Allied Business Finance

The GC approved regulations for smooth operations of Trade Information Portal which is being launched by PSW Company in this month to fulfill Pakistan’s commitment under WTO’s Agreement on Trade Facilitation. While giving approval on other key matters the GC also gave directions to relevant Ministry for ensuring immediate utilization of integration with PSW system. ECC also approved Technical Supplementary Grant of Rs. 3500 Million in favour of Higher Education Commission for the Project titled “Pak University of Engineering and Emerging Technologies . ECC also approved Technical Supplementary Grant amounting to Rs. 200 million to Pakistan Military Accounts Department for conversion of Pensioners to Direct Credit System. On the proposal of providing vegetables at Utility Store Corporation outlets, MD USC informed that such facilities have been started at USC outlets in the Capital territory while for provinces the consultation is in process with the relevant authorities.

Karandaaz Capital

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the Steering Committee meeting of Kamyab Pakistan Program at Finance Division, today. Adviser to the Prime Minister on overseas Pakistanis and Human Resource Development, Mr. Ayub Afridi, Secretary Finance, Secretary Overseas Pakistanis & HRD, President Bank of Punjab, Chairman SECP, CEO Akhuwat Foundation and other senior officers attended the meeting. Mr. Knut Ostby, Resident Representative UNDP, briefed about UNDP’s commitment toward achieving Sustainable Development Goals . He maintained that for developing countries, it is easier to achieve SDGs with support of multilaterals and engagement with the private sector. He further said that ‘development for everybody’ is at the center of UNDP’s development agenda. On the same lines, UNDP is focusing on sustainable investment potential present in the private sector of Pakistan.

Business As Usual For Exports

The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country. It was informed that prices of Tomatoes and Onion in the last week were at the lowest as compared to their prices three years earlier. NPMC showed concerns on the increase in the prices whereas international market has witnessed dip in the prices of edible oil and directed Ministry of Industries and Production to formulate strategy and explore alternate options for import of edible oil to reduce the prices in the country. NPMC was also briefed on CPI Inflation, which showed slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on MoM basis.

The two sides discussed about the potential for increased collaboration and investment in the various sectors including agriculture, food security, Information Technology, infrastructure development, Refinery and vowed to extend business and economic ties. Ministry of Energy submitted another summary on reimbursement of price differential claims of oil marketing companies and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market. The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs. 20 billion to PSO in accordance with the mechanism. The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice comparing with last year. Currently, in the month of January, there has been significant increase in its prices approximating 1351 per ton.

The Chair directed the Balochistan authorities to ensure stability in the prices of Wheat flour by maintaining the daily release of Wheat to the Flour Mills. The Finance Minister asked the relevant authorities to analyze and estimate the wheat stocks closely. Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Azfar Ahsan, Chairman BOI and H.E Ameer Khuram Rathore, Ambassador of Pakistan to Kingdom of Saudi Arabia at Finance Division today. The delegation apprised the Finance Minister of certain issues and challenges impeding the growth of Capital market in Pakistan and sought support of government to resolve their issues. They requested for providing tax incentives on Capital gain and investment in stock exchange. Federal Ministry for National Food Security & Research Syed Fakhar Imam, Minister of Energy Hammad Azhar, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Governor SBP, Federal Secretaries and other senior officers also attended the meeting.