Day: April 19, 2022

Finance Minister Miftah Ismail says China-Pakistan Economic Corridor will play an important role in taking Pakistan’s economy forward and cementing bilateral relations between the two countries.

He was talking to Chinese Charge de Affaires in Pakistan Ms Pangchunxue, who called on him in Islamabad on Tuesday.

Speaking on the occasion, Ms. Pangchunxue extended her felicitations to the Minister on assuming his new responsibilities and expressed her good wishes for the new government. She assured full support and cooperation of Chinese Government in developing Economic Zones in Pakistan under the CPEC.

She also thanked Government of Pakistan in facilitating Chinese companies in various projects in Pakistan.

Miftah Ismail also thanked the Charge de Affaires and expressed his desire to further enhance bilateral cooperation in various fields.

Source: Radio Pakistan

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over meeting of the Economic Coordination Committee (ECC) of the Cabinet, on Tuesday.

Federal Minister for National Food Security and Research Makhdoom Syed Murtaza Mehmood, Federal Secretaries and senior officers attended the meeting.

Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.

The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of Government’s decision to keep the petroleum products’ prices stable.

The ECC after discussion approved supplementary grant of Rs. 68.74 billion for disbursement of PDC to OMCs/Refineries for the month of April,2022 and to meet the shortfall for the month of March, 2022. Due to continuously rising trend of oil prices in the international market, the quantum of subsidy for the month of April, 2022 has been higher than March, 2022. Further, the previous Government did not consider the PDCs for the 1st fortnight of April, 2022. Substantially, the present government has to bear the burden of higher quantum of subsidy as PDCs of the OMCs.

Source: Radio Pakistan