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  • Dar rejects allegations for keeping PKR overvalued

    Dar rejects allegations for keeping PKR overvalued

    ISLAMABAD: Federal Minister Ishaq Dar on Wednesday rejected allegations for injecting dollars to keep Pakistani Rupee (PKR) overvalued.

    Speaking to the media on arrival at the Finance Ministry, Federal Minister Ishaq Dar said the speculators will not be allowed to play with the local currency.

    READ MORE: PKR makes recovery against dollar for fourth straight session

    He rejected the impression that the PML (N) government in its tenure between 2013 and 2018 injected dollars in the market to keep the rupee overvalued.

    Dar said we rather took the foreign exchange reserves to record level of twenty three billion dollars. He said we believe in market economy, recalling it was the PML-N government which introduced market based exchange rate. Ishaq Dar said the country is facing difficult challenges but these will be tackled as was done in the past.

    READ MORE: PKR strengthens sharply to dollar during last three sessions

    Dar said stabilizing local currency and reducing inflation and interest rates are priorities of the government.  He said we do not believe in mere verbal claims rather history is testimony of our economic performance.

    Ishaq Dar expressed satisfaction over the appreciation of rupee over the last two days saying this has reduced our loans.

    READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

    The Federal Minister said the country is currently faced with worst economic crisis because of mismanagement of previous government of PTI. He said it was because of the efforts of former Finance Minister Miftah Ismail that the country averted default. He however said that the mess left behind the PTI government could not be cleared in six months.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    Ishaq Dar regretted that the PTI government during its last days in office violated the international agreements to take political mileage.

    As regards the case against him, Ishaq Dar said it is a fake. He said he has been a consistent tax payer over the last thirty four years and that he never delayed his tax returns. He said the previous government also cancelled his passport and it was the current coalition government which issued him a passport.

  • Miftah resigns as finance minister after taking tough decisions

    Miftah resigns as finance minister after taking tough decisions

    Dr. Miftah Ismail has resigned the post of the finance minister on Sunday. Ismail has taken many tough decisions for the country’s economy during his stay since April 2022.

    “In a meeting with Mian Nawaz Sharif and Prime Minister Shehbaz Sharif today [Sunday September 25, 2022], I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister,” Miftah Ismail said in a Tweet.

    READ MORE: Pakistan’s forex reserves slip to $14.07 billion

    Miftah Ismail assumed the charge as finance minister as soon the new coalition government led by PML (N) came into the power after the former Prime Minister Imran Khan of Pakistan Tehreek I Insaaf (PTI) was ousted through a vote of confidence.

    During this period Pakistan had seen severe economic crisis, especially the balance of payment, local currency depreciation and negotiations with the International Monetary Fund (IMF).

    READ MORE: ECC approves clearance of banned items landed till August 18, 2022

    The biggest achievement of Miftah Ismail was successful negotiations with the IMF. Although, the government had taken very tough decisions, especially removal of subsidies on petroleum products and energy to achieve the IMF bailout package.

    READ MORE: USC to disburse ration bags worth Rs540 million to flood victims

    It is learnt that senator Ishaq Dar is assuming the charge as finance minister. Dar was living abroad for the last many years. However, the present government is believing that Dar was the best choice to face challenges that the country was facing.

    Ahsan Iqbal, Federal Minister Planning and Development has acknowledged the services of Miftah Ismail and said in a Tweet: “You served under most challenging circumstances. You saved default at the cost of personal reputation. Your services will be remembered.”

    READ MORE: Pakistan State Oil gets Rs30 billion to avoid default

  • ACCA hosts conference for Pakistan sustainable growth

    ACCA hosts conference for Pakistan sustainable growth

    KARACHI: The Association of Chartered Certified Accountants (ACCA) hosted a large-scale corporate conference in Peshawar, themed ‘Rethinking a better world – Sustainable Growth for Pakistan,’ featuring representation from the country’s top businesses, thought leadership and policymakers.

    The conference provided a platform for the region’s key stakeholders and brightest minds to engage in interdisciplinary, forward-thinking conversations to propose an agenda to revitalise the private sector and kick start an era of sustainable, inclusive economic growth.

    The event was attended by many prominent names in the corporate sector, as well as leading policymakers and provincial cabinet members.

    At the conference, ACCA shared insights, practical guidance, strategies, and solutions to enable businesses and policymakers to embrace new technologies and create a conducive environment for innovation and entrepreneurship. Featuring contributions from forward-thinking thought leaders, the conference program included a future-focused panel conversation on the KP Roadmap to Pakistan’s Economic Recovery- Challenges and Way Forward.

    The conversation leaders for the segment included Henna Karamat – Director Planning, KP Education Foundation, Government of Khyber Pakhtunkhwa, Mohsin Khan – Director IM Sciences – Peshawar, Ali Gulfaraz – MD/CEO Bank of Khyber, Jehan Bahadar – Collector – KPRA, Asim Khan – Project Director NIC Peshawar.

    Taimur Saleem Khan Jhagra, Minister for Finance, Government of Khyber Pakhtunkhwa, Shahid Khattak – CFO, Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), Ali Ibrahim – Head Communications & Marketing, Fayyaz Jarral – Executive Director – FF Steel were among the keynote speakers who shared their insights and proposed tips for organizations to become future-ready.

    National University for Security Sciences, SKANS, SOS Pakistan Pvt. Ltd., and TMUC Pakistan joined ACCA as Strategic Partners. The Bank of Khyber and Mobilink Microfinance Bank were the Platinum Partners, DHA Peshawar, Evyol Group, LMKR, Mukhtar A Sheikh Hospital, Professionals’ Academy of Commerce (PAC), and Simplifiers joined as Gold Partners.

    City University, DigiKhata, ICMAP, IM Sciences, KP IT Board, KPRA, Pakistan Stock Exchange, P@SHA, Rehman Medical Institute, SMEDA, and KP Women Chamber of Commerce & Industry joined as Supporting Partners. Bera, CXO Global Forum, Connected Pakistan, NIC Peshawar, and Toyota Khyber Motors joined as Community Partners. Nutshell Group powered the conference as a Knowledge Partner.

    ACCA is the world’s leading body for professional accountants, with more than 241,000 fully qualified members and 542,000 future members worldwide. It uses its unrivaled connections across the globe to connect people with fulfilling careers, organizations with the best finance talent, and economies with the ingredients for growth.

    With strong partnerships with top employers and the social sector across the globe and an award-winning Professional Insights program offering ground-breaking future insight, ACCA is at the forefront of finance talent development and creating future-proof careers.

  • Pakistan’s forex reserves slip to $14.07 billion

    Pakistan’s forex reserves slip to $14.07 billion

    KARACHI: Pakistan’s foreign exchange reserves slipped by $247 million to $14.07 billion by week ended September 16, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The total liquid foreign exchange reserves of the country were at $14.317 billion a week ago i.e. September 09, 2022.

    READ MORE: Pakistan FX reserves slip to $14.32 billion

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.158 billion.

    The SBP said that its official reserves also fell by $278 million to $8.346 billion by week ended September 16, 2022 as compared with $8.624 billion a week ago.

    READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $11.71 billion.

    Experts said that falling foreign exchange reserves would further pressurize the local currency, which was already near to the record low lever despite inflows received from the International Monetary Fund (IMF).

    READ MORE: Pakistan FX reserves drop to $13.4 billion

    Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion

    The foreign exchange reserves held by commercial banks however increased by $31 million to $5.724 billion by week ended September 16, 2022 as compared with $5.693 billion a week ago.

    READ MORE: Pakistan’s forex reserves fall to $13.52 billion

  • ECC approves clearance of banned items landed till August 18, 2022

    ECC approves clearance of banned items landed till August 18, 2022

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022.

    Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Federal Minister for National Health Services, Regulations and Coordination Abdul Qadir Patel, MNA/ex-PM Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Chairman NDMA, Chairman FBR, Federal Secretaries and senior officers attended the meeting.

    READ MORE: USC to disburse ration bags worth Rs540 million to flood victims

    The ECC considered a summary of Ministry of Commerce on clearance of stuck up consignments in light of office memorandum dated 22 July, 2022, 19 August, 2022 and 23 August, 2022 issued by Ministry of Commerce.

    The ECC approved the proposal and directed that the consignments of previously banned items that landed in Pakistan till August 18, 2022 may be released at the rate of surcharge.

    Ministry of National Health Services, Regulations and Coordination presented a summary for exemption of Active Pharmaceutical Ingredients (APIs) from Custom Duty and Additional Custom Duty.

    READ MORE: Pakistan State Oil gets Rs30 billion to avoid default

    The ECC after discussion directed Ministry of National Health Services, Regulations and Coordination to withdraw the summary and submit a fresh summary to rationalize price of paracetamol to ensure its availability.

    The summary presented by Ministry of National Food Security and Research regarding import of Wheat through Gwadar sea port was deferred by ECC.

    National Disaster Management Authority (NDMA) presented a summary for allocation of funds for procurement and logistics of relief items for flood affectees and apprised about devastation caused by the recent floods in Pakistan. In order to provide immediate relief to the flood affectees, NDMA started procurement on emergency basis costing Rs. 2.4 billion.

    READ MORE: Pakistan decides to lift ban on imported goods

    Due to colossal damages, the already procured items are not sufficient viz-a-viz relief requirement in the flood affected areas.

    Therefore, NDMA placed orders for procurement of more items at cumulative cost of Rs. 7.113 billion, which are being procured in emergency to provide relief to affectees. Previously, NDMA was allocated Rs. 8 billion for procurement and logistics cost of relief items to the flood affectees.

    READ MORE: 15% surcharge imposed for clearance of banned items

    The amount was insufficient as the cost of only procurement has surpassed Rs. 9.5 billion. Besides procurement, NDMA is also undertaking logistics of all relief goods and materials provided by friendly countries.

    Foregoing in view, the ECC approved allocation of Rs. 10 billion to National Disaster Management Authority (NDMA) with direction to the Finance Division to immediately release Rs. 5 billion to NDMA.

  • Pakistan FX reserves slip to $14.32 billion

    Pakistan FX reserves slip to $14.32 billion

    KARACHI: The foreign exchange (FX) reserves of Pakistan have slipped by $156 million to $14.32 billion by week ended September 09, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

    Total foreign exchange reserves of the country were at $14.473 billion a week ago i.e. September 02, 2022.

    READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $12.911 billion.

    The official reserves of State Bank of Pakistan (SBP) also fell by $176 million to $8.624 billion by week ended September 9, 2022 as compared with $8.8 billion a week ago.

    READ MORE: Pakistan FX reserves drop to $13.4 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.522 billion.

    Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion

    READ MORE: Pakistan’s forex reserves fall to $13.52 billion

    The foreign exchange reserves held by commercial banks however increased by $20 million to $5.693 billion by week ended September 09, 2022 as compared with $5.673 billion a week ago.

    READ MORE: Pakistan’s forex reserves increase by $52 million

  • Pakistan raises petroleum prices by 100% in one year

    Pakistan raises petroleum prices by 100% in one year

    ISLAMABAD: Pakistan has increased prices of petroleum products by around 100 per cent during past one year, according to official data released on Friday.

    According to data released by Pakistan Bureau of Statistics (PBS), the price of petrol was increased by 99 per cent to Rs236.98 per liter by week ended September 08, 2022 as compared with Rs119.25 per liter by week ended September 09, 2021.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    Similarly, the price of high speed diesel (HSD) recorded a massive increase of 114 per cent to Rs248.40 per liter by week ended September 08, 2022 when compared with Rs116 per liter by week ended September 09, 2021.

    The PBS issued weekly Sensitive Price Indicator (SPI) based inflation details.

    The year on year trend depicts an increase of 42.70 per cent. The items have witnessed increase in prices are included: Tomatoes (144.25 per cent), Diesel (114.08 per cent), Petrol (98.73 per cent), Pulse Masoor (76.34 per cent), Cooking Oil 5 litre (67.99 per cent), Mustard Oil (66.53 per cent), LPG (64.98 per cent), Washing Soap (64.50 per cent), Electricity for Q1 (63.03 per cent), Vegetable Ghee 2.5 Kg (62.53 per cent), Pulse Gram (61.02 per cent), Onions (59.97 per cent) and Vegetable Ghee 1 Kg (58.19 per cent).

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    While a decrease observed in the prices of Chillies Powder (43.42 per cent), Sugar (18.07 per cent) and Gur (2.08 per cent).

    The SPI for the current week ended on September 08, 2022 recorded a decrease of 0.58 per cent. Decrease is observed in the prices of food items, Onions (41.99 per cent), Tomatoes (8.11 per cent), Bananas (2.51 per cent), Pulse Masoor (1.37 per cent), Vegetable Ghee 1Kg (0.55 per cent), Cooking Oil 5 litre (0.33 per cent), Mustard Oil (0.16 per cent) and Vegetable Ghee 2.5Kg & Sugar (0.11 per cent) each.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    On the other hand, an increase observed in the prices of LPG (10.66 per cent), Wheat Flour (4.15 per cent), Eggs (3.96 per cent), Bread (3.27 per cent), Pulse Moong (2.74 per cent), Curd (2.72 per cent), Tea Lipton (2.50 per cent), Pulse Gram (1.65 per cent), Chicken (1.58 per cent), Milk Fresh (1.57 per cent), Fire wood (1.54 per cent) and Potatoes (1.02 per cent).

    During the week, out of 51 items, prices of 26 (50.98 per cent) items increased, 09 (17.65 per cent) items decreased and 16 (31.37 per cent) items remained stable.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

  • USC to disburse ration bags worth Rs540 million to flood victims

    USC to disburse ration bags worth Rs540 million to flood victims

    ISLAMABAD: Utility Stores Corporation (USC) will disburse 113,700 ration bags worth Rs540 million to the flood affected people across the country.

    In this regard the Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the grant in favor of the USC.

    Ministry of Industries and Production presented a summary for release of funds for Utility Stores Corporation for provision of essential commodities in flood affected areas.

    READ MORE: OTP requirement abolished for USC purchases

    The meeting was apprised that the Utility Stores Corporation, in collaboration with provincial governments, is actively participating in relief operation for supply of essential food items in flood affected areas across Pakistan.

    Due to emergency situation and based on the preliminary need assessment, 113,700 ration bags amounting to Rs. 540 million would be disbursed. Considering emergency situation, the ECC approved Supplementary/ Technical Supplementary Grant of Rs. 540 million in favour of Utility Stores Corporation (USC).

    READ MORE: ECC approves Ramzan relief package worth Rs8.28 bn

    Finance Mnister Miftah Ismail chaired the ECC meeting. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Shahid Khaqan Abbasi, MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Dr. Muhammad Jehanzeb Khan, Special Assistant to the Prime Minister on Government Effectiveness, MD USC, MD PASSCO, Federal Secretaries and senior officers attended the meeting.

    Ministry of National Food Security & Research tabled a summary for allocation of PASSCO’s local and imported wheat sock among recipient agencies.

    READ MORE: USC, NBP complete integration for Ehsaas Rashan

    It was briefed that PASSCO serves as a strategic organization to procure wheat from Punjab, Sindh and Baluchistan to build strategic reserves and to supply wheat to recipient agencies in case of emergency.

    Every year, on the request of recipient agencies, PASSCO makes allocation of wheat from its stocks. PASSCO held wheat stock of 2.499 MMT, including 1.232 MMT carry forward stocks.

    In view of above, the ECC allowed to supply PASSCO’s wheat among all recipients at 50 per cent local and 50 per cent imported.

    However, USC will be provided wheat at 75 per cent local and 25 per cent imported.

    All recipients including USC would pay full cost of wheat (local + imported) and incidental charges to PASSCO.

    READ MORE: USC automation to ease provision of targeted subsidy

    Ministry of Industries and Production presented a summary on Urea Fertilizer requirement for Rabi season 2022-23. The meeting was briefed on the demand and supply situation of Urea fertilizer for the Rabi season 2022-23.

    After detailed deliberation, the ECC allowed Trading Corporation of Pakistan (TCP) to initiate the process for import of 300,000 MT of Urea on G2G basis and decided the provinces to bear their subsidy share.

    The ECC approved funds amounting to Rs. 3 billion to NDMA to meet its growing expenditure on account of procurement of rescue, relief and rehabilitation of the calamity stricken population across Pakistan.

    NDMA briefed the meeting that in the aftermath of devastation caused by floods across the country, millions of people have suffered in terms of loss of life, property, livestock and standing crops.

    NDMA was tasked by the Prime Minister to coordinate with PDMAs and to proactively undertake rescue and relief operation in the affected areas.

    The ECC also approved funds requirement of Rs. 1,009,480,191/- in favour of Ministry of National Health Services, Regulation & coordination for further transfer to Government of Afghanistan through approved mechanism for running cost/salary of the staff of three Pakistani hospitals in Afghanistan.

  • Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    Pakistan’s FX reserves increase by $1.07bn after IMF inflows

    KARACHI: Pakistan’s foreign exchange reserves have increased by $1.07 billion after the country received inflows from International Monetary Fund (IMF), a statement said on Thursday.

    The foreign exchange reserves of Pakistan increased to $14.473 billion by week ended September 02, 2022 as compared with reserves position of $13.403 billion a week ago i.e. August 26, 2022.

    READ MORE: Pakistan FX reserves drop to $13.4 billion

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $12.755 billion.

    The official reserves of State Bank of Pakistan (SBP) also recorded an increase of $1.103 billion to $8.8 billion by week ended September 02, 2022 as compared with $7.697 billion a week ago.

    READ MORE: Pakistan’s forex reserves fall to $13.52 billion

    During the week ended, SBP received US$ 1,166 million from IMF under EFF program. After accounting for external debt and other payments, SBP reserves increased by US$ 1,103 million to US$ 8,799.9 million.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $11.346 billion.

    READ MORE: Pakistan’s forex reserves increase by $52 million

    Previously, the SBP stated that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.

    The foreign exchange reserves held by commercial banks fell by $33 million to $5.673 billion by week ended September 02, 2022 as compared with $5.706 billion a week ago.

    READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion