Day: February 9, 2022

Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, during a meeting with MNA Malik Muhammad Ehsan Ullah Tiwana at Finance Division on Wednesday, said that the government is promoting agriculture and providing incentives to farmers.

Mr. Malik Muhammad Ehsan Ullah Tiwana apprised the meeting on the problems and issues of the small farmers of the Thal area who are severely affected by consistent drought and are unable to pay the agriculture loans. He further informed that the farmers seek the support of the government to address their issues and provide adequate relief.

Mr. Shaukat Tarin assured that the present government is promoting agriculture and providing several incentives to the farmers for their support and better yields. He suggested the insurance of crops for sustainable support of the farmers.

The minister further assured of the government’s full support to the farmers and asked President Zarai Taraqiati Bank Limited (ZTBL), Muhammad Shahbaz Jameel, to provide relief to the drought-hit farmers of the Thal region by waiving-off part of the loans as per policy.

Mr. Malik Muhammad Ehsan Ullah Tiwana thanked the finance minister for his support and help to the drought-hit farmers of the Thal area.

The meeting was attended by Federal Minister for National Food Security and Research, Syed Fakhar Imam, President ZTBL, and senior officers.

Source: Pro Pakistani

Federal Minister for Planning, Development and Special Initiatives, Asad Umar has directed all the stakeholders concerned to join heads for finalizing the draft strategy on Command Area Development (CAD) in southern Balochistan before submitting it to the Prime Minister for final approval.

Secretary Ministry of Water and Power Resources briefed the minister on the draft strategy during a meeting held to review the progress on the draft strategy. He said 40 water projects were being executed in Balochistan, which were funded by the federal government with an estimated cost of Rs. 273 billion. He said that Rs. 29 billion were allocated in the budget 2021-2022, adding that these projects would be completed in five years. He maintained that out of 40 projects, 10 projects had been completed with the cost of Rs. 2.0 billion.

The minister noted that “these projects will have a positive impact on the lives of local people which must be the top priority.” He ordered the Deputy Chairman Planning Commission, Secretary Planning, Development & Special Initiatives, and Chief Secretary Government of Balochistan to finalize the draft strategy.

He underlined that the human development aspect, which was the most important element, had not been properly addressed in the draft strategy.

“Our top priority should be to generate employment opportunities for the local people of Balochistan, particularly the locals of southern Balochistan, through these water projects,” said the minister. He stressed that the Water and Power Resources Ministry must focus on the missing ‘human development aspect’ in the draft strategy.

During the meeting, the secretary proposed engaging the private sector to assist the farmers of the local areas through these projects. He also proposed constituting a project management unit (PMU) chaired by Chief Minister Balochistan with Secretary Irrigation, Secretary Agriculture, and representatives of Water and Power Resources Ministry and the Ministry of Planning, Development and Special Initiatives as its part. The PMU, he said, could monitor and facilitate the speedy implementation of CAD under the draft strategy.

Source: Pro Pakistani

Pakistan’s fiscal deficit contracted to 2.1 percent of GDP during the first half of the current fiscal year compared to 2.5 percent in the same period of the last year mainly due to rebasing of National Accounts.

According to a report issued by the Ministry of Finance on the fiscal operation of the first half of the FY2021-22, the half yearly debt payments stood at Rs. 1.459 trillion and defense payments stood at Rs. 520 billion out of total expenditures of Rs. 5.3 trillion.

The budget deficit narrowed by 0.4 percent of GDP to 2.1 percent during the first half of the current year. As per the report, the decrease in the budget deficit was recorded because of the rebasing of National Accounts from 2005-6 to 2015-16.

In real terms, the budget deficit increased from Rs. 1138 billion to Rs. 1372 billion during the first half of the current fiscal year compared to the same period of the FY2020-21. Owing to rebasing of the National Accounts, the size of GDP soared to Rs. 63.978 trillion, up from Rs. 45.567 trillion, the report said.

The government bridged the budget deficit mainly from external resources as it took Rs. 1.026 trillion budgetary support from the external side. The government also took Rs. 364 billion from the internal side, which included Rs. 269 billion from the banking sector and Rs. 77 billion from the non-banking sector.

The total revenue of the government increased to Rs. 3.956 trillion from Rs. 3.351 trillion during the period because of substantial growth in tax revenue. The tax revenue surged by Rs. 736 billion to Rs. 3.191 trillion, mainly due to income of the Federal Board of Revenue (FBR), which jumped to Rs. 2.920 trillion from Rs. 2.210 trillion during the first six months of the current fiscal year.

The non-tax revenue, however, contracted from Rs. 895 billion to Rs. 765 billion, mainly due to a significant decrease in income from the petroleum levy. The income from the petroleum levy decreased to Rs. 70 billion from Rs. 275 billion during the same period last year.

The total expenditure of the government increased to Rs. 5.3 trillion from Rs.4.5 trillion during the first half of the current fiscal year compared to the same period of the last fiscal year. Out of the total expenditure, the current expenditure was recorded at Rs. 4.6 trillion, up from Rs. 4 trillion during the same period of the previous fiscal year. The development expenditure & net lending surged to Rs. 571 billion from Rs. 458 billion during the first half of the current fiscal year.

The statistical discrepancy during the first half of the current fiscal year was recorded at Rs. 80.6 billion, up from Rs. 1.6 billion during the corresponding period last year which shows the poor calculation and record of government expenditure.

According to the report, the burden of the interest payments of government loans has slightly decreased as markup payments reduced to Rs 1.459 trillion from Rs. 1.475 trillion during the first half of the current fiscal year against the same period of the last fiscal year.

The expenditure on defense increased to Rs. 520 billion, up from Rs. 487 billion during the first six months of the current fiscal year as compared to the same period of the last fiscal year.

According to the report, the federal government transferred Rs. 1.694 trillion under the National Finance Commission (NFC) to provinces. The provinces surrendered Rs. 481 billion to the federal government to decrease the volume of the budget deficit.

Source: Pro Pakistani

Punjab Chief Minister Sardar Usman Buzdar says conducive atmosphere is being provided by the government to encourage trade and investment activities.

He said this during a meeting with delegation of the Tawan Group which called on him at CM Office.

Usman Buzdar said the Chief Minister's Facilitation Cell has also been set up to facilitate investors in the province.

He said that full support had been extended to local as well as foreign investors and Punjab's business-friendly environment had become an example for other provinces.

The Chief Minister said that investment activities would also boost employment opportunities while the Mubarak Centre would encourage trade and economic activities.

Source: Radio Pakistan