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  • Pandora papers: PM says returning taxpayers’ money

    Pandora papers: PM says returning taxpayers’ money

    ISLAMABAD: Prime Minister Imran Khan on Tuesday said that taxpayers’ money should be returned to Pakistan from those whose names were revealed by the Pandora papers.

    The prime minister has chaired a meeting of the federal cabinet.

    The cabinet was informed that initially, the Prime Minister’s Inspection Commission will meticulously review the record of all those Pakistanis which are named in Pandora Revelations and decide about legal proceedings according to the outcome of such investigations. “The taxpayers’ money should return to Pakistan,” the Prime Minister remarked.

    The meeting was briefed on the introduction of electronic voting machines and giving voting rights to Overseas Pakistanis.

     In this lieu the process of taking opposition on board is underway. Emphasizing the importance of EVMs the Prime Minister said that for the country’s greater good, the government wants to bring transparency in election process.

    Effective awareness campaign should be launched to highlight the usefulness of electronic voting machines, he added.

    SAPM for National Health Services Dr Faisal Sultan gave a detailed briefing to the Cabinet on admission test in medical colleges. The meeting was told that the admission test is conducted to produce professionally competent doctors and dentists. High standards of medical education are necessary as doctors have to save human lives.

    In this regard, a uniform entrance test at par with prevalent international best practices is set up which is marked with the help of modern technology. The purpose of the entrance test is to test the actual intelligence and not to merely pass the exam on the basis of the rote learning. Each student’s exam is different from the other so that the chances of copying are eliminated.

    About 200,000 students take the medical admission test every year for 20 thousand seats. Due to lack of resources, it is not possible to arrange computers or laptops for 200000 students at the same time during admission tests. The pool of questions for the exam is made in accordance with the syllabus in which different questions are included in the questionnaire.

    The Supreme Court has directed that medical entrance tests be conducted uniformly across the country. The cabinet agreed that Effective and transparent admission test system is of great importance and is necessary as these individuals, later on, have to save human lives by becoming doctors.

    The cabinet allowed the MetLife-Alico company to move abroad its capital (received in lieu of its sale proceeding) in accordance with Securities and Exchange Commission of Pakistan’s regulations.

    The Cabinet approved a reduction in the punishment of prisoners on the auspicious occasion of Eid Milad-ul-Nabi. The Cabinet directed that Eid Milad-ul-Nabi (PBUH) be celebrated on a grand scale. Moreover, it was decided that the ten days from 3rd Rabi ul Awwal to 13th Rabi ul Awwal will be dedicated to Rehmat al Alameen (PBUH).

    The Cabinet approved the appointment of experts in committee on drug research under Drug (Research) Rules, 1978. These experts posted hail from Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan. These experts will help in research on medicines in Pakistan.

    The Cabinet allowed the promotion of important and life saving drugs in light of the recommendations of the Drug Regulatory Authority.

    In order to provide winter relief for domestic consumers and keeping in view the paucity of Natural gas, the Cabinet approved usage of electricity instead of gas on the recommendation of the Cabinet Committee on Energy. In addition to the above, the domestic electricity customers will also have the facility that if they use more units this winter than the previous year, they will be charged additional units at a lower price.

    The decisions taken by the Economic Coordination Committee in the meeting held on 30 september 2021 were also ratified. The decisions taken by the Cabinet Committee on Legislation in the Meeting of 30 September 2021 were also ratified.

    The Cabinet directed all ministries to use E-Procurements System. All the tenders should be run in a completely transparent manner and the procurement process should eliminate corruption. The Cabinet directed to form a three members committee that will make a comprehensive assessment of electricity and construction contracts entered by the previous governments, especially road construction contracts and will present the report to the cabinet. The committee will comprise Federal Ministers Fawad Ahmed Chauhdary and Hammad Azhar.

    The Cabinet approved submission of the recommended Code of Conduct by Census Advisory Committee to the Council of Common Interests for the Seventh Census.

    The Census Rules contain the following recommendations:

     -The census will be conducted in accordance with the Constitution and law.

     -Adherence to the principles laid by United Nations for Census.

    -Setting up of a census-specific unit and master plan.

    -Updation of maps.

    -Taking on board all Stake Holders.

    -Questionnaire for census

    – Conducting Pilot exercise for Census

    – Census Awareness Campaign

    -Training of Personnel

    -Code for Data Collection

    – Monitoring of Field Teams

    -Security arrangements for field teams

    – An after census Survey for verification

    -Establishment of National Census Liaison Centre

    Keeping in view the security reasons, the Cabinet approved the appointment of Security personnel for by-elections in Azad Jammu and Kashmir.

    The Cabinet approved the allotment of land in Islamabad for the construction of purpose-built buildings for Panahgahs.

    Some obstacles challenging construction sector: PM
  • Pakistan’s trade deficit doubles in first quarter

    Pakistan’s trade deficit doubles in first quarter

    ISLAMABAD: Pakistan’s trade deficit has doubled in first quarter (July – September) 2021/2022 owing to sharp increase in import bill, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.

    The trade deficit has ballooned by 100.62 per cent to $11.66 billion during the first quarter of the current fiscal year as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.

    The import bill posted an unprecedented growth of 65 per cent to $18.63 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

    The exports of the country registered 27 per cent growth to $6.96 billion during July – September 2021 as compared with $5.47 billion in the same period of the last fiscal year.

    The trade deficit on year on year (YoY) basis in September 2021 widened by 70 per cent to $4.1 billion as compared with the deficit of $2.41 billion. The import bill recorded an increase of 50.78 per cent to $6.48 billion in September 2021 as compared with $4.29 billion in the same month of the last year.

    The exports also exhibited a growth of 26.13 per cent to $2.38 billion in September 2021 as compared with $1.88 billion in the same month of the last year.

    Trade deficit balloons 120% to $7.49 billion in two months
  • Pakistan’s September inflation moves up by 9%

    Pakistan’s September inflation moves up by 9%

    ISLAMABAD: The headline inflation based on the Consumer Price Index (CPI) has increased by 9 per cent on year-on-year (YoY) basis in September 2021 as compared to an increase of 8.4 per cent in the previous month and 9.0 per cent in September 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    On month-on-month (MoM0 basis, it increased by 2.1 per cent in September 2021 as compared to increase of 0.6 per cent in the previous month and an increase of 1.5 per cent in September 2020.

    CPI inflation Urban, increased by 9.1 per cent on year-on-year basis in September 2021 as compared to an increase of 8.3 per cent in the previous month and 7.7 per cent in September 2020.

    On month-on-month basis, it increased by 2.0 per cent in September 2021 as compared to increase of 0.5 per cent in the previous month and an increase of 1.3 per cent in September 2020.

    CPI inflation Rural, increased by 8.8 per cent on year-on-year basis in September 2021 as compared to an increase of 8.4 per cent in the previous month and 11.1 per cent in September 2020. On month-on-month basis, it increased by 2.3 per cent in September 2021 as compared to increase of 0.7 per cent in the previous month and an increase of 2.0 per cent in September 2020.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 16.6 per cent in September 2021 as compared to an increase of 15.9 per cent a month earlier and an increase of 12.0 per cent in September 2020. On MoM basis, it increased by 2.7 per cent in September 2021 as compared to increase of 0.7 per cent a month earlier and an increase of 2.1 per cent in September 2020.

    Wholesale Price Index (WPI) inflation on YoY basis increased by 19.6 per cent in September 2021 as compared to an increase of 17.1 per cent a month earlier and an increase of 4.3 per cent in September 2020.

    WPI inflation on MoM basis increased by 3.2 per cent in September 2021 as compared to an increase of 1.2 per cent a month earlier and an increase of 1.0 per cent in corresponding month i.e. September 2020.

    August inflation increases by 8.4%
  • Tarin defends price hike in petroleum products

    Tarin defends price hike in petroleum products

    ISLAMABAD: Finance Minister Shaukat Tarin on Friday defended the hike in prices of petroleum products effective from October 01, 2021.

    He said that the government was absorbing the impact of the decade’s highest price-hike at international level to provide relief to people through various measures including direct food subsidy to the poor.

    Addressing a news conference, along with Minister of State for Information and Broadcasting, Farrukh Habib, the federal minister said that Covid-19 pandemic had triggered price hike all across the globe, adding that since Pakistan was importer of some essential commodities, hence it was impacted too.

    He said that the government had not passed on all this impact to people.

    Talking about the hike in petrol price, the minister said that Pakistan was at 17th number among the countries providing the commodity at the lowest prices, adding that the majority of the other 16 countries having lowest prices than Pakistan were oil-producing countries.

    He said that petrol prices in the country were even lower than regional countries, as it was being sold at Rs127 per liter in Pakistan whereas its price in India was Rs235 per liter and Rs195 per liter in Bangladesh.

    He said that the government wanted to reduce prices as it had already slashed the petroleum development levy from Rs30 in 2018 to just Rs2.5 per liter.

    He said, that the government had budgeted Rs600 billion from petroleum levy, which could be affected as the prime minister wanted to provide relief to people.

    Tarin said that it was very unfortunate that no proper attention was given towards agricultural sector for last three decades and resultantly, the country had become net importer of wheat, sugar, pulses and ghee and was directly affected by world inflation.

    He said despite all this, the government had taken measures to provide relief to people, particularly poor. The government had to buy sugar at higher rates, but it would be available around Rs90 per kilogram likewise, ghee prices that witnessed around 80-90 percent hike in international market and was available at Rs350 in Pakistan, would come down to below Rs 300 per KG.

    He said that the government would also provide direct food subsidies to 12.5 million families which constitute around 44 percent of total population. The subsidy would be provided on flour, sugar, ghee and pulses.

    The finance minister said the government was also evolving a mechanism to minimize the role of middlemen, which he said was one of the major causes of inflation adding that the provinces have also been asked to reestablish provincial price administrators to control prices.

    He said that the economy of the country was growing as the revenues have witnessed over 38 percent increase and exceeded the target by Rs186 billion.

    This means economy was growing, he said and expected that it would grow by 5 percent during the current fiscal year and resultantly it would have trickle down effect.

    He said that the major sectors of the economy including agriculture, industry and services sector were witnessing growth.

    He said that Kamyab Pakistan Programme would also be launched soon under which farmers would be provided interest-free loans of Rs150,000 per crop, Rs200,000 interest-free loans on mechanization whereas urban households would be provided Rs500,000 per family to start businesses.

    In addition, the government was also providing loans up to Rs2 million at 2 percent interest loans for construction of houses whereas health-cards were being provided to facilitate people.

    He said that the prime minister was very concerned about the welfare of common people.

    About debts, the minister said that the debt-to-GDP ratio came down by 4 percent last year, expecting that it would come down further during the current year.

    To a question, the minister said that the government would sincerely negotiate with the International Monetary Fund (IMF). He said that we had promised to collect revenues of RS5.8 trillion and the collection numbers till date show that the target would be exceeded.

    He said there were certain challenges faced in the power sector, but added that enhancing tariff rates, as advised by the IMF, was not a solution to the issue, so we would like IMF to provide space in this matter.

    Petrol price increases to record high at Rs127.30/liter
  • PM directs relinquishment of occupied state land

    PM directs relinquishment of occupied state land

    ISLAMABAD: Prime Minister Imran Khan on Thursday directed to ensure strict enforcement of law for relinquishment of occupied state land.

    The Prime Minister chaired the meeting of the National Coordination Committee on Housing and Construction at Islamabad.

    The Prime Minister directed that strict enforcement of law should be ensured for the relinquishment of occupied state land.

    Emphasizing the importance of cadastral mapping the Prime Minister said that it will help the government to identify dead capital and its better utilization.

    The prime minister said that the government is ensuring the protection of forest lands for the conservation of the environment. He added that food security and climate change are currently the most important issues concerning the whole world, including Pakistan.

    The meeting was attended by MOS for Information Farrukh Habib, SAPM Dr Shehbaz Gill, Member National Assembly Aftab Siddiqui, Chairman CDA Amir Ahmed Ali, Chairman Naya Pakistan Housing Authority Lt. General (Retd) General Anwar Ali Haider, Surveyor-General Of Pakistan Major General Shahid Pervez and concerned officials. Concerned officials from all four provinces also attended the meeting via video link.

    The meeting was briefed in detail about development work in Islamabad. Sector I-15 has been completed with unprecedented pace, whereas the development of Ali Pur Farash Town project under Naya Pakistan Housing Authority will also be completed soon.

    The meeting was also briefed about the progress on infrastructure development projects in Islamabad. Construction of Park Enclave (Phase I, II & III), Rawal Chowk Flyover, Korang Bridge, Margalla Highway, 7th Avenue Interchange and IJP Road is going on at a steady pace and these projects are expected to be completed within defined timelines.

    Moreover, the meeting was informed that the building of 150 beds Capital Hospital is complete and its equipment is in the process of procurement. Chairman CDA also briefed on the digital mapping of forest areas of Islamabad. It is not only complete, but it has also helped in the identification of encroached land. Prime Minister directed that strict action must be taken against Land Mafias involved in encroachment of forest land, natural waterways and state-owned property.

    Later on, the Surveyor-General of Pakistan briefed the meeting on Cadastral Mapping of Islamabad Capital Territory, Lahore and digitization of state-owned land in Pakistan.

    Regarding Islamabad, the meeting was informed that the process is near to completion and the collected data has also been uploaded to web application whereby the title holders will also be given a distinct login ID. The login ID provided to the title holders will help access to all the details of the property hence bringing transparency in the system.

    The ground survey, Property Tax record and census data are being utilized in Lahore to accurately map the city. Moreover Borad Of Revenue Data in Punjab, Balochistan and Khyber Pakhtunkhwa is being digitalized at a steady pace.

    Forest Demarcation exercise in the country is 97 per cent complete and digitization of state-owned land is also expected to be completed in an upcoming couple of months.

    The meeting was also briefed in detail on encroachment on Circular Railway, Nullahs and forest land in Karachi. The meeting was briefed on Site development zones proposed for better utilization of land and provision of basic amenities to housing societies.

    Some obstacles challenging construction sector: PM
  • ECC approves import of 550,000MT wheat

    ECC approves import of 550,000MT wheat

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a summary for import of 550,000 metric tons of wheat for the fiscal year 2021/2022.

    Finance Minister Shaukat Tarin presided over the meeting of the ECC.

    The ECC approved the summary by the ministry of National Food Security and Research (NFS&R), regarding the award of the fifth international wheat tender to import 550,000 MT (after matching process) of wheat for the FY 2021/2022.

    ECC granted approval to the summary presented by the Ministry of Interior for Technical Supplementary Grant amounting to Rs.83.3 million for procuring services from NADRA regarding the project for automation of Power of Attorney (POA) for Overseas Pakistanis. The ECC accorded approval with the direction that MOFA and M/o Interior may hold a joint consultative session to work out modalities in this regard.

    Ministry of Industries and Production tabled a summary before ECC regarding the continuation of the Prime Minister’s relief package-2020 for the provision of five essential items on subsidized rates which are scheduled to expire on September 30, 2021. The ECC granted an extension for one month with a direction to present a detailed summary before ECC, keeping in view, international price hike in essential food commodities.

    On a summary moved by the Power Division regarding quarterly tariff adjustments of K-Electric, the ECC decided that the Power Division may approach NEPRA to review its earlier decision on the issue and present an updated summary before ECC for consideration.

    Power Division tabled another summary regarding levy of Sales Tax on subsidy granted by Federal Government to DISCOs. After seeking input from all concerned, the ECC decided that the matter may be referred to the Law Division for seeking opinion and legal interpretation may be presented before the Committee for further deliberations.

    The ECC considered and approved a summary, presented by the Ministry of Information Technology and Telecommunications, regarding revised budget estimates for the FY 2020-21 and FY 2021-22 respectively.

    The ECC approved summary by the Power Division regarding approval of payment mechanism for TNB Liberty Power Limited.

    The ECC also approved the proposal as part of settlement with other relevant IPPs.

    Lastly, on a summary moved by the M/o Industries and Production, the ECC approved a tender for import of 100,000 MT of urea for building strategic reserves of urea fertilizer during the Rabi season FY 2021-22.

    The meeting was attended by Federal Minister for Planning Asad Umar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Interior Sheikh Rasheed Ahmad, MOS for Information Farrukh Habib, Federal Secretaries, Chairman FBR and other senior officers.

    ECC stresses commodities stocks amid Afghan situation
  • Foreign exchange reserves fall to $26.402 billion

    Foreign exchange reserves fall to $26.402 billion

    KARACHI: The liquid foreign exchange reserves of the country fell by $663 million during the week ended September 17, 2021.

    The State Bank of Pakistan (SBP) on Thursday said that the foreign exchange reserves of the country fell to $26.402 billion by week ended September 17, 2021 as compared with $27.065 billion a week ago.

    The official foreign exchange reserves of the SBP also fell by $480 million to $19.543 billion by week ended September 17, 2021 as compared with $20.023 billion a week ago.

    The State Bank said that the decline in foreign exchange reserves were mainly due to external payments.

    The foreign exchange reserves held by commercial bank came down by $183 million to $6.859 billion by week ended September 17, 2021 as compared with $7.042 billion a week ago.

    Pakistan’s forex reserves flat at $27.065 billion
  • Work on CPEC projects in full swing: Asad Umar

    Work on CPEC projects in full swing: Asad Umar

    ISLAMABAD: Asad Umar (Minister for Planning, Development, and Special Initiatives) on Friday said that work on projects under China Pakistan Economic Corridor (CPEC) are continued in full swing.

    He dispelled the impression of slowing down the pace of the CPEC projects saying that major work of the CPEC projects was completed during the Pakistan Tehreek-i-Insaaf (PTI) government.

    He said in first phase of CPEC, two major sectors- power and infrastructure, were under the main focus.
    “Power projects with an installed capacity of 3,340 MW were completed during the previous government while 5,864 MW of power projects were being completed during the current government’s tenure,” he said while addressing a press conference here.

    Apart from it, he started work on another 1824 MW project that had also been started recently that would be completed after the tenure of the current government.

    In the infrastructure and road sector, the minister informed that the PML-N government completed 394 kilometers long motorways and highways under CPEC while the current government had so far completed 413 km of the motorways and highways.

    Asad Umar said the PML-N government totally ignored the Western Corridor that was the heart of CPEC.

    He said the Gwdar-Hoshab road was completed by the previous government while the Hakla-Dera Ismail Khan motorway was initiated by the PML-N government who completed 42% of the project while the rest was completed by the current government.

    Apart from these two projects, the previous government could not reach even the initial approval stage of any of the road projects on the Western alignment, he added.

    The minister said the DI Khan-Zhob road (210 km) was approved and a loan application had been submitted while negotiations for the loan were in process.

    Similarly, the contractor for the Zhob-Queta project had been mobilized and PC-1 of the Quetta-Khuzdar road was approved while funding for this project had already been allocated in the Public Sector Development Programme (PSDP) 2021-22.

    He informed that the current government had completed 67% of the work of the 110 km Khuzda-Basima road while it would also complete the rest work soon.

    Likewise, the 146 km Hoshab-Awaran road project had also been approved and the contractor had been mobilized. The Hoshab-Awaran project is an integral part of the CPEC central alignment that connects the port city of Gwadar with Sindh.

    “In fact, real work on Western Corridor of CPEC was started during PTI government,” he said adding that it did not wait for the Chinese investment and started work on the projects with its own resources under PSDP.

    The minister informed the government was also starting work on the connecting roads to the Western Alignment.
    Peshawar-DI Khan Motorway project is one such project which has recently been approved.

    Similarly, the 460 km Karachi-Quetta-Chaman road has also been approved and one of the portions would be completed by the government itself while the other sections of this project would be constructed under Public-Private Partnership.

    Likewise, the government has also accorded approval to other such roads such as Nokundi-Mashkel road, Mashkel-Panjgur road, Awaran-Jhal Jhao road.

    The minister said these connecting roads and the Wester Alignment were being built to take maximum benefit of the opportunities to be open up in Afghanistan after peace and stability prevailed in the country.

    Asad Umar said after completion of the first phase, we were entering in the second but very important phase of CPEC under which investment would come to a range of sectors including industrialization, agriculture, livestock, science technology, and other social sector development sectors.

    He said when the current government took over, not a single Special Economic Zone (SEZ) under CPEC was operational but now two SEZs Allama Iqbal Industrial Zone in Faisalabad and Rashakai in Khyber Pakhtunkhwa were operational while another SEZ named Dhabeji would also be functional soon once the Sindh government has selected the contractor for the SEZ.

    Agriculture, he said was an important sector in which the Chinese had vast experience who would help Pakistan in strengthening the sector.

    So far eight important initiatives in the agriculture sector have been approved under CPEC under which the Chinese would help Pakistanis to develop the sector.

    He said the Chinese would help Pakistani farmers in increasing the per acre yield of the crops. Similarly, he said the Chinese would help in removing foot and mouth disease from the animals as this disease was the major hurdle in way of exporting Halal meat to the world.

    Gwadar Airport to be fully operational in two years
  • Pakistan’s forex reserves flat at $27.065 billion

    Pakistan’s forex reserves flat at $27.065 billion

    KARACHI: Pakistan’s liquid foreign exchange reserves have slightly down by $38 million to $27.065 billion by week ended September 10, 2021 as compared with $27.103 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The official foreign exchange reserves of the SBP remained unchanged at $20.023 billion.

    The foreign exchange reserves maintained by commercial banks fell by $38 million to $7.042 billion by week ended September 10, 2021 as compared with $7.08 billion by week ended September 03, 2021.

    Pakistan’s forex reserves ease to $27.103 billion