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KARACHI: Pakistan’s current account deficit has ballooned to $3.4 billion during first quarter (July – September) of the current fiscal year 2021/2022 (1QFY22) owing to significant widening in trade deficit.
According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.
The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.
Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.
The home remittances during the first quarter registered a rise of 12.5 per cent when compared with $7.143 billion in the corresponding period of the last fiscal year.
The inflows of remittances were $2.7 billion in September 2021 as compared with $2.28 billion in the same month of the last year, showing an increase of 17.1 per cent.
The current account deficit narrowed in September 2021 to $1.113 billion when compared with the deficit of $1.47 billion in August 2021.
The current account deficit was $1.916 billion in the last fiscal year 2020/2021.
ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.
Pakistan has witnessed a four per cent decrease in foreign direct investment (FDI) during the first quarter (July – September) of the fiscal year 2021/2022 (Q1FY22), as per data released by the State Bank of Pakistan (SBP) on Monday.
Finance ministry spokesman Muzammil Aslam, in a statement, said that there was not truth in news about the deadlock, adding that the talks would resume from Monday (tomorrow) and would continue uninterrupted as per schedule.
Aslam said the date for ending talks was not fixed and the negotiation would continue till success of the talks.
He said Minister for Finance Shaukat Tarin and Governor State Bank of Pakistan Reza Baqir were attending meetings in New York while the Secretary Finance and his team were engaged for talks in Washington DC as per schedule.
ISLAMABAD: Prime Minister Imran Khan on Thursday said that cadastral mapping will help in development of an authentic land record database.
Prime Minister Imran Khan chaired a meeting of the National Coordination Committee (NCC) on Housing, Construction & Development to review the progress made on existing and new projects.
While receiving a briefing from Surveyor General of Pakistan Maj. Gen. Shahid Pervez, the Prime Minister remarked that Cadastral Mapping would help in development of an authentic land record database. It would help in clearly identifying demarcation of land and thereby eliminate illegal encroachments, added the prime minister.
Moreover, the authentic database would also contribute towards enhancing revenues received from lands, the prime minister said.
The Prime Minister further said: “Land-use changes need to be checked where green vegetation areas are being converted to urban projects.” He advised all the provincial and Azad and Jmmu and Kashmir governments to expedite legislation to put a stop to land-use changes.
The Prime Minister stated that protection of green spaces and agricultural lands is essential for environmental considerations and to safeguard food security. However, construction projects would be allowed under regulations.
The NCC meeting was briefed that, under Phase-I of the mapping exercise, 90 per cent digitization of State Lands has been completed in Punjab, 96 per cent in Khyber Pakhtunkhwa and 50 per cent in Balochistan.
Chairman CDA informed that with the help of Cadastral Maps, CDA has started imposition of fines on encroachers and the amount collected is being used for compensation of general masses who were defrauded by illegal housing societies.
The NCC meeting was attended by Federal Minister Fawad Ahmed, Minister of State Farrukh Habib, SAPM Dr. Shehbaz Gill, SAPM Malik Amin Aslam, Minister Local Govt. Punjab Mian Mehmood ur Rasheed, MNA Aftab Siddiqui, Chairman Naya Pakistan Housing & Development Authority Lt. Gen. (R) Anwar Ali Haider, Chairman FBR, Surveyor General of Pakistan, and senior officers. Chief Secretaries of Punjab, Balochistan, Sindh and AJ&K; and ACS Khyber Pakhtunkhwa joined the meeting via video link.
Earlier the Prime Minister also chaired a meeting to review progress on Ravi Urban Development Project and Central Business District Lahore.
The Prime Minister directed the concerned authorities to expedite progress as these projects are very important for attracting Foreign Direct Investment in the Country.Deputy Governor State Bank of Pakistan and Chief Secretary Gilgit Baltistan also joined the NCC meeting via video link.
ISLAMABAD: Pakistan on Thursday assured the World Bank of taking measures to reform the power sector in the country with special focus on reducing circular debt.
Federal Minister for Finance and Revenue Shaukat Tarin held a meeting today with Axel van Trotsenburg, Managing Director World Bank and the Bank’s Pakistan team at the World Bank Headquarters in Washington DC.
Dr. Asad Majeed Khan, Ambassador, Dr. Murtaza Syed, Deputy Governor SBP and Mr. Naveed Kamran Baloch, Alternate Executive Director, World Bank were also present.
Omar Ayub Khan, Federal Minister for Economic Affairs and Mohammad Hammad Azhar, Federal Minister for Energy joined the meeting virtually from Islamabad, says a press release received here from Washington DC.
The finance minister appreciated the Bank’s support to Pakistan over the decades and acknowledged the continuing support being extended to Pakistan.
He highlighted the measures taken by the Government to accelerate completion of projects funded by the Bank which were in the pipeline, with special focus on agriculture, housing and construction sectors.
The finance minister assured that the Government was also keen to reform the power sector in the country with special focus on reducing circular debt.
The finance minister reiterated that the government is fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society.
Minister for Energy Hamad Azhar shared the measures being taken by the Government to reform the power sector and rationalize power sector subsidies.
MD Axel van Trotsenburg informed the delegation on the importance that the Bank places on cooperation with Pakistan and said that the Bank was looking forward to continuing the bilateral cooperation in the future.
He said that the Bank was partnering with Pakistan in implementing one of the largest programme by the Bank for Pakistan and acknowledged that a lot of progress has been made on implementation of structural reforms in various sectors.
MD Axel van Trotsenburg also conveyed gratitude and appreciation for the Government’s assistance in the timely and efficient transiting of the Bank’s staff from Kabul.
ISLAMABAD: The federal cabinet in a meeting on Tuesday has approved the abolition of visa fees for Pakistani visas for Afghans coming into Pakistan.
Prime Minister Imran Khan chaired the meeting of the federal cabinet.
The cabinet approved the inclusion of Afghan businessmen in the list of Pakistan Business Visas for their convenience.
It also approved in principle a code of conduct for issuing Pakistani visas to Afghans. The regulation will issue all visas online and will minimize the duration of the administrative process for obtaining a visa.
At the beginning of the meeting, the Cabinet offered Fateha for late Dr. Abdul Qadeer Khan. The Cabinet was briefed on the progress regarding introduction of electronic voting machines (EVM) and empowerment of Overseas Pakistanis to vote.
The cabinet directed to celebrate Eid Milad-un-Nabi in a grand manner. The federal cabinet decided to have a look at the comparative prices of essential commodities in all its meetings.
The meeting approved the renewal of Charter License Class-II (Domestic) of M/s K2 AIRWAYS (Pvt.) Ltd. The Cabinet approved the issuance of Charter Licence Class-II (Domestic & International) for M/s AIR SIAL Ltd.
The Establishment Division briefed the Cabinet on the vacancies of CEOs and Managing Directors in various Ministries and state owned companies under their supervision. The Cabinet was informed that at present a total of 80 posts are vacant. Out of which 44 posts will be filled by following the due process, whereas posts in 18 institutions are being abolished. The Cabinet directed that the procedure of appointments should be completely transparent and merit-based.
The federal cabinet approved the reconstitution of PEMRA Council of Complaints Islamabad and approved the appointment of Syed Muhammad Ali Bukhari as its Chairman. The council will consist of 6 members, including three women members.
The Cabinet approved the establishment of a special riot police force to protect the lives and property of citizens of the federal capital Islamabad and to maintain law and order.
This decision has been taken keeping in view the increase in urban population of Islamabad, the sensitivity of the federal capital and the needs of police. The force will be equipped with the latest technology and equipment to help prevent crime. Force personnel will be trained according scientific standards.
The Cabinet approved the provision of Pakistan Online Visa facility for foreigners working on CPEC projects.
The Cabinet approved the criteria and regulations for admission on merit in government medical and dental colleges run by the federal government. Following this decision, 50 per cent marks will be given to the marks obtained in the entrance test and the remaining 50 per cent marks will be given to the marks obtained in the intermediate examinations.
The decisions taken at the meeting of the Economic Co-ordination Committee of the Cabinet on October 7, 2021 were partially ratified.
The Cabinet postponed the agenda of the decisions taken at the meeting of the Committee on Transport and Logistics on October 4, 2021. The Cabinet set up a sub-committee comprising Minister of Energy and Minister of Maritime Affairs to review the matter and re-submit it to the Cabinet.
The Cabinet approved the procedure for online verification of Power of Attorney documents for the convenience of overseas Pakistanis. The move will enable Pakistanis abroad to quickly verify legal documents, previously, it involved a lengthy waiting time.
The Cabinet approved the establishment of a Real Estate Regulatory Authority to regulate the sale and purchase of land under the Islamabad Real Estate (Regulations and Development) Act, 2020.
The Cabinet approved the establishment of Rehmat-ul-Ulameen Authority. The authority will include world-renowned Muslim scholars. The authority will conduct research on various aspects of Prophet’s life. The authority will propose a curriculum for the training of children in the light of teachings of Seerat-un-Nabi. The authority will also take steps to highlight true identity of Islam in the world. The authority will work to prevent the rise of sexual crimes, and will ensure tolerance in society.
The Cabinet appreciated and commended the Prime Minister’s initiative and reiterated the great commitment of all members of the Cabinet to participate in the promotion of this great cause.
ISLAMABAD: Prime Minister Imran Khan on Monday directed authorities to intensify efforts to attract more investment from China, underscoring the importance of industrialization and economic growth for Pakistan’s future.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved cash reward for incentivizing IT exports and to encourage documentation of exporters/exports.
Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the ECC of the Cabinet, held at the Finance Division.
The ECC approved the allocation of Rs 4 billion to PSEB for disbursement of cash reward incentive in order to incentivize IT exports and to encourage documentation of exporters/exports.
The cash reward incentive shall be provided for the IT and IT-enabled services exporters promoting export proceeds through banking channels via State Bank of Pakistan (SBP) allocated banking codes.
The ECC considered and approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board (PSEB), an apex Government body, mandated to strengthen and promote the IT sector exports of Pakistan.
Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Federal Secretaries and other senior officers participated in the meeting.
Secretary, Ministry of Industries and Production presented a summary regarding provision of gas to Pak Arab and Fauji Fertlizer Bin Qasim Limited (FFBQL) to review demand for urea fertilizer during the Rabi season 2021-22.
After detailed discussion, the ECC approved maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that estimated demand for urea fertilizer is met through domestic production. The decision will stabilize prices of urea fertilizer and ensure its smooth supply throughout the country during Rabi season 2021-22.
Lastly, Ministry of Commerce presented a Textile and Apparel Policy, FY 2020-25. After due deliberation, the ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.
President Dr Arif Alvi while rejecting the appeal of ex-Assistant Director NAB, Muhammad Umair has asked the NAB to prosecute him to the maximum extent of the law on account of him being guilty of grave “inefficiency and misconduct”, and stealing 15 original deeds of property in reference no. 15/2019 (State v/s Sharjeel Inam Memon & Others).
The President upheld the maximum service punishment in law of “major penalty” of “dismissal from service”, which he considers definitely not enough considering the crime involved, a press release issued by the President’s Media Wing here on Monday said. Muhamamd Umair, ex-Assistant Director (AD), had submitted an appeal to the President of Pakistan against the orders of Chairman National Accountability Bureau (NAB) imposing a major penalty of “Removal from Service”.
Rejecting the appeal, the President stated that it was a case of blatant corruption, and was tantamount to throwing mud in the eyes of the people of Pakistan who had been betrayed. He said that Pakistan had suffered a great deal because of corrupt looters and plunderers, adding that so-called accidental fires destroy entire floors to remove every bit of evidence.
The President added that documents were stolen even in foreign countries where corruption of Pakistani politicians was being investigated.
According to the details, NAB had taken possession of 15 original deeds of property from the Secretary of Sharjeel Memon, Izhar Hussain, at the time of his arrest from his house in April 2019.
Subsequently, the documents were kept in a steel Almirah in NAB which had been specifically provided to ex-Assistant Director, who was made the sole custodian of these documents.
On 18th August 2020, the Defense Counsel claimed before the court that NAB did not possess the original documents, in response to which Umair promised to bring them to court the following day.
On 19th August, the appellant told the court that he had lost the record in his office.
This lapse resulted in the instant relief and granting of post-arrest bails to the accused persons.
According to the fact-finding report, all the record was present but only the most important 15 original documents were removed cleverly from the file and were recovered only after pressure was brought upon the NAB official.
NAB had recommended an immediate suspension of Umair, along with initiation of disciplinary proceedings under NAB Employees Terms and Conditions of Service (TCS) 2000 and proceeding under section 31(a) of National Accountability Ordinance, 1999. He was placed under suspension for three months with effect from 03-09-2020.
In the light of the report of the Fact-Finding Inquiry Committee, it was decided to proceed against the officer under clause 11.05(2) of NAB’s TCS-2002 and issued him the show cause notice. After the fulfillment of legal requirements, Chairman NAB, on the recommendations of the Authorized Officer, awarded a major penalty of “Removal from Service” on Muhammad Umair under clause 11.03(1) (b) (iii) of NAB Employees Services Rules (TCS 2002).
Subsequently, the ex-Assistant Director submitted an appeal to the President of Pakistan on 28-07-2021. While rejecting the appeal of Umair, President Dr Arif Alvi stated that the incident was shocking and documents were missing not as an accident but by deliberate action of a very corrupt official of NAB.
He expressed surprise over the timing of the theft, adding that the theft was clever and the file was not lost.
He observed that theft could not have been done by any outsider but only by someone who was totally aware of the entire case.
The President said that it was very painful case for him and the criminal action caused huge damage of billions of rupees to Pakistan, besides betraying our trust and exchanging it for corrupt money.
“I, therefore, reject the appeal and urge NAB to prosecute the individual to the best of its abilities”, the President noted.
