Category: Finance

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  • 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.

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  • 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.

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  • 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.

  • Tarin assures support for e-commerce industry growth

    Tarin assures support for e-commerce industry growth

    ISLAMABAD: Finance Minister Shaukat Tarin on Thursday reaffirmed the government’s strong commitment to the expansion and facilitation of the e-Commerce sector in Pakistan, viewing it as a key driver of future economic growth and digital transformation.

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  • SBP to launch rewards for inward remittances

    SBP to launch rewards for inward remittances

    ISLAMABAD: State Bank of Pakistan (SBP) will launch incentives/ rewards for overseas Pakistanis on transactions of inward remittances.

    The SBP will launch a mobile phone application for overseas Pakistanis, which will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance under criteria.

    The above application will be formally launched towards the end of October 2021, this was discussed at a meeting of Economic Coordination Committee (ECC) of the Cabinet of Wednesday.

    Finance Minister Shaukat Tarin chaired the meeting. The Secretary Finance made a detailed presentation on National Remittance Loyalty Program (NRLP) before the Committee.

    He stated that remittances form backbone of the economy. The proactive policy measures by the Government and the SBP have incentivised the overseas Pakistanis and encouraged them to remit their hard earned money through formal channels.

    This has contributed in achieving record remittance of $29.4 billion in the last fiscal year. It’s a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.

    After due deliberations, the ECC approved the structure and estimated financial impact of the NRLP with a view to incentivize remitters to transfer funds through formal channels thus further strengthening the inflow of remittances.

    The Finance Minister directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.

    Among others, Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Energy Hammad Azhar, Federal Minister for Planning and Development Asad Umar, Advisor to the PM on Commerce Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Power & Petroleum Tabish Gauhar, SAPM on Finance and Revenue Dr. Waqar Masood, Federal Secretaries and other senior officers participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through a video link.

  • Pakistan’s forex reserves ease to $24.853 billion

    Pakistan’s forex reserves ease to $24.853 billion

    KARACHI: The foreign exchange reserves of Pakistan have eased by $23 million to $24.853 billion by the week ended July 30, 2021.

    The foreign exchange reserves of the country were at $24.876 billion by the week ended July 23, 2021, State Bank of Pakistan (SBP) said on Thursday.

    The official foreign exchange reserves of the SBP increased by $16 million to $17.846 billion by the week ended July 30, 2021 as compared with $17.83 billion a week ago.

    The foreign exchange reserves held by commercial banks declined by $39 million to $7.007 billion by week ended July 30, 2021 as against $7.046 billion by week ended July 23, 2021.

  • Headline inflation increases by 8.4% in July

    Headline inflation increases by 8.4% in July

    In July 2021, Pakistan experienced a notable shift in inflationary trends, with the headline inflation based on the Consumer Price Index (CPI) registering at 8.4 percent year-on-year, down from 9.7 percent in June 2021.

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