The two sides agreed to work together on policy priorities and reforms aimed at reducing imbalances and laying the foundations of a job creating growth path in Pakistan. Discussion revolved around fast-tracking the digitization of financial services to reach out larger number send bitcoin to litecoin address of consumers, small and medium business and newly emerging entrepreneurs throughout country. The ECC approved the proposal of Petroleum Division to allocate gas from Thal East, Bhambhra and Thal West Fields to M/s ssgcl. Finance Minister said the present government had taken steps for ease of doing business and facilitating both domestic and foreign investors with various incentives including rationalization of tax regime. The Basic Education Community Schools project is based on non-formal basic education system where the community provides for the premises while expenses on teachers honorarium, utility bills, text books etc are met by the Federal Government.
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Shamshad Akhtar received US Principal Deputy Assistant Secretary of State for South and Central Asia, Alice. The overall imports from July-December 2018 have shrunk by over 2 from.7 Billion in July December 2017 to US 28 Billion in July December 2018. The meeting was informed that the consumers are billed according to the slabs in which they fall, in accordance with their consumption. The lead implementation agencies, including federal provincial ministries, Govt. The windfall gains may be adjusted against the subsidy outstanding in favour of fertilizer industry, under the fertilizer subsidy schemes which were in vogue during the preceding 03 financial years. Finance Minister also shared with the Vice President that the new government desires to enhance forex ex pk the role of private sector and for that private sector will be encouraged to take lead in the economic development of the country. The Government inherited.6 of fiscal deficit, more than a trillion Rupees of unaccounted for losses in the energy sector and an unprecedented and debilitating current account deficit running at 2 billion a month.
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1712/- per 50 kg bag for National Fertilizer Marketing Limited dealers. July 23, 2018 (PR. In order to provide an additional incentive, import of plant and machinery by green field industrial undertaking has been proposed to be exempt from customs duty. He said that the Prime Minister accorded the highest priority to the uplift of these areas and the federal as well as provincial governments of Punjab and Khyber Pakhtunkhwa were committed to provide 3 of their share for the. Provincial Finance Ministers assured the Federal Government of their full support for the fiscal consolidation efforts as it was need of the hour. He said that moral suasion has been the hallmark of FBRs drive to encourage people to declare their assets at home and abroad and contribute to the national exchequer. Finance Minister discussed with the delegation matters relating to strengthening bilateral economic ties between the two brotherly countries. . In order to boost investment in the country, measures were introduced through the Finance Supplementary (Second Amendment) Bill, 2019. Amendments in the Income Tax Ordinance, 2001. February 27, 2019 (PR. It was mutually agreed that both sides will facilitate frequent and unhindered movement of business community and labour force. Abdul Ghafoor Mirzas funeral prayers will be offered at H-11 graveyard, Islamabad.00.M. The Finance Minister said that the Government would soon introduce necessary changes in the Finance Act 2018 to make it more relevant to the current economic state of the country and reflective of the progressive vision of the new Government.
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During the visit, the delegation would call on the Prime Minister and the President of Islamic Republic of Pakistan and hold meeting with relevant line Ministries and Departments. The Board also anticipates that the short-term conditions on the exchange rate front are likely to normalize. Xiaohong Yang, Country Director for a meeting here on Friday. December 19, 2018 (PR. ECC also considered proposal from Ministry of Energy (Petroleum Division) for allocation of 66 mmcfd Mari Deep Gas to mpcl and approved the same. The Minister also apprised. However, she also suggested that the data for the last two months may be looked into to find any anomaly.
ECC gave approval in principal to Ministry of Energy (Power Division) to raise Islamic financing for the power sector through Power Holding (Pvt) Limited. The Mission will continue its discussions with the relevant authorities during the next several days. Abdul Hafeez Shaikh, chaired the meeting of Fiscal Coordination Committee (FCC here today. Liepach, Director General (cwrd. Abdul Hafeez Shaikh chaired a meeting of the Economic Coordination Committee of the Cabinet (ECC) to consider various proposals submitted by Ministries/Division.
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107) Finance Minister chaired the forex ex pk meeting of Economic Coordination Committee (ECC) Finance Minister Asad Umar chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC) here today. 23) Petroleum Prices for the month of October 2018 ogra has worked out the prices of Petroleum products for the month of October, 2018 and has recommended the following increase in prices, considering the increase in global oil prices: Product. The Chairman shared with the Minister details about the task carried out by the Tax Reforms Committee over a period of time, making recommendations and proposals for reformation of the tax regime. The Ministry of Overseas Pakistanis and Human Resource Development (OP HRD) briefed the ECC about the current position of manpower export to different countries and efforts for seeking employment opportunities in international labour market including the gulf countries. October 31, 2018 (PR. The Minister directed that all stakeholders may be advised to develop internal actions plans which shall be monitored on a fortnightly basis. Omar Hamid Khan said that Finance Division successfully met the mandatory requirements for smooth transition to the new Quality Management standards.
Both sides agreed that the fifth meeting of Pakistan-Kuwait Joint Ministerial Commission will be held at Kuwait in 2020. The Chair advised all stakeholders to work round the clock and give highest priority, efforts as well as extra time for achieving and surpassing to fatf action plan. Equivalent to.36 Million) to the Government of Pakistan for the two projects titled (i) Installation of Weather Surveillance Radar in Multan City and (ii) Human Resource Development Scholarship. As an additional measure, it has been proposed to exempt advance tax on profit paid on Pakistan Banao Certificate, sarmaya-E-pakistan limited and Duty Drawback Bonds. She said there is need for further strengthening the currency/ Bearer Instruments declaration/seizure regime at all ports of entry by applying effective, proportionate and dissuasive sanctions when there are instances of false declaration/failure to declare and currency smuggling. It was also agreed to reduce price disparity among the provinces through an integrated market mechanism.
The Secretary also briefed the Committee that there has been an overall increase of 8 in the consumption pattern of the consumers falling in the lowest consumption slab. . He desired for efforts to promote trade and business linkages between the two countries. There was an agreement that in few areas PBC will send more detailed proposals, meanwhile the Secretaries will work towards taking up the suggested reforms with new Government. Senior officials of PIA apprised the Committee regarding the current status and future prospects of Roosevelt Hotel, New York. Ccop also accorded go ahead to divest residual govt. 113) Finance Minister chaired the meeting of 9th National Finance Commission (NFC) The 5th meeting of the 9th National Finance Commission (NFC) was held today at Lahore with Federal Finance Minister, Asad Umar, in the chair. He also apprised her about the working of the High Powered Implementation Committee which has seen to it that recommendations for tax reforms are prioritized in terms of their utility and implemented in letter and spirit. Turning to the external sector the Coordination Board was apprised that current account is visibly responding to the measures taken since Jan 2018. . October 30, 2018 (PR.
He said Pakistan held Singapore in forex ex pk high esteem and welcomed its businessmen to invest in different sectors. Liepach, Director General (cwrd) affirmed ADBs readiness to scale up its lending to Pakistan including development policy credit and project financing. The meeting was informed that total collection from November 2017 to January 2018 stood at Rs 203,953 million which rose. Fiscal consolidation remained a challenge during the first quarter as fiscal deficit increased.4 percent as compared.2 percent of the comparable period last year. The Power Division also gave the meeting performance update on efficiency improvement and control of theft.
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2315) Tax Amnesty Schemes - 2018 Government of Pakistan announced two tax amnesty schemes, namely, Foreign Assets (Declaration and Repatriation) Ordinance, 2018 for undisclosed foreign assets and Voluntary Declaration of Domestic Assets Ordinance, 2018 for undisclosed income and domestic assets. Ecnec discussed and approved Project regarding Feasibility Study and Dualisation of Mardan-Swabi Road (42 KM) at a total cost. Abghari about the initiatives being taken by Pakistan for the benefit of the border community. The reports of both the inquiry and the independent audit would be submitted to CCoE. The meeting was attended by the representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Balochistan, Islamabad Capital Territory, Ministries of Industries, Law and Justice, Commerce, National Food Security and Research, Planning Development and Reforms, Inter Provincial Coordination, Statistics Division. Ogallo provided an overview of the pefa methodology and identified the period, Fiscal Years 2015/16 2017/18, which the report will cover. ECC while laying emphasis on simplification of procedures and promotion of e-clearance, directed formation of a Committee headed by Minister for Maritime Affairs to prepare proposals for prompt and efficient cargo clearance (both containers and vehicles) at the ports. ECC also approved proposal of the Ministry of Food Security, for enhancing Pakistans share of wheat for the saarc Food Bank Reserve from 40,000 tons to 80,000 tons, adjusting it in the existing quantum of one million metric tons of national. Arif Ahmed Khan was also present on the occasion. 110) Finance Minister met the mission chief of the International Monetary Fund (IMF) Ernesto Ramirez Rigo Finance Minister of Pakistan Asad Umar, met the IMF Mission Chief Ernesto Ramirez Rigo in Islamabad, on Tuesday. The relevant ministries were directed to fill the data gaps so that an informed decision could be taken in the matter. Shamshad Akhtar chaired a meeting to review the performance of FBR. August 31, 2018 (PR.
He briefed forex ex pk the meeting on the detailed plans for the socio-economic development of the merged districts and emphasized the importance of regular and timely financial allocation. John Ogallo, senior financial management specialist. The Minister also had meetings with senior officials of Multilateral Investment Guarantee Agency (miga) and oecd. All members agreed on the framework and lauded the efforts of the Government of Khyber Pakhtunkhwa in this regard. The Prime Minister appreciated IMFs support to Pakistan and shared his vision for nation-building. The delegation shared its ideas and proposals to build the investors confidence both local and foreign for bringing in more investment to Pakistan.
The Adviser instructed FBR to fine tune the scheme to make it simple to understand and easy to implement. He briefed the Ambassador about the vision of Prime Minister of Pakistan, adding the Prime Minister sincerely wanted to do something for the development of the country and, in this regard, he has developed good partnership with international community. The main objective of the project is construction of 500 kV transmission network to provide interconnection facilities for evacuation of electricity from the above mentioned projects being constructed under cpec. Earlier, the Finance Minister reviewed the World Banks Pakistan portfolio in a meeting with the World Bank team led. It was also agreed to hold the next meeting, before end of April, 2019, which would focus on fata and the taxation aspects of ease of doing business. These Plants will utilize their full potential and the decision to import fertilizer will be taken after taking into account their production capacity. The Minister appreciated the work being done by the company in renewable energy and said that keeping in view the impact on environment and its low cost, the new government wishes to promote clean and renewable sources of energy. Meanwhile the Finance Minister also met a delegation of the fpcci, KP led. It includes senior representatives from top level companies including Cargill International Trading Pte Ltd; Global Radiance Ship Management Pte Ltd; Hirsk Group Pte Ltd; Imaging the World Pte Ltd; IPL Group Pte Ltd; Kwee Gee Pte Ltd; Lea. 14) Finance Minister chaired a meeting on the issues relating to fertilizer production The Federal Minister for Finance, Asad Umar along with. Secretary Privatization Division shared with the meeting progress on the Active Privatization List which includes National Power Parks Management Company, (nppmcl SME Bank, divestment of Govts residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Company, Jinnah. ECC in consideration of the proposal submitted by the Ministry of Commerce Textile, accorded approval for withdrawal of customs duty, additional customs duty and sales tax on import of cotton effective 1st of February 2019 to 30thJune 2019.
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The Finance Minister had a business roundtable with members of the US Pakistan Business Council. In furthering the policy of encouraging investment, various measures were intensively discussed with stakeholders after presentation of the Finance Supplementary (Second Amendment) Bill, 2019 in the House. June 06, 2018 (PR. The project envisages dualization / improvement of existing 42 km long Mardan-Swabi Road to a dual carriageway road, each carriageway having.3 m width. Going forward the Government of Pakistan is committed to take decisive corrective adjustments to restore the economy on a path of stability and growth. The Committee reviewed proposals of various Ministries/Divisions. During the month of November sales tax on MS Petrol and HS Diesel was.5 and 12 respectively, compared to 15 and.5 in May 2018, which means a reduction.5 and.5 respectively. The meeting was informed that external balance has improved in the first four months of current fiscal year as current account contracted.6 percent due to significant increase in workers remittances, containment in imports and increase in export growth. Industries and Production Division gave a presentation to update the Committee about status of Ramzan Package. . 118) Finance Minister participated in the IMF/WB spring meetings 2019 Pakistans delegation led. The Minister was also briefed on the debt management function of EAD.
The meeting, among others, was attended by Minister Interior and Minister of Law, Governor State Bank of Pakistan, Secretary Foreign Affairs and senior officials of FMU, nacta, FIA, FBR, secp and other departments and institutions concerned. Tax rates range from 2 to 5, depending on the type of asset. Prior to the Board meeting, Finance Minister Asad Umar met the Board Members and congratulated them on their appointment on the SPL Board. Chairman piac briefed the meeting about current operational and financial position of the organisation. . It was also decided that SEZs of Islamabad and Bostan will be included in the list of priority SEZs under cpec. . The meeting was attended by representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Islamabad Capital Territory, Ministries of Industries, Commerce, National Food Security and Research, Planning Development and Reforms, Inter Provincial Coordination, Statistics Division, Pakistan Bureau of Statistics, Utility. Nawaf Bin Said Al Malki, the Saudi Ambassador to Pakistan called on the Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar here at the Finance Division. Amendments in the Federal Excise Act, 2005. Industries Division updated the ECC on Ramazan Relief Package and informed that Utility Stores across the country were being stocked to cater for the Ramazan shopping. The government borrowed.2,859 billion from SBP but on the other hand retired.2,619 billion to scheduled banks.
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April 20, 2019 (PR. While giving presentation to the Committee, Petroleum Division informed that it needed 350,000 metric tons Furnace oil so as to meet energy requirements of the country for the months of May-June 2019. A Project Financing Agreement with ifad in this regard was also signed. The Minister greeted the guest and extended his best wishes for the Peoples Republic of China. The Ministry of ITT (Information Technology and Telecommunications) briefed the meeting on the annual budget of NTC. She said that the US would support policies aimed at bringing economic stability in Pakistan. Accordingly the Certification Body recommended Finance Division for the new Certification which is indeed a great honour and a recognition of the headway that Finance Division has made in quality management standards. Tax/duty adjustments have been made accordingly. In order to absorb the effect of the increased international prices, the government will correspondingly reduce the applicable sales tax rate on HSD from the current 22.5; on Motor Spirit (Petrol) from.5.5. ADB is further committed to enhance its private sector operations in Pakistan through development of capital market and local currency financing, he added. Matters pertaining to promotion of economic and business relations between the two countries were discussed. The Minister added that under the new targets, the nfis aims to enhance usage of Digital Payments to 65 million active digital transaction accounts, with gender segregation of 20 million accounts by women. Kazuyuki Nakane conveyed his best wishes to the incumbent Finance Minister Asad Umar on assuming charge as the new Finance Minister of the country before witnessing the signing two agreements for Installation of Weather Surveillance Radar in Multan City and Human Resource Development Scholarship.
This includes transformation of nfis Council into nfis Policy Implementation Council which will be chaired by the Finance Minister and co-chaired by the Governor, SBP. On the exchange rate front, the Board discussed the recent volatility in the PKR parity. Abdul Razak Dawood, the Advisor to Prime Minister on Textile, Commerce, Industry and Production, and Investment was also present on the occasion. The prices of Kerosene and LDO will be reduced. Speaking at the inaugural session, the Finance Minister welcomed the Kuwaiti delegation and said that Kuwait and Pakistan have cordial political and economic relations which are rooted in common bonds of religion and culture. The Finance Minister maintained that the process of divestment was meant to encourage and attract private sector partnership to turn around ailing PSEs by injecting capital, modernizing through technological upgradation besides introducing best corporate practices. A high level Strategic Cooperation Council will provide overall guidance and vision. 2313) Finance Minister met with Alice. The Meeting was attended by nfis Council members, which include Secretary Finance, Secretary Economic Affairs Division, Chairman secp, Chairman FBR, Chairman nadra, and representatives from Provincial Finance Departments, PTA, and ICT. Addressing senior and middle management level officers on the occasion, he called upon them to master e-office skills and benefit from the automated system. .
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The Ambassador extended his felicitations to the Minister on assuming his new responsibilities and conveyed the best wishes and full support from King Salman bin Abdulaziz Al Saud. April 29, 2019 (PR. Of Baluchistan under the "Pur aman Baluchistan Policy". Asia Development Bank is providing technical and professional support for operationalizing pppa which aims to forge Government- private sector cooperation for long term development projects. November 22, 2018 (PR. Pakistan is required, under WTO Trade Facilitation Agreement, to establish NSW by 2022. The ever rising burden of pension payments, allocation for fata and need for improved coordination on data sharing were highlighted. He said that this service sector could also help in controlling Hundi and Hawala thereby ensuring remittance of foreign exchange through legal channels. 18) ECC defers decision to increase electricity tariff The Federal Minister for Finance, Revenue and Economic Affairs chaired the meeting of the Economic Coordination Committee of the Cabinet here at the Cabinet Division. On the payment of their bills they will be provided prepaid meters Chairman ECC directed the Power Division to take strict legal action against those officials and individual who are involved in power theft and to not show any leniency on the issue. 87) Chambers of Commerce Industries delegation called on Finance Minister A delegation comprising Presidents of fourteen chambers of commerce and industries from all over the country called on the Finance Minister Asad Umar here on Tuesday. The Minister briefed. To correct the underlying imbalances, fiscal and monetary actions needed to be undertaken forex ex pk without delay.
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Public Relations Officer Miss Mehrin Liaqat. The Petroleum Division was directed to expedite the work on regulatory framework for creation of competitive market place for gas sector. He informed that he was optimistic that the current high level of exchanges between the two countries would open the door of investment in Pakistan. The Finance Minister observed that there is great scope for the development of auto sector in Pakistan with the help of Turkey. The Ambassador extended his forex ex pk felicitations to the Minister on assuming his new responsibilities and expressed his good wishes for the new government.
36 billion have been collected on foreign assets and 61 billion on domestic assets. Governor State Bank was assigned the task to chalk-out a simplified procedure in this regard. The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant.133.156 million. The Ministry of Petroleum would provide all possible assistance to the provincial government in this regard. Any anticipated shortfall in supply may be addressed immediately to avoid price hike. February 19, 2019 (PR. ADB, he said is committed to expanding this partnership to increase prosperity of the people of Pakistan. . The meeting also reviewed the Federal Government Public Financial Management (PFM)Program which was being run with the help of World Bank. It may be recalled that such grants were previously approved by the Ministry of Finance, however in order to make the process more transparent, these are now considered and approved at the ECC/ Cabinet level. The high level delegation of IsDB is on a three day visit to Pakistan to explore possible financing in health, energy, water and infrastructure. The Finance Minister mentioned that the government was completely focused on improving the ease of doing business in Pakistan.