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  • Pakistan to emerge as food surplus country: PM Imran

    Pakistan to emerge as food surplus country: PM Imran

    ISLAMABAD: Prime Minister Imran Khan has said that Pakistan will emerge from a food deficit to a food surplus country.

    The prime minister on Sunday said that the prices of oil, gas and edible oil were not in the government’s control. “However the owing to the record crops this year, Pakistan would emerge from a food deficit to a food surplus country.”

    He said that Pakistan had comparatively managed “much better” than other countries amidst unprecedented price hike of commodities caused by the COVID lockdown.

    In a Tweet, the prime minister said that an unprecedented rise in commodity prices internationally had adversely affected most countries in the world as a result of the COVID lockdowns.

    However, he said, “Pakistan MashaAllah has fared relatively much better.”

    Quoting the data of Food and Agriculture Organization, he said from September to October this year, food prices increased by 1.9 per cent, World Cereal Index by 3.2 per cent, edible oil prices by 9.6 per cent, and dairy products by 2.6 per cent.

    However, he said despite the worldwide inflation trend, Pakistan’s exports recorded an increase of 17 per cent in October and are likely to touch $30 billion mark this year. Textile exports are expected to reach $22 billion this year.

    He said consequent to the government’s timely measures, the non-oil imports of the country reduced by 12.5 per cent last month making a difference of $750 million.

    He said due to increasing income, tax collection also surged with 32 per cent increase in four months making the government to receive additional Rs 151 billion compared to last year.

    He said according to the latest data, country’s cotton crop increased by 81 per cent during the last four months. In August, the industry recorded a growth of over 12 per cent and companies’ profits by 21 per cent.

    “All this shows that the country’s economy is heading fast and employment would be required in the coming days,” the spokesperson commented.

    Addressing a question about any relief for the middle class in PM’s recently announced Rs 120 billion relief package, he said the government had already announced a concession of Rs5-7 on every electricity unit to be consumed more than the previous year’s consumption during November to February.

    Moreover, he said the sugar prices would fall in the near future owing to record sugarcane crop.

    “All these things will appear on the ground in coming days,” he remarked.

  • Pakistan, Iran discuss promoting agriculture cooperation

    Pakistan, Iran discuss promoting agriculture cooperation

    ISLAMABAD: Pakistan and Iran have engaged in extensive discussions aimed at enhancing agricultural cooperation between the two neighboring countries.

    (more…)
  • Wheat support price increases to Rs1,950/40kg

    Wheat support price increases to Rs1,950/40kg

    ISLAMABAD: The federal government has increased the minimum support price for wheat to Rs1,950 per 40 kilograms from Rs1,800/40kg.

    A statement issued on Saturday said that to achieve self-sufficiency in wheat, the government has decided to increase the minimum support price for wheat to Rs 1,950/40 kg compared to Rs. 1,800/40 kg last year.

    The government believes that increase in support price will incentivise farmers to grow sufficient wheat to meet the national production target of 28.90 million metric tons.

    It is also hoped that availability of irrigation water and weather conditions will be conducive during rabi season to achieve this target.

    Due to much higher international prices of DAP fertilizer and shipping cost, the domestic price (Rs. 7,300/bag) has also increased significantly. But thankfully, the price of urea (Rs. 1,850/bag) is stable and significantly lower than the international price (Rs. 5,400/bag) because government provide Rs. 126 billion annual subsidy for natural gas.

    The government is working closely with the fertilizer companies to ensure adequate availability of both key fertilizers during this rabi season.

    Moreover, the government has provided over Rs. 16 billion for fertilizer, seed, pesticide, agricultural loan markup subsidies. These timely initiatives have helped generate record production of many commodities.

    “Our hardworking farmers have produced record crops this year. Pakistan has achieved the highest ever production of wheat (27.5 million mt), rice (8.4 million mt), maize (8.5 million mt), mung beans (0.275 million mt), onion (2.3 million mt), and potato (5.7 million mt). And sugarcane achieved the second-highest production (81 million mt).”

    In 2021-22 … Sugarcane production is estimated at 87.67 million tons; 8 per cent higher than that of last year. Rice production is estimated at 8.84 million tons which is 5 per cent higher than that of last year. Maize production is estimated at 9.0 million tons which is 8.5 per cent higher than that of last year. Cotton production as of November 01, 2021 is 6.2 million bales compared to 3.4 million bales (82 per cent higher) at the same date last year.

    ECC approves import of 550,000MT wheat
  • Full plan pivotal to regain economic glory: Tarin

    Full plan pivotal to regain economic glory: Tarin

    KARACHI: Shaukat Tarin, Advisor to Prime Minister on Finance and Revenue, on Friday said that comprehensive economic plan is pivotal to regain Pakistan’s economic glory.

    “Comprehensive economic plan and political will was pivotal in order to regain country’s lost economic glory,” he said.

    He stated this while addressing as a chief guest at 18th Annual Excellence Award ceremony of Chartered Financial Analysts (CFA) Society at a local hotel.

    He said almost all economic indicators were showing positive growth.

    Shaukat Tarin said when the PTI government came into power there was large current account deficit and devalued rupee. The government entered into a tough IMF program with many conditions which initially led to slowing down the economy.

    Then came the COVID-19 pandemic which also damaged our economy to some extent.

    However, he said, Prime Minister Imran Khan’s visionary idea to impose smart lockdown which was recognized globally saved the country from further economic crisis.

    Shoukat Tarin said PM concurrently invested in agriculture, housing, industrial and exports sectors. All those areas which promoted employment in the country and resulted in 3.94 growth last year.

    He said the government to strengthen industry and exports the government gave incentives to both sectors with prime focus on IT industry and its related exports.

    Besides, the government also was going to give subsidies to energy sector for its uplifting.

    Advisor to PM also shed light on economic crisis caused by the improper plannings and no execution of policies of previous governments.

    Shaukat Tarin for finalizing tax harmonization at earliest
  • First consignment from Uzbekistan arrives in Pakistan

    First consignment from Uzbekistan arrives in Pakistan

    A consignment of four cargo trucks from Uzbekistan arrived at the Torkham border, marking the commencement of trade between Uzbekistan and Pakistan.

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  • Pakistan’s import bill surges by 65% in four months

    Pakistan’s import bill surges by 65% in four months

    ISLAMABAD: The import bill of Pakistan surged by 65.15 per cent during the first four months (July – October) of 2021/2022, according to official statistics released on Tuesday.

    The import bill increased to $25.06 billion during the first four months of the current fiscal year as compared with $15.17 billion in the same period of the last fiscal year, according to data of Pakistan Bureau of Statistics (PBS).

    On the other hand, exports of the country registered a growth of 24.71 per cent to $9.44 billion during the first four months of the current fiscal year as compared with $7.57 billion in the corresponding months of the last year.

    The trade deficit of the country swelled by 105.43 per cent to $15.62 billion during July – October of the current fiscal year as compared with the deficit of $7.60 billion in the same period of the last fiscal year.

    The trade deficit widened by 117 per cent to $3.88 billion in October 2021 when compared with the deficit of 1.789 billion in the same month of the last year.

    The import bill during the month of October 2021 increased by 63 per cent to $6.334 billion as against $3.89 billion in the same month of the last year.

    Similarly, the exports exhibited a growth of 16.52 per cent to $2.45 billion in October 2021 as compared with $2.1 billion in the same month of the last year.

    Headline inflation increases by 9.2% in October
  • Headline inflation increases by 9.2% in October

    Headline inflation increases by 9.2% in October

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.2 per cent on Year on Year (YoY) basis in October.

    The CPI inflation was 9.0 per cent in the previous month and 8.9 per cent in October 2020, the Pakistan Bureau of Statistics (PBS) said on Monday.

    On month-on-month (MoM0 basis, it increased by 1.9 per cent in October 2021 as compared to increase of 2.1 per cent in the previous month and an increase of 1.7 per cent in October 2020.

    CPI inflation Urban, increased by 9.6 per cent on year-on-year basis in October 2021 as compared to an increase of 9.1 per cent in the previous month and 7.3 per cent in October 2020. On month-on-month basis, it increased by 1.7 per cent in October 2021 as compared to increase of 2.0 per cent in the previous month and an increase of 1.3 per cent in October 2020.

    CPI inflation Rural, increased by 8.7 per cent on year-on-year basis in October 2021 as compared to an increase of 8.8 per cent in the previous month and 11.3 per cent in October 2020. On month-on-month basis, it increased by 2.2 per cent in October 2021 as compared to increase of 2.3 per cent in the previous month and an increase of 2.4 per cent in October 2020.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 15.2 per cent in October 2021 as compared to an increase of 16.6 per cent a month earlier and an increase of 12.3 per cent in October 2020. On MoM basis, it increased by 2.1 per cent in October 2021 as compared to increase of 2.7 per cent a month earlier and an increase of 3.0 per cent in October 2020.

    Wholesale Price Index (WPI) based inflation on YoY increased by 21.2 per cent in October 2021 as compared to an increase of 19.6 per cent a month earlier and an increase of 5.1 per cent in October 2020. WPI inflation on MoM basis increased by 4.2 per cent in October 2021 as compared to an increase of 3.2 per cent a month earlier and an increase of 2.9 per cent in corresponding month i.e. October 2020.

    Pakistan’s September inflation moves up by 9%
  • PMIC initiates action against 50 individuals, entities

    PMIC initiates action against 50 individuals, entities

    ISLAMABAD: Inspection Commission constituted by Prime Minister Imran Khan, in its first phase initiated proceedings against 50 individuals and entities nominated in the Pandora Papers.

    The proceeding is likely to expand in due course, said a press release on Thursday.

    The process will be concluded strictly in accordance with law and whenever necessary, enforcement powers would be invoked directly or through concerned law enforcement agencies.

    The Prime Minister Inspection Commission (PMIC) has commenced its proceedings regarding the Pandora Papers, the process for collection of information and data is underway.

    Since initial disclosure regarding offshore companies and trusts were made by ICIJ and its partner journalists, information and assistance is being sought from the said sources.

    The purpose of ongoing proceedings is to identify cases which may potentially involve any breach of law especially by present or past holders of public office.

    The task also includes referral of cases to the relevant authorities for necessary action from tax evasion or money laundering aspects.

    In order to maintain objectivity and fairness, the opportunity of representation in person or through written communication would be provided to the individuals who on the basis of available data are required to clarify their offshore ventures.

    PMIC would welcome information from the public and encourage whistle-blowers to come forward for disclosure in the interest of transparency.

    PM task force initiates proceedings in Pandora papers
  • Pakistan’s forex reserves fall to $23.934 billion

    Pakistan’s forex reserves fall to $23.934 billion

    KARACHI: The liquid foreign exchange reserves of Pakistan have declined by $393 million on weekly basis, according to statistics released by the State Bank of Pakistan (SBP) on Thursday.

    The foreign exchange reserves of the country declined to $23.934 billion by the week ended October 22, 2021, as compared with $24.327 billion a week ago.

    The foreign exchange reserves of the State Bank fell by $345 million to $17.147 billion by the week ended October 22, 2021 as compared with $17.492 billion by the week ended October 15, 2021.

    The foreign exchange reserves held by commercial banks have also come down by $48 million to $6.787 billion by the week ended October 22, 2021, as compared with $6.835 billion a week ago.

    SBP’s foreign exchange reserves fall by $1.64 billion
  • Tarin directs provinces to finalize sugarcane price

    Tarin directs provinces to finalize sugarcane price

    ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Wednesday directed all the provinces to finalize the indicative price of sugarcane at the earliest.

    He issued the directives while presiding over the National Price Monitoring Committee (NPMC).

    Chief Secretary Punjab apprised the NPMC that the crushing of sugarcane will begin by 15th November in Punjab. The adviser on Finance and Revenue directed the Chief Secretary, Sindh to ensure the crushing of sugarcane to start as soon as possible to ensure a stable price of sugar across the country. The adviser further directed all Provincial governments to finalize the indicative price of sugarcane at the earliest.

    Federal Minister for National Food Security & Research Syed Fakhar Imam, Minister of State on Information Farrukh Habib, Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razak Dawood, Federal Secretaries, MD Utility Stores, Provincial Chief Secretaries, Chief Statistician PBS, Chairperson CCP, Member FBR and other senior officers participated in the meeting.

    The Secretary of Finance briefed the NPMC about the weekly SPI situation which has been increased by 1.38 per cent during the week under review.

    While reviewing the price trend of essential commodities, the Secretary of Finance apprised that the rise in global food commodities and petroleum prices has affected the prices of essential food items worldwide.

    Prices of 07 essential commodities registered decline whereas prices of 15 items remained stable during the last week, he added.

    The Secretary of Finance further updated the NPMC that the prices of the wheat flour bags remained consistent at Rs. 1100 per 20 kg due to the proactive measures of the Punjab Government and ICT administration.

    The Adviser Finance commended the efforts of the representatives of the Punjab Government and Islamabad administration and expressed deep concern over the significant price differential in the wheat flour prices in Sindh Province as compared to other Provinces.

    He directed the Provincial Chief Secretary of Sindh to expedite the process of daily releases of wheat at the price determined by the Government to ease out the pressure on prices.

    The Adviser reiterated the firm commitment of the Government to ensure a smooth supply of wheat flour across the country at the government-specified prices.

    While reviewing the price trend of basic commodities, the Adviser to Prime Minister on Finance and Revenue Shaukat Tarin stated that the Government is taking a range of administrative, policy and relief measures to absorb the upward pressure on prices of basic food commodities globally.

    The Adviser on Finance and Revenue directed the Pakistan Bureau of Statistics to draw a province-wise comparison of weekly SPI. The decision has been taken to analyze the price differential in SPI among Provinces to differentiate the individual Province’s efforts.

    The Chief Secretary Baluchistan also highlighted the need for expanding USC outlets and establishing cold storages facilities in the Province. Adviser to PM on Finance and Revenue directed the concerned Ministries to coordinate with the Baluchistan Government to expedite the matter.

    Minister of State on Information highlighted the need to increase the footfall of Sasta Bazars, to make sure the benefit to reach the maximum number of people, and the Adviser to the PM on Finance & Revenue directed the Provincial governments to devise the strategies for the same.

    In his concluding remarks, the Adviser to the Prime Minister on Finance and Revenue stated that the Government is taking all possible measures to ensure smooth supply of essential commodities throughout the country.

    Shaukat Tarin for finalizing tax harmonization at earliest