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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.
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KARACHI: The sales of High Speed Diesel (HSD) have declined to decade low due to slowdown in economy, analysts said on Tuesday.
In July – March 2018/2019, HSD sales decline (-20 percent YoY in 9MFY19) touched over decade low due to slowdown in economy. While Motor Spirit (MS or Petrol) growth remained limited to 1 percent YoY, almost 9-Year low on account of decline in Cars/Bikes sales by 4.5 percent/5 percent during 8MFY19, said analysts at Topline Securities.
Pakistan Oil Sales was down 18 percent YoY during Mar 2019, dragged by 50 percent YoY decline in Furnace Oil (FO) and 21 percent YoY drop in HSD sales.
FO sales decline continues due to its low usage in power generation after commencement of new RLNG and coal based power plants.
HSD sales remained on lower side on back of slowdown in economy as indicated by 7MFY19 Large Scale Manufacturing (LSM) decline of 2.3 percent vs. 7 percent growth in 7MFY18.
Further, continuous smuggling from Iran could also be attributed to this decline.
Pakistan State Oil (PSO) regained its market share during Mar 2019 by 5ppts and 3.5ppts MoM in MS and HSD sales respectively to 39 percent and 41 percent respectively. While, Hascol lost 4ppts and 6ppts MoM in both products.
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.4 percent on year-on-year basis in March, 2019 as compared to an increase of 8.2 percent in the previous month and 3.2 percent in March 2018.
The Pakistan Bureau of Statistics (PBS) on Monday said that on month-on-month basis, it increased by 1.4 percent in March 2019 as compared to an increase of 0.6 percent in the previous month and an increase of 0.3 percent in corresponding month i.e. March 2018.
Core inflation measured by non-food non-energy CPI (Core NFNE) increased by 8.5 percent on (YoY) basis in March 2019 as compared to an increase of 8.8 percent in the previous month and 5.8 percent in March 2018.
On (MoM) basis, it increased by 0.5 percent in March 2019 as compared to an increase of 0.2 percent in previous month, and an increase of 0.7 percent in corresponding month of last year i.e. March 2018.
Core inflation, measured by 20 percent weighted trimmed mean CPI (Core Trimmed) increased by 7.9 percent on (YoY) basis in March 2019 as compared to 7.7 percent in the previous month and by 4.1 percent in March 2018. On (MoM) basis, it increased by 0.4 percent in March 2019 as compared to an increase of 0.2 percent in the previous month and an increase of 0.2 percent in corresponding month of last year i.e. March 2018.
Sensitive Price Indicator (SPI) inflation on YoY basis increased by 8.8 percent in March 2019 as compared to an increase of 6.5 percent a month earlier and a decrease of 1.8 percent in March 2018.
On MoM basis, it increased by 1.6 percent as compared to an increase of 1.5 percent in the previous month and a decrease of 0.6 percent in corresponding month of last year i.e. March 2018.
Wholesale Price Index (WPI) inflation on YoY basis increased by 12.6 percent in March 2019 as compared to an increase of 11.0 percent a month earlier and an increase of 3.6 percent in March 2018.
WPI inflation on MoM basis increased by 1.7 percent in March 2019 as compared to an increase of 0.9 percent a month earlier and an increase of 0.2 percent in corresponding month of last year i.e. March 2018.
ISLAMABAD: The prices of essential items have increased by 11.90 percent by week ended March 28, 2018 as compared with the same week last year.
The Sensitive Price Indicator (SPI) – the barometer to gauge price movement of 53 essential items – showed that inflation had increased for all the income group from Rs8,000 / month to Rs35,000 per month and above.
The income group falling between Rs18,001 to Rs35,000 faced inflationary pressure by 12.85 percent. Meanwhile the inflation for the income group Rs35,000 and above was recorded at 16.14 percent.
However, the SPI based inflation fell 0.36 percent when compared with previous week.
During the week ended March 28, 2019 the average prices of 20 items registered increase as compared with week ended March 21, 2019, which included: potatoes (6.5 percent); Onions (2.52 percent); Bananas (1.82 percent); Pulse Moong (washed) (1.47 percent) etc.
However, average prices of nine items registered decline during the week under review, which included: tomatoes (32.57 percent); Eggs (6.78 percent); LPG cylinder (2.7 percent) etc.
While average prices of 24 items were remained unchanged during the week.
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has conducted an awareness session on Anti-Money Laundering (AML)/Counter-Terrorism Financing (CFT) in collaboration with of Institute of Chartered Accountants of Pakistan (ICAP), a statement said on Friday.
The SECP said that the awareness session was conducted AML/CFT obligations of non-profit organizations (NPOs) licensed under section 42 of the Companies Act, 2017, for Lahore-based registered intermediaries.
Around 100 participants from the NPO sector, registered intermediaries and ICAP members were in attendance.
An SECP official made a detailed presentation on the AML/CFT regulatory requirements as well as the mechanism for implementation of United Nations Sanctions Regime under resolutions 1267 and 1373 for designation of terrorist organizations and individuals.
The session focused on the relevant recommendations of the Financial Action Task Force as well as findings of the National Terrorism Financing Risk Assessment, including directions, channels and sources of terror finance, risk assessment of NPOs, and various policy, legislative and administrative measures for terror financing risk mitigation.
It also helped participants in improving the understanding of suspicious transaction reporting requirements under the AML/CFT framework.
The session also discussed the regulatory measures contained in the regulations for NPOs and intermediaries to prevent money laundering and terror financing abuses, supplemented by the best practices and recommendations contained in the AML/CFT guidelines for NPOs issued by it.
The official emphasized the fact that regulatory action against non-compliant NPOs is a regular feature of the SECP’s enforcement strategy, which will continue in the future.
ISLAMABAD: Finance Minister Asad Umar on Friday chaired the 5th meeting of the 9th National Finance Commission (NFC) that was held in at Lahore.
The six sub-groups, formulated during the first meeting in February, gave presentation on various aspects of resources distribution as per the terms of reference assigned to the groups.
The main focus of all sub-groups’ deliberations was transparency, harmonization and sharing of data.
The members of the Commission appreciated the work done by the six sub-groups in their first meetings.
It was agreed that the sub-groups would continue their deliberations and present their reports in the subsequent meetings.
The Chairman suggested that deliberations should also include incentives for poverty alleviation and social sector spending.
The representative of Government of Khyber Pakhtunkhwa proposed a framework for NFC deliberations aiming at equalizing fiscal resources across federating units, equal access to public services for all citizens of Pakistan and expenditure efficiency at all levels of the federation.
All members agreed on the framework and lauded the efforts of the Government of Khyber Pakhtunkhwa in this regard.
The Chairman emphasized the importance of a well deliberated and consensus based National Finance Commission Award and said that all federating units shared a huge responsibility in that regard.
The meeting agreed to make efforts to finalize the NFC Award by December 31, 2019. It was also agreed to hold the next meeting, before end of April, 2019, which would focus on FATA and the taxation aspects of ease of doing business.
The Chairman reiterated that provincial governments will be engaged in the fiscal related discussion with the IMF.
He also suggested that each federating unit should nominate a focal person for data sharing to facilitate the working sub-groups.
He also stressed for strengthening NFC Secretariat and said that necessary measures would be taken in that regard.
Technical members from Sindh and Khyber Pakhtunkhwa volunteered to submit a proposal in this regard.
KARACHI: The total liquid foreign exchange reserves of the country have increased to $17.58 billion by March 25, 2019, State Bank of Pakistan (SBP) said on Thursday.
The central bank received RMB 15 billion equivalent to US$2.2 billion on March 25 as proceeds of the loan obtained by the government of Pakistan from China.
Accordingly, foreign exchange reserves held by the SBP stood at US$10.67 billion and total foreign exchange reserves of the country stood at US$17.58 billion.
ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of penal surcharges to the tune of Rs700 million on overstayed consignments at ports.
The ECC meeting which chaired by Finance Minister Asad Umar approved a proposal of Federal Board of Revenue (FBR) to waive the accumulated penal surcharges of Rs700 million off against overstayed consignments at ports.
The decision will enable importers to clear their overstayed cargoes and would also help reducing congestion at ports and bonded warehouses.
On a summary of the Petroleum Division, the ECC approved gas supply to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa.
The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator.
The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making informed decision.
On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the Committee directed Petroleum Division to carry out a comprehensive demand/supply analysis of LNG in the country, in consultation with stakeholders, including Law and Justice Division, and submit a summary to the Cabinet in this regard.
Maritime Affairs Division briefed ECC about the progress on new LNG Terminal.
The Finance Minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country.
On the issue of the submission of Pakistan Steels’ revival business plan, ECC directed the Ministry of Industries to submit its proposals within the next fortnight.
The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant of Rs133.156 million.
Later, the Finance Minister also presided over a meeting of the Cabinet Committee on Energy (CCoE) and reviewed various proposals about gas losses and power recovery plan presented by Petroleum and Power Divisions separately.
The Committee directed the Petroleum Division to take corrective measures to reduce gas losses.
It asked the Division to submit monthly report on Unaccounted for Gas (UfG) on the pattern of the report on electricity losses presented by the Power Division.
The Committee also directed both gas supply companies (SNGPL & SSGPL) to prepare a joint presentation, and present the same to Task Force on Energy before submission to CCoE in its next meeting.
In order to make recovery from the defaulters, CCoE directed Power Division to implement the Electricity Act in letter and spirit by disconnecting the connections of defaulters.
The Committee was briefed by the Power Division about the status on Efficiency Tests Report for Independent Power Producers (IPPs).
It was informed that the mandatory test had been carried out for all the seven units. The data analysis had been completed for five units while the same with regard to the remaining two units was presently underway.
ISLAMABAD: IMF mission chief for Pakistan, Ernesto Ramirez-Rigo, visited Islamabad and Karachi during March 26-27, for introductory meetings with the authorities, said a statement on Wednesday.
Ramirez-Rigo assumed Pakistan mission chief responsibilities earlier this month. This was his first visit to the country.
In Islamabad, Ramirez-Rigo met with the Minister of Finance, Asad Umar, the Minister of Commerce, Razzak Dawood, the Minister of Power, Omer Ayub, the State Minister for Revenues Hammad Azhar, and several government senior officials, including the Finance Secretary, Younus Dagha, the Chairman of the Federal Board of Revenues, Jehanzeb Khan, and the Advisor to the Prime Minister on Institutional Reforms and Austerity, Ishrat Hussain.
In Karachi, he met with the Governor of the State Bank of Pakistan Tariq Bajwa and other senior officials from the State Bank of Pakistan.
Discussions focused on recent economic developments and prospects for Pakistan in the context of ongoing discussions toward an IMF-supported program.
ISLAMABAD: Finance Minister of Pakistan Asad Umar met the IMF Mission Chief Ernesto Ramirez Rigo in Islamabad, on Tuesday.
The minister and the Mission Chief discussed all issues including fiscal, monetary, structural reforms and energy sector, a statement said.
Asad Umar briefed Ramirez Rigo about the steps taken by the government for improving the economy of the country.
The minister informed that the structural reforms and other economic initiatives introduced by the government were yielding desired results.
The minister said that the government would continue to address the macroeconomic imbalances and would take necessary corrective measures in this regard.