Pkrevenue.com

Tag: Prime Minister Imran Khan

  • PM Imran invites Chinese companies to invest in Pakistan

    PM Imran invites Chinese companies to invest in Pakistan

    BEIJING (China): Prime Minister Imran Khan on Friday invited Chinese companies to invest in Pakistan and take benefit from the business-friendly policies of the government.

    The prime minister, who held a series of meetings with the executives of Chinese State-owned and private corporate sectors, said Pakistan was offering conducive environment for investment in Special Economic Zones (SEZs) under the China Pakistan Economic Corridor (CPEC).

    READ MORE: Prime Minister Imran kicks off visit to China

    In his remarks, the prime minister appreciated the keen interest of the Chinese companies to invest in Pakistan.

    The executives who met the prime minister included leadership of China Communication Construction Company (CCCC), Huazhong Technology, Zhejiang Seaport Group, Challenge Apparel, Hunan Sunwalk Group, Royal Group, China Road and Bridge Corporation (CRBC), Zhengbang Group and China Machinery Engineering Corporation (CMEC).

    READ MORE: PM Imran terms exports, tax collection must for growth

    The corporate leaders briefed the prime minister on the progress of their on-going projects in Pakistan.

    They evinced keen interest in expanding investments in Pakistan in projects related to recycling of metals and paper, energy, textile, fibre-optics networks, housing, dairy and water management.

    READ MORE: Timelines for CPEC projects should be adhered to: PM

    The CCCC is a leading global construction and infrastructure development company; Huazhong Technology, specialises in integrated papermaking equipment; Zhejiang Seaport Group is one of China’s largest port operator; Challenge Fashions is a leading textile company; Hunan Sunwalk’s core business is in communications, 3D printing and construction; Royal Group is China’s largest buffalo milk producer; CRBC focuses in civil engineering and construction projects; Zhengbang Group is Jiangxi Province’s largest agricultural enterprise; and CMEC is one of Chinese top agro-industrial machinery company.

    The prime minister was joined in the meetings by federal ministers, advisers and senior officials.

    READ MORE: Work on CPEC projects in full swing: Asad Umar

  • Prime Minister Imran kicks off visit to China

    Prime Minister Imran kicks off visit to China

    ISLAMABAD: Prime Minister Imran Khan on Thursday kicked off a four-day visit to China. Prime Minister Imran will attend the ceremony of Winter Olympics and meet the Chinese leadership.

    The prime minister’s delegation included Foreign Minister Shah Mahmood Qureshi, Finance Minister Shaukat Tarin, Planning Minister Asad Umar, Information Minister Chaudhry Fawad Hussain, National Security Adviser Dr Moeed Yousaf, Commerce Adviser Abdul Razak Dawood and Special Assistant on China Pakistan Economic Corridor Khalid Mansoor.

    READ MORE: PM Imran terms exports, tax collection must for growth

    The prime minister besides attending the ceremony of Beijing Winter Olympics will meet President Xi Jinping and Premier Li Keqiang.

    Prior to departure, the accompanying ministers termed the prime minister’s visit to China of great significance.

    Foreign Minister Shah Mahmood Qureshi said PM Khan’s meeting with the Chinese leadership would focus on bilateral strategic partnership, regional matters, and peace and security in South Asia.

    READ MORE: PM Imran Khan announces food subsidy package

    Finance Minister Shaukat Tarin said the prime minister during the visit would propose the Chinese leadership to relocate their industry in Pakistan’s Special Economic Zones for a win-win situation besides extending assistance in agriculture.

    National Security Adviser Dr Moeed Yousaf said the visit would provide an opportunity to discuss ways to improve peace in Afghanistan to end terrorism.

    READ MORE: PM Imran launches landmark Karachi BRTS project

    Commerce Adviser Dawood said the meetings would the Chinese counterparts would focus on some areas of Free Trade Agreement and trade of cement, rice, fruit and vegetables.

    During the visit of PM Khan, a book titled ‘China Pakistan Economic Corridor – Investment Opportunities in Pakistan’ will be presented to the Chinese president, premier and investors.

  • PM Imran terms exports, tax collection must for growth

    PM Imran terms exports, tax collection must for growth

    ISLAMABAD: Prime Minister Imran Khan Tuesday termed tax collection and exports key elements to boost the country’s economy.

    “The government was making strenuous efforts to remove all hurdles and bottlenecks faced by exporters, investors and businessmen and to give a spur to the exports industry,” the prime minister said while addressing at an inaugural ceremony of 14th International Chambers Summit 2022 arranged by the Rawalpindi Chamber of Commerce and Industry (RCCI).

    The prime minister said that in the past, no attention was paid to these sectors of the economy which were vital for wealth creation.

    READ MORE: PM Imran Khan announces food subsidy package

    Imran Khan said the exports sector was stagnant in the past, but the incumbent government was providing all facilitation to the exporters and stressed that exporters should be encouraged with awards and other incentives.

    He observed that if the country’s exports were not increased, it could again put pressure on the current account and currency.

    The summit was being attended by presidents of more than 54 regular chambers, 10 small chambers, 13 women chambers and representatives from the development partners, international business community, political parties, ministries and the government institutions.

    The summit will provide an opportunity to the businessmen to seek resolution of their issues besides, presentation of solid proposals to the stakeholders for the formulation of the business-friendly policy of the country.

    The prime minister said the government was constantly endeavoring to introduce incentives for ease of doing business and remove all bottlenecks which would help increase businessmen’s profits and develop a tax culture.

    READ MORE: Imran Khan for monitoring accountants, lawyers to stop financial crimes

    He also termed the introduction of mini-budget as an effort to document the economy. Out of the total estimated Rs11 trillion retail market, only Rs3 trillion market was registered.

    The government was also working on full tax automation, he added.

    The prime minister said: “No government in Pakistan ever faced such big challenges like the fiscal and current account deficits. If our friends, Saudi Arabia and China would not have helped us, we would have defaulted due to our liabilities. We had no reserves to stem the depreciation of rupee.”

    He said the country’s economy was going through a stabilization phase, but unfortunately, then came the Covid 19 which posed the century’s biggest challenge.

    It was worth appreciable how Pakistan was out of the woods. The government not only saved the economy but also the lives of the people, he said, adding, the pandemic brought havoc across the world. In India, its economy was badly impacted with a huge death toll.

    READ MORE: PM Imran launches incentive program for remittances

    The prime minister said that he was criticized by the political opponents for not clamping a complete lockdown. But their decision of smart lockdown was being followed by the British Prime Minister Boris Johnson.

    Then came the challenge of Afghanistan and the flight of dollars which put pressure on rupee, he further added.

    The prime minister said the world also witnessed a record surge in commodity prices as the supply and demand lines were disrupted by the pandemic. The people all over the world had been facing problems, he added.

    About commodity prices, the prime minister expressed the confidence that it would ease soon.

    The prime minister further stressed upon developing a tax culture like the Scandinavian countries that have the highest tax ratio.

    He observed that tax culture could not evolve in the country as the people were reluctant to pay taxes in the past, due to lack of trust over rulers who spent the public tax money on their luxurious living.

    He said the present government was making efforts to spend available resources on the poor segments of society.

    He referred to the health cards initiative under which each family was getting free health facility worth 1 million rupees. Such a health insurance was never thought of in the world.  To lift the living standards of poor segments of society, the government also launched Ehasaas programme and stipends.

    The prime minister recounted that country’s exports for the first time in history reached to $31 billion, remittances recorded $32 billion, tax revenues reached to around Rs6000 billion.

    READ MORE: Pakistan offers huge potential for e-commerce: PM Imran

    The prime minister said the expansion of industry was vital for a country’s economy. In Pakistan, large-scale manufacturing (LSM) witnessed a growth by 15 percent. The corporate profits reached Rs930 billion while private sector offtake touched Rs1138 billion. IT sector exports recorded 70 percent increase reaching to about $3 billion, the prime minister said while enumerating the growth of the economy due to the government’s business-friendly policies.

    He said the construction sector was also on the boom while the rural agriculture economy earned Rs1100 billion where 60 to 65 pc population of the country was residing. The change in their economic condition could be gauged from the increased sale of motorcycles.

    The prime minister said Pakistan was still a cheaper country when compared with petroleum product prices in India and others in the region.

    About state of Madina, the prime minister said it had brought the biggest revolution in the world, transforming the humble people as the leaders of the world.

    He also shared Allama Iqbal’s opinion that a Muslim society would always rise to prominence when it followed the model of Riyasat-e-Madina.

    The prime minister further said that rule of law in a society was critical as in its absence, corruption would assume the role of cancer.

    “Corruption is a symptom of lack of rule of law in a society. Our fight is for the rule of law in Pakistan. It is a difficult one because of different cartels and mafias who did not want the rule of law,” he said terming it a ‘Jihad’ against these mafias to secure future of the country.

    “In a banana republic, there are two sets of laws for the powerful and the weak,” he maintained.

    The prime minister stressed that alongside him (Imran Khan), the society would have to carry out this struggle because it was connected with the economic prosperity. “Nations had been destroyed due to corruption and lack of rule of law,” he added.

    The prime minister said Pakistan had huge potential to excel on the economic front and, in tourism sector alone, they could earn to meet the current account deficit.

    He also assured the participants that all facilities and utilities would be provided for setting up industrial zones along the Rawalpindi Ring Road project.

    Imran Khan informed that the project was in the final stages which was delayed due to corruption that changed its alignment.

    He also regretted that any initiatives like this one always drew speculations only for the real estate business, shooting up prices of lands.

    He assured that government would ensure provision of lands on lease at affordable prices to set up economic zones.

  • Bank Alfalah tops in house financing under MPMG

    Bank Alfalah tops in house financing under MPMG

    KARACHI: Bank Alfalah has secured the top position in house financing under the government’s flagship Mera Pakistan Mera Ghar (MPMG).

    According to a statement issued by the State Bank of Pakistan (SBP), Bank Alfalah secured the top position followed by Meezan Bank Limited and Standard Chartered Bank Limited.

    A ceremony was held on Friday at Prime Minister House, Islamabad to mark Rs 100 billion in home finance approvals of the Governments flagship Mera Pakistan Mera Ghar (MPMG) program under the theme “ Khawab ke tabeer ab tez ter”.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    The Prime Minister lauded the leading role of the State Bank of Pakistan and the efforts of the banking industry in the implementation of MPMG. He also witnessed ceremonial keys being handed over to six beneficiaries of MPMG who were from different regions and represented a variety of segments of Pakistan.

    Over 20 other beneficiaries of MPMG also participated in the ceremony. The Prime Minister expressed his pleasure to see that low and middle-income citizens who were completely ignored earlier are now being served by the banks in obtaining home finance. While distributing awards among top-performing banks with respect to approvals and disbursements, he urged banks to accelerate their efforts to help realize the dream of every Pakistani to own their own homes.

    The ceremony was attended by Ali Amin Gandhapur-Federal Minister for Kashmir Affairs & Gilgit Baltistan, Dr. Shahbaz Gill-Special Assistant to Prime Minister on Political Communication, Senator Shaukuat Tareen-Adviser to Prime Minister on Finance & Revenue, Governor State Bank of Pakistan, Chairman NAPHDA, Dr. Amjad Ali-Minister for Housing Khyber Pakhtunkhwa and Presidents/CEOs of banks.

    READ MORE: SBP launches webpage for promoting house financing

    Dr. Reza Baqir, Governor State Bank of Pakistan, shared the progress of MPMG since inception, highlighting that all stakeholders are taking steps in the right direction to translate the Prime Minister’s vision of increasing homeownership into reality. Till December 20, 2021, banks have received applications of Rs. 263 billion while approvals of Rs. 109 billion have already been made. Over the last nine months, the approved amount increased by Rs. 98 billion. Disbursement has also increased from almost zero in March 2021 to Rs. 32 billion by December 20, 2021. While shedding light on the theme of the event, he mentioned that during the last month, banks on average approved Rs. 4 billion and disbursed Rs. 1.6 billion on weekly basis. He underscored the need to maintain and accelerate this momentum. There are six banks that disbursed over Rs. 2 billion each and seven banks have disbursed over Rs. 1 billion each in the span of 9 months under MPMG.

    The Governor said that growth in MPMG is attributed to various measures taken by the Government, SBP, and NAPHDA to provide a conducive environment for the banking industry to enter the untapped market of housing and construction finance. He mentioned the simplification of complex procedures, a significant reduction in documentation requirement, development of a model to assess informal income, effective redressal mechanism as examples of this support. Communication initiatives like Mera Pakistan Mera Ghar Meri Kahani –a series of testimonials of MPMG beneficiaries have also been instrumental in encouraging others to apply.

    READ MORE: PM launches house financing scheme for NRPs

    Earlier, in a meeting of the National Coordination Committee on Housing, Construction, and Development (NCCHCD), Governor SBP apprised the Prime Minister on developments in housing and construction finance. He recalled that in July 2020, in line with the Government’s vision of boosting economic activity, SBP mandated banks to increase their housing and construction finance to at least 5 percent of their domestic private sector advances by December 31, 2021. Five banks have already achieved their December 2021 targets. The best performing banks in this regard were Albaraka Bank followed by Meezan Bank and Dubai Islamic Bank. He highlighted that as of December 17, 2021, banks have lent Rs. 321 billion which is Rs. 173 billion more than their financing as of June 30, 2020, reflecting a growth of 117 percent since June 2020. He praised Bank Al Habib, National Bank, and Bank Alfalah for a significant increase in their housing and construction finance portfolio since June 2020 till date.

    In conclusion, Governor Baqir expressed SBPs confidence that the banking industry will continue to pace up its performance rapidly to meet the objectives of Mera Pakistan Mera Ghar and to reach targets mandated for Housing and Construction Finance.

    READ MORE: Meezan Bank becomes pioneer in Sharia financing for low cost housing

    The MPMG event also witnessed speeches from Senator Shaukat Tareen, Adviser to Prime Minister on Finance & Revenue, and Lt Gen Anwar Ali Hyder, Chairman NAPHDA. The Finance Adviser reiterated the Government commitment to MPMG and assured banks to provide all needed support. Chairman NAPHA requested banks to demonstrate commitment in providing housing finance to individuals in NAPHDAs LDA City and Peri Urban projects.

  • Old currency notes can be exchanged till December 2022

    Old currency notes can be exchanged till December 2022

    ISLAMABAD: The federal cabinet chaired by Prime Minister Imran Khan on Tuesday approved the extension in exchanging old Pakistani currency notes.

    The cabinet approved the extension of the period for the exchange of old Pakistani 10, 50, 100, and 1000 currency notes till 31st December 2022.

    At the meeting, Special Assistant to the Prime Minister Dr. Faisal Sultan gave a briefing on the preventive measures regarding the new type of Corona variant, Omicron.

    The cabinet emphasized the need to increase vaccinations, maintain social distance, and wearing masks.

    It was informed that at present 20 million people in Pakistan have not been vaccinated with the second dose of Corona Vaccine.

    READ MORE: Cabinet renews aviation licenses of four airlines

    The cabinet appealed to all such citizens to take the second dose as soon as possible to prevent the spread of COVID.

    The meeting was also informed that Immunity increases 17-folds after the second dose of the vaccine.

    The Prime Minister directed the Federal Ministers Asad Umar and Ms. Zubeida Jalal to visit Gwadar as soon as possible so that recommendations could be formulated for quick resolution of the problems of the people of Gwadar.

    The meeting was briefed regarding the introduction of electronic voting machines and voting rights for overseas Pakistanis. The Cabinet welcomed the ECP’s decision to use an electronic voting machine in the local body elections in Islamabad. The Cabinet was given a detailed briefing on the schedule regarding delivery and use of electronic voting machines at all polling stations in the country and training of staff.

    READ MORE: Pakistan abolishes visa fee for Afghans

    The Cabinet expressed its firm resolve to hold the next elections through electronic voting machines after the implementation of laws regarding electronic voting machines and voting rights for overseas Pakistanis.

    Advisor Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet. The weekly inflation rate has come down by 0.07 per cent. Prices of Sugar, flour and household items have decreased. Collectively, prices of 09 items decreased. Prices of 23 items remained stable. The Cabinet was informed that apart from the prices of Banaspati Ghee and tea leaves in the region, prices of all other essential items are lower in Pakistan.

    These items include flour, grams, dal mash, dal mung, tomato, onion, chicken, and petrol. Concerns were raised over higher prices of essential commodities in Sindh including flour, sugar, milk, ghee, and pulses.

    The Cabinet approved the amendment in the bilateral air route between Pakistan and Tajikistan. This decision will reduce both air distance and travel costs.

    The Cabinet allowed Kazakh Air Company (SCAT) to operate in Pakistan to start air travel between Pakistan and Kazakhstan. The decision will enable direct air travel between Pakistan and Kazakhstan and help boost bilateral trade.

    READ MORE: Pandora papers: PM says returning taxpayers’ money

    To promote trade between Pakistan and Central Asian countries, the Cabinet directed the Aviation Division to start work on finalizing air travel agreements with all Central Asian countries.

    The Cabinet approved an amendment to the air travel agreement between Pakistan and Iraq. This decision will increase the number of commercial flights between Pakistan and Iraq.

    The Cabinet was informed that there is no shortage of urea in the country at present. However, to ensure the supply of urea fertilizer for the Rabi crop in the country, the following approvals were given.

    Sui Northern Gas Company will supply gas to urea plants by January 2022. Gas supply to Pak Arab and Fatima Fertilizer Plants will be ensured. The process of importing additional 50,000 tons of urea should be completed expeditiously. The cabinet was also informed that the price of urea per sack in Pakistan is about Rs. 1864 while in other countries it is being sold at Rs. 10,000 per sack.

    The present government has taken huge and significant steps for the development of agriculture in the country and the welfare of farmers.

    READ MORE: Prime Minister issues directives for reducing burden of indirect taxes

    The Cabinet was given a detailed briefing on sugar production and sugar prices in the country. The Cabinet expressed satisfaction over the current stock and price of sugar. The Prime Minister directed that the strategic reserves of sugar be maintained so that prices remain stable. The Cabinet also approved the issuance of the recommendations of the report of the Special Committee on Sugar Sector Reforms for public opinion.

    On the basis of humanitarian grounds, the process of obtaining Pakistani visas for Afghans has been further eased. After this decision, the security clearance required for obtaining a visa has been reduced from 30 days to 15 days.

    It was also decided to further facilitate the registration process of international NGOs working for the welfare and assistance of the Afghan people.

    This decision has been made on humanitarian grounds and to aid the people of Afghanistan.

    The facility for Afghans immigrating to other countries through Pakistan has been extended for another 60 days. This facility includes travel by land and air routes.

    It was also decided to make the process of obtaining a Pakistani visa easier for the officials of international NGOs working for the welfare of the Afghan people.

    READ MORE: Authorities seal 192 illegal pumps selling smuggled petroleum products

    This decision has been made on humanitarian grounds and for helping the people of Afghanistan. OGRA’s annual report for the year 2019-20 was presented to the Cabinet.

    The report comprises recommendations regarding the performance of Pakistan’s petroleum industry, production, supply and demand, and improvement of the petroleum industry.

    The Cabinet was informed that at present there is a 27-days stock of petrol and diesel. About 75 Exploration licenses generated revenue of Rs. 29 billion. Safety standards for LPG cylinders are being improved and a public awareness campaign is underway. 10 licenses were issued to LPG companies. An audit is being carried out to prevent gas theft. Action is being taken against those selling petrol at illegal petrol pumps and in plastic containers.

    The Cabinet endorsed the decisions taken at the meeting of the Committee on Institutional Reforms held on November 24, 2021.

    CCIR Decisions – Merger of National Research Institute for Fertility Care Karachi with National Institute of Population Studies, Islamabad.

    The Cabinet ratified the decisions taken in the meeting of the Committee on Energy held on 02 December 2021.

    CCOE Decision – Tariff Protection (Deemed Duty) for Refineries – Report by Implementation Committee for renegotiation with IPPs under 2002 Power Policy (Rs. 134 billion paid to IPPs) The Cabinet ratified the decisions taken at the meeting of the Economic Coordination Committee (ECC) held on December 10, 2021.

    ECC decisions

    Small and Medium Enterprises (SMEs) Policy 2021-25

    Commercial Gas allocation from M/S United Energy Pakistan’s Fields.

    The mechanism for Granting Concessionary Tariff to the eligible Consumers of Zero-Rated Industrial Consumers of Lahore and Sundar Industrial Estate and for prospective Industrial Estates.

    Cabinet approved giving the additional charge of CEO, Central Power Purchasing Agency to Chief Financial Officer, CPPA.

    Cabinet approved NDMA’s assistance to Afghanistan on humanitarian grounds. The government of Pakistan has already provided 200,000 tons of wheat under the World Food Program and has provided an additional 50,000 tons of wheat as aid to the Afghan people.

  • PM Imran launches landmark Karachi BRTS project

    PM Imran launches landmark Karachi BRTS project

    KARACHI: Prime Minister Imran Khan on Friday launched Green Line Bus Rapid Transport System (BRTS) project, which will facilitate around 135,000 commuters of Karachi city.

    The BRTS is a landmark project worth Rs.35.5 billion as it will provide facility to Karachi’s Western and Central Districts commuters.

    The Green Line BRTS system, which included 21 stations along with ticketing rooms, escalators and stairs, also had the facility of backup generators to ensure uninterrupted supply of electricity.

    Ministry of Planning, Development and Special Initiatives got this federal government project through Sindh Infrastructure Development Company (SIDCL).

    Prime Minister Imran Khan while addressing the inaugural ceremony said that as any modern city cannot be successfully run without a modern transport system, the Green Line project will help fulfill modern day transportation requirements of the residents of Karachi.

    Describing Karachi as an “engine of growth” for the country, he said, the prosperity of Karachi was considered as the prosperity of Pakistan.

    The Prime Minister said that with every country having a city including London in UK, Paris in France and New York in the United States contributed in country’s development and prosperity, the success Karachi will also help Pakistan achieve progress and prosperity.

    He described the federal government’s Green Line project as first step towards the modernization of Karachi in terms of transport, adding, governments in the past did not focus on modern transportation system for the mega city.

    Prime Minister Imran Khan said that since he was seeing Karachi for the last 50 years, he had also seen this mega city transforming from “a city of lights” to “ruins” due to lack of management support system.

    He said that despite sanctions on Iran, its capital Tehran had become a modern and prosperous city with all civic facilities due to modern management system like any capital of the developed countries including London, Paris and New York.

    The Prime Minister said that Tehran, which did receive any funds from the public sector development program like in Pakistan, its collects and generates around US $ 500 million [per annum] in local revenue as against Karachi which might be collecting something around US $ 30 million.

    PM Imran launches incentive program for remittances
  • ICIJ shares Pandora Papers information with PMIC

    ICIJ shares Pandora Papers information with PMIC

    ISLAMABAD: The International Consortium of Investigative Journalists (ICIJ) has shared information related to the Pandora Papers with the Prime Minister’s Inspection Commission (PMIC), a statement said on Wednesday.

    It said that the investigation into Pandora Papers is now at a fairly advanced stage.

    In the first phase, PMIC collated information regarding the individuals and entities named in the Pandora Papers followed by a process of verification of details through the concerned governmental agencies and regulatory bodies.

    READ MORE: Pandora papers: PM says returning taxpayers’ money

    “During this process, contact was also established with the ICIJ, and the concerned journalists. They shared the information which was available with them,” it added.

    It is relevant to mention that, as opposed to the initial media reports that more than 700 individuals of Pakistan origin were linked with Pandora Papers; the number revealed to PMIC so far is considerably less. PMIC is now focusing on these persons and undertaking necessary assessment as per its Terms of Reference.

    READ MORE: PM task force initiates proceedings in Pandora papers

    Relevant information regarding the individuals, their financial interests and transactions is being thoroughly examined. In order to ensure impartiality and completeness of exercise in all respects, it has been decided not to place information regarding any individual in public domain before concluding the investigation.

    It has further been decided to allow sufficient opportunity to the individuals concerned to clarify their position. All persons, including present and past holders of public office who have been named in the Pandora Papers, are being formally contacted for their version and contention.

    READ MORE: PMIC initiates action against 50 individuals, entities

    The proceedings are being conducted in a manner so as to avoid speculation, media hype and possibility of harassment especially in the case of private persons and businessmen.

    PMIC is satisfied that the task is being completed in an objective manner and a comprehensive report substantiated through data and documents would be completed soon.

    It is reiterated that no adverse inference will be drawn against any individual or entity without first formally placing on record their version or clarification.

    The final report will include a way forward and preferred actions for different categories and sets of persons besides recommendations for system improvement through enhanced transparency and accountability.

    PMIC acknowledges the cooperation and assistance extended by all concerned which helped in streamlining the information gathering, compilation, verification and the evaluation.

  • Timelines for CPEC projects should be adhered to: PM

    Timelines for CPEC projects should be adhered to: PM

    ISLAMABAD: Prime Minister Imran Khan on Wednesday emphasized that timelines specified for completion of China-Pakistan Economic Corridor (CPEC) should be adhered to.

    Prime Minister Imran Khan chaired a high level meeting to review progress on CPEC projects.

    The Prime Minister emphasized that timelines specified for completion of CPEC projects should be adhered to. He said that Government of Pakistan is fully committed to provisions of CPEC agreements.

    The Prime Minister stated that China has been a time-tested friend of Pakistan and that the Government accords high priority to implementation and operationalization of CPEC projects.

    The Prime Minister highlighted that continuity of policies is essential for long-term projects in order to achieve maximum benefits for the country.

    Earlier, SAPM on CPEC Affairs Khalid Mansoor briefed the meeting about updated status of CPEC projects.

    The meeting was attended by Federal Ministers Muhammad Hammad Azhar, Ali Haider Zaidi, Asad Umar, Advisor Finance Shaukat Fayaz Tarin, Advisor Commerce Abdul Razaq Dawood and senior officers.

    PM Imran launches incentive program for remittances
  • Cabinet renews aviation licenses of four airlines

    Cabinet renews aviation licenses of four airlines

    ISLAMABAD: The Federal Cabinet on Tuesday approved the renewal of aviation licenses of four airlines under the National Aviation Policy 2019.

    Prime Minister Imran Khan chaired the meeting of the federal cabinet in Islamabad.

    On the recommendation of the Ministry of Aviation, the Cabinet approved the renewal of aviation licenses of M/S SERENE AIR, M/S AIRBLUE, M/S PIACL and M/S PRINCELY JETS under the National Aviation Policy 2019.

    Federal Minister Asad Omar briefed the Cabinet on the new variant of COVID-19, Omicron. The meeting was informed that the new variant originated in Africa. According to initial reports, the rate of spread is very high. The cabinet called for the implementation of COVID SOPs such as use of mask in public places, social distancing, and vaccinations for public safety.

    The Cabinet was briefed regarding the introduction of an electronic voting machine and the empowerment of Overseas Pakistanis to vote. Federal Minister Shibli Faraz gave a briefing on procurement of Electronic Voting Machines, training of staff, responsibilities of concerned agencies, public awareness campaign and timely delivery. The cabinet expressed grave concerns over the release of a video of alleged vote-buying during the by-elections in N.A 133. The cabinet said such illegal actions were anti-democratic.

    Keeping in view the transparency, the Cabinet directed the concerned departments to clarify about the audit report on the package for COVID-19.

    Advisor for Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet.

    Weekly inflation fell to 0.67%. Prices of 5 Commodities have seen a reduction trend. The Cabinet was informed that apart from the prices of ghee and tea leaves in the region, prices of all other household items are lower in Pakistan.

    These items include flour, grams, dal mash, dal mung, tomato, onion, chicken and petrol. The Cabinet was informed that the prices of flour, sugar, lentils and gram lentils in Sindh are much higher than other provinces. The Cabinet expressed grave concerns over the rising prices of essential commodities in Sindh.

    Petroleum Division briefed the Cabinet on the vacancies of MD and CEO in the organizations under the division. The Cabinet was informed that at present 04 posts are vacant on which appointment process is in progress.

    The Cabinet, on the recommendation of the Ministry of Aviation, approved the delimitation of high-rise buildings around airports under the Civil Aviation Authority Rules. The height limit of buildings in Islamabad Blue Area has been fixed at 1000 feet. The decision will also help prevent the rampant spread of urban boundaries, save vegetables and preserve agricultural land.

    On the recommendation of the Ministry of Commerce, the Cabinet allowed the staff stationed at the Pakistani Embassy in Tehran to import personal vehicles on repatriation under the Hardship Policy.

    On the recommendation of the Ministry of Interior, the Cabinet approved to increase the visa period from 120 days to 150 days for those coming to Pakistan from Tablighi Jamaat from abroad. The Cabinet also approved to grant 45 days Visa on Arrival for Tablighi Jamaat. Visas can be obtained through the online visa portal.

    Cabinet approved procedure for appointment of EOBI (Employees Old-Age Benefits Institution) Chairman. This appointment will be carried out under the Competitive Process of Management Position Scale Policy 2020.

    Cabinet on the recommendation of the Ministry of Overseas Pakistanis postponed approval to issue Overseas Employment Promoter Licenses. The Cabinet directed that a procedure be worked out within a week to review the work of these promoters. Special care should be taken that promoters should not be illegally charging extra money from those travelling abroad.

    The Cabinet ratified the decisions taken at the meeting of the Committee on Institutional Reforms held on 12 November 2021. The meeting recommended the reorganization of the Pakistan Gems and Jewelery Development Company.

    The Cabinet ratified the decisions taken at the meeting of the Committee on Energy held on 18 November 2021.

    The Committee on Energy had recommended Gas Load Management Plan for Winter 2021-22 and setting up of Oil Depot at Kemari Karachi. Gas Load Management Plan for Winter 2021-22:-

    Domestic gas will be reserved for domestic consumers only because of its low cost. The CNG sector will be closed from 01 December 2021 to 15 February 2022. Gas supply to IPPs and fertilizer factories will continue.

    Gas supply to export sector industries will continue.

    Power plants running on LNG will be provided 5 per cent additional gas.

    Electricity prices have been reduced for domestic consumers in winter (Rs. 12.96 per kWh) to meet the gas shortage.

    Gas saved from CNG, Cement and Captive Power will be used for domestic consumption.

    A public awareness campaign is being launched to save gas.

    On the recommendation of the Ministry of Commerce, the Cabinet approved the import of MONTANIDE OIL from France for the treatment of Foot-and-Mouth disease in cattle in Punjab.

    On the recommendation of the Ministry of Information and Broadcasting, the Cabinet approved setting up of a selection board for the appointment of Chairman ITNE and Chairman Press Council of Pakistan. The Selection Board for Chairman ITNE will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Grade 21 Representatives of Establishment Division and Ministry of Law. The Selection Board for the Chairman Press Council of Pakistan will consist of the Minister of Information, Secretary Information, Additional Secretary Information, Representatives of Establishment Division and Ministry of Law.

    Cabinet approved the appointment of Muhammad Saleem as Chairman Privatization Commission.

    Federal Minister for Industries and Production gave a detailed briefing to the Cabinet on the current stock and prices of fertilizers in the country. The meeting was informed that this year the fertilizer companies released 53 per cent more fertilizer to the dealers in Sindh as compared to the previous year, due to which there was shortage of urea in Punjab and other areas and the price had gone up.

    However, on the directions of the Prime Minister, measures were taken to reduce this disparity and against hoarders, which resulted in an average reduction of Rs. 400 per sack.

    At present a sack of urea is available in Gujranwala for Rs. 1850. There is a surplus of 200,000 tons of fertilizer compared to the domestic demand. The Cabinet was informed that an online portal has been set up to monitor the supply of fertilizers through which the federal government, provinces and all district administrations can monitor the movement and stock of fertilizers.

    Punjab has taken several steps since November 13 to curb the hoarding of fertilizers. Among them 347 FIRs, 244 arrests, 21111 inspections, 480 warehouse seals and fines of Rs 2.79 crore have been imposed.

    In addition, control rooms have been set up in each district where complaints related to shortage of fertilizers, hoarding and profiteering can be lodged. Checkpoints have been set up at provincial borders to curb smuggling. Amendments are being made to the relevant laws against hoarding and profiteering in which informants will be rewarded in proportion to the confiscated property.

    The Cabinet ratified the decisions taken at the meeting of the Economic Co-ordination Committee held on November 29, 2021. Approval to hold a special meeting of OIC Foreign Ministers in Pakistan. Approval of 50,000 tons of wheat aid to Afghanistan.

    Cabinet to announce major relief in prices
  • PM Imran launches incentive program for remittances

    PM Imran launches incentive program for remittances

    KARACHI: Prime Minister Imran Khan on Thursday launched an incentive program for overseas Pakistanis sending remittance to their homeland.

    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.

    Pakistan offers huge potential for e-commerce: PM Imran