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KARACHI: Builders and developers have announced to stop construction work on all their projects from Friday, November 26, 2021 against the declaration of null and void to approved projects.
“Despite the approvals of the buildings and projects from all the government agencies they stand null and void,” he said.
He urged the government to tell the builders and developers, who are the final authority from the get approval.
Shekhani said that ABAD is against the illegal encroachments and illegal constructions. “Illegal projects if constructed it is a duty of government agencies to check and give NoC,” he added.
ABAD is following approvals strictly. But despite approvals and getting permission the moves to shatter the confidence of the people, he added.
“We are backstabbing the overseas Pakistani and local investors who have invested millions of rupees,” he said. Confidence of Overseas and local investors would be perturbed, he added.
From Friday work at projects in Karachi, Hyderabad and other cities will be halted, he announced.
Slowly the work in other parts of the countries will also be stopped, Shekhani added.
The incentive program namely Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan (SBP), Ministry of Finance and financial institutions.
SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks and exchange companies and earn reward points.
These reward points could then be used to avail of different benefits offered by partner organizations. SDRP can be accessed conveniently from anywhere in the world through a mobile application.
In his address as the Chief Guest, the Prime Minister thanked the overseas Pakistanis for posing confidence in the bright future of their homeland by sending record high remittances of over $29 billion in the last fiscal year 2020/2021 and continuing the trend in FY22.
The Prime Minister noted that his Government has always encouraged and appreciated the efforts of Overseas Pakistanis through various initiatives and programs.
He especially mentioned the incentives like making remittances transfer free of cost, providing free airtime for remittances received through mobile wallets and covering the marketing cost of remittance service providers.
The Prime Minister congratulated the State Bank of Pakistan (SBP), Ministry of Finance (MoF), financial institutions, participating public sector entities (PSEs) and all other stakeholders as without their efforts the launch of this remittance incentive program would not have been possible.
He termed the launch of SDRP as a tribute to the Pakistani workers abroad who have been contributing in the development of the country by sending their hard-earned money back to Pakistan.
He also appreciated the concept of giving incentives through a digital application for sending remittances via official channels.
Governor SBP, Dr. Reza Baqir in his welcome address expressed heartfelt gratitude to the Prime Minister for his continuous interest and guidance in developing ways to facilitate the Overseas Pakistanis and workers abroad.
Dr. Baqir elaborated that SohniDharti Remittance Program is another outcome of the PM’s vision. Referring to earlier initiatives, he said that Roshan Digital Account and the Naya PakistanCertificates have been huge successes and the PM’s support has played an instrumental role in it.
Adding further, he said that another initiative like the Mera Pakistan MeraGhar scheme providing low-cost housing finance for first-time homeowners is another example where the PM’s vision and support have led to a significant takeoff of housing finance in the country, which had otherwise been negligible.
Dr. Reza Baqirsaid that he was delighted and privileged to announce the launch of SDRP, which is an excellent combined effort of the Government of Pakistan, SBP, financial institutions and other organizations.
Divulging the details, he disclosed that all home remittances sent from anywhere in the world through legal channels are eligible for inclusion in the SDRP. Besides, funds received in Roshan Digital Accounts which are consumed locally through conversion, and thus become non-repatriable, also qualify for inclusion in the program.
The Governor termed the launch of SDRP another step towards digitalization and financial inclusion that would play a significant role in the digital onboarding of Overseas Pakistanis and their beneficiaries in Pakistan. The mobile application of SDRPis available at both Google android and Apple IOS platforms. He took the opportunity to appreciate the participating banks, PSEsand other stakeholders in this regard as it was due to their hard work that this initiative finally saw the light of the day.
Adviser to the Prime Minister on Finance and Revenue Mr. Shaukat Tareen congratulated SBP, PSEs and other relevant stakeholders for implementing the SDRP as a technology-based solution. He observed that the establishment of Pakistan Remittance Initiative in 2009 was a decision that has worked quite effectively to integrate country’s financial institutions with the ones abroad to help the Pakistani diaspora in sending remittance to their families in Pakistan in a very efficient and cost-effective manner.
Under the SDRP, if an individual sends remittance to the limit of USD10,000 or equivalent in one fiscal year, then he/she will be awarded one percent as a reward and allotted a green card category. Similarly, for remittances sent by an individual between USD10,000 and USD30,000 or equivalent, the remitter would be given 1.25 percent as reward and classified into gold card category. Lastly, for remittances of more than USD30,000 or equivalent, he/she will be awarded 1.5 percent as reward and allotted a platinum card category.
The reward points can be redeemed by remitters and their beneficiaries for availing free of cost services from eight (08) participating PSEs at the moment. The services offered include international tickets by Pakistan International Airlines (PIA) and the provision to pay for extra luggage on international flights of PIA.
Along with this, Federal Board of Revenue (FBR) has allowed Overseas Pakistanis to pay duty on import of mobile phone and vehicles. The National Database & Registration Authority (NADRA) will provide services related to the renewal of CNIC/NICOP and along with this, they can renew their passports without any hassle. Overseas Pakistanis can avail life insurance premium payment through state life insurance services and a facility to pay schools’ fee of Overseas Pakistanis Foundation schools.
Moreover, overseas Pakistanis will be able to make purchases through a network of utility stores across the country. Federal Investigation Agency (FIA) will provide preferential services to overseas Pakistanis under the umbrella of this program by installing separate counters and provide priority clearance whereas Civil Aviation Authority (CAA) will ensure the placement of standees and banners for the promotion of this initiative.
ISLAMABAD: Prime Minister Imran Khan has said that Pakistan offered huge potential for e-commerce which will generate employment opportunities and help in economic growth.
The prime minister expressed these views in a meeting with Group CEO of Daraz (online E-Commerce platform) Bjarke Mikkelsen.
The Prime Minister Imran said that the government is providing full support to foreign investors under the ‘ease-of-doing-business’ policy.
CEO Daraz Bjarke Mikkelsen expressed interest in further investment and expansion of e-commerce in Pakistan.
Advisor Finance Shaukat Tarin, Chairman Special Technology Zones Authority Amir Hashmi, Senator Aon Abbas Bappi, MD Daraz Ehsan Saya and Emmad Khan from Daraz were present during the meeting.
About Daraz
Daraz is the leading online marketplace in South Asia, empowering tens of thousands of sellers to connect with millions of customers. Daraz provides immediate and easy access to 10 million products in more than 100 + categories and delivers more than 2 million packages every month to all corners of its countries.
ISLAMABAD: Leading Oil Marketing Companies (OMCs) have announced to open their outlets across the country on November 25, 2021, in order to ensure facilitating consumers.
A shutdown strike has been called by the Petroleum Dealers Association on November 25, 2021.
Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.
“GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.
Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.
Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.
Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.
ISLAMABAD: Jazz’s investment in Pakistan, which has crossed $ 10 billion including $ 560 million in the last two years alone on 4G network expansion – taking the total number of 4G users to 34.2 million, cementing Jazz’s position as the number one 4G operator.
Kaan reiterated the Group’s full support towards the Government’s Digital Pakistan agenda.
VEON, a leading global provider of connectivity and internet services, is embarking on a journey to be a world-leading digital operator with over 213.8 million subscribers in nine countries, including 71.9 million in Pakistan through its operating company, Jazz.
Kaan apprised the Prime Minister about Jazz’s investment in Pakistan, which has crossed US$ 10 billion including US$ 560 million in the last two years alone on 4G network expansion – taking the total number of 4G users to 34.2 million, cementing Jazz’s position as the number one 4G operator.
During the meeting, Kaan also talked about the role Jazz is playing in improving digital infrastructure, enhancing connectivity, investing in digital skills and literacy, promoting entrepreneurship and innovation, and driving financial inclusion through JazzCash.
Prime Minister Imran Khan valued the Group’s commitment to Pakistan including the sustainability initiatives that empower the young with digital tools and resources.
“The government launched the ‘Digital Pakistan’ initiative to provide a platform to the youth and it is heartening to see private sector companies like Jazz carry the mantle,” the prime minister said. He also highlighted the key role mobile operators play in a country’s economic growth by bringing in foreign investment, fostering connectivity, and enabling other sectors to thrive.
“Pakistan is a key market for VEON, and we see tremendous growth potential as the country continues to implement its ‘Digital Pakistan’ vision. To accelerate this and to encourage private sector investment in broadband connectivity and network expansion, a forward-looking regulatory regime in line with next-generation connectivity requirements, and a policy framework facilitating innovative business models are needed,” said VEON Group CEO KaanTerzioğlu.
“Utilising our leadership position and global expertise, we are focused on creating a flourishing digital ecosystem in Pakistan. Constantly investing in expanding access to 4G to rural and semi-urban areas, and in innovating and adapting our digital services to become a digital lifestyle partner for our customers is at the core of this journey,” said Jazz CEO Aamir Ibrahim.
KARACHI: The State Bank of Pakistan (SBP) has released its annual report for 2020/2021, outlining projections for the fiscal deficit and economic indicators for the financial year 2022 (FY22).
KARACHI: The US dollar rebounded on Wednesday by gaining 74 paisas against the Pak Rupee (PKR). The rupee ended Rs175.04 to the dollar from the previous day’s closing of Rs174.30 in the interbank foreign exchange market.
Currency analysts said that the mounting demand of dollars for import payments had deteriorated the rupee value.
They said that the rupee had made recovery for the first two sessions of the current week following rise in key policy rate by the State Bank on November 19, 20201.
However, huge import bill kept the high demand for dollar.
Pakistan’s current account deficit sharply widened to $5.08 billion during first four months (July – October) of the current fiscal year as compared to a surplus of $1.31 billion in the same period of the last year.
ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the government has focused on increasing investment in the export industry to create employment opportunities.
The prime minister chaired a review meeting of PM’s Priority Sectors which was held in Islamabad.
The prime minister said that the government is taking steps on a priority basis to increase economic activity in the country and is focused on increasing investments in the export industry for creating employment opportunities.
All government institutions are working together to provide a conducive environment for investors. The government is taking steps to speed up work on Phase II of CPEC.
The meeting was given a detailed briefing on the progress of Phase II of the China-Pakistan Economic Corridor (CPEC). The meeting was informed that work on gas and electricity supply in Rashakai, Dhabeji, Allama Iqbal, and Bostan Special Economic Zones (SEZs) is in full swing.
Electricity and gas are mainly available for the construction of industries, while the rest of the required electricity and gas will be supplied with further development of industries.
In this regard, Plug and Play Model have been proposed by CPEC Authority, which is being worked on.
Under the model, all the requirements of the investors will be met through one window operation to ensure the speedy construction of industries in these areas.
At the same time, the Board of Investment is working on a portal to provide investors with information related to the construction of industries, approvals from various institutions, and other ancillary information, which will be launched soon.
The meeting was also informed that a comprehensive system has been launched to review the progress of projects under CPEC and to expedite the development work.
In addition, steps are being taken to increase investment in SEZs by identifying export industries. In the agriculture sector, not only work on corporate farming is in full swing, but also agreements are being made to increase the exports of the sector.
The Prime Minister directed to complete all the steps related to CPEC Phase II within the stipulated time. The meeting was attended by Federal Ministers Asad Umar, Hamad Azhar, Advisors Shaukat Fayyaz Tareen, Moeed Yousuf, Special Assistant Dr Shahbaz Gill, Chairman CPEC Khalid Mansoor, Chairman Board of Investment Azfar Ahsan, and relevant senior officers.
ISLAMABAD: Prime Minister Imran Khan on Tuesday launched the online monitoring of supply and production of various items in order to plug revenue leakages.
Taxes vital for country’s economic stability and survival, the prime minister hoped and said that the use of technology will help check tax-pilferage and take revenue collection to the tune of Rs 8000 billion per annum.
“Our biggest issue is that we have to take loans to run the country. Countries cannot be run without taxes. We have our stability at stake,” the prime minister added.
The prime minister congratulated the Advisor of Finance Shaukat Tarin, FBR, and other relevant institutions for introducing the technology-based system for which the efforts were being done since 2008.
The Prime Minister said that the introduction of the track and trace system was a big and positive achievement, which will have a far-reaching impact.
According to details, the FBR’s track and trace system will ensure electronic monitoring of the production and sale of important sectors like tobacco, fertilizer, sugar, and cement.
With the electronic monitoring of goods’ movement from production to the use of consumers, the track and trace system besides increasing the country’s revenue will also help ensure transparency and check the pilferage of taxes.
After the implementation of the track and trace system in the tobacco sector, the FBR was now going to introduce this system in the sugar sector, which will follow the implementation of electric monitoring of other sectors as well.
Under the new system, no sugar bag can be taken out from the production site, factory or manufacturing plant without a stamp and individual identity mark. The FBR was also planning to implement the new system in the beverages and petroleum sectors.
The Prime Minister said that with a reasonable tax-to-GDP ratio in the West and highest in Scandinavian countries, Pakistan could not promote the tax culture due to different reasons including the aristocratic lifestyle of the ruling elite in the past, which shattered the confidence of taxpayers in governments.
The practice of not paying due taxes was continuing since the colonial era, when people used to think that their hard-earned money was being taken out by the foreign rulers and they were not being provided basic facilities, he remarked.
ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, on Monday said that staff-level agreement has been finalized and IMF executive board would approve the tranche by January 12, 2022.
The adviser said an agreement between Pakistan and International Monetary Funds (IMF) under Extended Fund Facility (EFF) worth $1.059 billion had been finalized.
The adviser said that Pakistan and IMF had reached the US$1.059 billion agreement up to staff level and now the agreement was in the executive board which would be approved by the board by January 12, 2022.
He said this while addressing to a press conference along with Minister for Energy Muhammad Hammad Azhar and Chairman Federal Board of Revenue (FBR) Dr Muhammad Ashfaq Ahmed.
Tarin said that after the signing of this agreement between Pakistan and the IMF, the door of economic cooperation would be opened for Pakistan in various international economic institutions including the World Bank and the Asian Development Bank.
As a result, there was potential for further improvement in the country’s economy in the future, he added.
He said that the conditions proposed by the IMF were Rs 700 billion in taxes but the government agreed to Rs 350 billion.
“We have saved fertilizers, food items and other things from taxes,” he said. Replying to a question regarding Fiscal Consolidation, he said that along with savings in many places, the Public Sector Development Program (PSDP) would be reduced from Rs 900 billion to Rs 700 billion and some more steps would be taken.
Apart from the agreement with the IMF, we have set a tax revenue target of 5.8 trillion, he said.
The government is optimistic about the tax revenue target as we are still seeing a 36 percent increase in tax revenue over the previous year, he added.
Tarin said that after this program, the government would adjust the fiscal discipline, including the State Bank of Pakistan Act.
He said that the government had agreed on some issues with the IMF in the previous review and some further discussions were held on it but due to the hard work of our economic team, this agreement was made possible.
He said that to maintain energy prices, fiscal discipline and tax revenue collection were very important for the government which was working on it.
He said that inflation was a global issue and it was due to the disruption of the global supply chain.
He said that the IMF had agreed on public finance reforms, tax reforms and simplification. The IMF had also agreed to provide targeted subsidies, as well as to continue reforms, he added.
Minister for Energy Hammad Azhar said that the International Monetary Fund (IMF) had acknowledged the government’s remarkable work in the energy sector as despite capacity payment, circular debt witnessed sharp decrease.
The minister said the base tariff was increased as per the agreement. There would be no effect on both Winter Seasonal Energy Package and Industrial Energy Package due to the agreement, he said.
Both the packages would continue as at Rs 12.96 per unit, he said. Hammad said prices of essential commodities witnessed sharp increases across the globe due to COVID-19 pandemic.
He said the entire negotiation team led by the Adviser on Finance Shaukat Tarin deserved appreciation. He said the agreement would bring further stability in the country’s economy.
