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  • Rs10 billion may be allocated for agri projects in budget 2019/2020

    Rs10 billion may be allocated for agri projects in budget 2019/2020

    ISLAMABAD: The government has decided to allocate record amount for agriculture growth in fiscal year 2019/2020, sources said on Monday.

    The sources said that the government may allocate around Rs10 billion to National Food Security and Research for 24 new development projects.

    While an amount of Rs1.39 billion likely to be allocated for the ongoing projects.

    An amount of Rs1.5 billion may be allocated for the expansion of small and medium dams. In order to improve water resources in the country an amount of Rs5.5 billion to be allocated.

    Other projects in the agriculture sector may be included:

    — Rs50 million for poultry industry;

    — Rs150 million for fish catch culture cluster development period;

    — Rs400 million for improving water resources in KPK

    — Rs500 million for national oil seed programs

    — Rs350 million for wheat output growth

    — Rs200 million for sugarcane output

    — Rs450 million for growth in rice product

    In the last fiscal year an amount of Rs1.8 billion was allocated for National Food Research and Security.

  • Proposals for budget 2019/2020 finalized; salary persons may get increase; rise in additional customs duty likely

    Proposals for budget 2019/2020 finalized; salary persons may get increase; rise in additional customs duty likely

    ISLAMABAD: The ministry of finance has finalized proposals for budget 2019/2020 and will get approval from the Cabinet before presenting in the Parliament on June 11, 2019.

    Prime Minister Imran Khan will chair the cabinet meeting on Monday in which the budget with record deficit will be approved.

    The sources said that the cabinet would approve budget with estimated Rs3,000 billion deficit.

    According to the proposals, the budget allocation for the defence would be around Rs1,250 billion, which will less than the allocation for the outgoing fiscal year.

    An amount of Rs2,500 billion has been proposed for the payment of interest on the loan, the sources said.

    The government may allocate Rs925 billion for the federal development expenditures.

    The Federal Board of Revenue (FBR) may be assigned Rs5,500 billion as tax target for the fiscal year 2019/2020. While, the estimated earning from non-tax revenue may be at Rs1,250 billion.

    The tax proposals would include:

    Sales tax on sugar would be increased from 17 percent from existing 8 percent.

    Income tax has been proposed on the earning of middle-man.

    Increase in duty and taxes has been proposed poultry, electron and several other items.

    Increase in additional customs duty is recommended from 2 percent to 3 percent.

    Abolishing zero rating for five export sectors is also part of proposals. It is worth mentioning that the prime minister has already announced to abolishing subsidy to zero-rated sector.

    The government likely introduce soft loan program for youth. An amount of Rs5 billion would be allocated for establishing agriculture institute.

    Decrease in fertilizers prices would be recommended.

    The government employees and pensioners may get increase of 10-15 percent. The proposal of increasing pay and pension would get approval at the cabinet meeting.

  • Economic Survey 2018/2019 to be launched June 10; GDP growth likely at 3.3 percent

    Economic Survey 2018/2019 to be launched June 10; GDP growth likely at 3.3 percent

    ISLAMABAD: The ministry of finance will present Economic Survey for 2018/2019 on June 10 (Monday) under which the GDP growth may be announced to fall 3.3 percent against the target of 6.3 percent.

    The government, however, set the economic growth at 4 percent for the next fiscal year.

    The economic survey may show a slide in manufacturing sector growth by 0.3 percent. The government sets target of two percent for 2019/2020.

    Large Scale Manufacturing (LSM) has shown negative growth of 2 percent in the ongoing fiscal year against target 8.1 percent. The LSM growth target has been set at 2.8 percent for next fiscal year.

    Services sector growth fell by 4.7 percent against growth target of 6.5 percent in the fiscal year 2018/2019. Services sector likely to show growth of 4.8 percent in 2019/2020.

    Construction sector exhibited negative trend, drop by 7.6 percent against the target of 10 percent for the current fiscal year. The growth target for construction sector has been set at 1.5 percent.

    Agriculture sector growth remained flat at 0.8 percent against the target of 3.8 percent. However, the present government sets 2.9 percent growth target for the next fiscal year.

    Main commodity recorded a slide of 6.5 percent. Main commodities production for 2019-20 set at 3.5 percent.

    Other commodities output increased by 1.5 percent. In 2018-2019 target set 3.5 percent, for 2018/2019 target was 3.5 percent.

    Cotton output has decreased by 12.7 percent against growth target of 8.9 percent. Cotton output target has been set at 3.1 percent in 2019/2020.

    Livestock grew by 3 percent against target of 3.8 percent. Meanwhile, growth target for livestock for 2019-20 set at 2.5 percent.

  • PM reviews preparations for budget 2019/2020

    PM reviews preparations for budget 2019/2020

    ISLAMABAD: Prime Minister Imran Khan on Tuesday reviews preparations for budget 2019/2020.

    The prime minister chaired the preparatory meeting for budget 2019-20 wherein he was briefed in detail about the revenue and spendings.

    The federal budget scheduled to be announced on June 11, 2019 for fiscal year 2019/2020.

    The meeting was attended by Finance Advisor Abdul Hafeez Sheikh, Commerce Advisor Abdul Razak Dawood, Planning Minister Khusro Bakhtiar, State Minister for Revenue Hammad Azhar, Special Assistant to Prime Minister Dr Sania Nishtar, Chairman of Federal Board of Revenue Shabbar Zaidi and senior government officers, a Prime Minister Office statement said.

  • SECP to facilitate startups under PM’s Kamyab Jawan Program

    SECP to facilitate startups under PM’s Kamyab Jawan Program

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has assured to provide all necessary measures for the nascent companies to be registered in communication, tourism and postal sectors under Startup Pakistan Programme of Prime Minister’s Kamyab Jawan Programme.

    This assurance was given by Farrukh Sabzwari, Chairman, SECP at a meeting with Muhammad Usman Dar, Special Assistant to the Prime Minister on Youth Affairs at a meeting on Monday.

    The meeting discussed preferential treatment for the registration of new startup companies through an online process under Prime Minister’s Kamyab Jawan Programme.

    It would not only promote entrepreneurship culture in the country but would also empower youth both socially and economically.

    Muhammad Usman Dar appreciated commitment of Security and Exchange Commission of Pakistan in facilitating and promoting business activities in the country for the creation of employment opportunities for the youth.

  • ECC approves Rs20 billion fund to support stock market

    ECC approves Rs20 billion fund to support stock market

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Thursday approved State Enterprise Fund worth Rs20 billion to support the stock market of the country.

    Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet.

    In order to stabilize the stock market of the country, the ECC approved the proposal of Finance Division authorizing Government of Pakistan to issue sovereign guarantee amounting to Rs20 billion for investment in National Investment Trust (NIT)-State Enterprise Fund.

    Secretary, Ministry of National Food Security and Research updated the Committee about the wheat situation in the country.

    He informed that the country was in comfortable position with having 7.257 million tons of wheat available in the stock.

    Ministry of Maritime Affairs suggested various proposals on the revival and development of shipping industry in Pakistan.

    The Committee noted the proposals and advised Ministries of Petroleum and Maritime Affairs to jointly come up with a comprehensive proposal, in next ECC meeting, for introducing a dynamic shipping policy focusing on expansion and development of local shipping industry.

    The ECC acceded to the proposal of Ministry of States & Frontier Regions to grant Rs.781,591,000/- for arranging 20,000 Metric Tons of wheat for Temporarily Displaced Persons of erstwhile FATA.

    The ECC also approved Supplementary and Technical Supplementary Grants for various Ministries/Divisions.

  • Foreign exchange reserves slipped to $15.09 billion

    Foreign exchange reserves slipped to $15.09 billion

    KARACHI: The foreign exchange reserves of the country have slipped by $36 million to $15.09 billion by week ended May 24, 2019 as compared with $15.126 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank came down by $47 million to $8.01 billion by week ended May 24, 2019 as compared with $8.057 billion a week ago. The SBP attributed the decline in foreign exchange reserves of the central bank to external debt services and other official payments.

    However, the reserves held by commercial banks increased by $11 million to $7.079 billion when compared with $7.068 billion a week ago.

  • National Economic Council approves GDP target at 4pc for 2019/2020

    National Economic Council approves GDP target at 4pc for 2019/2020

    ISLAMABAD: The National Economic Council (NEC) in its meeting held on Wednesday approved GDP target at 4 percent for fiscal year 2019/2020.

    Prime Minister Imran Khan chaired the NEC meeting at the PM Office.

    The meeting reviewed Annual Plan 2018/2019 and the proposed Annual Plan 2019/2020.

    The meeting approved GDP growth target of 4 percent along with sectoral growth of agriculture (3.5 percent) industry (2.2 percent) and services sector (4.8 percent) for financial year 2019/2020.

    The meeting reviewed draft 12th Five Year Plan (2018-2023). It was informed that main themes of the 12th Five Year Plan include balanced and equitable regional development; sustainable, inclusive, job-creating export-led growth; resource mobilization and improving governance; improving social protection; ensuring food and water security, enhancing connectivity, promoting knowledge economy and Clean and Green Pakistan.

    The NEC approved 12th Five Year Plan (2018-2023), in principle. It was decided that the plan will be further fine-tuned, especially its implementation mechanism, in consultation with all stakeholders.

    The meeting reviewed Public Sector Development Programme (PSDP) 2018-2019 and the proposed PSDP 2019-2020.

    It was informed that PSDP 2019-2020 focuses on new initiatives in the field of agriculture, information technology, higher education, science and technology and technical education and training.

    The meeting was informed that targeted interventions will be made in the less developed districts of the country to bring them at par with other parts of the country for regional equalization.

    Ten billion Tsunami Program, Prime Minister’s Youth Skill Development Initiative, rehabilitation of affected population residing along Line of Control, construction of Gilgit-Shandur-Chitral Road and improvement of sewerage and sanitation system of Gilgit, and development of merged districts of Khyber Pakhtunkhwa are some of the major priority areas of Public Sector Development Programme (PSDP) 2019-2020.

    The meeting approved National Development Outlay 2019-2020 amounting to Rs1.837 trillion including Federal PSDP and Provincial ADPs.

    Progress Report of CDWP and ECNEC from 1st April 2018 to March 31, 2019 was laid before the National Economic Council. The NEC confirmed extension in powers of Special Forum for Rehabilitation and Reconstruction in FATA (erstwhile) till December 2019.

    The Special Forum, under the Chairmanship of Commander 11 Corps, was established by the NEC on May 30, 2016 for a period of two years for fast track implementation mechanism for Rehabilitation and Reconstruction in erstwhile FATA.

    The meeting approved establishment of Islamabad Development Working Party headed by the Chief Commissioner ICT including representatives from Ministries of Finance, Planning and other concerned offices.

    The IDWP will be allowed to approve development project up to Rs60 million. The NEC approved procedure for approval of Program for Results (PforR), Development Policy Credits (DPCs) and Financial Intermediation Programs (FIPs).

    The Prime Minister during the meeting said that the country was facing unprecedented economic crisis. He said that joint efforts of the Federal Government and the Provincial Governments were needed to overcome the present economic crisis.

    The Prime Minister said that the Government has introduced Local Government systems in Punjab and Khyber Pkahtunkhwa to ensure empowerment of the people at grass root level and to afford them an opportunity to play their part in their developmental process.

    The Prime Minister reiterated his call to the provinces to allocate necessary financial resources, as per the commitments made earlier, for the development of erstwhile FATA.

    The meeting was attended by Adviser Finance Dr. Abdul Hafeez Sheikh, Planning Minister Makhdoom Khusru Bakhtiar, Adviser Commerce Abdul Razzak Dawood, Governor KP Shah Farman, Chief Minister Punjab Sardar Usman Buzdar, CM Sindh Syed Murad Ali Shah, CM Khyber Pakhtunkhwa Mehmood Khan, CM Balochistan Jam Kamal Khan, Finance Minister Punjab Makhdoom Hashim Jawan Bakht, Nisar Ahmed Khuhro, Ms. Naheed S. Durrani, Finance Minister KP Taimur Saleem Khagra, Jan Muhammad Jamali, PM Azad Jammu & Kashmir Raja Farooq Haider, Chief Minister Gilgit-Baltistan Hafiz Hafiz-ur-Rehman and others.

  • Pakistan, China sign four CPEC agreements to boost bilateral cooperation

    Pakistan, China sign four CPEC agreements to boost bilateral cooperation

    ISLAMABAD: Pakistan and China on Sunday signed four agreements under China Pakistan Economic Corridor (CPEC) in order to further enhance bilateral cooperation.

    The signing ceremony was held here during the three-day visit of Chinese Vice President Wang Qishan, who arrived earlier in the day along with a high level delegation.

    Prime Minister Imran Khan and the Chinese Vice President witnessed the signing ceremony, which also attended by Minister for Foreign Affairs Shah Mahmood Qureshi, Planning Minister Khusro Bakhtiar, Finance Advisor Abdul Hafeez Sheikh and members of the Chinese delegation.

    A Framework Agreement on Agricultural Cooperation was signed by Chinese Vice Minister Zhang Taolin and Secretary Ministry of National Food Security Dr Muhammad Hashim Popalzai.

    A memorandum was signed on the “Requirements of FMD free zone where vaccination is practiced between General Administration of the Customs of China and Animal Quarantine Department of the Ministry of National Food Security and Research of Pakistan.”

    Chinese Ambassador in Pakistan Yao Jing and Dr Hashim Popalzai signed the document.

    The two countries also signed China Pakistan Economic Cooperation Agreement signed by Chinese Vice Minister Deng Boqing and Secretary Economic Affairs Division Noor Ahmed.

    Chinese Vice Minister Deng Boqing and Secretary EAD also signed a Letter of Exchange for Disaster Relief Goods between the two countries.

    The two friendly countries also inked agreement between CMEC and Government of Balochistan and Lasbela University in Modern Agriculture Comprehensive Development in Lasbela.

    The document was signed by Vice President of CMEC from China and Vice Chancellor Lasbela University Professor Dr Dost Muhammad Baloch and PS to Governor Balochsitan.

  • France gives 94 million Euros soft loan to Pakistan

    France gives 94 million Euros soft loan to Pakistan

    ISLAMABAD: French Agency for Development (AFD) has extended Euro 94.01 million soft loan to Pakistan for extension of water resources, a statement said on Thursday.

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, witnessed the signing ceremony of the Credit Facility Agreement worth Euros 94.010m for Extension of Water Resources Faisalabad phase-II Project, signed by Secretary, Economic Affairs Division (EAD), Noor Ahmed, French Ambassador to Pakistan, Marc Barety, and Country Director of the French Agency for Development (AFD), Jacky AMPROU.

    AFD will provide a soft loan for the project for a period of 20 years including a grace period of 6 years at interest rate of 6-month Euribor with a spread of 52 basis points.

    Groundwater quality of Faisalabad city is brackish.

    The proposed project will augment Faisalabad Water and Sanitation agency capacity to provide 30 MGD of additional clean drinking water to citizens of Faisalabad through surface water treatment plant.

    France through the French Agency for Development is providing technical and financial support in energy and urban development sector in Pakistan.

    This project is AFD’s first investment in water and sanitation sector opening avenues for more collaboration with government of Pakistan.

    Earlier, the Ambassador called on the Adviser and exchanged views on matters pertaining to enhancement of bilateral cooperation.

    Highlighting the significance of the project, the Ambassador informed that the project would provide better service and clean drinking water to the population of Faisalabad.

    The project will contribute towards the Government of Pakistan’s strategy for improving the urban services and health conditions. Both the sides stressed the need for diversification of trade and promoting economic relations between the two countries.

    Adviser to the Prime Minister on Finance and Secretary, EAD thanked the French Government and AFD for extending the financial assistance to Pakistan.