through Zoom link.

ECC considered a summary of Ministry of Energy (Power Division) regarding release of Rs. 57 billion advanced subsidy for payment of K-Electric arrears and approved the Technical Supplementary Grant in order to meet the operational requirements of power sector.

Another summary of Power Division for settlement of payables to Government Owned Power Plants (GPPs) at par with IPPs was approved and ECC directed to release Rs. 262.075 billion to public sector power plants through technical supplementary grant. This matter will further be discussed in next meeting.

ECC agreed to initiate phase out of the Export Finance Scheme of the State Bank of Pakistan- a requirement of the IMF Standby Arrangement. To operationalize this requirement ECC gave approval to release of Rs. 3.87 billion to EXIM bank for current Fiscal Year.

While discussing report on ECCs decisions on PSMs liabilities towards GoP as discussed on September 19th 2023, Minister Finance directed Ministry of Industries to carry out a diagnostic survey to determine why liabilities of PSM persisted even though it had not been operational since 2015 and how PSM land had been allocated to housing companies and served other industries without due process. ECC showed its displeasure on PSM board and recommended that Industries Division may look into this issue for further necessary action.

Transfer of National Energy Efficiency and Conservation Authority NEECA from Science and Technology Division to Power Division was approved and ECC also approved TSG amounting to Rs.152.417 Million for FY 2023-24 in favour of NEECA for this purpose.

Summary regarding Profitable Support price for wheat crop 2023-24 submitted by NFS&R was also discussed. After detailed deliberations with all the provinces ECC recommended the last years price i.e. Rs. 3900/40 Kg, given the substantial increase of 77% in support price in 2022/23, ECC endorsed that there shall be no subsidy on agriculture inputs which in any case is responsibility of provinces. The forum also gave approval of the notification of minimum indicative prices of Tobacco Crop 2024 and revision of cess rates on tobacco for the year 2024-25.

An additional agenda item from Ministry of Information Technology and Telecommunication regarding relending of GoP to National Database and Registration Authority (NADRA) was discussed and got approved by the ECC.

 
December 20, 2023 (PR No. 510)

Federal Minister for Finance, Revenue and Economic Affairs chaired a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, the Minister for Privatization Mr. Fawad Husan Fawad, Minister for Industries and Commerce Mr. Ejaz Gohar, Minister for Power & Petroleum Mr. Muhammad Ali, Minister for Information Technology Mr. Umar Saif, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officers of the relevant ministries. Provincial Chief Secretaries, Governor State Bank and other relevant officers also joined the meeting through Zoom link.

ECC considered a summary of Ministry of Energy (Power Division) regarding release of Rs. 57 billion advanced subsidy for payment of K-Electric arrears and approved the Technical Supplementary Grant in order to meet the operational requirements of power sector.

Another summary of Power Division for settlement of payables to Government Owned Power Plants (GPPs) at par with IPPs was approved and ECC directed to release Rs. 262.075 billion to public sector power plants through technical supplementary grant. This matter will further be discussed in next meeting.

ECC agreed to initiate phase out of the Export Finance Scheme of the State Bank of Pakistan- a requirement of the IMF Standby Arrangement. To operationalize this requirement ECC gave approval to release of Rs. 3.87 billion to EXIM bank for current Fiscal Year.

While discussing report on ECCs decisions on PSMs liabilities towards GoP as discussed on September 19th 2023, Minister Finance directed Ministry of Industries to carry out a diagnostic survey to determine why liabilities of PSM persisted even though it had not been operational since 2015 and how PSM land had been allocated to housing companies and served other industries without due process. ECC showed its displeasure on PSM board and recommended that Industries Division may look into this issue for further necessary action.

Transfer of National Energy Efficiency and Conservation Authority NEECA from Science and Technology Division to Power Division was approved and ECC also approved TSG amounting to Rs.152.417 Million for FY 2023-24 in favour of NEECA for this purpose.

Summary regarding Profitable Support price for wheat crop 2023-24 submitted by NFS&R was also discussed. After detailed deliberations with all the provinces ECC recommended the last years price i.e. Rs. 3900/40 Kg, given the substantial increase of 77% in support price in 2022/23, ECC endorsed that there shall be no subsidy on agriculture inputs which in any case is responsibility of provinces. The forum also gave approval of the notification of minimum indicative prices of Tobacco Crop 2024 and revision of cess rates on tobacco for the year 2024-25.

An additional agenda item from Ministry of Information Technology and Telecommunication regarding relending of GoP to National Database and Registration Authority (NADRA) was discussed and got approved by the ECC.

 
December 15 , 2023 (PR No. 509)

POL Prices

 
December 15, 2023 (PR No. 508)

Federal Minister for Finance, Revenue and Economic Affairs chaired a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Communication, Railways & Maritime Affairs Mr. Shahid Ashraf Tarar, the Minister for Privatization Mr. Fawad Hasan Fawad, Minister for Power & Petroleum Mr. Muhammad Ali, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officials of the relevant ministries.

ECC took up the matter of approval of the draft PPAA, ICA, TDA & Mediation Agreements to be signed with K-Electric. Ministry of Energy (Power Division) briefed the Committee on the observations made by the members of the ECC and provided the requisite additional data on the working of CPPA-G.

After detailed discussion and deliberation, ECC decided to approve the proposal of Power Division for signing of the draft PPAA, ICA, TDA & Mediation Agreements between K-Electric & GoP Entities. ECC also directed Power Division to present the matter related to KE’s generation enhancement plan to the CCOE, which should focus on reducing the cost of electricity as well as on the resultant subsidies.

 
December 14, 2023 (PR No. 507)

Ambassador of France to Pakistan called on Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar

H.E Mr. Nicolas Galey Ambassador of France to Pakistan called on Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar at Finance Division, today.

During the meeting, matters of mutual interest, economic relations between the two countries and collaborative efforts in various sectors were discussed.

Finance Minister Dr. Shamshad Akhtar welcomed Ambassador of France to Pakistan to Finance Division. She stated that both countries enjoy deep and historical relations. Finance Minister stated that Pakistan highly values its bilateral ties with the France including trade and economic relations.

The Finance Minister apprised the French Ambassador about the economic reforms of the government that have brought economic and fiscal stability in the country. She informed that the government has successfully concluded first review of the SBA with IMF recently. Finance Minister also shared reform agenda of the interim government which aims to bring economic and fiscal stability in the country. The fiscal and current account deficit has narrowed. She further informed the Ambassador on key reforms being undertaken by the caretaker government including SOEs, privatization, forex exchange regime, and reforms in FBR. Finance Minister stated that the interim government would like to hand over economy to incoming political government in a positive trajectory which can continue the economic policies for the ultimate good of the people.

The French Ambassador recognized the stabilization efforts of interim government through structural economic reforms. He said that the fiscal sustainability achieved by the government would be helpful to the new incoming political government. He also congratulated Finance Minister on concluding IMF review successfully. The Ambassador also expressed the desire to further deepen bilateral trade and investment ties with Pakistan

In the end both countries agreed to further enhance economic relations, explore investment opportunities, and increase bilateral trade.

 
December 14, 2023 (PR No. 506)

Regional Vice President of International Finance Corporation (IFC) for Middle East, Central Asia, Turkey, Pakistan and Afghanistan called on Caretaker Federal Minister for Finance, Revenue and Economic Affairs

Ms. Hela Cheikhrouhou, Regional Vice President of International Finance Corporation (IFC) for Middle East, Central Asia, Turkey, Pakistan and Afghanistan called on Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar at Finance Division, today.

The meeting was attended by Mr. Khawaja Aftab Ahmed, IFC Regional Director, Mr. Najy Benhassine, Country Director, World Bank, Mr. Zeeshan Shaikh, Country Manager, IFC Pakistan and senior officials from Economic Affairs and Finance Division.

Welcoming Ms. Hela Cheikhrouhou, Finance Minister stated that the government is paying attention to improve capital market, insurance industry, Investment Finance, export oriented growth and establishment of special economic zones to boost exports. The insurance industry can play important role in offering a social safety net mechanism, encouraging building of sustainable and climate-resilient infrastructure in Pakistan. If liquidity from insurance sector is effectively deployed it can trigger development of the capital markets.

The Finance Minister highlighted the current economic situation of Pakistan and said that the Government is committed to introduce reform in various sectors to address the long outstanding structural issues. She shared reform agenda and economic reforms of the interim government that have brought economic & fiscal stability in the country. The Finance Minister encouraged IFC to concentrate its private sector operations in insurance sector, export oriented business and export processing zones.

Ms. Hela Cheikhrouhou appreciated the steps taken by the government in economic and financial sectors for improvement in the economy of Pakistan. She extended her all out support for the progress and betterment of economic agenda of the country.

 
December 13, 2023 (PR No. 505)

Ambassador of the Federal Republic of Germany H. E. Mr. Alfred Grannas called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs

Ambassador of the Federal Republic of Germany H. E. Mr. Alfred Grannas called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar at Finance Division, today.

Finance Minister Dr. Shamshad Akhtar welcomed H.E. Mr. Alfred Grannas, Ambassador of Germany. Finance Minister appreciated the growing bilateral relations between Germany and Pakistan. She stated that Pakistan highly values its bilateral ties with the Germany including trade and economic relations.

The Finance Minister apprised the German Ambassador about the economic reform agenda of the interim government which aims to bring economic and fiscal stability in the country. She informed that the government has been successful in concluding first review with IMF recently. The fiscal and current account deficit has narrowed. She further informed the Ambassador on key reforms being undertaken by the caretaker government including SOEs, privatization, forex exchange regime, and reforms in FBR. Finance Minister stated that the interim government would like to hand over a stable economy to incoming political government which can continue the economic policies for the ultimate good of the people.

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 acknowledged the reform agenda of the government and assured full support to Pakistan in achieving fiscal sustainability.

 
December 13, 2023 (PR No. 504)

Federal Minister for Finance, Revenue, and Economic Affairs chaired the meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, the Minister for Privatization Mr. Fawad Hasan Fawad, Minister for Power & Petroleum Mr. Muhammad Ali, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officials of the relevant ministries.

ECC considered a summary of Ministry of Energy (Power Division) regarding approval of the draft PPAA, ICA, TDA & Mediation Agreements to be signed with the K-Electric. The Power Division informed the Committee that the Agreements had been prepared on the recommendations of the Task Force constituted by the Prime Minister of Pakistan for resolving issues between KE & various government entities. The signing of the agreements would resolve long pending issues and regular payment will be streamlined by all the parties to avoid an addition in the circular debt. The ECC discussed the draft agreements in detail and asked Power Division to provide further information and detailed working to clarify the observations raised by ECC. The matter will be discussed again in the next meeting once the additional information is provided.

Pakistan Bureau of Statistics, Ministry of Planning, Development and Special Initiatives briefed the ECC on the inflation situation. The key price indicators were submitted for the information of ECC. It was informed that inflationary pressures are continuing to persist; however, it declined from its peak of 38 percent in May 2023. Recent energy price adjustments have thwarted downward trajectory and inflations spiked in November 2023 to 29.2 percent. Inflationary expectations are lowest in almost 12 months and exchange rate stability has played an important role in it. ECC directed the relevant Ministries to work with Provinces to ensure availability of fertilizer to farmers at notified rates. It was also directed that strict actions be taken against the fertilizer dealers over charging the farmers beyond the prescribed price.

 
December 12, 2023 (PR No. 503)

Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia, called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs

His Excellency Jemal Beker Abdula, Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia, called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar at Finance Division, today.

During the meeting, both the dignitaries discussed matters of mutual interest i.e, connectivity, economic, financial and social cooperation.

Finance Minister Dr. Shamshad Akhtar welcomed H.E. Jemal Beker Abdula and appreciated his expertise and knowledge about Pakistan. She said that there are multiple avenues for both countries to explore markets and investment opportunities. Finance Minister reiterated the need for early establishment of Joint Ministerial Commission between two countries. JCM would be a platform where a wide range of investment options and issues can be discussed to enhance bilateral relations & economic cooperation.

His Excellency Jemal Beker Abdula stated that Ethiopia is an attractive market for Pakistani financial sector, agricultural, pharmaceutical &, technological products. He urged Pakistani financial institutions to explore Ethiopia’s potentially lucrative markets. He extended invitation to Pakistani banks to open their branches in Ethiopia to improve confidence among investors. He informed that Ethiopia would like to replicate Islamic banking system of Pakistan through learning and financial exchange program. He said that confidence-building measures would be taken for Pakistani traders to enhance bilateral trade between the two countries.

The Finance Minister thanked Jemal Beker Abdula and said that Ethiopian financial experts can visit Pakistan to interact with the financial sector of Pakistan. She also expressed the desire to further deepen bilateral trade and investment ties with Ethiopia.

 
December 11, 2023 (PR No. 502)

Federal Minister for Finance, Revenue, and Economic Affairs chaired the meeting of ECNEC

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

The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Federal Minister for Communications, Railways and Maritime Affairs, Shahid Ashraf Tarar, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting. The following projects were considered and decisions were made:

1. The ECNEC considered and approved Khyber Pakhtunkhwa Food Security Support Project at a total cost of Rs. 25,098.220 million. The project has been conceived to address the climate vulnerabilities, improve the food security and livelihood of rural farm households and address the mid-and long-term needs for institutional capacity enhancement in the most flood-damaged districts of the KP province. The project is proposed for a tenure of 05 years and will be implemented in 07 districts of Khyber Pakhtunkhwa Viz-A-Viz; Upper Dir, Swat, Malakand, Charsadda, Peshawar, Nowshera and D.I Khan

2. The ECNEC considered and approved a project titled “Sindh School Rehabilitation Project under Flood Restoration Program (ADB Emergency Assisted) at a total cost of Rs. 86,080.50 million with Provincial Government share Rs.7562.50 million and ADB Loan amounting to Rs.78518.00 million. In Sindh, five districts namely Dadu, Khairpur Mirs, Larkana, Nausharu Feroze & Qambar Shahdadkot were severely affected by rain/flood. 482 schools were fully damaged where as 1125 schools were partially damaged. Therefore 1607 schools would be rehabilitated through this project.

3. The ECNEC considered and approved a project of Khyber Pakhtunkhwa on Education Component: Refugees & Host communities Regional Sub Windows SH Khyber Pakhtunkhwa Human Capital Investment Project (KP-HCIP) at a total cost of Rs 32,834.80 million. The project will cover educational infrastructure rehabilitation, reconstruction of 1165 damaged schools in 13 districts of KP

4. The ECNEC considered and approved a project titled: “Prime Minister's Laptop Scheme” implemented through Higher Education commission (HEC) at a total cost of Rs 16,801.23 million.

5. The ECNEC considered and approved a project of Khyber Pakhtunkhwa Human Capital Investment Project (KP-HCIP) (Health Component) at a total cost of Rs.24, 224.921 million. The project aims to improve availability, utilization and quality of primary care health services through provision of essential medicines, family planning commodities, hospital waste management and outsourcing of lab/ pharmaceutical / janitorial services for host communities and refugees

6. The ECNEC considered and approved a project on Women Inclusive Finance at a total cost of Rs.31413.047 million. The project aims to reduce constraints on Pakistani women in accessing credit; this project provides Credit Line Facility (CLF) so that more money is available for lending for women.

7. The ECNEC considered and approved a project of Ministry of Railways, titled Thar Coal Railway Connectivity' with existing Railway Network including Last Mile Connectivity with Port Qasim at the total rationalized cost of Rs 53,726.925 million with Local FEC of Rs 8,182.550 million, on 50:50 basis ratio between the Federal Government and Government of Sind.

8. The ECNEC considered and approved a project of Ministry of Communications; Government of Pakistan titled Peshawar Northern Bypass Project (PNBP) the total cost of Rs. 27,051.680 million without FEC. The project envisages construction of 32.20 km, 4-lane bypass with service roads on either side, on the northern side of Peshawar city. The bypass will be constructed along a new alignment passing through agricultural land with allied facilities. Land measuring approximately 3,430 kanal will be acquired for the requirement of the 55m Right of Way (ROW).

9. The ECNEC considered the Greater Thal Canal Project (Phase-II) at a total cost of Rs.38, 372.224. However, it was deferred with direction to Ministry of Planning, Development and Special Initiatives and Ministry of Water to develop an appropriate summary of status of consultation among provinces and implementation of past decisions of ECNEC on the matter.

10. The ECNEC considered and approved Sindh Barrage Improvement Project (Phase-II) submitted by Ministry of Water Resources. As per project rehabilitation and modernization of Sukkur Barrage and remaining works for rehabilitation and Modernization of Guddu Barrage will take place at a total cost of Rs.74, 618.340 million.

 
December 11, 2023 (PR No. 501)

Principal Deputy Assistant Secretary for South and Central Asia Affairs, of the United States of America called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar

Ms. Elizabeth Horst, Principal Deputy Assistant Secretary for South and Central Asia Affairs, of the United States of America called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar at Finance Division, today.

Finance Minister Dr. Shamshad Akhtar extended warm welcome to Ms. Elizabeth Horst and her delegation and said that Pakistan and the US enjoy long-term, broad-based and multi- dimensional relationship.

The Finance Minister apprised the visiting delegation of the policies and economic reform agenda which aims to bring economic and fiscal stability in the country. She further debriefed on key reforms being undertaken by the caretaker government including SOEs, privatization and reforms in FBR. She also informed about restructuring of FBR to make it more efficient in documenting & digitization of the economy. We have been successful in concluding first review with IMF recently.

Ms. Elizabeth Horst, Principal Deputy Assistant Secretary for South and Central Asia Affairs thanked the Finance Minister and extended full support of the US Government and its people to the Government of Pakistan. She further underscored that both countries enjoy good relations and extended her support to further promote bilateral economic relations.

The Finance Minister thanked Ms. Elizabeth Horst and reiterated the desire to further deepen bilateral trade and investment ties with the USA.

 
December 11, 2023 (PR No. 500)

Ambassador of the Czech Republic to Pakistan called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar

His Excellency Ladislav Steinhübel, Ambassador of the Czech Republic to Pakistan called on Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar at Finance Division, today.

Finance Minister Dr. Shamshad Akhtar welcomed H.E. Alfred Ladislav Steinhübel and congratulated him on joining his assignment in Pakistan. The Finance Minister highlighted bilateral relations and level of development in these relations between Czech Republic and Pakistan. Finance Minister hoped that the newly establishing JEC will provide an international platform for enhancing bilateral commercial relations between the two countries.

H.E. Alfred Ladislav Steinhübel thanked the Finance Minister and expressed the hope that first meeting of JEC will be held soon to provide necessary information to enhancing trade relations. He further informed that Czech companies are looking for collaboration in Mining, Energy and Chemical sectors.

The Finance Minister welcomed the interest and assured that Government will facilitate B2B contacts. In addition, Finance Minister sought collaboration in higher education. The Finance Minister also briefed about the reforms undertaken by the Government to bring macro-economic stability in the country.

 
December 06, 2023 (PR No. 499)

Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akthar chaired the meeting with IMF Technical Assistance Mission on digitizing budget process

The IMF Technical Assistance Mission was led by Mr. Fazeer Rahim and Mr. Sybi Hida, Senior Economists from the Public Financial Management Division, accompanied by the IMF Res. Rep. in Pakistan, Ms. Esther Pérez Ruiz.

FM underscored the need to tailor the recommendations to the specific needs of the Ministry to improve effectiveness of budget making process through digitisation. TA Mission assured to propose implementable solutions to the Ministry.

 
December 05, 2023 (PR No. 498)

Finance Division has released Rs. 17.4 billion to the Election Commission of Pakistan

Finance Division has released Rs. 17.4 billion to the Election Commission of Pakistan in addition to Rs. 10.0 billion released in July 2023 for conduct of general elections in the country. This brings the total released amount to Rs. 27.4 billion for holding general elections. Finance Division remains committed to provision of funds as and when required by the Election Commission of Pakistan.

 
November 30 , 2023 (PR No. 497)

POL Prices

 
November 23, 2023 (PR No. 496)

Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, the Minister for Commerce, Industries, & Production Mr. Gohar Ijaz, Minister for Power & Petroleum Mr. Muhammad Ali, Minister for IT & Telecom Dr. Umar Saif, Advisor to PM on Finance Dr. Waqar Masood, Chairman SECP, Chairman TCP, Federal Secretaries, and other senior government officials of the relevant ministries.

The first summary considered by the ECC was the one submitted by the Ministry of Industries & Production regarding the offers received for import of 200 KMT Urea on G2G/tender basis. The ECC, after detailed discussion and deliberation, decided to allow the import of required amount of urea fertilizer for Rabi season on the basis of G2G format and in line with normal procedure requested Ministry of Commerce and Industry to direct the Trading Corporation of Pakistan (TCP) to take further necessary action in this context.

A summary of Ministry of National Food Security & Research regarding “Cash Credit Limits for Punjab and Sindh for the Quarter July-September, 2023” was discussed by ECC. It was decided to approve the Cash Credit Limit of Rs. 540 billion for Punjab and Rs. 214 billion for Sindh for the quarter of July-September 2023. The ECC also advised Punjab and Sindh to settle the unsecured exposure of Commodity debt. Moreover, it was decided that in future, Finance Division may monitor the CCL requirement of Punjab and Sindh with the view that Provinces have been taking steps for settlement of their unsecured exposure and that CCL may be issued to the extent of unsecured exposure and the CCL may be issued to the extent of unsecured exposure as reported on 30th September 2023. Also, the CCL of the quarter April-June 2023 of Punjab and Sindh, already issued by Finance Division was endorsed too.

Another summary of Ministry of Energy (Petroleum Division) regarding “Application for the Grant of Marginal Policy Pricing Incentives for the Jhal Magsi South Development & Production Lease (D&PL) Covering an Area of 17.71 Sq Kms Located in District Jhal Magsi, Balochistan” was considered by ECC. It was discussed that the case for declaration of Jhal Magsi South D&PL as Marginal Field under Article D(3) of the Marginal Guidelines has already been reviewed, and it eligibility has also been certified by independent 3rd Party Consultant for the concession, therefore, it can be considered eligible for the gas price incentives allowed under the Marginal/Standard Gas Fields-Gas Pricing Criteira and Guidelines 2013 subject to the conditions that OGDCL will submit Supplemental Agreement to Kotra PCA to formally adopt Marginal Policy Price Incentives, and that M/s OGDCL will submit revised field development plan over Jhal Magsi South D&PL.

The summary of Ministry of National Health Services, Regulation, and Coordination regarding approval of increase in MRPs of 262 Drugs under hardship Category as recommended by the Drug Pricing Committee (DPC) in its 56th and 57th Meeting was considered by the ECC. It was observed that clear recommendations and required analysis was not given by M/o NHSR&C, as such the summary was not approved.

Lastly, a summary of Ministry of Energy (Petroleum Division) regarding “Supply of Gas/RLNG to FATIMAFERT & AGRITECH to meet requirement of Urea” was considered and discussed. The ECC directed to operate the 2 plants based on RLNG OGRA notified rate. The differential amount was allowed to be recovered through OGRA determined Revenue Requirements (RERR) for SNGPL.

 
November 21, 2023 (PR No. 495)

Donor Coordination Committee (DCC) Meeting Witnesses Renewed Commitment from International Development Partners to Foster Pakistan’s Economic Growth

The Federal Minister for Finance, Revenue & Economic Affairs, Dr. Shamshad Akhtar convened a meeting of the Donor Coordination Committee (DCC) at the Ministry of Economic Affairs on November 20, 2023, in Islamabad.

The Federal Minister highlighted the steadfast and critical support of development partners in supporting Pakistan. Despite external factors impacting Pakistan’s economy, including tightening global financial conditions and rising commodity prices, the successful review of the IMF staff level agreement was a significant achievement. She emphasized government’s commitment to macroeconomic adjustment and welcomed ongoing support from development partners.

The Minister reported positive signs of economic recovery, expecting GDP growth between 2 to 2.5% in fiscal year 2024, up from 0.5% in fiscal year 2023. She stated that the government is actively pursuing reforms in fiscal consolidation, monetary policy, currency market sustainability, energy, business environment, and social safety nets. She acknowledged the challenges faced by vulnerable households due to fiscal belt tightening and highlighted the government’s commitment to addressing poverty and improving economic conditions.

Representatives from the World Bank, EU, ADB, USAID, UNDP, Germany, Japan, WFP, IsDB, IFAD, and others expressed congratulations on the successful IMF review. The development partners pledged continued support to the Government of Pakistan and acknowledged the importance of transparency, alignment with government priorities, and the need for timely disbursement of committed support.

The Minister expressed gratitude for the support received and emphasized the need for cooperation to track off-budget support. Drawing attention to the devastating floods in Sindh and Balochistan, she emphasized the critical need for swift and efficient transactions, prioritizing the timely disbursement of committed support to effectively address these challenges.

As the government prepares for the upcoming CoP-28, the chair called for efforts to optimize the capital of Multilateral Development Banks (MDBs) and increase lending headroom. The appeal for debt for nature and debt for social development swaps was reiterated, signalling a commitment to meeting climate finance targets.

Present at the meeting were distinguished ambassadors from Italy, Japan, and Kuwait to Pakistan. Notable international donor agencies in attendance comprised the World Bank, ADB, AFD, USAID, UNDP, JICA, TIKA, WFP, KOICA, FCDO, UNICEF, KfW, and IsDB. Diplomatic representation extended from the Embassies of the United States of America, Republic of Korea, France, Denmark, and People’s Republic of China. The gathering also welcomed key figures including the Head of Development Cooperation from the European Union (EU), the Head of Cooperation and Counsellor from the Canadian High Commission, the United Nations Resident Coordinator, and the Deputy High Commissioner from the Australian High Commission. Notably, senior officials from the Ministry of Economic Affairs, including the Secretary, Additional Secretaries, and all Joint Secretaries, were also present, contributing to the comprehensive and diverse participation in the meeting.

The meeting concluded with a commitment from development partners to continue dialogue and cooperation.

 
November 21, 2023 (PR No. 494)

Portfolio Review Meeting of Foreign Funded (Federal) Projects

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, convened a meeting on November 21, 2023, at the Ministry of Economic Affairs in Islamabad to review the Federal Portfolio of projects funded by the Asian Development Bank (ADB) and the World Bank (WB).

In her opening remarks, the Minister underscored the critical role these projects play in socioeconomic development, offering access to job markets and fostering economic mobility to lift people out of poverty.

During the meeting, the Minister outlined the purpose of the portfolio review, emphasizing its objective to address implementation bottlenecks and meet disbursement targets for the current fiscal year. The Minister provided insights into the background and purpose of the meeting, shedding light on both successful and problematic projects. She highlighted initiatives such as infrastructure restoration post the 2022 floods, border crossing point improvements, digital payments accessibility, housing finance, tax base broadening, adaptive social protection, and higher education sector enhancement.

Expressing concern over project delays, particularly those critically delayed, the Minister pledged to bring these issues to the attention of the Prime Minister’s Office and Provincial Governments for their support in expediting project completion. She also appealed to donors for expertise and technical assistance to ensure timely implementation for the benefit of Pakistan’s socio-economic development.

The Minister for Economic Affairs echoed the urgency of addressing problematic projects and stressed the need for clear deliverables with timelines to prevent time and cost overruns. The meeting was attended by the senior officials from the relevant ministries, project directors, and representatives from the Asian Development Bank and the World Bank.

 
November 21, 2023 (PR No. 493)

Ambassador of Netherlands, H.E. Mrs. Henny De Vries, called on Caretaker Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar

Ambassador of Netherlands, H.E. Mrs. Henny De Vries, called on Caretaker Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar at the Finance Division, today.

The discussions covered various aspects of bilateral economic relations between the two countries. Secretary EAD and senior officers from the Finance Division attended the meeting.

The upcoming elections in the Netherlands were a prominent topic of discussion, with both parties emphasizing the importance of Democratic processes. Ambassador Mrs. Henny De Vries congratulated Dr. Shamshad Akhtar, Minister for Finance, Revenue, and Economic Affairs for reaching the Staff Level Agreement of 1st Review of IMF Pakistan Standby Arrangement (SBA) and also on overall improvement in the economic situation in Pakistan.

The Minister Dr. Shamshad Akhtar highlighted the reforms being taken by the Government in various sectors specifically those related to the expansion of the Tax net through the “Broadening of the Tax Base” initiative led by the Federal Board of Revenue (FBR), showcasing the commitment of the Government to improve the Tax to GDP ratio of the country and reduce the Current Account deficit further. The Minister also requested the Ambassador to enhance focus on the Dutch Fellowship Program in the past was one of the flagship foreign-funded scholarship programs for Pakistani students.

H.E. Mrs Henny De Vries acknowledged the positive momentum in economic recovery, highlighting the resurgence of sectors such as agriculture, services, and even industry. She specifically appreciated the initiatives taken by the Government for financial inclusion, particularly those targeting women, and also praised the measures aimed at enhancing the labor participation of women across various sectors of the economy in order to boost the social and economic development of the country. She also expressed the commitment of the Netherlands to bring more investment in the country.

Pressing issues of post-flood rehabilitation and climate change impact on Pakistan, particularly in the context of the 28th session of UNFCCC’s Conference of Parties (CoP) to be held in Dubai were also discussed.

In conclusion, the Minister expressed a strong commitment to strengthening diplomatic ties with the Netherlands and making collaborative efforts for the benefit of both countries.

 
November 21, 2023 (PR No. 492)

MAJOR MILESTONE: PAKISTAN SECURES TWO-YEAR EXTENSION IN MMPA EXEMPTION PERIOD

Islamabad, 20th Nov. 2023 — Pakistan attains a remarkable global milestone as the Department of Commerce and the National Marine Fisheries Service (NMFS) grant a prestigious two-year extension to the exemption period, distinguishing the nation among a select few out of 130 countries. This significant extension, as outlined in a Federal Register Notice, extends the deadline for comparability findings for commercial fishing operations exporting fish and fish products to the U.S. to December 31, 2025.

This extension represents a notable revision to the regulations implementing the import provisions of the Marine Mammal Protection Act (MMPA), initially introduced in 2016. The regulations initially granted foreign nations a five-year exemption period to develop regulatory programs addressing marine mammal bycatch comparable to U.S. standards. Originally set to conclude on December 31, 2023, this exemption period has now been extended.

NMFS, entrusted with evaluating each nation's regulatory programs, acknowledges the complexity of assessing the incidental and intentional mortality and serious injury of marine mammals in fisheries exporting to the U.S. The Department of Commerce and NMFS, in a strategic move, have determined that additional time is necessary to ensure fair and consistent comparability determinations across harvesting nations.

This achievement is not just about securing an extension; it's a testament to Pakistan's commitment to aligning its fishing practices with the highest international standards. The extension underscores Pakistan's dedication to upholding the objectives of the Marine Mammal Protection Act while navigating the practical challenges of evaluating regulatory programs in foreign countries. Moreover, this also sets a powerful precedent for other nations to follow suit, demonstrating Pakistan's leadership in sustainable marine resource management.

 
November 15 , 2023 (PR No. 491)

POL Prices

 
November 15, 2023 (PR No. 490)

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

The meeting was attended by Minister for Planning, Development, and Special Initiatives Mr. Sami Saeed, Minister for Commerce, Industries, and Production Mr. Gohar Ijaz, Minister for Privatisation Mr. Fawad Hasan Fawad, Minister for IT & Telecommunications Dr. Umar Saif, Minister for Power and Petroleum Mr. Muhammad Ali, Minister for Health Services, Regulation and Coordination Dr. Nadeem Jan, Minister for Planning, Development & Special Initiatives Mr. Sami Saeed, Advisor to PM on Finance Mr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior officers from the relevant ministries.

The ECC considered a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 Drugs under hardship Category as recommended by DPC in its 56th and 57th Meetings.” The ECC, after detailed discussion and deliberation, asked the Ministry of National Health Services, Regulations & Coordination to come up by Tuesday next, with well-informed and well-considered recommendations involving a proper and judicious analysis of the pricing mechanism. The ECC also asked the Ministry to engage with the provincial health departments and ensure the finalization of its recommendations in a rational, balanced and rule-based manner addressing the concerns of the industry and protecting the interests of the ailing consumers already facing inflationary pressures.

The ECC also considered a summary submitted by the Ministry of Industries and Production for import of 200 KMT Urea fertilizer for the Rabi season. The ECC decided that the option of import of fertilizer through government-to-government arrangement be explored in the first instance. The ECC also decided to transfer the Entire Cash Credit Limit along with accrued markup to National Fertilizer Marketing Limited (NFML) with provinces to pick up the cost of import.

The ECC further considered and approved a summary submitted by Ministry of Energy (Petroleum Division) for provision of funds worth Rs. 423.726 million as technical supplementary grant for PSDP projects of the Petroleum Division.

 
November 15, 2023 (PR No. 490)

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

The meeting was attended by Minister for Planning, Development, and Special Initiatives Mr. Sami Saeed, Minister for Commerce, Industries, and Production Mr. Gohar Ijaz, Minister for Privatisation Mr. Fawad Hasan Fawad, Minister for IT & Telecommunications Dr. Umar Saif, Minister for Power and Petroleum Mr. Muhammad Ali, Minister for Health Services, Regulation and Coordination Dr. Nadeem Jan, Minister for Planning, Development & Special Initiatives Mr. Sami Saeed, Advisor to PM on Finance Mr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior officers from the relevant ministries.

The ECC considered a summary of the Ministry of National Health Services, Regulations, & Coordination regarding the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 Drugs under hardship Category as recommended by DPC in its 56th and 57th Meetings.” The ECC, after detailed discussion and deliberation, asked the Ministry of National Health Services, Regulations & Coordination to come up by Tuesday next, with well-informed and well-considered recommendations involving a proper and judicious analysis of the pricing mechanism. The ECC also asked the Ministry to engage with the provincial health departments and ensure the finalization of its recommendations in a rational, balanced and rule-based manner addressing the concerns of the industry and protecting the interests of the ailing consumers already facing inflationary pressures.

The ECC also considered a summary submitted by the Ministry of Industries and Production for import of 200 KMT Urea fertilizer for the Rabi season. The ECC decided that the option of import of fertilizer through government-to-government arrangement be explored in the first instance. The ECC also decided to transfer the Entire Cash Credit Limit along with accrued markup to National Fertilizer Marketing Limited (NFML) with provinces to pick up the cost of import.

The ECC further considered and approved a summary submitted by Ministry of Energy (Petroleum Division) for provision of funds worth Rs. 423.726 million as technical supplementary grant for PSDP projects of the Petroleum Division.

 
November 15, 2023 (PR No. 489)

Cabinet Committee on State-Owned Enterprises Approves Revised Policy

Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar chaired the meeting of the Cabinet Committee on State Owned Enterprises, today.

The meeting was attended by all members of the Committee as well as Chairman SECP, Federal Secretaries, and other senior officers from the relevant ministries.

As par the directions from the previous meeting of the CCoSOEs, the State-Owned Enterprises (Ownership and Management) Policy, 2023, was re-submitted to the committee for review, after incorporation of feedback received from the members of the committee.

The Committee reviewed the changes incorporated in the draft, and recommended the revised policy for the approval of the Cabinet.

This policy marks a crucial step towards enhancing the governance and operations of State-Owned Enterprises, aligning with the broader objectives outlined in the State-Owned Enterprises (Governance and Operations) Act, 2023.

 
November 10, 2023 (PR No. 488)

Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Commerce, Industries, & Production Dr. Gohar Ijaz, Minister for Communications, Railways, & Maritime Affairs Mr. Shahid Ashraf Tarar, Minister for Power & Petroleum Mr. Muhammad Ali (via video link), Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Advisor to PM on Finance Dr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting considered the summaries submitted by various Ministries, including the Ministry of Interior, Ministry of Maritime Affairs, Ministry of Energy (Power Division), Ministry of Energy (Petroleum Division), Ministry of Poverty Alleviation and Social Safety, & Ministry of Defence.

The ECC also discussed the summary submitted by the Ministry of Maritime Affairs regarding the “Revision of Lighthouse Dues”. The ECC, after detailed discussion, decided to revise the Lighthouse dues from Rs. 7/ NRT to Rs. 20/NRT, under Section 10(1) of the Lighthouse Act, 1927.

The ECC also discussed and approved a summary submitted by the Ministry of Energy for extension of GOP guarantee ceiling of Rs 100 billion in favour of PSO till December 2024, subject to approval of terms and conditions of each financing facility by Finance Division upon renewal.

A proposal for disbursement of Rs 20 billion credited to Federal Government Account by the Finance Department Government of Punjab for further disbursement to Green Corporative Initiative (Pvt) for Green Pakistan Initiative was also discussed. The ECC approved the disbursement with the observation that the provincial governments may directly engage with companies operating under Green Pakistan Initiative for future disbursements.

The ECC also took up a summary submitted by the Ministry of Energy regarding “Uniform Quarterly Tariff Adjustments for K-Electric Consumers at par with XWDISCOs 2nd & 3rd Quarterly FY 2023”. After detailed discussion, it was decided by the ECC that the tariff rationalization by way of adjustments for K-Electric in line with the uniform QTA application guidelines already issued to NEPRA, shall be applicable on the consumption of July, August, and September 2023 to be recovered from consumers of K-Electric in December 2023, January 2024, and February 2024, respectively. Moreover, application of XWDISCOs’2nd QTA of Rs. 0.4689/unit, already approved for K-Electric consumers, in line with the uniform QTA application guidelines already issued to NEPRA, shall be applicable on the consumption of April, May, and June 2023 to be recovered from consumers of K-Electric in December 2023, January 2024, and February 2024, respectively.

Another summary submitted by Ministry of Poverty Alleviation & Social Safety regarding the “Grant of Special Relief Package for Daily Wage Workers on Chaman Border” was also considered. After detailed discussion and deliberation, the ECC asked BISP to examine the cases of 8,000 registered daily wage workers employed at the Chaman border to see whether they were already in its system, and provide support to the eligible ones from its allocated budget in consultation with the Finance Department, Government of Balochistan for later reimbursement of the amount to be spent on providing six-months support to the daily wage workers.

The summary submitted by the Ministry of Interior regarding Technical Supplementary Grant amounting to Rs. 47.45 million within the sanctioned budget, for repair and maintenance, during CFY 2023-24, was considered and approved.

ECC also considered a summary submitted by the Ministry of Information Technology & Telecommunication, and approved release of Rs 5 billion as bridge finance from the R&D Fund for the Digital Information Infrastructure project.

 
November 11, 2023 (PR No. 488)

Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Commerce, Industries, & Production Dr. Gohar Ijaz, Minister for Communications, Railways, & Maritime Affairs Mr. Shahid Ashraf Tarar, Minister for Power & Petroleum Mr. Muhammad Ali (via video link), Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Advisor to PM on Finance Dr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting considered the summaries submitted by various Ministries, including the Ministry of Interior, Ministry of Maritime Affairs, Ministry of Energy (Power Division), Ministry of Energy (Petroleum Division), Ministry of Poverty Alleviation and Social Safety, & Ministry of Defence.

The ECC also discussed the summary submitted by the Ministry of Maritime Affairs regarding the “Revision of Lighthouse Dues”. The ECC, after detailed discussion, decided to revise the Lighthouse dues from Rs. 7/ NRT to Rs. 20/NRT, under Section 10(1) of the Lighthouse Act, 1927.

The ECC also discussed and approved a summary submitted by the Ministry of Energy for extension of GOP guarantee ceiling of Rs 100 billion in favour of PSO till December 2024, subject to approval of terms and conditions of each financing facility by Finance Division upon renewal.

A proposal for disbursement of Rs 20 billion credited to Federal Government Account by the Finance Department Government of Punjab for further disbursement to Green Corporative Initiative (Pvt) for Green Pakistan Initiative was also discussed. The ECC approved the disbursement with the observation that the provincial governments may directly engage with companies operating under Green Pakistan Initiative for future disbursements.

The ECC also took up a summary submitted by the Ministry of Energy regarding “Uniform Quarterly Tariff Adjustments for K-Electric Consumers at par with XWDISCOs 2nd & 3rd Quarterly FY 2023”. After detailed discussion, it was decided by the ECC that the tariff rationalization by way of adjustments for K-Electric in line with the uniform QTA application guidelines already issued to NEPRA, shall be applicable on the consumption of July, August, and September 2023 to be recovered from consumers of K-Electric in December 2023, January 2024, and February 2024, respectively. Moreover, application of XWDISCOs’2nd QTA of Rs. 0.4689/unit, already approved for K-Electric consumers, in line with the uniform QTA application guidelines already issued to NEPRA, shall be applicable on the consumption of April, May, and June 2023 to be recovered from consumers of K-Electric in December 2023, January 2024, and February 2024, respectively.

Another summary submitted by Ministry of Poverty Alleviation & Social Safety regarding the “Grant of Special Relief Package for Daily Wage Workers on Chaman Border” was also considered. After detailed discussion and deliberation, the ECC asked BISP to examine the cases of 8,000 registered daily wage workers employed at the Chaman border to see whether they were already in its system, and provide support to the eligible ones from its allocated budget in consultation with the Finance Department, Government of Balochistan for later reimbursement of the amount to be spent on providing six-months support to the daily wage workers.

The summary submitted by the Ministry of Interior regarding Technical Supplementary Grant amounting to Rs. 47.45 million within the sanctioned budget, for repair and maintenance, during CFY 2023-24, was considered and approved.

ECC also considered a summary submitted by the Ministry of Information Technology & Telecommunication, and approved release of Rs 5 billion as bridge finance from the R&D Fund for the Digital Information Infrastructure project.

 
November 09, 2023 (PR No. 487)

Press Release

The caretaker Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar has said the Development Finance Institutions (DFIs) having requisite expertise, efficiency and flexibility can be the potential drivers of growth and development of the capital market.

She was chairing a meeting with the Chairman Securities and Exchange Commission of Pakistan (SECP) and the heads of DFIs to review the progress made by the DFIs on the establishment of a Private Equity and Venture Capital (PE & VC) Fund. The DFIs while re-affirming their commitment also apprised the Finance Minister about the progress and impediments faced in the process. Earlier, in a meeting held on September 30, 2023, the DFIs had committed to launch PE & VC Fund to serve as a catalyst for economic revival.

The Finance Minister said the initiative is geared towards energizing the investment landscape and extending needed resources for start-ups and SMEs to grow their businesses, harnessing the potential of capital markets to diversify sources of financing, while also bolstering the country's economic prospects. She emphasized that the role of DFIs is distinct from commercial banks and this needs to be reflected in their business philosophy. Their investment policies and the manner in which these policies are regulated can have a powerful influence on the pattern of financial assets in the capital market, she added.

During the meeting, the DFIs were urged to share comprehensive profiles that encompass existing operations and activities, and their future transformation and diversification plans to achieve sustainable growth aligned with their conceptualized role. For this purpose, the Finance Minister urged the SECP to lend support to the DFIs. She advised SECP to actively engage with DFIs to highlight the opportunities present in the capital market.

The envisaged strategic shift in the business policies by DFIs is likely to have a far-reaching impact on the nation's financial landscape, creating new opportunities for investment, economic growth, and innovation. It underscores the government's commitment to fostering a dynamic and resilient economy by encouraging private-sector investment.

 
November 07, 2023 (PR No. 486)

Dr.Shamshad Akhtar, Caretaker Federal Minister for Finance, Revenue, & Economic Affairs, addressed the Pakistan Spotlight Day at the WEF - Edison Alliance event

Dr.Shamshad Akhtar, Caretaker Federal Minister for Finance, Revenue, & Economic Affairs, addressed the Pakistan Spotlight Day at the WEF - Edison Alliance event on Nov 7, 2023.

She congratulated the Alliance on the success achieved on the 1 Billion Lives Challenge, with a focus on accelerating digital inclusion for the 1.4bn unbanked population in developing countries.

Her speech highlighted initiatives from Pakistan, specifically the Asaan Mobile Account (AMA) initiative, which led to the opening of 8.5 million new bank accounts, including 3.2mn for women, & BISP, that provides financial assistance to 8M families using digital payments.

She further underscored the need to make digital technology more cost effective & affordable for developing countries and stressed the need to replicate the successful Alliance initiatives in healthcare, education, & finance across developing economies.

 
November 02, 2023 (PR No. 485)

Caretaker Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar held a meeting with IMF review Mission led by IMF Chief Mr. Nathan Porter

Caretaker Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar held a meeting with IMF review Mission led by IMF Chief Mr. Nathan Porter at Finance Division, today.

The meeting was attended by IMF resident representative Ms. Esther Perez Ruiz, Governor SBP Mr. Jamil Ahmed, Chairman FBR, Chairman SECP, Secretary Finance, members of IMF delegation, and senior officers from Finance Division.

The caretaker Minister for Finance, Revenue, & Economic Affairs Dr. Shamshad Akhtar welcomed the delegation and shared progress on the Standby Arrangement (SBA). The Minister briefed the Mission on fiscal measures being taken by the Government to improve the economic situation. The meeting also included discussions on comprehensive reforms and measures undertaken by FBR and the Government’s strategies to address the circular debt issue.

Mr. Nathan Porter, IMF Mission Chief, appreciated the Government’s commitment to meeting the 1st Quarter targets, and commended the Government’s efforts and measures taken in some critical areas. He further underscored the importance of continuation of these efforts for staying on track for economic stability of the country.

The Minister Dr. Shamshad Akhtar expressed her appreciation for the continued support and assistance of the IMF. She reaffirmed the Government’s commitment to working closely with the IMF to ensure successful completion of the SBA and achieve the economic objectives.

 
November 01, 2023 (PR No. 485)

Dr. Tauqeer Hussain Shah, the Executive Director (designate) World Bank, called on the Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar

Dr. Tauqeer Hussain Shah, the Executive Director (designate) World Bank, called on the Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, at the Ministry of Finance.

The Ministers for Privatisation & Energy, Chairman SECP, Chairman FBR, Secretaries of Finance & Economic Affairs & Country Director World Bank were also present on the occasion.

Finance Minister appreciated the contributions of Dr. Tauqeer Hussain Shah to public service and hoped that Dr. Shah will utilise his experience in fostering strong collaboration between Pakistan and the World Bank.

Dr. Shah thanked Finance Minister for her guidance and immense support and assured to focus his energies to enhance Pakistan’s cooperation with World Bank.

 
November 01, 2023 (PR No. 484)

Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Commerce, Industries, & Production, Mr. Gohar Ijaz, Minister for Privatisation, Mr. Fawad Hassan Fawad, Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Minister for Power & Petroleum, Mr. Muhammad Ali, Advisor to PM on Finance, Dr. Waqar Masood, Deputy Chairman Planning Commission, Mr. Muhammad Jahanzaib Khan, Chairman SECP, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting considered summaries submitted by the Ministry of Commerce and Ministry of Energy.

The ECC considered the summary submitted by Ministry of Commerce regarding “Updation of HS Codes in the Import and Export Policy Orders 2022” and gave consent for the proposed amendments in PCT codes in the IPO 2022 and EPO 2022.

A summary submitted by the Ministry of Energy regarding measures to meet requirement of Urea fertilizers for Rabbi Season 2023-24 was also considered by the forum. After detailed discussion the ECC decided that uninterrupted gas supply will continue for Fatima Fert and Agritech Plants to ensure sufficient supply of urea fertiliser.

 
October 31 , 2023 (PR No. 483)

POL Prices

 
October 30, 2023 (PR No. 482)

Amendments to Market Treasury Bills, 1998, & Ijara Sukuk Rules, 2008

Significant Amendments to Market Treasury Bills, 1998, & Ijara Sukuk Rules, 2008

In response to the increasing demands of financial market in general and Islamic financial institutions in particular for introducing new instruments, the Finance Division moved a summary for the Cabinet for amendment in the existing Government of Pakistan Market Treasury Bills 1998 and Government of Pakistan Ijara Sukuk Rules 2008.

In a landmark decision, the Federal Cabinet has granted its approval to the summary presented by the Ministry of Finance, leading to substantial amendments to the subject legal instruments.

These amendments are aimed at enhancing the efficiency and provide flexibility for issuance, registration, trading and transfer of Government Securities through any institution.

The implementation of these rules will not only make the participation in Government securities auctions/issuance simpler but will also expand the investor base. It is also expected that these amendments will help in reducing the cost of borrowing as the greater diversification will significantly enhance the subscription in government securities.

These amendments will also enable the Government to launch its securities through other Capital Market Institutions including Pakistan Stock Exchange (PSX), Central Depository Company (CDC) and National Clearing Company Pakistan Limited (NCCPL), which will bring more transparency and accessibility for investors, aligning with global best practices.

The Ministry of Finance, in collaboration with relevant stakeholders, will ensure the effective implementation of these amendments. The changes are expected to have a positive impact on Pakistan's financial markets and contribute to the overall economic development of the country.

 
 
 
October 30, 2023 (PR No. 482)

Amendments to Market Treasury Bills, 1998, & Ijara Sukuk Rules, 2008

Significant Amendments to Market Treasury Bills, 1998, & Ijara Sukuk Rules, 2008

In response to the increasing demands of financial market in general and Islamic financial institutions in particular for introducing new instruments, the Finance Division moved a summary for the Cabinet for amendment in the existing Government of Pakistan Market Treasury Bills 1998 and Government of Pakistan Ijara Sukuk Rules 2008.

In a landmark decision, the Federal Cabinet has granted its approval to the summary presented by the Ministry of Finance, leading to substantial amendments to the subject legal instruments.

These amendments are aimed at enhancing the efficiency and provide flexibility for issuance, registration, trading and transfer of Government Securities through any institution.

The implementation of these rules will not only make the participation in Government securities auctions/issuance simpler but will also expand the investor base. It is also expected that these amendments will help in reducing the cost of borrowing as the greater diversification will significantly enhance the subscription in government securities.

These amendments will also enable the Government to launch its securities through other Capital Market Institutions including Pakistan Stock Exchange (PSX), Central Depository Company (CDC) and National Clearing Company Pakistan Limited (NCCPL), which will bring more transparency and accessibility for investors, aligning with global best practices.

The Ministry of Finance, in collaboration with relevant stakeholders, will ensure the effective implementation of these amendments. The changes are expected to have a positive impact on Pakistan's financial markets and contribute to the overall economic development of the country.

 
October 30, 2023 (PR No. 481)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Privatization, Mr. Fawad Hassan Fawad, Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Minister for Power & Petroleum, Mr. Muhammad Ali, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting considered a sigle item agenda submitted by the Ministry of Energy and Petroleum.

The summary submitted by the Ministry of Energy (Petroleum Division) regarding the revision of the natural gas sale pricing for different categories of the
consumers for the FY 2023-24, was again considered by the forum. The ECC, after detailed discussion and deliberation, approved the summary w.e.f. 1st November, 2023.

The ECC earlier on 23rd October, 2023, considered the summary submitted by the Petroleum Division and approved the increase in the natural gas prices. The Federal Cabinet in its meeting held on 30th
October, 2023 refered back the summary for reconsideration of the ECC. Accordingly, the ECC
in its meeting held today, approved the revised natural gas prices.

 
October 28, 2023 (PR No. 480)

Finance minister says government ready to facilitate foreign investors

On Saturday 28th, the Caretaker Finance Minister Dr Shamshad Akhtar on invitation of the Overseas Investors Chamber of Commerce and Industry (OICCI) visited OICCI. She was accompanied by the Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana and custom and income tax commissioner and SECP Commissioner, Warriach.

Her key message was OICCI should support government’s endeavors to encourage foreign direct investment and invest in export based industries to support countries development and contribute to strengthening balance of payments in a sustainable manner.

Dr Akhtar offered her perspectives on recent economic assessment and outlook. First few months data reveals signs of economic recovery. Outlook for agriculture appears promising based on crop output results, large scale manufacturing sector has positive growth though remains low relative to potential. FBR collections in first quarter are good. Bold and quick decisions in exchange market, cost recovery and control of theft etc. are restoring confidence. Minister highlighted the efforts are underway to launch SOE reform policy and compile the latest financial position, while renewing efforts to enhance their corporate governance.

The minister appreciated OICCI members efforts to bring in foreign investments in Pakistan and said that the government is ready to facilitate investors in every way possible. She revealed the key features of the Pakistan’s economic revival program and indicated that its main emphasis is to support sustainable economic recovery through private sector. Pakistan is not the only country in grip of multiple global crises but “The crisis like we are facing at present cannot be addressed solely by the government, private sector's support is very critical,” she maintained.

During the meeting, the OICCI urged the government to aggressively broaden the tax base to increase revenue. It was further highlighted by OICCI that over Rs300bn of tax evasion in the tobacco sector alone is notable. The Chamber called for setting up an independent private sector group of experts outside the domain of the FBR. A large number of OICCI members representing large foreign investors present in the meeting urged for a level playing field to compliant taxpayers, who already contribute a significant tax revenue and have reinvested $22bn since 2013 in Pakistan. They further complained of tax harassment as collectors have been given unrealistic targets from existing tax payers. It would be prudent to expand the net base to retailers.

The OICCCI presented the findings of its recent survey which recommended the GOP to take measures to stabilize the declining value of the rupee and reducing the overall cost of conducting business in Pakistan – all aimed at making the country a more attractive destination for FDI.

The Minister and FBR chairman also addressed specific concerns raised by OICCI members, which encompassed critical issues such as high tax rates for corporate entities and salaried individuals, tax refunds of MNCs (standing at Rs93bn), revamping and simplification of withholding tax rates, and FBR reforms. In addition pricing and tax distortions were discussed.

 
October 27, 2023 (PR No. 479)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of ECC

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

The meeting was attended by the Caretaker Minister for Privatization, Mr. Fawad Hassan Fawad, Caretaker Minister for Planning and Development, Mr Sami Saeed, Caretaker Adviser to the Prime Minister on Aviation, Air Marshal Farhat Hussain Khan, Federal Secretaries, and other senior officers from relevant ministries. The meeting considered a single item agenda submitted by the Aviation Division.

The Aviation Division submitted a proposal for provision of financial support to PIACL through the Civil Aviation Authority for certain emergents needs of the airline.

After detailed discussion and deliberation, ECC decided to approve the proposal of Aviation Division for bridge financing through CAAs resources amounting to Rs 8 Billion for PIA to meet emergent requirements related to overdue payments. The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.

 
October 23, 2023 (PR No. 478)

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of ECC

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Commerce, Industries, & Production, Mr. Gohar Ijaz, Minister for Communications, Railways, & Maritime Affairs, Mr. Shahid Ashraf Tarar, Minister of Planning, Development and Special Initiatives Mr. Sami Saeed, Minister for Power & Petroleum, Mr. Muhammad Ali, Minister for IT & Telecom, Dr. Umar Saif, Advisor to PM on Finance, Dr. Waqar Masood, Deputy Chairman Planning Commission, Mr Muhammad Jahanzaib Khan, Chairman SECP, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting considered various agenda points and summaries submitted by the Ministries of Industries and Production, Ministry of Energy and Petroleum, Ministry of National Food Security and Research, Earthquake Reconstruction and Rehabilitation Authority (ERRA), and the Ministry of Finance.

The Ministry of Industries and Production submitted a summary regarding the measures to meet the requirements of urea for Rabi season 2023-24. The ECC discussed the proposal in detail and approved immediate import of 200,000 MT of Urea fertilizers. The meeting also directed that uninterrupted supply of gas for the fertilizer industry to be ensured. It was also decided that the provinces will be asked to act more proactively to bear the importation cost.

A summary submitted by the Ministry of Energy (Petroleum Division) regarding the revision of the natural gas sale pricing for the FY 2023-24, was also considered by the forum. The ECC, after detailed discussion and deliberation, approved the summary as per the tariff schedule submitted by the Ministry, prospectively w.e.f. 1st November, 2023, instead of 1st October, 2023.

The ECC also discussed and approved the summary submitted by the Ministry of National Food Security and Research regarding the cost efficient import of 1.00 MMT of milling wheat for the year 2023-24, through TCP under through open tendering process, to maintain the strategic reserves. The ECC also approved the proposal for encouraging the private sector to import specified milling wheat under Ministry of Finance Notification of 14th November 2008, while meeting the criteria envisaged in the import policy order 2022. The ECC also directed the Ministry to conduct a third party verification of the wheat stock in the country.

The meeting also deliberated over a summary submitted by the Earthquake Reconstruction and Rehabilitation Authority (ERRA) for approval of the Technical supplementary Grant of Rs. 484 Million to meet critical expenditure on pay and allowances of 415 contract and project employees from July 2023 onwards. The ECC directed the Ministry of Planning, Development and Special Initiatives to identify the savings to finance the salaries of the ERRA employees.

A summary of Ministry of Finance regarding the establishment of the National Credit Guarantee Company Limited to support the credit enhancement of the Small and medium enterprises (SMEs) was also considered and approved by the forum.

 
October 05, 2023 (PR No. 477)

Chinese Ambassador H.E. Mr. Jiang Zaidong called on the Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar at Finance Division

The Chinese Ambassador H.E. Mr. Jiang Zaidong called on the Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar at Finance Division, today.

While felicitating Ambassador Jiang Zaidong on his appointment as Ambassador of People’s Republic of China to Pakistan, the Minister appreciated the enduring, robust, and time tested friendly relations between the two countries. The Finance Minister expressed government’s unwavering commitment to further strengthen these ties. She also expressed gratitude for China’s invaluable support and assistance to Pakistan in various sectors.

Outlining Government’s resolve towards economic reforms, Dr. Akhtar underlined the importance of these reforms in the revitalization of the national economy. The Minister reaffirmed Pakistan’s determination to successfully completing the IMF Programme, demonstrating the government’s commitment to sound economic governance.

Ambassador Jiang Zaidong praised the efforts of the government towards the economic reforms and revival of the economy. The Chinese Ambassador assured continuation of the Chinese support to Pakistan.

The meeting also reviewed and discussed the progress of projects under CPEC and highlighted its strategic significance in the context of regional connectivity and economic development.

The meeting concluded with a renewed commitment to further strengthen the multifaceted partnership between Pakistan and China in order to enhance economic prosperity and fostering development.

 
October 05, 2023 (PR No. 477)

Chinese Ambassador H.E. Mr. Jiang Zaidong called on the Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar at Finance Division

The Chinese Ambassador H.E. Mr. Jiang Zaidong called on the Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar at Finance Division, today.

While felicitating Ambassador Jiang Zaidong on his appointment as Ambassador of People’s Republic of China to Pakistan, the Minister appreciated the enduring, robust, and time tested friendly relations between the two countries. The Finance Minister expressed government’s unwavering commitment to further strengthen these ties. She also expressed gratitude for China’s invaluable support and assistance to Pakistan in various sectors.

Outlining Government’s resolve towards economic reforms, Dr. Akhtar underlined the importance of these reforms in the revitalization of the national economy. The Minister reaffirmed Pakistan’s determination to successfully completing the IMF Programme, demonstrating the government’s commitment to sound economic governance.

Ambassador Jiang Zaidong praised the efforts of the government towards the economic reforms and revival of the economy. The Chinese Ambassador assured continuation of the Chinese support to Pakistan.

The meeting also reviewed and discussed the progress of projects under CPEC and highlighted its strategic significance in the context of regional connectivity and economic development.

The meeting concluded with a renewed commitment to further strengthen the multifaceted partnership between Pakistan and China in order to enhance economic prosperity and fostering development.

 
October 03, 2023 (PR No. 476)

Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet

Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by Minister for Commerce, Industries, & Production, Mr. Gohar Ijaz, Minister for Communications, Railways, & Maritime Affairs, Mr. Shahid Ashraf Tarar, Minister for Power & Petroleum, Mr. Muhammad Ali, Minister for IT & Telecom, Dr Umar Saif, Advisor to PM on Finance, Dr. Waqar Masood, Chairman SECP, Federal Secretaries, and other senior government officials of the relevant ministries.

The meeting discussed and reviewed the performance and trends of key economic indicators including CPI of various essential items presented by Ministry of Planning, Development, and Special Initiatives. The meeting decided to constitute a Core group comprising Secretary Planning, Commerce, Food Security and Industry with the mandate to present concrete proposals for monitoring and advising the ECC on prices of the essential commodities as well as maintaining the stocks of the strategic products.

The Ministry of Information Technology & Telecommunication submitted a summary for approval of “Telecom Infrastructure sharing Framework.” The ECC discussed in detail the first ever Telecom Infrastructure sharing framework and approved it. The ECC also approved another summary for the release of IMT spectrum for improvement of the Next Generation mobile broadband services in Pakistan. The ECC approved the constitution of an advisory committee for the release of the unsold IMT Spectrum along with its terms of reference.

A summary of Ministry of Industries & Production regarding “Change of name from M/S Tuwairqi Steel Mills LTD (TSML) to National Steel Complex LTD (NSCL)” was also considered by the Committee. The ECC gave in principle approval to the proposal, subject to further review and endorsement by the Law division.

The Committee also considered summaries of Ministry of Energy (Petroleum Division) & M/o Industries regarding pricing and allocation of gas for the fertiliser plants. The ECC, after detailed discussion, directed Ministry of Energy to continue supply of gas to all fertiliser plants to ensure sufficient supply of fertilisers in the market.

The committee also decided to constitute an inter-ministerial Committee with the representation of the Ministries of Finance, Planning, Commerce, Food Security, Industries, Power and energy to present recommendations on allocation and pricing of gas for the fertilizer industry.

 
September 30, 2023 (PR No. 476)

Finance Minister holds consultations with the financial markets to bring investment through Private Funds

KARACHI, September 30 — , The Caretaker Federal Minister for Finance, Revenue, Economic Affairs Dr. Shamshad Akhtar, while chairing a meeting with the Chairman of the Securities Exchange Commission of Pakistan (SECP), bankers and heads of development finance, stated that capital market reforms are critical component of the CareTaker Government’s economic revival program. The initiatives are aimed to promote growth and development by harnessing the potential of capital market institutions to diversify sources of financing and exploiting innovative financing modalities.

Bankers and Development Finance Institutions (DFIs) agreed on the need for establishment of private equity and venture funds to serve as a catalyst for economic revival. Chairman SECP reinforced SECP's commitment and for creating an enabling regulatory environment. The Finance Minister appreciated SECPs active engagement and encouraged banks and DFIs to set the stage for this collaborative effort and fast track the setting up of the private funds to support industrial development.

Habib Bank Limited, representing a consortium of banks, proposed the establishment of a Climate Resilience (CR) Fund under the SECP Private Fund Regulations, 2015. The DFIs tabled the proposal for setting up a similar fund backed by DFIs. Whereas, Bank AL Falah presented a promising proposal to create a Special Purpose Vehicle (SPV) under the Asset Backed Securitization Regulations, 2022 to securitize rupee denominated debt to dollar denomination.

The Finance Minister appreciated these initiatives for seeking investments from local financial institutions, institutional investors, government DFIs, and corporates, with the potential to attract foreign capital, particularly from climate and ESG-focused international institutional investors.

She emphasized that the time is of the essence and hectic efforts should be made to bring these propositions to fruition. She underscored that these ground-breaking initiatives will contribute to restoring market confidence and send a clear message to the global market and foreign investors that Pakistan is open for business and poised for economic growth. Moving forward collaboratively there will be an effort to remove the impediments facing the establishment of these Funds.

The meeting concluded with resounding commitment from all participants, including banks and DFIs, to work together for the greater good of Pakistan's economy.

 
September 28, 2023 (PR No. 475)

Meeting of the Cabinet Committee of State-owned Enterprises (CCoSOE) was held at the Finance Division

The meeting of the Cabinet Committee of State-owned Enterprises (CCoSOE) was held at the Finance Division today under the chair of the Caretaker Minister of Finance, Revenue and Economic Affairs Division, Dr Shamshad Akhtar.

The meeting was attended by Minister for Privatization Mr Fawad Hassan Fawad, Minister for Communication, Maritime, & Railways, Mr. Shahid Ashraf Tarar, Minister for Power & Petroleum, Mr. Muhammad Ali, Advisor to the PM on Finance, Dr. Waqar Masood, Deputy Chairman, Planning Commission Mr. Jahanzaib Khan, Chairman SECP, Federal Secretaries and other senior officers of the relevant ministries.

The principal agenda of the meeting was to conduct a comprehensive review and finalization of the State-Owned Enterprises Policy 2023, a landmark initiative aimed at reforming and revitalizing Pakistan's state-owned enterprises.

The Cabinet Committee engaged in a constructive discussions, reviewing key elements of the policy in light of suggestions of the previous meetings, including governance structures, performance, and accountability mechanisms.

The Finance Minister stated that the State-Owned Enterprises Policy 2023 represents a critical step towards restructuring and modernizing our state-owned enterprises and economy. Our objective is to reduce the size of SOEs in public sector as well as to make those which remain in Public Sector to be more competitive, accountable, and responsive to the needs of our citizens. This policy will pave the way for a more efficient utilization of public resources and will enhance the overall economic landscape of Pakistan.

The Finance Minister underlined that the inconsistencies, contradictions and ambiguities in the relevant laws and rules have to be corrected to improve corporate governance in the SOEs. She said that the code of conduct for Boards of Governance in the SoEs have to be formulated and implemented in letter and spirit. The Finance Minister also emphasized the importance of enhanced scrutiny of the “fit and proper criterion” by the regulators.

Dr Shamshad Akhtar underscored that the mismanagement of the SoEs due to status quo cannot be allowed to continue and dividends have to be improved through enhanced efficiency, transparency, and sustainability of state-owned enterprises.

The Finance Minister said that the Cabinet Committee on State-owned Enterprises and the Central Monitoring Unit has to play a major role to ensure business plans of the SOEs are in line with the sectoral priorities.

The Caretaker Finance Minister extended appreciation to members of the Committee for their contributions and commitment in the formalization and finalization of this transformative policy initiative.

The final draft of the State-Owned Enterprises Policy 2023 would be presented to the federal cabinet for endorsement.

 
September 05, 2023 (PR No. 474)

REBUTTAL AGAINST GALLUP REPORT PUBLISHED IN BUSINESS RECORDER

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.

 
September 05, 2023 (PR No. 473)

Courtesy Call on Pakistan's Minister for Finance, Revenue, Economic Affairs, and Privatization Dr. Shamshad Akhtar by World Bank Delegation

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.

 
September 04, 2023 (PR No. 472)

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)

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.

 
August 31 , 2023 (PR No. 471)

POL Prices

 
August 28, 2023 (PR No. 470)

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

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.

 
August 17, 2023 (PR No. 469)

Dr. Shamshad Akhtar Assumes Charge as Caretaker Finance Minister of Pakistan

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.

 
August 09, 2023 (PR No. 468)

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of CColGCT

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.

 
August 09, 2023 (PR No. 467)

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of ECNEC

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.

 
August 08, 2023 (PR No. 466)

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of ECC

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.

 
August 08, 2023 (PR No. 465)

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of the Steering Committee

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.

 
August 07, 2023 (PR No. 464)

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

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).

 
August 07, 2023 (PR No. 463)

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

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.

 
August 07, 2023 (PR No. 462)

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

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.

 
August 05, 2023 (PR No. 461)

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

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.

 
August 04, 2023 (PR No. 460)

Vice President, China National Nuclear Corporation (CNNC) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar

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.

 
August 04, 2023 (PR No. 459)

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

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

 
August 03, 2023 (PR No. 458)

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

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.

 
August 03, 2023 (PR No. 457)

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

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.

 
August 03, 2023 (PR No. 456)

Delegation of Pakistan Cricket Board (PCB) headed by Chairman Muhammad Zaka Ashraf called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar

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.

 
August 02, 2023 (PR No. 455)

Resident Representative UNDP called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar

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.

 
August 01, 2023 (PR No. 454)

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

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.

 
August 01, 2023 (PR No. 453)

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

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.

 
August 01 , 2023 (PR No. 452)

POL Prices

 
July 31, 2023 (PR No. 451)

President Inter-Parliamentary Union (IPU) called on Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar

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.

 
July 27, 2023 (PR No. 450)

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

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.

 
July 26, 2023 (PR No. 449)

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

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.

 
July 24, 2023 (PR No. 448)

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

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

 
July 24, 2023 (PR No. 446)

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

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.

 
July 24, 2023 (PR No. 445)

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

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.

 
July 20, 2023 (PR No. 444)

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting ECC

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:

Sr No.

Types of Tobacco

MIPs for 2023-24
(Rs. Per Kg)

Current Cess Rates (Rs per Kg)

Revised Cess Rates (Rs per Kg)

1

Flue Cured Virginia (FCV)

 

 

 

i. Plain Area

310.00

6.00

9.30

ii. Sub-Mountainous Area

351.00

6.00

9.30

2

Dark Air-Cured Tobacco (DAC)

190.00

3.60

5.70

3

White Patta (WP)

146.00

3.00

4.38

4

Burley

223.00

5.00

6.69

5

Naswar / Snuff / Hookah and other Rustica Tobacco and its products

146.00

3.00

4.38

6

Sun Cured Virginia (SCV)

200.00

-

6.00

 
July 20, 2023 (PR No. 443)

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

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.

 
July 19, 2023 (PR No. 442)

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

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.

 
July 19, 2023 (PR No. 441)

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

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.

 
July 19, 2023 (PR No. 440)

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

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.

 
July 18, 2023 (PR No. 439)

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

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.

 
July 17, 2023 (PR No. 438)

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

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.

 
July 15, 2023 (PR No. 437)

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

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.

 
July 14, 2023 (PR No. 436)

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

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.

 
July 13, 2023 (PR No. 435)

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

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.

 
July 11, 2023 (PR No. 435)

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

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.

 
July 10, 2023 (PR No. 434)

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

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.

 
July 06, 2023 (PR No. 433)

Meeting Regarding Restructuring of PIA

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.

 
July 06, 2023 (PR No. 432)

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

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.

 
July 05, 2023 (PR No. 431)

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

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.

 
July 03, 2023 (PR No. 430)

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

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.

 
 
 
 
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