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Tag: Prime Minister Imran Khan

  • PM directs finalizing tight gas policy by next month

    PM directs finalizing tight gas policy by next month

    ISLAMABAD: Prime Minister Imran Khan on Thursday directed authorities to finalize Tight Gas Policy by end of September 2021.

    The prime minister chaired a meeting to discuss the tight gas resources.

    The meeting was attended by Federal Ministers Shaukat Fayyaz Tareen, Hamad Azhar, Asad Umar, Special Assistant Tabish Gohar and concerned senior officials.

    The meeting discussed in detail the potential resources of Tight Gas in the country.

    The meeting was informed that Pakistan is expected to have huge reserves of tight-gas. These reserves could help reduce the country’s dependence on expensive imported LNG.

    The prime minister directed that the Tight Gas Policy be reviewed and finalized by the end of September 2021.

  • Prime Minister directs action against profiteers

    Prime Minister directs action against profiteers

    ISLAMABAD: Prime Minister Imran Khan on Monday directed authorities to take stern action against profiteers to ensure fair prices of essential items.

    The prime minster chaired a review meeting on commodity prices. He directed that Tehsil and District Administration along with Competition Commission of Pakistan should ensure fair prices of food items by taking action against profiteers and mafias to facilitate people.

    The meeting was attended by Minister for Planning Asad Umar, Minister for Industries and Production Makhdoom Khusro Bakhtiar, Minister of State for Information and Broadcasting Farrukh Habib, SAPM on Political Communication Dr Shahbaz Gill and senior officers concerned. Finance Minister Shaukat Tareen, Chief Secretary Punjab and Balochistan attended the meeting via video link.

    In the meeting, the Prime Minister stressed that the provision of essential commodities to people at affordable prices is top priority of the government.

    The Prime Minister directed the provincial Chief Secretaries to ensure action against the negligent officers regarding prices.

    The Prime Minister also stressed upon the need to make the existing cell more active in monitoring prices on a regular basis and ensuring their reasonable prices.

  • Housing finance reaches to Rs259 billion; PM praises SBP efforts

    Housing finance reaches to Rs259 billion; PM praises SBP efforts

    KARACHI: Housing and construction finance outstanding increased by Rs111 billion or 75 per cent during fiscal year 2020/2021 over the preceding fiscal year, reaching Rs259 billion by end of June 2021.

    An increase of this quantum in housing and construction finance in one year is unprecedented in Pakistan’s history. As a result, 97 per cent of the overall target set by State Bank of Pakistan (SBP) for June 30, 2021 was met.

    Governor SBP Dr. Reza Baqir presented this information on unprecedented growth in housing and construction finance to the Prime Minister a day earlier in a meeting of the National Coordination Committee on Housing, Construction and Development (NCCHCD) chaired by the Prime Minister.

    The meeting was attended by the Federal Ministers for Finance, Information, Aviation, and Climate Change, Chairman NAPHDA, State Minister for Information & Broadcasting, SAPM on Political Communication, Presidents/CEOs of banks and senior SBP officials.

    The Prime Minister appreciated that efforts of SBP have been successful in stimulating the housing and construction finance in the country, which was hitherto a neglected area within commercial banks.

    The Prime Minister expressed the strong resolve of the government to accelerate activity in this area and encouraged banks to continue to support this area of economic activity and especially to facilitate customers interested in availing the government’s mark-up subsidy scheme for housing.

    In July, 2020, the State Bank, in line with Government’s vision to promote the housing & construction sector activities and improve home ownership in the country, mandated banks to increase their housing and construction finance portfolio to at least 5 percent of their private sector advances by December 2021. Accordingly, the SBP set quarterly targets with the mutual consent of Presidents/CEOs of banks supported by an incentive and penalty framework to motivate banks to achieve these goals.

    Governor SBP, Dr Reza Baqir, also shared that in addition to strong growth in construction & housing finance, banks have started to extend housing finance under Government Markup Subsidy Scheme, commonly known as Mera Pakistan MeraGhar (MPMG), for the low to middle income segments of the society. Provision of housing finance to such segments of society is also unprecedented in Paksitan’s history.

    In April 2021, banks were given separate targets under MPMG to induce them to grow this segement of housing finance. Consequently, the number of applications increased significantly and the amount of loans applied for more than doubled in the last quarter of FY21 to Rs111 billion. As of June 30, 2021, banks have approved home financing worth Rs39 billion.

    Governor SBP also informed the Prime Minister that following his instructions to facilitate the public as much as possible, a simple one page application form has been designed separately for salaried persons, businessmen and applicants with informal income to apply for such housing finance.

    In order to facilitate applicants with informal income, some very basic personal information, and payment information about house rent, utilities & children education will be required. Forms will be available both in English and Urdu by end July 2021. 

    While appreciating the SBP efforts to bring ease for borrowers through simple application form and processes, the Prime Minister voiced expectation that banks’ portfolio must show strong growth in disbursements in the coming days.      

    To facilitate access to home finance especially within lower and middle income groups, State Bank’s key initiatives include allowing acceptance of third party guarantee during the construction period, waiver of Debt Burden Ratio (DBR) in case of informal income and the introduction of standard facility offer letter by the banks. State Bank has also advised banks to develop and deploy income estimation models for borrowers with informal sources of income. In addition to gauge readiness, knowledge and appropriate behavior of banking staff towards MPMG customers, regular mystery shopping of banking branches on a pan Pakistan basis is conducted by State Bank. 

    In addition to State Bank’s dedicated online portal for the registration of complaints by MPMG customers, commercial banks have also established a 24/7 joint helpline to address the queries of general public regarding MPMG. Customers of MPMG can reach out to this helpline at 0-33-77-786-786.

  • Prime Minister inaugurates first phase of Gwadar Free Zone

    Prime Minister inaugurates first phase of Gwadar Free Zone

    GWADAR: Prime Minister Imran Khan on Monday inaugurated the first phase of Gwadar Free Zone besides performing the groundbreaking of its second phase spread over 2,200 acres and also inaugurated three factories.

    Addressing the launch of development projects and the signing ceremony of Memoranda of Understanding here in the port city, the prime minister said Gwadar would open up new avenues of opportunities for regional trade.

    The prime minister said the future of Pakistan belonged to Gwadar, emerging as the ‘focal point of development’ and ensuring prosperity for the entire country.

    Imran Khan mentioned the recently announced Rs 730 billion development budget for Balochistan by the federal government and said it was “historic”, and was aimed at uplift of the province and at mitigating the longstanding deprivation of its people.

    “No country can progress unless it mainstreams all its areas and ensure development across the board,” he said, adding that connectivity was one of the major components of the Balochistan package.

    The prime minister who arrived in Gwadar on a day-long visit inaugurated the first phase of Gwadar Free Zone besides performing the groundbreaking of its second phase spread over 2,200 acres also inaugurated three factories.

    The prime minister said his vision of an emerging Pakistan was a steadfast nation that was committed to the prosperity of the country.

    He said the government was focused on ensuring the provision of basic amenities in Gwadar and Balochistan, particularly clean water and electricity to encourage industrialization.

    Imran Khan said the government was prioritizing development in far-flung areas of Balochistan, northern areas and rural Punjab.

    The prime minister mentioned that Gwadar International Airport would encourage regional trade and boost economic activity.

    He said a one-window operation was in progress to facilitate the investors and urged upon the provincial governments to ensure proper servicing of investors since the subject moved to them after the passage of the 18th Amendment.

    Imran Khan thanked the government of China for the launch of water and solar projects in Balochistan, particularly in Gwadar.

    “Pakistan can benefit from its strategic location and also from the expertise of its friend China, which is an economic power in the region,” he said.

    He also mentioned the technical education provided by China to the youth of Gwadar, which he said, would prove greatly helpful as the foreign investment grew in future.

    The prime minister mentioned several initiatives for the uplift of Gwadar including the university, employment under the Kamyab Jawan Programme, and the up-gradation of the equipment of local fishermen to ensure value addition of their catch.

    He said the Prime Minister Office would regularly monitor the progress on the development plans initiated in Gwadar on a monthly basis.

    The prime minister said regional countries had expressed interest in reaping the benefits offered by the Gwadar port.

    In this scenario, he expressed concern over the deteriorating law and situation in Afghanistan, stressing peace and stability was extremely important for the continuity of development.

    Chief Minister Balochistan Jam Kamal Khan said the provincial government had been collaborating with the CPEC Authority to resolve the issues of customs. He drew attention to the problem regarding the relocation of locals along Eastbay and mentioned that efforts were on for an amicable solution.

    He said the Public Sector Development Programme for the current fiscal year covered the entire Balochistan and mentioned that the extension of Gwadar Hospital up to 200 beds, construction of the first university in Gwadar, border markets and uplift of villages were on the cards.

    Chinese Ambassador Nong Rong said the cooperation between the governments of Pakistan and China had led several projects to see the light of the day. He said over the past eight years, the two countries accelerated their pace on several projects related to civic amenities, particularly clean water and solar plants.

    He said Gwadar was a showcase of the “Chinese solution” for Pakistan’s development.

    By taking a comprehensive way of development, he said, Gwadar Port would turn into a business hub. He said China would continue to extend support for a shared future with Pakistan.

    Chairman CPEC Authority Lt Gen (retd) Asim Saleem Bajwa said the Gwadar Free Zone spread over 60 acres had been completed and 46 enterprises had become operational.

    He said now, the groundbreaking of the second phase at the vast 2200 acres starting today would usher in a new era of prosperity in Gwadar and in Balochistan.

    He mentioned that the personal interest of Prime Minister Imran Khan resulted in materialization of trans-shipment policy, Afghan transit policy, the framework signing and execution of border trade with Iran and the start of work at Eastbay Expressway.

    He said several significant development projects were in progress including the Gwadar International Airport and a Vocational Institute to develop skills of the locals.

    Bajwa said conspiracies were on the rise against CPEC, however, the commitment of the government greatly helped thwart such challenges.

    Chairman Senate Sadiq Sanjrani, Foreign Minister Shah Mahmood Qureshi, Information Minister Chaudhry Fawad Hussain, Planning Minister Asad Umer, Minister for Defence Production Zubaida Jalal and Minister for Maritime Affairs Ali Zaidi were present.

    Earlier, the prime minister before landing at the Gwadar Airport took an aerial view of the infrastructure built at the seaport including the Expressway.

    On his arrival at the China Business Centre Hall, he was given a detailed briefing of the South Balochistan Development Package. He also held an interaction with the CPEC Workforce.

    Chairman CPEC Authority and Chinese Ambassador ink Memoranda of Understanding for cooperation on development in Gwadar.

    Moreover, seven regional countries including Saudi Arabia, United Arab Emirates, Kuwait, Oman, Egypt, Kenya and Qatar on Monday expressed their commitment for cooperation on the development of Gwadar.

    With their respective ambassadors present at the ceremony attended by Prime Minister Imran Khan, the regional countries expressed their support for the development of Pakistan’s port city.

    Prime Minister Imran Khan on the occasion also witnessed the signing of two Memoranda of Understanding with the government of China for carrying out development projects in Gwadar.

    The accords included the implementation agreement on setting up of 1.2 MGD desalination plant to resolve the shortage of drinking water for the residents of Gwadar.

    Other agreements included China’s grant for solar generators for South Balochistan, and the groundbreaking of North Gwadar Free Zone and Enterprises.

    Also on the occasion, the Chinese investors through video-link from Shanghai showed the ‘Expression of Commitment for Investment’. Those who pledged to invest in Balochistan’s different sectors included Huang Weiguo (textile), Huang Daoyuan (prefabricated technology), Fang Hongyan (agriculture), Shen Jian (wool spinning), David Dia and Chen Yi (dairy processing) and Bao Dequan (textile).

    The factories inaugurated on the occasion included the chemical fertilizer factory, Gwadar Animal Vaccination factory and lubricant factory, besides the opening of Gwadar Fertilizer Plant, Gwadar Animal Vaccine Plant, Henan Agricultural Industrial Park, Hengmei Lubricants Plant, Gwadar Free Zone Phase-2, and Gwadar Expo Centre.

    (Courtesy: Associated Press of Pakistan)

  • NEC approves GDP growth target at 4.8pc for 2021/2022

    NEC approves GDP growth target at 4.8pc for 2021/2022

    ISLAMABAD: Prime Minister Imran Khan on Monday chaired a meeting of the National Economic Council. Chief Ministers of all the Provinces and other members of the NEC participated in the meeting.

    The NEC approved the Macroeconomic Framework for Annual Plan 2021-2022. The NEC also approved the GDP growth projections for the financial year 2021-2022.

    The proposed growth target of 4.8 percent was approved, with sectoral growth targets of 3.5 percent for Agriculture, 6.5  percent for Industrial Sector, and 4.7  percent for the Services Sector.

    Ministry of Planning Development and Special Initiatives presented the Public Sector Development Program (PSDP) for 2021-22.

    NEC was informed that the revised estimate for the total development outlay of the ongoing year is Rs. 1527 billion. As against this the total development outlay for the next financial year would be over Rs. 2100 billion, including PSDP of Rs. 900 billion. This includes Rs. 244 billion for Transport & Communications, Rs. 118 billion for Energy, Rs. 91 billion for Water Resources, Rs. 113 billion for social Sector, Rs. 100 billion for Regional Equalization, Rs. 31 billion for Science & Technology & IT Sector, Rs. 68 billion for SDGs and Rs. 17 billion for Production Sector.

    The Council was informed that the focus of PSDP will be on Infrastructure improvement, Water Resources Development, Social Sector improvement, Regional Equalization, Skill Development, promotion of Science & Technology, and IT, as well as Climate Change mitigation measures.

    The meeting was informed that the PSDP would cater to the government’s plans to increase focus on lagging areas and regions. For this purpose, sufficient allocations have been made for projects of South Balochistan, various districts of Sindh, as well as for Gilgit Baltistan.

    Allocations have also been made for infrastructure projects of South districts of Punjab.

    Similarly, an allocation of Rs. 54 billion has been made for the newly merged districts of KP.

    In the Social Sectors, Higher Education Commission has been allocated Rs. 42 billion.

    NEC was informed that with the operationalization of the PPP Authority, a number of PPP projects are also being expeditiously processed for implementation. These include Sukur-Hyderabad Motorway and Sialkot-Kharian Motorway, which are at an advanced stage. While other major projects such as Karachi Circular Railway (KCR), KPT-PIPRI Freight Corridor, Kharian – Rawalpindi Motorway, Balkasar – Mianwali Road, Quetta – Karachi – Chaman Highway are also likely to be launched during the year.

    The Government has, for the first time ever made an allocation of Rs. 61 billion in PSDP for financing the viability gap of PPP projects, to make sure that PPP projects can be successfully implemented.

    Addressing the meeting the Prime Minister emphasized on increasing the pace of implementation of development projects to ensure that the gains made through stabilization of the economy could be translated into economic growth resulting in the well-being of the people of Pakistan.

  • PM hopes car scheme to generate demand for domestic industry

    PM hopes car scheme to generate demand for domestic industry

    KARACHI: Prime Minister Imran Khan paid rich tribute to Overseas Pakistanis for their overwhelming response to the Roshan Digital Account (RDA). He said their support and vote of confidence have been pivotal in making the initiative a big success within a short period of time, according to a press release issued by State Bank of Pakistan (SBP) on Thursday.

    The prime minister was addressing a gathering of ministers, CEOs of car manufacturers and insurance companies, heads of leading charities, presidents of banks, SBP officials and other distinguished guests to celebrate the $1 billion mark in RDA deposits and to launch two additional products specially created for Overseas Pakistanis through RDA—Roshan Apni Car and Roshan Samaaji Khidmat.

    The success of RDA and today’s addition of further products under this scheme demonstrate that if the public and private sector work together in a spirit of cooperation, any project is bound to succeed, he added.

    The Prime Minister appreciated the out-of-the-box approach of the SBP and the banking industry in digitally connecting Overseas Pakistanis to the Pakistani banking system and economy through RDA. He also lauded the continued innovation they are showing through the addition of the Roshan Apni Car and Roshan Samaaji Khidmat products.

    He hoped that the Roshan Apni Car initiative would not only help Overseas Pakistanis to fulfill the needs of their loved ones in Pakistan but would also create additional demand for the car industry that will in turn help them and connected industries to grow at a faster pace.

    He was also confident that Roshan Samaaji Khidmat will be able to provide a convenient one stop donation platform for Overseas Pakistanis to meet their charitable giving goals and Zakat obligations. Appreciating the spirit of charity demonstrated time and time again by Overseas Pakistanis, he noted that these additional funds will help social sector organizations and NGOs to help an even larger number of disadvantaged people in Pakistan. The Prime Minister was especially pleased to note that, for the first time, Overseas Pakistanis will now also be able to contribute to “Ehsaas”, the government’s internationally acclaimed poverty alleviation program, through Roshan Samaaji Khidmat.

    In his welcome address, Governor SBP, Dr. Reza Baqir, thanked the Honourable Prime Minister for his vision of connecting the Pakistani diaspora through financial services and for his constant encouragement and guidance.

    He said he was feeling proud today that banks were able to receive $1 billion in deposits through RDA in such a short period of time. Recalling the launch of RDA in September 2020, he said that the first major milestone of receiving $500 million was passed after five months.

    After only another two months, the $1 billion mark has been crossed, demonstrating the accelerating pace inflows. He noted that more than 120,000 Roshan Digital Accounts have been opened from 170 countries around the world.

    He remarked that deposits through these accounts were providing a brand new source of foreign exchange inflows that were helping to improve Pakistan’s foreign exchange reserves and balance of payments position. He appreciated the hard work of all the staff and senior management of both the banks and SBP, noting that their dedication and spirit of constant innovation have been critical to the success of the initiative.

    Roshan Digital Account was conceived to offer lifestyle banking products in Pakistan to Overseas Pakistanis, including money deposit facilities, investment opportunities in Naya Pakistan Certificates, the stock market and real estate, as well as other day to day payment facilities. This suite of lifestyle products is being constantly expanded, with today’s launch of Roshan Apni Car and Roshan SamaajiKhidmat being the latest example.

    Roshan Apni Car has been specially designed for Overseas Pakistanis and has many distinguishing features. For the first time in the history of the banking industry, an RDA holder will be able to apply for car financing for their loved ones in Pakistan completely digitally. Processing time will be fast. Financing and insurance will be available at very attractive rates, and in both conventional and Shariah compliant forms. Moreover, car manufacturers have committed to significantly slashing the car delivery time for RDA holders.  

    Roshan SamaajiKhidmatis a one stop payment platform to enable Overseas Pakistanis to make donations to leading charities, hospitals and educational institutes in Pakistan, as well as to meet their  Zakat obligations. In addition to these private sector organizations, SBP also worked closely with Special Assistant of the Prime Minister of Pakistan on Poverty Alleviation and Social Protection, Dr. SaniaNishtar, and her team to integrate “Ehsaas”, the government’s flagship poverty alleviation program, with the Roshan Samaaji Khidmat portal.

    As a result, private participation in one of the world’s most acclaimed poverty alleviation programsis being made possible for the first time.

    Through Roshan Samaaji Khidmat, Overseas Pakistanis are being given the opportunity to make direct contributions to the program. In so doing, they would be providing vital support to the government’s efforts to lift millions of their fellow Pakistanis out of poverty.

  • PM praises FBR for achieving 41pc growth in March collection

    PM praises FBR for achieving 41pc growth in March collection

    ISLAMABAD: Prime Minister Imran Khan on Wednesday praised the Federal Board of Revenue (FBR) for posting an unprecedented growth of 41 percent in revenue collection for the month of March 2021.

    “I commend FBR efforts, achieving historic growth of 41 percent in March 2021 with collections recorded at Rs460 billion,” the prime minister said in a tweet message.

    The FBR collected around Rs322 billion in the same month of the last year.

    The FBR also posted 10 percent revenue collection growth to Rs3,380 billion during first nine months (July – March) of the current fiscal year.

    The FBR collected Rs3,060 billion in the corresponding months of the last fiscal year.

    “This reflects broad-based econ revival led by government policies,” the prime minister added.

  • Prime Minister directs authorities to focus on flying invoices

    Prime Minister directs authorities to focus on flying invoices

    ISLAMABAD: Prime Minister Imran Khan on Friday directed the authorities to curb the menace of flying invoices to prevent tax losses.

    The prime minister chaired a meeting on tax reforms and said the objective of tax reform was to make the tax code simple, plug existing loopholes in the system and reduce discretionary powers of tax collectors and tax practitioners, according to state media.

    He called for structuring and reforming the tax regime to facilitate the common man and businesses to help the economy grow.

    Prime Minister Imran Khan called for introducing automation to ensure transparency of the tax system.

    He directed to especially focus on the issue of flying invoices.

    The meeting was attended by Federal Ministers Makhdoom Khusro Bakhtiar, Dr. Abdul Hafeez Sheikh, Asad Umar, Hammad Azhar; Advisers Abdul Razzak Dawood and Dr. Ishrat Hussain; Special Assistants Dr. Waqar Masood, Tabish Gohar and Nadeem Babar, Chairman Board of Investment and other senior officials.

  • Prime Minister issues directives for reducing burden of indirect taxes

    Prime Minister issues directives for reducing burden of indirect taxes

    ISLAMABAD: The government has started easing burden of indirect taxes to provide relief to the masses. In this regard Prime Minister Imran Khan has issued instructions to relevant ministries for preparing proposals.

    Meeting of the Federal Cabinet was chaired by Prime Minister Imran Khan at Islamabad on Tuesday.

    The Prime Minister apprised the meeting that relevant ministries have been directed to present proposals for reducing the burden of indirect taxes, particularly on food items in order to provide relief to the masses.

    The federal cabinet approved Tax Laws (Amendment) Ordinance 2021. These amendments are aimed at facilitating transaction under Digital Roshan Pakistan scheme.

    It was apprised that $ 500 million have been transacted through Digital Roshan Pakistan scheme so far.

    The Cabinet accorded approval for 3 months extension of Afghanistan-Pakistan Transit Trade Agreement (APTTA 2010). The existing agreement is due to expire on 11th February, 2021.

    The Cabinet was also briefed about the measures taken to control smuggling at Pak-Iran and Pak-Afghanistan borders.

    The Cabinet expressed serious concerns over the report, according to which Sindh Government released 32,000 tons of wheat that was a 6 years old stock and unfit for human consumption.

    The Cabinet noted that Sindh did not release wheat timely for public need and did not share Wheat and Sugar stock position with the Federal Government which resulted in artificial price hike and issues of hoarding, on one hand, and wastage of available wheat stock that could have been utilized for public good.

    The Cabinet was apprised about the updated status of actions taken pursuant to Sugar Enquiry Committee Report. It was informed that several sugar mills had approached courts of law and action is underway after completion of court proceedings. The Cabinet was also informed that NAB was looking into the issue of subsidies.

    Chairman, Task Force on IT & Telecom briefed the Cabinet about progress made for development of IT and Telecom sector.

    The Cabinet was updated on Vacant Positions of Heads / CEOs of Public Sector Organizations. It was informed that since 2018, 56 Heads / CEOs have been appointed to Public Sector Organizations in a merit based and transparent manner.

    The meeting was informed that at present 86 posts of heads/CEOs were vacant. The Prime Minister expressed displeasure over the vacant positions and directed Secretary Establishment Division to furnish a report before the Cabinet citing reasons for delay in appointments.

    The Cabinet was apprised about Metro Bus Project, Islamabad. Chairman NHA informed that infrastructure work has been completed and the project is ready to be handed over to CDA. Minister for Interior was tasked by the Cabinet to present a road-map for handing-over of the project from NHA to CDA and operationalization plan.

    The Cabinet accorded approval for Mutual Legal Assistance requests from Non-Treaty Countries.

    The Cabinet approved appointment of Chief Metropolitan Officer as Administrator, Metropolitan Corporation, Islamabad for 6 months or till the time new Local Government setup is in place, whichever is earlier.

    The Cabinet approved establishment of 30 Additional Accountability Courts in implementation of Hon. Supreme Court’s orders. These courts are to be established in Karachi, Lahore, Multan, Peshawar, Rawalpindi, Sukkur, Hyderabad and Quetta. The Prime Minister directed that first phase of establishment be completed on priority.

    The Cabinet approved appointment of Masroor Khan as Chairman, Oil & Gas Regulatory Authority (OGRA).

    Cabinet ratified decisions taken in Economic Coordination Committee (ECC) meeting held on 3rd & 8th February, 2021; and Cabinet Committee on Energy meeting held on 4th & 8th February, 2021.

    The Cabinet was briefed on negotiations held with Independent Power Producers (IPPs). It was informed that the Government will benefit to the tune of Rs. 800 billion over a period of 20 years. It was apprised that the present Government is clearing a liability of approx. Rs. 400 billion after pre-audit. The Cabinet was apprised that a high level committee has been established comprising of two Hon. Supreme Court Judges and the Auditor to decide on the disputed amount of Rs. 57 billion claimed by IPPs. The Cabinet was informed that as a result of negotiations, the Government saved Rs. 32 billion against an adjudicated claim of Rs. 92 billion by IPPs. It was clarified that the Government has not surrendered any of its rights in the negotiations process. The Cabinet was informed that this process will result in a direct benefit of reduction in energy prices for the consumers. The Cabinet appreciated efforts of the Negotiations Committee.

     The Prime Minister directed that unscheduled load shedding should not be practiced in any part of the country and directed Minister for Energy to conduct in-depth investigations for load-shedding occurring due to technical reasons.

    The Cabinet accorded approval for exemption of PPRA regulations for import of 300,000 tons Wheat and 500,000 sugar.

  • Meeting decides speeding up installing video monitoring cameras at sugar mills

    Meeting decides speeding up installing video monitoring cameras at sugar mills

    ISLAMABAD: A high level meeting chaired by Prime Minister Imran Khan on Wednesday decided to speed up the process of installing video monitoring cameras at sugar mills to ensure transparency in production and supply.

    The prime minister was presiding over weekly review meeting regarding the availability and prices of basic commodities across the country.

    The meeting was briefed about the various measures taken in the light of Sugar Inquiry Report to keep the price of sugar under control. It was decided that the process of installation of cameras in sugar mills would be quickened.

    Besides, the Federal Board of Revenue (FBR) will provide the provincial governments with details of sales tax collected in the head of sugar so as to make the system transparent.

    The meeting was told that owing to the effective measures taken by FBR, the collection of sales tax from sugar had recorded 84 percent increase during July-January period of the current fiscal year.

    Prime Minister Imran Khan said that besides making the availability of basic commodities certain, ensuring appropriate prices was foremost priority of the government.

    He directed the administration of Utility Stores Corporation (USC) to ensure the ample availability of basic goods at all outlets.

    The meeting was attended by the relevant Federal and Provincial Ministers, Secretaries, Chief Secretaries and other senior officers.

    The prime minister directed the Ministry of National Food Security to complete at the earliest the assessment work regarding the future requirement of basic commodities like wheat and sugar so as to ensure advance arrangements in that regard.

    He directed all the chief secretaries to ensure the implementation of price list through active and effective role of the administration.

    The prime minister ordered to ensure immediate action against the officers committing any negligence in that respect.

    Minister for Finance Dr Hafeez Sheikh told the meeting that in the month of January 2021, the Consumer Price Index (CPI) was recorded at 5.7 percent as against 14.6 percent recorded in the corresponding month of previous fiscal year.

    Similarly, the CPI recorded at 8.2 percent during July-January period of the current fiscal was also lower when compared with 11.2 percent recorded during the same period of last fiscal, he added.

    The meeting was told that the comparison based on the latest statistics depicted significant decline in CPI.

    It was further told that the prices of sugar, eggs, onion etc. have recorded decline whereas the price of wheat flour had shown stability.

    The meeting was also briefed about the situation of official release of wheat along with the details of price differential at whole sale and retail levels in various districts.

    It was told that price differential at whole sale and retail levels depicted the failure of market committees.

    The meeting decided to immediately abolish the existing market committees in the two provinces ruled by Pakistan Tehrik-e-Insaf (PTI) and hand over the responsibilities to District and Tehsil administrations till the constitution of new committees comprising competent people through a transparent process.

    It was decided that in case of non-implementation of price list, action would be taken against the relevant Assistant Commissioner.