Tag Archives: Ministry of Finance

3 day Capital investment summit & Expo 2018 kicks off in Islamabad

3 Day Capital Investment Summit & Expo 2018 kicks off in Islamabad

admin | category: Events

3 day Capital investment summit & Expo 2018 kicks off in Islamabad.  Pakistan’s largest saving and investment show  ” Capital investment summit & Expo 2018″  started at Pak-China friendship centre Islamabad discussing the capital investment market situation of Pakistan. The event brought together investors from around the country, industry experts, and prominent names in the capital investment business.  Event has been organized by Pakistan Guarantee Export corporation limited supported by Board of investment, Ministry of Finance, Ministry of overseas Pakistan and overseas Pakistanis foundation.

State minister for finance Rana Muhammad Afzal was the chief guest of the event. While addressing the inaugural session, State minister for finance Rana Afzal said that Pakistan of 2018 is totally changed with so much economic improvements. We have created an favorable environment for investment. He stated that Pakistan is now competing the developed economies.

While commenting on the CPEC, Rana Afzal said that CPEC is a clear example of how Pakistan is investment friendly country and investors are well protected by laws. He urged more investors to get benefit from Pakistan’s favorable investment policies. He said that Pakistan is one of the top flexible and intelligent labor force provider in the world.

Speaking on the occasion , Secretary board of Investment (BoI) , Sumaira Nazir Siddiqui , said that Pakistan’s economy growing at rapid pace and our all economic institutions are investment friendly. She  told that investor friendly policies are bringing huge impact on economy and more investors are coming to Pakistan feeling their money well protected.

Mr. Richard Morin, MD Pakistan Stock Exchange went on to emphasize the importance of the capital market  in overall economic growth of the country. He said that situation has improved a lot and they are working on to minimize the challenges.

Mian Mehmood, Chairman Pakistan Guarantee Export corporation limited, said that the aim of the event is to bring experts on one platform to discuss the current and future potential of Pakistan’s capital investment market. He said that investors from around the globe are willing to invest in Pakistan and such events will help Pakistan to show the real worth of our market and will attract more players to join. He said that we all are here to discuss the challenges, possibilities and way forward.

The plenary session on “Country Profile: Pakistan The Trillion Dollar Market” remained the most attractive session with the focus on China Pakistan Economic Corridor (CPEC). Ms Amena Cheema, the former Chairperson Punjab Board of Investment & Trade (PBIT) gave a presentation on the prospects of investment in various Special Economic Zones (SEZs). She mentioned about 10 CPEC SEZs in which the investment is being facilitated by offering incentives specially by minimising the time and cost of starting industrial projects in these SEZs.

Ms Teresa Sanchez, who had arrived in Pakistan a week ago as Resident Representative for International Monetary Fund (IMF) highlighted the major aspects of seeing Pakistan as an emerging economy.

The session on “Pakistan’s Capital Markets: Journey to Best Performer Status & Future Expectations” focused on expanding the base of Pakistan’s Capital Market by getting more companies to be listed in the market. Mr Richard Morin, MD Pakistan Stock Exchange highlighted the areas as how to increase the investor base in Pakistan’s Capital Market. The participants were of firm view that investment in Capital Market can be increased by creating more awareness and educating the people.

The last session of the first day “Capital Markets: Regulation, Taxation & Growth” focused on how the government can help grow Capital Market through introducing better regulation, tax incentives that can actually lead to more investment in the Markets.

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Now Overseas Pakistanis Can Import Cars In Pakistan

Now Overseas Pakistanis Can Import Cars In Pakistan

Sumera Saeed | category: Autos and Vehicles

Now Overseas Pakistanis Can Import Cars In Pakistan. There is good news for those who want to import cars in to Pakistan. The Pakistani government has declared that the overseas Pakistanis can now import cars in Pakistan. The government has allowed that they can only import three-year-old cars in Pakistan.

It will be beneficial for those who are trying to import cars in Pakistan under personal luggage, gift or transfer of habitation. Till now around 8000 cars have been released from the ports. The vehicle’s dealers in Pakistan and those Pakistanis working overseas were demanding the change in policy which constrained them to bring used cars in Pakistan.

The government had imposed the policy in October 2017 which canceled the earlier procedures of cars import in Pakistan. Now the cars dealers and overseas Pakistanis want that the government should change the policy, and thousands of cars that were imported before 9th January were held at the ports due to unclear policy.

But now after the government permission and change in policy the customs department of Pakistan would release those 8000 cars.

The government has discussed the matter with Federal Bureau of Revenue (FBR), Ministry of Finance and the Ministry of Commerce and restored the prior policy over a strong response of business and foreign resident’s community.

The Ministry of Commerce and ECC guarantees that the policies that can assist the foreign nationals, car brokers and traders would also be beneficial from the reverted policy on used imported cars in Pakistan.

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Budget Preparation Starts, Abolishing Pension and Increase in Pay Suggested

Budget Preparation Starts, Abolishing Pension and Increase in Pay Suggested

Shahid | category: News

Budget preparation starts, abolishing pension and increase in pay suggested.The government has started budget preparations and commenced the consultation process with the concerned stakeholders including representatives of various chambers of commerce and industries and different business organizations.

In this regard Prime Minister Shahid Khaqan Abbasi has reconstituted his own team for preparing the budget for year 2018-19 as government is in hurry and interested to complete the work before the completion of the term of the assemblies.

The Prime Minister has appointed Haroon Akhtar Khan as his Advisor, with the status of Federal Minister, who will be responsible for the affairs of the Federal Board of Revenue (FBR), and consult with the business community to prepare the recommendations for improving the collection of taxes.

The Prime Minister has also appointed Miftah Ismail as his advisor who will be responsible for dealing with the international monetary organizations for seeking loans and other financial assistance from them. To deal with political elements, the Prime Minister has appointed Rana Afzal Khan as Minister of State for Finance, who will deal with the politicians and other local organizations to seek their proposals for the next budget.

According to sources of Ministry of Finance, the government has been working on a plan to abolish the system of pension and the salaries of the government servants will be increased accordingly to the level of private sector so that the financial burden on the government for the payment of pension could be abolished. In this proposal, which will be very difficult to be adopted by the government in its last year of the tenure, the government has received suggestions that instead of giving pension, the government officials will be given handsome salaries so that they can save sufficient money at the time of retirement.

The government has also discussed this proposal with the International Monitory Fund (IMF), the main lender of loans to Pakistan but still there is no progress on this proposal and it will be further discussed at various levels in the Ministry of Finance before the finalization of the next budget.
Meanwhile, the government has also discussing the proposals to increase the funds for improving the basic needs of life including power, provision of water, gas, health facilities, education and other such basic facilities and huge amount will be allocated in the next budget so that they can seek the support of the people on the occasion of the next elections.

The sources in the Ministry of Finance said that during the recent meetings of officials of Finance Department with the representatives of IMF, Pakistan has been advised by the IMF to prepare a three year frame work which include reduction on the foreign loans, prepare a comprehensive strategy for improving the debt payment in the next three years, as Pakistan has to pay back nine billion dollars during 2018 against the loans secured by the country.

The IMF also advised the officials of the Ministry of Finance to chalk out comprehensive strategy and take adequate and effective measures to reduce the trade deficit which has increased to US dollars 36 billion. In this regard the financial team of the Prime Minister has also been asked to prepare recommendations for increase in the revenues by the FBR, give incentives to increase foreign remittances and other such options.

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Fertilizer Subsidy-notification Still Awaited Despite Government’s Assurance

Sumera Saeed | category: Business

The federal budget was passed on 13 June and was supposed to be followed up by issue of various SROs by FBR and notifications by relevant ministries. However, performance of some of the ministries has been deplorable in this regard. Disbursement mechanism for fertilizer subsidy announced by the Government has not been notified so far, thus adding to the anxiety of the industry, which is already running from pillar to post for release of subsidy pledged in past budget.

The industry however has started passing subsidy impact to the farmers, instead of hiking the prices or stopping the sales. The industry had initially stopped the sales, however, with an assurance from Ministry of Finance that; a fertilizer subsidy-notification will be issued very soon, the sales were resumed being peak period for the crops. Unfortunately, till date, this notification has not been issued, due to some unknown reasons or procedural-delays.

The previous notification envisaged payments on the basis of GST returns submitted by the companies. However, the Ministry of Food Security had added verification of sales by the provinces, against the spirit of their own notification. While the capacity of provinces was highly questionable, KPK and Sindh did not display the will to support initiative of the federal government. This led to highly sluggish processing of claims by Food Security Ministry, which itself was not equipped with wherewithal to handle the subsidy disbursement in this complex manner. Earlier in 2005 and 2008, this Ministry had been making payments on the basis of audited financial statements of the Companies.

This time in spite of submitting indemnity bonds by the companies, the official are not feeling confident to make payments because of unknown fears, notwithstanding their decision making capacity. This crisis has escalated because an unnecessarily complex verification procedure has been adopted for the payment of the fertilizer subsidy. Hence, the backlog of unpaid and overdue subsidy amounts has now risen to over 20 billion Rupees. The ‘Ministry of Finance’ and the ‘Ministry of Food Security’ both seem to disown the subsidy program announced by the government.

This Fertilizer industry is the biggest contributor to the national exchequer and it always cooperates with the government to support the agricultural sector. But, this apathy shown by the government may, once again, force the industry to stop the sale of urea, to put some pressure on the government. The crisis may even force the companies to refuse further participation in this important subsidy-programme.

The authorities must urgently resolve this matter, by relying primarily on GST returns submitted by these prudent companies. Thus, the process of claims-verification can be simplified and expedited. But if the government continues to delay the promised notification, the country may face a bigger agricultural crisis. The ministries must act fast for a timely resolution of this matter, to help the farmers get good crop-yields and enrich the national economy.

“The provincial governments also need to be sympathetic to their farming community and must realise that there can not be two prices of fertilisers, hence they have to cooperate with the federal government for the subsidy disbursement mechanism.”



OGRA Likely to Decrease Petroleum Prices

Sumera Saeed | category: News

The Oil & Gas Regulatory Authority (OGRA) has a plan to decrease the petroleum prices. In this regard they has outlined a summary and sent the recommendation to Petroleum Ministry.

The outlined summery by regulatory authority has suggested that the petrol price should be decreased by Rs 2.10 per liter, Rs 1.80 per liter reduction in high speed diesel, Rs 1.50 per liter in light speed diesel while the price of Kerosene oil is also likely to drop by Rs 3 per liter.

According to sources the new petroleum prices will be applied from 1st June 2017, after the approval of Ministry of Finance.