Pkrevenue.com

Category: Finance

Explore finance-related stories with Pakistan Revenue, your source for the latest updates on Pakistan’s economy, financial trends, and market insights. Stay informed with real-time economic developments.

  • Tarin chairs meeting of monetary, fiscal policies board

    Tarin chairs meeting of monetary, fiscal policies board

    ISLAMABAD: Finance Minister Shaukat Tarin on Wednesday chaired a meeting of the Monetary and Fiscal Policies Co-ordination Board.

    Other members of the Board present in the meeting were the Adviser to the Prime Minister on Commerce & Investment, Deputy Chairman Planning Commission, Governor SBP, Dr. Asad Zaman and senior officials of the Finance Division.

    Finance Minister briefed the Members of the Board on the current economic situation of the country and highlighted the major incentives given in the budget due to which business confidence is improving and economy is moving on strong economic recovery path.

    It was also informed that all key economic indicators relating to real sector of the economy, fiscal sector, monetary and external sectors are going well and government is proactively executing all policy measures to achieve the major socio-economic targets of the current fiscal year.

    He also highlighted the possible risks to the economic activities and strategy to counter these risks which were appreciated by the members of the Board.

    Secretary Finance briefed the Members of the Board on budgetary allocations for various activities and informed about the ways and means to maintain the fiscal discipline.

    He also shared the strategy to contain the non-development expenditure with the focus to optimally utilize resources of the country and improve the service delivery at large for the common man.

    Governor SBP informed the Board about Monetary Policy stance. He shared the analysis of the SBP on policy rate, credit availability, exchange rate movement and inflationary situation.

    He also explained that policy mix is supporting the growth momentum and highlighted the increase in commodities prices in the global market which have implications for higher import bill and inflation.

    It was also informed that it is encouraging signs that exports are picking up along with increase in import of machineries which will enhance productive capacity of the economy and create exportable surplus.

    He also explained the policy measures which SBP is executing to encourage business activities in various sectors of the economy and highlighted that there are ample opportunities for investors/exporters and youth of the country to take benefits from SBP’s schemes to extend or initiate their business.

    Deputy Chairman Planning Commission apprised the meeting about the execution of development activities.

    He also highlighted the possible options for resource mobilization and to utilize them effectively for development of potential sectors of the economy.

    The Adviser to the PM on Commerce and Investment briefed about the structure of trade of the country along with major destinations.

    He also presented the various measures which are under execution to enhance exports in potential areas. He also mentioned the various categories of imports which can be rationalized by focusing on their substitutes.

    A comprehensive road map was also discussed to minimize trade deficit of the country. It was also highlighted that fiscal and monetary facilitation will continue for potential sectors of the economy.

    Dr. Asad Zaman appreciated the major fiscal and monetary measures of the government which are supporting the business activities. He also highlighted the potential areas where Pakistan has comparative advantages in export market and also identified some low hanging fruits for import substitution.

    He emphasized that the goal of well-coordinated Monetary and Fiscal Policies is to achieve full employment.

    Minister for Finance & Revenue emphasized the importance of Monetary and Fiscal Policies Co-ordination Board for designing and executing policies to achieve economic targets and overcome the possible risks.

    He advised to make this forum more effective for maintaining better coordination of policies to achieve the planned macroeconomic goals.

    The chair urged that the Board should be more proactive in reviewing the impact of Fiscal and Monetary Policies on economic growth, employment and external sector of the economy, he concluded.

  • Pakistan signs pact to build SCO e-commerce platform

    Pakistan signs pact to build SCO e-commerce platform

    Pakistan has taken a significant step towards strengthening digital ties with Shanghai Cooperation Organization (SCO) member states by signing a Memorandum of Understanding (MoU) on Building a Cross-border E-commerce Platform.

    (more…)
  • Finance minister asks cement producers to reduce prices

    Finance minister asks cement producers to reduce prices

    ISLAMABAD: Finance Minister Shaukat Tarin has emphasized to reduce the prices of cement as the industry is of paramount importance due to its backward and forward integration with the construction sector as a whole.

    The finance minister held a meeting with the representatives of cement manufacturers at the Finance Division on Tuesday.

    Federal Minister for Industries and Production Makhdum Khusro Bakhtiar, Secretary Ministry of Industries & Production, Secretary Finance Division and other senior officers participated in the meeting.

    Secretary, Ministry of Industries and Production briefed the participants about the prevailing cement prices.

    He also drew a comparison about changes in the price of cement per bag over the last three years particularly amid COVID-19 pandemic.

    He highlighted the important role being played by the cement industry in stimulating economic growth during testing times.

    In his remarks, the Finance Minister underscored the importance of cement as a building block of the Construction Industry.

    He lauded the valuable contribution of the cement industry which has triggered a V-shape economic recovery during Coronavirus pandemic in the country.

    He underlined various stimulus measures taken by the Government to support the construction industry that led to a strong rebound in economic activity during the ongoing pandemic, he added.

    While speaking on the occasion, the Finance Minister stressed the need to provide industrial inputs such as Cement and Steel at affordable prices to carry forward the momentum of economic recovery amid COVID-19 as well as in post-COVID-19 scenario.

    He emphasized to reduce the prices of Cement as the cement industry is of paramount importance due to its backward and forward integration with the Construction sector as a whole.

    The representatives of cement manufacturers also presented their perspective on the occasion. They were of the view that the recent escalation in the prices of cement are driven by the rise in input costs.

    Also the overall profitability in the cement sector is still the lowest as compared to other countries in the region.

    In his concluding remarks, the Finance Minister urged the representatives of the Cement Manufacturers to hold a consultative session with relevant stakeholders and present a firmed-up proposal regarding sustainable pricing mechanism for cement sector in order to boost the overall Construction Industry by providing industrial inputs at a reasonable cost.

    The Finance Minister affirmed full support and facilitation to the cement industry on the occasion.

    Tarin orders release refunds to edible oil importers
  • Pakistan exports to seven regional countries up by 20.5%

    Pakistan exports to seven regional countries up by 20.5%

    ISLAMABAD: Pakistan has registered an increase in the exports to seven regional countries by 20.50 per cent in the first month of the financial year (2021-2022) as compared with the corresponding month of the last year.

    The State Bank of Pakistan (SBP) reported that the countries in the seven regional countries including Afghanistan, China, India, Nepal, Bangladesh, Sri Lanka, and the Maldives.

    These countries account for a small amount of $282.020 million which is only 12.49 percent of Pakistan’s overall exports of $2257.042 million in July 2021-22.

    China tops the list of the countries in which Pakistan exports goods to its neighboring countries except for Afghanistan and Bangladesh.

    There is an increase observed in the exports from Pakistan to China with a growth of 55.26 percent to $165.878 million in July 2022 from $106.775 million in July 2021.

    On the other hand, there is also an increase in the exports of Pakistan to Bangladesh by 5.66 percent from $5t51.033 million to $48.297 million.

    Yet the exports of Pakistan to Afghanistan have dropped by 38.57 percent to $38.557 million this year from $62.774 million. The exports of the country with India also plunged by 87.81 percent to $0.054 million from $0.443 million because of the suspension of trade relations by the government with Pakistan.

    The exports to Nepal also declined by 39.86 percent to $0.273 million from 0.454 million. However, the exports to the Maldives also fell by 1.21 percent to 0.325 million from 0.329 million.

    The exports of Pakistan with Sri Lanka increased by 68.55 percent to $235.991 million from $15.420 million in the previous year.

    However the imports of Pakistan from seven regional countries have increased by 19.36 percent to $1350.535million during July 2022 as compared to $1131.427 million in July 2021.

  • Rice exports to cross one million tons: Pakistan envoy

    Rice exports to cross one million tons: Pakistan envoy

    BEIJING: Pakistan has a huge potential to enhance rice export to several countries especially China and Pakistani rice export is likely to cross one million tons within two years with increased demand from the Chinese market, said Badar uz Zaman, Commercial Counselor of Pakistan Embassy in China.

    “Last year our rice exports to China was 475,000 tons and in quantity wise we are the third largest country while in amount or money wise we are fourth largest rice exporter to China,” he added.

    Last year, Vietnam, Myanmar, and Thailand were the top three rice exporters to China, with export of 787,538 tons, 911,231 tons, and 324,642 tons respectively.

    China had appeared as one of the top destinations for Pakistani rice with 59 per cent increase of broken rice in last year while semi/wholly milled rice and IRRI-6 and IRRI-9 are the main top two rice varieties imported by China amounted to around $259 million last year.

    Badar uz Zaman said the number of registered rice exporters has increased to 53 and within the last two years as 18 new Pakistani rice companies were registered by the General Administration of Customs, China, which shows the huge demand for Pakistani rice in the Chinese market. These companies fully meet the Chinese standard.

    He said that IRRI-6 and IRRI-9 types of rice have special Chinese consumer taste, while all commercial sections in China are trying B2B marketing to promote all kinds of Pakistani rice types, and also the products of quality are in demand here.

    According to a report released by China-Pakistan Agricultural and Industrial Information Platform (CPAIC), Pakistan has already become one of the top rice producers and exporters in the world.

    The rice grown in Pakistan is mainly divided into Basmati rice and non-Basmati rice. Basmati rice, with slender and elongated grains, aromatic taste, and soft and fluffy texture when cooked, is one of the most favored high-end rice varieties in the international market.

    Pakistan is the most important growing area of Basmati rice besides India and Bangladesh.

    Hybrid rice breeding assisted by China is elevating Pakistani rice yield to a new height.

    Honglian hybrid rice developed by Wuhan University and harvested in eight demonstrative plots in Pakistan has demonstrated ability to raise production by two times.

    A rice variety bred by China’s Yuan Longping High-tech Agriculture Co., Ltd. in collaboration with Guard Agriculture Research and Services are anticipated to double the rice production in Pakistan from 2 tons per acre to 4 tons per acre.

    Last year, a total of 500 tonnes of hybrid rice seeds from a seed company in east China’s Jiangsu Province landed in Pakistan to help ensure the country’s grain yield.

    It may be mentioned here that China permitted imports of Pakistani rice in January 1, 2006. In February of the same year, the first batch of rice shipped from Pakistan.

  • Foreign exchange reserves inch up to $24.668 billion

    Foreign exchange reserves inch up to $24.668 billion

    KARACHI: Pakistan’s liquid foreign exchange reserves recorded a modest uptick, reaching $24.668 billion by the week ending August 13, 2021, according to the latest data released by the State Bank of Pakistan (SBP) on Friday.

    (more…)
  • Self assessment scheme to facilitate taxpayers: Tarin

    Self assessment scheme to facilitate taxpayers: Tarin

    KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets.

    (more…)
  • ADB approves $235 million to upgrade Pakistan roads

    ADB approves $235 million to upgrade Pakistan roads

    ISLAMABAD: The Asian Development Bank (ADB) has approved $235 million to Pakistan on Thursday to enhance national highway in country.

    A statement issued by ADB stated that the project will focus on expansion of 222-kilometer Shikarpur-Rajanpur section of National Highway into four lane carriageway from a two lane road.

    The expansion is part of the Central Asia Regional Economic Cooperation (CAREC) Corridor 5 which links the ports of Karachi and Gwardar in southern Pakistan with national and international economic centers to the north.

    The Transport Specialist in ADB said that the project will increase space of the busy highway section that travels through the busy economic centers in Sindh and Punjab.

    They further said that the project will ensure the road safety so that the users can travel easily and smoothly. They will also construct the bus stops and emergency response centers to facilitate the people. The first tranche of the loan of $180 million was issued in September 2017 for the improvement of 143 kilometers of Highway in province of Sindh and Khyber PakhtunKhwa.

  • ECC approves continuation of subsidy to export sector

    ECC approves continuation of subsidy to export sector

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved continuation of subsidy on supply of gas and electricity to export sector.

    Finance Minister Shaukat Tarin presided over the ECC meeting. The ministry of commerce gave a detailed presentation for continuation of reduced rates of electricity and RLNG to export oriented sectors.

    Secretary commerce briefed the Committee that extension of concessional rates of electricity and RLNG is important for sustained increase in exports by providing energy at regionally competitive rates.

    After due deliberations, the committee approved the continuation of electricity and gas subsidy for export-oriented sectors to support the momentum of growth in exports during the FY 2021-2022.

    The finance minister emphasized the need to incentivize export-oriented sectors in order to take our exports to the next level. He also stressed the need to rationalize usage of energy inputs. For this purpose, the ECC constituted a sub-committee comprising Minister for Energy, Minister for Industries & Production, Advisor on Commerce, Deputy Chairman Planning Commission, Additional Secretary (CF) Finance Division and other relevant officials for presenting a plan to resolve the issue of continued use of gas by some units for power generation and non-cooperation in audit of such use.

    The sub-committee was directed to present its recommendations before ECC within 30 days for further deliberation.

    The ECC considered and approved a summary presented by the Power Division for extension of incremental consumption package for K-Electric industrial consumers of X-WAPDA DISCOs & K-Electric and application of incremental consumption package for BI(Non ToU) consumers of X-WAPDA DISCOs and K-Electric at the rate of Rs.12.96/kwh from 1st July 2021 to 31st December 2021.

    The cabinet committee approved another summary by the Petroleum Division regarding NOC for issuance of the Parent Company Guarantees/Corporate Guarantees by each of the consortium companies, on a joint and several basis, in favour of ADNOC and SCFEA to pursue international exploration and production opportunity in Abu-Dhabi, United Arab Emirates.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Economic Affairs Division Omar Ayub Khan, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretary Finance, Secretary M/o Industries and Production, Secretary M/o NFS&R, Secretary Power, Secretary Petroleum, Chairman FBR and other senior officers participated in the meeting, Governor SBP Dr. Reza Baqir also participated through video link.

    SBP to launch rewards for inward remittances