Day: November 10, 2021

Advisor to the Prime Minister on Finance and Revenue, Shaukat Tarin, on Wednesday appreciated the contribution of the business community toward the uplift of Pakistan’s economy and assured it of the government’s commitment to providing all-out support.

The Advisor to the PM was talking to a delegation of Markazi Tanzeem-e-Tajaran [Central Traders Union] Pakistan, headed by President Muhammad Kashif Chaudhry, at the Finance Division.

Kashif Chaudhary highlighted the problems being faced by the business community, especially small traders and sought support from the government in resolving their issues.

Shaukat Tarin underlined that the government was keen on taking initiatives to bridge the communication gap lying between the authorities and the business fraternity. He emphasized that concrete steps would be taken for addressing the concerns of the business community.

The delegation thanked the Advisor for cooperation and assuring the business community of addressing their issues.

Source: Pro Pakistani

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has directed all the provinces to meet their stocks by immediately lifting the imported sugar and injecting it into the market to bring down the prices.

He directed this while meeting with the National Price Monitoring Committee (NPMC) meeting held at the Finance Division.

Reviewing the price of sugar in the country, the Secretary of Finance informed the participants that the prices were easing out in Punjab due to proactive measures of the government.

He noted that the prices of essential commodities either declined or remained stable in the last week.

In his remarks in the meeting, Shaukat Tarin said the government had taken a range of administrative and policy measures, including managing the supply and demand chain, to bring the prices of daily commodities under control. He observed that the prices of daily commodities were controlled as compared to the last year.

The Secretary Finance briefed the NPMC on the weekly sensitive price indicator (SPI) situation which had increased by 0.67% during the week under review. He apprised the meeting participants of the price trend of essential commodities and told them that the prices of three essential commodities registered decline whereas rates of 20 items remained stable during the last week.

He further informed the meeting that the prices of essential commodities registered a decline in November as compared to the same month last year.

He explained that the prices of wheat flour bags remained consistent at Rs. 1100 per 20-kg due to the proactive measures of the Punjab Government and ICT administration.

The Advisor on Finance commended the efforts of the Punjab Government and Islamabad administration, however, he expressed concern over the significant price differential in the wheat flour prices in Sindh and Balochistan as compared to other provinces. He advised the Chief Secretaries of Sindh and Balochistan to ensure the daily releases of wheat to improve the supply situation in the markets. He reiterated that the government was committed to ensuring a smooth supply of wheat flour across the country at a government-specified rate.

The NPMC observed that Sastaa Sahulat Bazaars in Punjab are offering essential goods at subsidized prices. The Advisor to the PM commended the efforts of the representatives of the Punjab and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazars.

In his closing remarks, Shaukat Tarin stated that the government would continue to take all possible measures to ensure a smooth supply of essential commodities throughout the country.

The meeting was attended by Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Minister of State for Information and Broadcasting Farrukh Habib, Advisor to the Prime Minister on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Provincial Chief Secretaries, Chief Statistician Pakistan Bureau of Statistics, Chairman Federal Board of Revenue, Managing Director Utility Stores Corporation, and other senior officers.

Source: Pro Pakistani

The Ministry of Economic Affairs, Government of Pakistan, and the International Islamic Trade Finance Corporation (ITFC) have signed a financing agreement amounting to $761.5 million for the import of crude oil, refined petroleum products, and LNG, etc.

Secretary Economic Affairs Division, Mian Asad Hayaud Din, and CEO ITFC, Eng. Hani Salem Sonbol, signed the agreement.

The facility has immediately been made effective and ready for utilization by Pakistan State Oil Company Ltd (PSO), Pak Arab Refinery Ltd (PARCO), and Pakistan LNG Ltd (PLL) for the import of oil and gas. This Syndicated Murabaha Financing facility of $761.5 million is for a period of one year and is a part of the umbrella Framework Agreement signed with ITFC in June 2021 for a total envelope of $4.5 billion ($1.5 million annually) for a period of three years.

Originally, ITFC had agreed to provide the financing of $300 million. However, due to the growing energy needs of Pakistan and an enhanced confidence level of international financial institutions on economic reforms and recovery amidst the COVID-19 pandemic, the financing was oversubscribed by 2.5 times, i.e., from $300 million to $761.5 million.

The financing facility will also be helpful in financing the oil and gas import bills of the country and easing pressure on foreign exchange reserves of the country.

Mian Asad Hayaud Din appreciated the support of ITFC in the form of trade financing. He lauded the efforts of the CEO ITFC and his team in making this transaction successful. The ITFC and Government of Pakistan have also agreed to continue their cooperation in the future to mobilize financial resources to support Pakistan in its endeavors to achieve its economic growth targets.

Source: Pro Pakistani

Speaker National Assembly, Asad Qaiser, has said that Afghanistan is passing through a decisive phase in its history and it is incumbent upon Pakistan, being its neighbor, to support Afghanistan as a peaceful and stable country.

He expressed these views while addressing the “8th Focus Discussion on Pakistan and Afghanistan Economic Activity” organized by the Pakistan-Afghanistan Joint Chamber of Commerce (PAJCCI) in Islamabad on Wednesday. He affirmed that strengthening trade relations between the two countries would bring prosperity and enhance economic activities in the region.

The Speaker National Assembly made it clear that Pakistan always desired to build relations with Afghanistan and all other countries in the region and beyond on the basis of economic and trade engagements. He reiterated the importance of the Pak-Afghan trade route which carried a heritage of thousands of years.

He informed the participants that a group was constituted under the chairmanship of National Security Advisor to the Prime Minister, Moeed Yousaf, and Special Envoy to Afghanistan, Sadiq Khan. The group, he said, held daily meetings to address shortcomings in the bilateral and transit trade. He maintained that a parliamentary oversight mechanism was adopted to settle bilateral and transit trade issues, following receipt of complaints. Thousands of stuck afghan bound containers were cleared, he underlined.

Asad Qaiser said that representatives of chambers of commerce would be invited in forthcoming Pak-Afghan Friendship Group meetings. He added that a new visa policy was implemented for Afghanistan with facilities for students, patients, and all walks of life.

Speaker National Assembly Asad Qaiser urged the traders to submit recommendations to the Parliament for promoting trade between the two countries. He said Pakistan and Afghanistan had mutual interests and challenges that required collective and joint efforts.

President PAJCCI Pakistan, Jawed Bilwani, welcomed the Speaker National Assembly and applauded him for his support and facilitation for Pakistan-Afghanistan bilateral and transit trade. He observed that the potential of the Pak-Afghan trade was worth billions. He said it could benefit the entire region from South to Central Asia that counted 72% of the world population connected through road.

Source: Pro Pakistani

The Finance Division, Government of Pakistan, has rejected a news report, published in a section of the press, titled, “Consumer Confidence Declines in Third Quarter of Current Calendar Year” and declared it as contrary to the facts.

In a clarification issued on Wednesday, the Finance Division referred to a survey conducted by Dun & Bradstreet and Gallup Pakistan and said it was in line with the current macroeconomic situation of Pakistan. As highlighted in “Monthly Economic Update & Outlook Pakistan”, a publication of the Division, the economy is heading in the right direction, as the growth is all set to achieve the 4.8% target; tax collection is above target; exports have picked up; the fiscal deficit in the first quarter is better than the last year; and, above all, the remittances are sustaining.

According to the clarification, the Consumer Confidence Index Survey (Q3 2021) is highlighting the same economic picture as communicated by Finance Division whether it is a quarter-on-quarter or year-on-year comparison.

Below is the factual brief outcome of the survey conducted by Dun & Bradstreet and Gallup Pakistan:

• Is the country heading in the right direction? The survey reported ‘yes’ for the last three months.

• Top personal concerns of public unemployment, inflation, increase in electricity prices, tax burden, and increasing poverty: People voted unemployment, inflation, and increase in electricity concern decreased from last year. But they are concerned over additional tax burden and indifferent to increasing poverty.

• What is the personal financial situation? As per the survey, it has improved.

• Economic situation: People are indifferent to this question as few believe it improves and few believe it gets weaker.

• Job security: The majority feels confident about job security.

• Investment climate: People are more confident in investing than last year.

• Purchasing durables: More people are confident of purchasing durables like cars and houses than last year.

• Purchasing household items: More confident than last year.

• Global Consumer Confidence: It has improved a lot from last year. But there is more room for improvement.

Lastly, the Finance Division claimed that the government efforts to create job opportunities were bearing fruit. It said that the growth was broad-based and witnessing in all segments, i.e., agriculture, exports, industry, and IT services. It added that the government was doing its level best to reduce the trade gap and implement policies to bring price stability.

Source: Pro Pakistani