That Shook Pakistan

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Seven Days 

The Finance Minister Mr. Shaukat Tarin underscored the significance of resolving outstanding issues between Etisalat and the Privatization Commission and moving ahead for a sustainable solution. The Finance Minister also highlighted prospects of foreign investment in Pakistan especially in IT and Telecom sector which is growing rapidly. The Government is providing conducive environment and incentives to attract foreign investment, he added. NPMC was informed that there was healthy decline in prices of daily commodities during the last week including prices of Pulses, Tomatoes, Chillies Powder, Potatoes, Onions, Eggs, Sugar, Gur, Wheat Flour bag.

Agriculture Banking

33 food items contributed increase of 1.30%, whereas 18 non-food items contributed increase of 0.05% to the SPI. Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed increase of 0.22% as compared to decline in previous week by 0.08%. 33 food items contributed increase in the SPI by 0.31%, whereas 18 non-food items contributed decrease of 0.09% to the SPI. It was informed that there was increase in the prices of Wheat Flour in Karachi which has impacted the national average price.

The members shared their insights about the avenues for investment opportunities for Saudi investors in Pakistan. Both Ambassador of Pakistan to Saudi Arabia and Chairman BOI shared that Saudi government as well as investors are keenly interested for investment in Pakistan. There exists huge business potential for investment between both countries at government-to-government, government-to-business and business-to-business levels. Speaking on the occasion, Finance Minister Mr. Shaukat Tarin expressed the government’s complete support and commitment to PSW initiative aimed at facilitating trade and improving regulatory compliances.

The Finance minister took notice and ensured to resolve legitimate concerns at earliest time possible. Ministry of Energy submitted a summary for allocation of Gas from Togh Field on commercial basis. The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy. ECC considered and approved a summary presented by Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System for Pakistan Single Window .

Ministry of Commerce presented a summary for grant of regulatory support for establishing barter trade arrangements with Afghanistan and Iran. The ECC after discussion allowed regulatory cover to barter trade arrangements by amending relevant provisions of EPO 2020 and IPO 2020. His Excellency Hamad Obaid Ibrahim Salim Alzaabi shared that UAE greatly values its bilateral relations with Pakistan. It was further expressed that bilateral cooperation in various fields including trade, investment and religious tourism would be strengthened between both states. The Finance Minister highlighted the initiatives undertaken by the government for ensuring economic progress and development in the country. The Finance Minister ensured that performance of banks is being comprehensively monitored in this regard for greater facilitation to the public.

A detailed presentation was given to the Finance Minister on the progress of Kamyab Pakistan Program. It was informed that after the success of first phase of Kamyab Pakistan Programme, the programme was extended throughout the country. Further, it was informed that the Programme is going successfully and a large number of applications for the award of loans are being received through SMS. The loans are being disbursed among deserving applicants after meeting the requirements. Includes growth capital, COVID support, business development and capacity building support provided through technical assistance. This dynamic two year program builds on the conceptual as well as practical knowledge related to SMEs.