Forex Trading Jobs In Pakistan Eisenbahnen

Sehr geehrte Leser, Online-Anzeigen ermöglichen es uns, den journalistischen Wert zu liefern. Bitte unterstützen Sie uns, indem Sie einen Moment Zeit nehmen, Adblock on Dawn auszuschalten. Sehr geehrte Leser, Online-Anzeigen ermöglichen es uns, den journalistischen Wert zu liefern. Bitte unterstützen Sie uns, indem Sie einen Moment Zeit nehmen, Adblock on Dawn auszuschalten. Sehr geehrte Leser, bitte aktualisieren Sie auf die neueste Version von IE, um eine bessere Leseerfahrung zu haben. Home Neueste Populäres Pakistan Heutiges Papier Meinung Welt Sport Wirtschaft Zeitschriften Kultur Blogs Technologie Multimedia Archiv In der Tiefe Murtaza Haider mdash Veröffentlicht Aug 17, 2015 01:34 pm Die neuesten Statistiken aus Pakistan Eisenbahnen malen ein enttäuschendes Bild. Von einer 100 Millionen Passagiere, Pakistan Railways trug nur 47 Millionen Passagiere im 2013-14 Geschäftsjahr. AFP Thinking schnell und langsam ist, was Daniel Kahneman, der Nobelpreisträger für Wirtschaftswissenschaften, denkt, Menschen tun. Planen schnell und bewegend ist das, was Pakistan Railways tut. Mit kumulativen Verbindlichkeiten erreichen 74 Milliarden Rubine. Pakistan Railways ist ein staatliches Unternehmen, das nicht hat einen Gewinn in einem Alter. Trotz steigender Umsätze steigen die Aufwendungen sogar noch stärker, was wiederum größere jährliche Verluste bedeutet. Mit solch einem düsteren Ausblick, Optimismus noch reich an der Premierminister-Sekretariat, wo Pläne für eine Hochgeschwindigkeitsstrecke zwischen Peshawar und Karachi haben Wurzel genommen. Man fragt sich, wann Pakistan im Laufe der langsamen Züge versagt hat, wie es ihm gelingt, schnell zu fahren. Würde nicht planen, schnell und bewegend langsam sein noch ein versagtes Experiment mit Pakistan-Bahnen Im April 2014 holte Pakistan-Bahnen eine halbe Seite Anzeige in den Financial Times, die Interesse an einer Hochgeschwindigkeitsstrecke verlangen. Die Sunday Times berichtet, die 6,6 Milliarden Pfund-Projekt würde die Reisezeit für die 700-Meile-Reise von 18 bis sieben Stunden zu reduzieren. Die Kosten können hoch erscheinen. Jedoch scheint es mit 10 Millionen pro km vergleichbar mit anderen ähnlichen Projekten in den Entwicklungsländern. Hochgeschwindigkeitsschienen in Pakistan werden nicht so schnell sein wie der französische TGV oder die japanischen Shinkansen, die mit Geschwindigkeiten über 300 kmh fahren. Eine konservative Schätzung der durchschnittlichen Arbeitsgeschwindigkeit für die Hochgeschwindigkeitsstrecke in Pakistan liegt zwischen 150 und 200 km / h. Es mag nicht eindrucksvoll klingen, aber das sind die durchschnittlichen Fahrgeschwindigkeiten in Kanada und den USA. Wenn die Züge in Pakistan bei 150 kmh laufen können, werden Zugfahrer so schnell und wütend wie ihre nordamerikanischen Pendants. Allerdings ist es wichtig, einen Blick darauf zu werfen, wie Pakistan Railways abschleppte. Die schlechten Wege der Eisenbahn Nisar Ahmed Abro. Eine Station, die in Sindh kennt, weiß genau, was mit Pakistan Eisenbahnen ist. Im Gespräch mit der New York Times im Jahr 2013, sagte Herr Abro: Die Eisenbahnen sind das wahre Bild unseres Landes. Wenn Sie Pakistan sehen wollen, sehen Sie seine Eisenbahnen. Herr Abro hat die richtige Prognose gemacht. Es gibt nichts falsch mit den Eisenbahnen als das, was bereits mit Pakistan und seinen anderen öffentlichen Dienstprogrammen falsch ist. Korruption, Misswirtschaft, Nepotismus und mangelnde fachliche Kompetenz plagen die Eisenbahnen und andere Relikte eines schnell schrumpfenden öffentlichen Sektors in Pakistan. Es ist wichtig zu verstehen, dass Pakistan Railways einen langsamen Tod stirbt. Dabei schrumpfen die Vermögenswerte und damit auch der Umfang und das Leistungsspektrum der Bahn. 1986 gewann die Beratungsstelle der Canadian Pacific Railways einen Vertrag, der die Spezifikationen für ein computergestütztes Managementinformationssystem vorschlägt. Die Globe and Mail in Kanada unterstrich das Geschäft und berichtete, dass Pakistan Railways 8.800 km Strecke betreiben und 11 Millionen Tonnen Fracht und 100 Millionen Passagiere beförderten. Die neuesten Statistiken aus Pakistan Railways malen ein enttäuschendes Bild. Von einer 100 Millionen Passagiere, Pakistan Railways trug nur 47 Millionen Passagiere im 2013-14 Geschäftsjahr. Von 11 Millionen Tonnen Fracht im Jahr 1986 belief sich das Volumen auf 1,6 Millionen Tonnen. Trotz des drastischen Rückgangs der Dienstleistungen hat die Eisenbahn noch 80.000 Mitarbeiter beschäftigt. Die Eisenbahnen gingen schließlich im November 2007, als das elektronische Ticketing-System gestartet wurde, einen Teil des Informationsmanagements. Recall, Kanadier wurden einen Vertrag im Jahr 1986 vergeben, um seine Machbarkeit zu tun. Es dauerte nur 21 Jahre, um den nächsten Schritt zu machen. Das System blieb jedoch nur drei Monate in Betrieb. Es war zurück zu den guten alten Zeiten und den guten alten Wegen für Eisenbahnen. Die Eisenbahninfrastruktur ist nicht ausreichend, um die Nachfrage zu decken und ist in einem schlechten Zustand. Um eine Nation von 180 Millionen zu bewegen, hat Pakistan Railways weniger als 500 Lokomotiven, von denen nur 20 Prozent operativ sind. Der Rest ist entweder zu alt oder zu beschädigt für den Betrieb. Schienenverkehrsrekorde zeigen, dass die Lokomotivflotte in den frühen 80er Jahren bei über 950 Personen lag und die Zahl der Reisezugwagen 2,370 überschritt. Bis 2013-14 blieben die Eisenbahnen mit nur 1.434 Wagen. Auch die Eisenbahnen in den frühen 80er Jahren verladen durchschnittlich 600.000 Güterwagen. Bis 2013-14 lag diese Zahl auf 76.300. Es ist recht bequem, die politische Verwaltung und die Bürokraten für den traurigen Zustand der Eisenbahnangelegenheiten verantwortlich zu machen. Dies wird jedoch falsch sein. Die Massen, die in den Händen der Eisenbahnen leiden, verpassen selten die Gelegenheit, die Infrastruktur zu zerstören, die sie dringend brauchen und die sie mit ihren Steuern bezahlt haben. Nach dem Tod von Benazir Bhutto brannten wütende Massen 137 Busse und 22 Lokomotiven. Darüber hinaus haben terroristische Gewalt und Unfälle noch mehr Infrastruktur zerstört. Der Zustand der Eisenbahnangelegenheiten ist so schlecht, daß man mit Gewißheit nicht das Ausmaß der finanziellen Verluste ermitteln kann. Gleichzeitig sind die Politiker bemüht, die guten Nachrichten über die Eisenbahnen zu liefern. Im vergangenen Juli ein hochrangiger Administrator rühmte sich, die Medien der Erzeugung von 25 Milliarden Rupien in Einnahmen in 2013-14, was zu einem Anstieg von Rs 7 Mrd. in der nationalen Kitty, schrieb eine Zeitung. Es gibt jedoch ein Problem. Der Auditor General von Pakistan (AGP) ist nicht gleichermaßen über die Leistung der Eisenbahn begeistert. Der Jahresbericht der AGP wirft den Eisenbahnverlusten auf 32,5 Milliarden Rubel für das gleiche Geschäftsjahr Alarm. Das AGP berichtete, dass das Bruttoeinkommen 22,8 und nicht 25 Milliarden Rupien gegen 55,3 Milliarden Rupien in den operativen Arbeitsausgaben betrug. Es stimmt, dass die Eisenbahnen in den Jahren 2013-14 mehr verdienten als in den Jahren 2012-13. Allerdings stiegen auch die Aufwendungen an, wodurch die Vorteile eines höheren Umsatzes negiert wurden. Die drohenden Verluste haben die Regierung nicht davon abgehalten, sich dem IWF einer stellaren Eisenbahnleistung zu widmen. In einer Absichtserklärung, die an den geschäftsführenden Direktor des IWF gerichtet war, behauptete die Regierung, den Bahnumsatz im GJ 201314 um 32 Prozent verbessert zu haben. Egal, Railways eigenen veröffentlichten Statistiken zeigen eine 26 Prozent Umsatzsteigerung im vergangenen Geschäftsjahr. Die Regierung behauptet ferner, in den ersten neun Monaten des Geschäftsjahres 201415 einen Umsatzanstieg von über 50% zu verzeichnen. Im Buchstaben der steigenden Aufwendungen gegenüber den gestiegenen Umsätzen wird nicht erwähnt. Wie kann man Eisenbahnen wieder auf den Weg bringen? Angesichts der Kultur der Berechtigung, die College-Studenten mit öffentlichen Verkehrsmitteln oder politischer Schirmherrschaft fahren lässt, die unnötige Mitarbeiter an die bahnbrechenden Arbeitskräfte heranbringt, ist es eher nave, auf einen Turnaround in Pakistan Railways mit Strukturreformen zu hoffen. Die notwendigen Fähigkeiten zur Wiederbelebung einer umstrukturierten Eisenbahnen existieren nicht mit den Mitarbeitern oder den Administratoren. Es gibt keine Option, aber zu privatisieren Pakistan Railways. Die unvermeidliche Privatisierung kann nur verzögert, aber nicht vermieden werden. Der Nachteil der Verzögerung ist, dass die Interessen in der Lage, noch mehr Eisenbahn Vermögenswerte zu retten. Denken Sie daran, Eisenbahnen heute ist nur ein Schatten dessen, was es einmal war. Sein Landbestand, Betriebsflotte von Lokomotiven und Autos ist geschrumpft. Es trägt viel weniger Passagiere und Fracht heute als noch vor zwei Jahrzehnten. Die Versuche, die Eisenbahnen zu privatisieren, enden immer in den obersten Gerichten, wo die Eisenbahnangestellten für ihr von Gott gegebenes Recht auf eine Beschäftigung im öffentlichen Dienst streiten. Die Oberen Gerichte müssen das Gleichgewicht zwischen dem Wohlergehen der 180 Millionen Menschen gegen die Beschäftigungsgarantie für die 80.000 pakistanischen Eisenbahnangestellten, die für eine Erhöhung der Milliarden von Rupien jedes Jahr an die Nationen kollektiven Schulden. Gerichte zeigten auch Sorge für Pendler mit niedrigem Einkommen, die gezwungen werden, höhere Tarife unter privatisierten Bahnbetrieben zahlen. Das ist eine berechtigte Sorge. Allerdings ist es nicht erforderlich, dass der Staat Eisenbahnen laufen. Das Benazir-Einkommensstützprogramm ist ein gutes Beispiel für die Verringerung des Einkommens mit niedrigem Einkommen, das auf pendelnde Subventionen ausgedehnt werden könnte, so dass die Regierung von laufenden Zügen, Flugzeugen und Lenkbussen befreit wird. In der Zwischenzeit, wenn der Kampf zur Privatisierung der Eisenbahnen geht weiter, kann man die Eisenbahn zu restored, wenn nicht umgekehrt, die rot. Die Aufteilung der Aufwendungen zeigt, dass die Eisenbahnen für die Instandhaltung und Verwaltung einen hohen Betrag ausgeben. Dies kann durch die Segmentierung der Eisenbahnen in kleinere Funktionseinheiten mit transparenten Verwaltungsaufbauten behoben werden. So können die Passagier - und Frachttransporte in unabhängige Einheiten, nämlich Pakistan-Passagierbahnen und Pakistan-Güterbahnen, getrennt werden. Die Lokomotiven können gemäß der aktuellen Dienstleistungsnachfrage für den Güter - und Personenverkehr aufgeteilt werden. Die Personenkraftwagen und Güterwagen sind leicht zuordnen. Die Wartungsabteilungen sollten unter einer unabhängigen unabhängigen Stelle konsolidiert werden, die sowohl Fracht - als auch Passagierbahnen betreiben würde. Quelle: Daten aus Pakistan Railways Jahresbericht abgerufen. Die Regierung hat bereits Real Estate Development amp Marketing Company (REDMCO) gegründet, um das Potenzial von dem, was von den öffentlichen Bahnen der Eisenbahnen übrig geblieben ist, zu verwalten und auszuschöpfen. Ich empfehle, dass die bestehenden Eisenbahnschienen, die begleitenden Wechselfälle und andere unbewegliche Vermögenswerte, einschließlich der Stationen, unter REDMCO konsolidiert werden, wobei das Ziel darin besteht, dass das Unternehmen ein Vermögensverwalter ist und nicht mit dem alleinigen Mandat, Grundstücke zu veräußern Spekulanten. Auch bei der Privatisierung kann es vorsichtig sein, Bahnhöfe und Gleise im öffentlichen Sektor zu unterhalten, um es verspäteten Teilnehmern des privaten Sektors zu ermöglichen, wettbewerbsfähige Angebote für die Nutzung derselben Infrastruktur zu machen. Wenn die Spuren, Rechte und Stationen privatisiert werden, werden sie zu neuen privaten Monopolen führen, die wenig Anreiz haben, effizient oder kostengünstig zu sein. Denken Sie an die Gleise wie Autobahnen. Stellen Sie sich vor, wenn die Autobahnen an Daewoo verkauft wurden, die sich weigerten, den Wettbewerb für den Betrieb von Bussen und Lkw zuzulassen. Die Betriebsauswirkungen hätten sich verringert und die Nutzerkosten dadurch erhöht. Ein guter Ausgangspunkt für die Privatisierung ist die Abschaffung des Eisenbahnministeriums. Eisenbahnministerien gibt es in den Industrieländern nicht. Selbst in den europäischen Ländern, in denen der Eisenbahnverkehr stärker ausgeprägt ist, sind die Eisenbahnen kein eigenständiges Ministerium. Durch die Abschaffung des Ministeriums für Eisenbahnen, kann man die administrative Redundanz, die zwischen dem Ministerium und Pakistan Railways zu beseitigen. Ein Ministerium für Verkehr und Infrastruktur sollte die kollektiven Portfolios des Ministeriums für Eisenbahnen, Ministerium für Häfen und Schifffahrt, und Ministerium für Wohnungswesen und Werke zu verschmelzen. Das spart nicht nur Kosten, sondern verbessert auch die betriebliche Effizienz durch eine bessere Koordination zwischen verwandten Abteilungen und Unternehmen, die sich über mehrere Ministerien verteilen. Pakistan Railways und PIA könnten beide unter dem Ministerium für Verkehr und Infrastruktur bis zu dem Zeitpunkt, dass diese Einheiten privatisiert werden. Eisenbahnen sollten auch gezwungen sein, alle tangentialen Operationen, die nicht Kern zu ihrer Mission sind, aufzugeben. Für ihre Mitarbeiter und ihre Angehörigen führen die Eisenbahnen zahlreiche Krankenhäuser und Schulen durch. Dies sind die nichtproduktive Nutzung von Eisenbahnkapital und anderen Vermögensgegenständen. Diese Einrichtungen sollten den jeweiligen Gemeinden und Provinzen übergeben werden (besser verkauft). Statt diese großen Betriebe zu einem finanziellen Verlust zu betreiben, sollten die Eisenbahnen ihren Mitarbeitern und den Bildungszuschüssen für einkommensschwache Mitarbeiter eine Krankenversicherung anbieten. Der Trade-off wird zu Einsparungen führen und, was noch wichtiger ist, wird es den Eisenbahnen helfen, sich stärker auf ihre Kernaufgabe zu konzentrieren. Das gleiche ohne Erfolg seit Jahren und in der Hoffnung auf ein besseres Ergebnis in der Zukunft ist ein deutliches Zeichen für administrative und phantasievolle Scheitern. Was auch immer der Staat getan hat, unter einer Vielzahl von zivilen und militärischen Regimen, hat es nicht zu stoppen Blutungen bei Pakistan Railways. Eine allmähliche und anhaltende Reihe von Schritten, beginnend mit Umstrukturierungen und Beendigung der Privatisierung, sind ein Muss. Wenn nicht, bereit sein, Milliarden mehr in der Staatsverschuldung zu übernehmen, um die 80.000 Eisenbahnangestellten zu halten, die im öffentlichen Sektor arbeiten. DAWNVIDEO - 1029551DAWN-RM-1x1 Kommentare (58) Geschlossen N. Sid Während Sie sich auf einige Zahlen Zahlen, überprüfen Sie andere Faktoren zu. Überprüfen Sie Mumbai lokalen Züge Statistiken auf Web, u wird erstaunt sein. Ist der Zählerstand 12 vergleichsweise gering. Die Gesamtgeschichte ist Indien macht guten Profit aus Eisenbahnen von vergangenen 1 Jahrzehnt. Wie Eisenbahnen, PIA, Pak Stahlmühlen sind nicht die Familienunternehmen, so ist es nicht wichtig, Nawaz Regierung, wenn sie weiter bluten Pak. Der Govt hat Angst, mutige Entscheidungen durch Politik zu machen und die nationalen Interessen hinter sich zu lassen. Alle drei oben genannten Einrichtungen müssen dringend privatisiert werden, da ihre Kultur unverbesserlich ist. Es gibt keine Sachkenntnis für eine Umdrehung, wie durch den Autor erklärt. Ich stimme mit dem Autor. Badar 17. August 2015 22.45 Uhr Murtaza - Eisenbahn begann in der Zia-Ära, wenn National Logistics Zelle verunsichert Cargo Business Mush und Zardari Zeiten hinzugefügt, um die Freude und Untergang. Mush verkaufte viele Eisenbahn-Immobilien. Zardari sicherte fast alle Züge zu einem Punkt zu kommen. Dies ist allgemein bekannt in Pakistan, aber nicht Teil Ihrer Analyse geworden. Vielleicht ist Kanada zu weit weg Warum haben Sie nicht erwähnt Bemühungen von aktuellen govt Aktuelle Eisenbahnminister hat eine ausgezeichnete Arbeit bei der Verringerung der Verluste und steigende Einkommen, neue Strecken und die Verringerung der Korruption. in Railway Kann das ist das einzige, was NS govt sollte stolz sein von. Akhtar Quraishi Ja, es gibt keine Gewinne, aber überprüfen Sie die Gewinne ging an alle Menschen auf höherem Niveau und weiter oben auf der Leiter. Dies ist die Geschichte von Pakistan seit dem Anfang nur für, während Ayub Khan war gut, aber als Menschen umgeben und Familie kümmerte sich um viele Abteilungen wie die Besitzer der größten Immobilie rund um richtige Islamabad. Und wer war an der Spitze des Landes zu dieser Zeit. Ich bin 65 und nicht sehen, das Ende des Tunnels für harte Arbeiterklasse von Pakistan seine gehen, ba ein Wunder. Usman ghani munawar Sie haben die Geschichte sehr gut dargestellt, aber ich möchte Sie bitten, dass die ganze Zeit, die Sie gesagt, es ist eine sehr schreckliche Abteilung und droht pakistanischen Wirtschaft, wenn es nicht von öffentlichen Sektor, wie dann gelaufen werden kann Sie kann vom privaten Sektor betrieben werden. Ich werde für Ihre Antwort zu suchen M Aug 18, 2015 11:17 am anständige und edle Gedanken, aber es wird nicht passieren .. die neue Geschwindigkeit Link ist ein weiterer Weg für die Regierung (err nawaz Gruppe) zu erweitern ihre Geschäfts-und Provisionsbasis weve gesehen, was passiert ist Mit dem Metrobusprojekt in Islamabad. Privatisierung der Schiene bringt keine Früchte. Zu viele Interessen in ihr. Diese öffentlichen Institutionen sind eine Goldmine für die Regierung in Macht, um Geld zu verdienen aus dem IWF rapssla Shiraz Heres, warum Motoren scheitern, werden sie ohne Ausschreibungen beschafft. Das Los 2003 ist die Grundursache aller Übel. Lets werden patritisch und akzeptieren den Fehler. Es will jeder klein oder groß. Genie August 18, 2015 11:29 am Ich war überrascht zu lesen, dass ein Zug außerhalb von Philadelphia vor kurzem entgleist, während dabei etwa 100 m. p.h. An einer Kurve. Dasselbe geschah in Spanien vor nicht allzu langer Zeit. Züge in den USA reisen bei 100 m. p.h. Ist für mich undenkbar. Ich habe Montreal nach New York Route viele Male verwendet. In guten alten Zeiten werden die Amtrak-Züge unglaublich 9 Stunden dauern, um alle diese 435 Meilen zu decken. In jüngerer Zeit haben sie Fortschritte gemacht. Jetzt dauert es 11 Stunden. Am Tag unserer Reise vor ein paar Jahren dauerte es noch eine halbe Stunde mehr. Jetzt nehme ich den Nachtbus. Es ist das schnellste. 7,5 Stunden alle einschließlich der Streite an der Kanadischen Grenze. Aber ich erinnere mich an eine Sache. Während ich nicht weit eine Vorstadtstation zwischen Washington und New York wohne, wenn unsere Wohnung schütteln werde, frage ich meine Kinder, ob sie einen Zug vorbei hören konnten. Sie sagen ja. Wahrscheinlich diejenigen, die in der Nähe der Montreal to New York Track sind nicht privilegiert, so etwas zu erleben. ATHER 18. August 2015 12:14 Downsizing, Verbot von Gewerkschaften, Abbau von politisch eingestelltem Personal, gebildeten und erfahrenen Board of Directors dies ist, was wir brauchen. Citizen Aug 18, 2015 12:53 pm Pakistan Railway Benötigt viel Arbeit, in allen Aspekten. Vor allem müssen wir alle mit unserem Nachbarland konkurrieren. Wir können nicht mit Europa oder Nordamerika konkurrieren. Railway Minister amp PM dieses Landes sollte Fokus amp Arbeit auf dem System auf Priorität, anstelle von Metro Bus. PM sollte an Pakistan nicht nur Punjab denken, da er PM von Pakistan nicht nur Punjab ist. WIR sollten alle wissen, dass der Etat Betrag auf Eisenbahnen nicht gesehen werden kann. NAB sollte es weiter untersuchen. Rest Wir hoffen, zu sehen, Pakistan Flourish als Heaven. Dear Leser, Online-Anzeigen ermöglichen es uns, den Journalismus Sie Wert liefern. Bitte unterstützen Sie uns, indem Sie einen Moment Zeit nehmen, Adblock on Dawn auszuschalten. Sehr geehrte Leser, Online-Anzeigen ermöglichen es uns, den journalistischen Wert zu liefern. Bitte unterstützen Sie uns, indem Sie einen Moment Zeit nehmen, Adblock on Dawn auszuschalten. Sehr geehrte Leser, bitte aktualisieren Sie auf die neueste Version von IE, um eine bessere Leseerfahrung haben Home Latest Popular Pakistan Heute Paper Opinion World Sport Business Zeitschriften Kultur Blogs Tech Multimedia-Archiv In der Tiefe Syed Irfan Raza mdash ISLAMABAD: Einige Legten die Gesetzgeber am Mittwoch Besorgnis über die mögliche Nutzung des China-Pakistan Economic Corridor (CPEC) durch China, um den Handel mit Indien zu verbessern. Während einer Sitzung des Ständigen Ausschusses für Planung und Entwicklung des Senats waren einige der Gesetzgeber der Auffassung, dass China in das CPEC-Projekt investiert, um neue Perspektiven des Handels mit verschiedenen Ländern direkt vom benachbarten Indien zu zentralasiatischen Staaten und Europa zu erforschen. Der Vorsitzende des Komitees Syed Tahir Hussain Mashhadi befürwortet den Standpunkt eines Senators, dass China seine Handelsaktivitäten nicht nur mit den zentralasiatischen Staaten und den europäischen Ländern, sondern auch mit den erweiterten Eisenbahn - und Straßenverbindungen mit Indien über Munabao und Amritsar unter der KP China ausweiten würde Indien, seine acht unterentwickelten Provinzen wirtschaftlich zu stärken. China wird auf jeden Fall die CPEC nutzen, um den Handel mit Indien zu erweitern, weil einer, der investiert, immer zuerst seine Interessen beobachtet, sagte Maschhadi. Er sagte Chinas Handelsbeziehungen mit Indien waren weit größer als mit Pakistan als China 100 Milliarden Handelsabkommen mit Indien im letzten Jahr eingefärbt hatte. Unabhängig von sauren Pakistan-Indien Beziehungen, wird China Handel mit Indianer durch die CPEC, sagte Herr Mashhadi. Die Mitglieder des Komitees ersuchten die Eisenbahnbehörden, die Eisenbahnschienen ML-2 und ML-3 zu bauen, die Pakistan mit Iran, Afghanistan und Zentralasien verbinden. Diese Projekte müssen auf der Priorität von China, um diese Ziele zu erreichen, sagte Senator Saud Majeed. Allerdings teilten die Eisenbahnbeamten dem Komitee mit, dass sie sich auf die Verbesserung der bestehenden Eisenbahnschienen mit der Bezeichnung ML-1 von Karachi konzentrieren würden, um den Großteil der Bevölkerung, die in den ML-1-flachen Gebieten wohnte, aufzubauen. Senator Sirajul Haq sagte, dass die Regierung sollte Priorität zuerst zu den Projekten, die positiv auf die Menschen in Pakistan und dann sollten sie die Interessen Chinas zu schützen. Er war der Ansicht, dass, wenn die Menschen in den weniger entwickelten Gebieten in Sindh, Balochistan, Khyber Pakhtunkhwa und Federally Administered Tribal Areas (Fata) nicht von der CPEC profitierten, hätten sie keine andere Wahl, als Waffen zu ergattern, um ihren Lebensunterhalt zu verdienen . Wenn die wirtschaftlichen Bedingungen der ignorierten Gebiete nicht verbessert werden, werden die Menschen, die in diesen Gebieten leben, gezwungen sein, gegen jedermann für nur Rs2,000 zu kämpfen, sagte der Jamaat-i-Islami Häuptling. Die Beamten der pakistanischen Eisenbahnen informierten den Ausschuss, dass alle Eisenbahnprojekte, die im Rahmen der CPEC durchgeführt werden, sowohl von Pakistan als auch von China geplant wurden und die ehemaligen Alleine konnten nicht für jedes Projekt auf eigene Faust gehen. Beide Länder haben gemeinsame Arbeitsgruppen, die Projekte planen und abschließen, sagten sie. Senator Haq sagte, dass vor kurzem einige seiner Kollegen China für Gespräche über die CPEC besucht hatten, wo sie von chinesischen Behörden informiert wurden, dass Pakistan das alleinige Recht auf Planung und Beschlussfassung über CPEC-Projekte hatte und China nichts damit zu tun hatte . Senator Mohammad Usman Khan Kakar sagte, dass Pakistan Railways hatte noch nicht einen einzigen Schritt nach vorn. Wir haben nicht über das hinausgegangen, was wir von den britischen Herrschern geerbt haben, bereute er. Er schlug vor, dass Pläne für neue Eisenbahngleise in Sindh und Balochistan (ML-2 und ML-3) sofort umgesetzt werden müssen, weil dies die Strecken sind, die Pakistan wirtschaftlich stark machen würden. Wir haben Fülle von natürlichen Ressourcen wie Gold, Kupfer, Silber, Marmor und Granit in diesen Bereichen, die Iran, Afghanistan und zentralasiatischen Staaten über Schienen vermarktet werden kann, sagte er. Der Ausschuss wurde mitgeteilt, dass die Mehrheit der Elektrizitätserzeugungsprojekte, die von der Regierung begonnen werden, zwischen 2018 und 2020 abgeschlossen sein würde. Veröffentlicht in Dawn 17. November 2016 DAWNVIDEO - 1029551DAWN-RM-1x1 Kommentare (201) Geschlossen Malik 18.11.2016 12:54 Uhr Senatoren hatten völlig myopische Ansicht. Keiner von ihnen war ein Geschäftsmann und machte Geld aus dem Geschäft, Steuern zu bezahlen, Menschen zu beschäftigen und das gerechte Geld als Profit zu halten. CPEC sollte für die gesamte Region einschließlich Indien, Afghanistan und anderen zentralasiatischen Ländern sein. Pakistan sollte auch Transitverkehr ohne Beschränkungen für Afghanistan über Peshawar sowie über Chaman und über Iran über Zahida ermöglichen. Das würde unsere Straßen und Eisenbahnen verbessern. Dies ist, wie Unternehmen und Handel sollte gedeihen. Geben Sie freien, unkontrollierten Zugang mit strengen Gesetzen und Ordnung Kontrolle und nahm Ihre echte Kommission. Wenn diese Vision gehalten werden, würde der Iran nicht einen konkurrierenden Hafen gegen uns eröffnet haben. In nur wenigen Jahren wäre unsere Wirtschaft die beste im asiatischen Land und wir würden nicht die Zahl der Soldaten, die von jeder Seite getötet werden. GoodHumarUSA 18. November 2016 01:06 Verdammt. Wer ließ die Katze aus dem Sack. Ich kann mich erinnern, wie solche Einwände zum Tod des Projektes Kalabagh Dam geführt haben. Javed Nov 18, 2016 01:35 am Der beste Lackmus-Test für CPEC ist Indien. Wenn Indien verärgert ist, muss es gut für Pakistan, Zeitraum sein Khan 18. November 2016 01.36 Uhr Senatoren glauben, CPEC ist nur eine Straße. Der Name ist falsch. CPEC ist viel mehr als ein Korridor - wie werden Kraftwerke in Pakistan den chinesischen Handel mit Indien unterstützen Und warum sollten wir. Seien Sie besorgt Besser zu sammeln Gebühren aus dem Straßenverkehr als zu sehen Indien china Handel finden statt nur über Nepal. Mustache Ahmad Nov 18, 2016 01:44 am Ich bin ein regelmäßiger Leser der Morgendämmerung. Ich frage mich, die meisten der Kommentare sagen, dass CPEC nur für China nützlich ist, weil sie investieren. Wir alle wissen, dass jeder Körper für sein Interesse an der Wirtschaft sucht. Das gilt auch für China oder Sie erwarten etwas anderes. Jetzt ist es bis zu Pakistan, nach pakistanischem Interesse zu suchen. Nur dann sind Sie realistisch. Pakistan braucht Investitionen und muss nach Partnern suchen. Flipflop Nov 19, 2016 04:09 am Zunächst einmal nach allem Drama von Indien Ich bezweifle, sie würden über den Import oder Export durch CPEC denken. Zweitens soll CPEC nicht nur in Pakistan gebunden sein. Es kann expandieren und alle Importe und Exporte durch Pakistan bringen Einnahmen in das Land, das ein Plus ist. Die meisten dieser Senatoren sind inkompetent und haben keine Ahnung, was sie tun, sonst wäre Pakistan in einer besseren Position gewesen, wenn sie kompetent zu beginnen. Drittens müssen wir lernen, den Haß hinter uns zu sehen und uns ein größeres Bild anzusehen, anstatt alles auf Indien, die Juden und den Westen zu verurteilen. Wenn Sie alle denken, dass China ein Freund ist, dann sind Sie in einem dummen Paradies leben. Jetzt kann China allein Pakistan dazu veranlassen, Insolvenz einzureichen, wenn die CPEC weitgehend aufgrund unserer Politiker Gier und Lust auf Geld und Reichtum scheitert. Flipflop Nov 19, 2016 04:12 am Menschlich Gut, weil seine einfacher, um Geld durch den Handel von Waren und Dienstleistungen zu bewegen. Die Weise, die ich sehe, ist Pakistan Wirtschaft ein Eimer ohne Unterseite. Wir halten in den Fonds gießen und es fließt aus der Wirtschaft verlassen nichts als kleine Tropfen für uns zu konsumieren. Grundsätzlich sind die Leute, die die Show inkompetent und haben keine Ahnung, wie man ein Land Lahori Kid Nov 19, 2016 07:43 am Umar, Dont lachen, auch mit einem 100-Milliarden-Handel, mit der größten Demokratie, mit so vielen Millionären, mit allen Die BIG sprechen über Indien, Indien hat immer noch die höchste Armut in der Welt, was gut sind die Indianer, die mit dem Geld oder Erfolg machen Regierungsunterstützung für Unternehmen Lange vor der Regierung Rettungspakete von gewissen schwankenden Unternehmen, während der sogenannten The Great Rezession . Hatte die US-Regierung viele Wirtschaftszweige, die für die Wirtschaft und unser nationales Wohlergehen von entscheidender Bedeutung waren, subventioniert. (Informationen dazu finden Sie unter Wie Regierungen Einfluss Märkte.) Der Katalog der Federal Domestic Assistance bietet eine vollständige Liste aller Subventionsempfänger, darunter Unternehmen, Einzelpersonen und Non-Profit. Da es so viele Branchen gibt, die staatliche Hilfe erhalten, konzentriert sich dieser Artikel auf drei repräsentative Wirtschaftssektoren, die Subventionen erhalten: Energie, Landwirtschaft und Verkehr. Jeder dieser Geschäftsbereiche erhält jährlich Milliarden von Dollars von der Regierung. (Weitere Informationen finden Sie unter Eine Einführung in die Sektor-Investmentfonds.) 1. Der Energiesektor Amerika und die Welt laufen hauptsächlich auf Öl - und Erdölprodukten. Aber es gibt auch andere wirtschaftlich wichtige Energieformen, darunter nicht erneuerbare Energiequellen (Gas, Öl, Kohle usw.) und erneuerbare Energiequellen (Ethanol, Biodiesel, Wind usw.). Um die Entwicklung und Erforschung alter und neuer Energiequellen zu unterstützen, unterstützt die Bundesregierung Unternehmen, die diese Initiativen verfolgen. Subventionen werden auch an Energieproduzenten vergeben, die effizientere und wirtschaftlichere Produktions - und Vertriebsverfahren entwickeln. Eine breite Palette von Steuerbilanzen, Kredite, Ausnahmen. Abzüge, Abschreibungen und andere finanziell vorteilhafte Steuervergünstigungen werden von der Bundesregierung an Energieerzeuger erteilt. Einige der Arten von Energie-Subventionen Die Regierung bietet Mittel für Forschung und Entwicklung in Form von Zuschüssen und Darlehen zu günstigen Preisen und Rückzahlungsbedingungen, aber einige Risiken der Kernenergie-Industrie und Die daraus resultierenden Verbindlichkeiten werden von der Bundesregierung entschädigt. Um die Leistungsverfügbarkeit zu einem niedrigeren Marktpreis zu gewährleisten. Die Bundesregierung besitzt gewisse Staudämme, die Wasserkraft erzeugen. Anleihen - verzinsliche Verbindlichkeiten - werden von Stromerzeugungsanlagen des US-amerikanischen Energieministeriums, wie der Tennessee Valley Authority, ausgegeben. Zum Beispiel wird Regierung Land für Öl-und Kohle-Exploration zu niedrigeren als Marktpreisen vermietet oder verkauft, und Einfuhrzölle werden auf Biokraftstoffe (wie Ethanol) gesetzt, um die Preise zu schützen. (Siehe dazu die Grundlagen der Tarife und Handelsbarrieren.) 2. Der Agrarsektor Die Ernährung ist das wichtigste Produkt des Agrarsektors. Aber es gibt andere Non-Food-Produkte entscheidend für die Wirtschaft in dieser Multi-Milliarden-Dollar-Industrie, einschließlich Baumwolle, Wolle und Tabak generiert. Vor der Großen Depression. Waren die staatlichen Subventionen für den Agrarsektor relativ begrenzt. Ab 1933 wurde jedoch mit der ersten Regierung von Präsident Franklin D. Roosevelt eine neue Gesetzgebung erlassen, um die Rohstoffpreise zu unterstützen, die Produktion zu kontrollieren, den Wettbewerb zu beschränken, Pflanzen zu versichern und Einfuhrzölle aufzuerlegen. Diese Subventionen unterstützten viele Güter auf dem Gebiet der Landwirtschaft, einschließlich (aber nicht beschränkt auf) Mais, Weizen, Erdnüsse, Honig und Milchprodukte. (Zu mehr, sehen Sie, was die grosse Depression verursachte) Zu groß, um zu scheitern ist ein Begriff, der häufig gehört wird und sich auf die Banken und die Finanz - und Versicherungsanstalten bezieht, die während der Finanzkrise, die um Dezember 2007 begann, Sehen Sie die Finanzkrise 2007-2008 im Bericht.) Der Agrarsektor, der die Nahrung, die wir täglich essen, ist eine weitere Entität, dass die Regierung nicht zulassen, scheitern. Landwirte müssen im Geschäft gehalten werden, und die Verbraucher müssen gefüttert werden. Lebensmittelpreise, obwohl sie fluktuieren, müssen relativ niedrig und erschwinglich gehalten werden. Einige Arten von Landwirtschaft Subventionen Es gibt verschiedene Möglichkeiten, dass die Regierung Subventionen der Landwirtschaft Industrie sowohl monetär und nicht-monetär. Dazu gehören: Direktzahlungen an Landwirte, wenn die Rohstoffpreise sinken, um ihre finanziellen Verluste auszugleichen. Kredite ohne Strafe für Verzug werden den Landwirten vom US-Landwirtschaftsministerium gewährt. Die Darlehen, in der Tat, sind ein Geschenk, da Vorgaben nicht bestraft werden. Der USDA verkauft Versicherung gegen Wetter - und Schädlingsschäden an Pflanzen zu erschwinglichen Preisen. Zusätzlich zu den Zahlungen aus der staatlichen Versicherung können Landwirte auch staatliche Katastrophenhilfe (Barzahlungen) erhalten, wenn Ernteschäden erlitten werden. 3. Verkehrssektor Der Verkehrssektor umfasst nicht nur Fahrzeuge, Züge, Flugzeuge und Wasserfahrzeuge, die von einem Ort zum anderen reisen, sondern eine umfassende landesweite Infrastruktur. Dazu gehören Eisenbahnlinien, Straßen und Autobahnen, Brücken, Wasserwege, Luft - und Schienenterminals und Hafenanlagen für See-, Fluss - und Ozeanverkehr. (Mehr über die Eisenbahnindustrie finden Sie unter A Grundierung auf dem Eisenbahnsektor.) Die Regierung subventioniert viele Elemente des Verkehrssektors, um die schnelle, effiziente, zuverlässige und wirtschaftliche Bewegung von Personen, Handelsgütern und Post von einem Ort zum anderen zu gewährleisten. Sowohl der inländische als auch der internationale Handel sind abhängig von dem reibungslosen Funktionieren der Nationen verschiedener Verkehrsträger, mit großer Unterstützung, die nach dem Zweiten Weltkrieg beginnt. Eine der teuersten und weitreichendsten Subventionen dieses Sektors war die Federal Aid Highway Act von 1956, die Finanzierung für die Transkontinentale Interstate Highway System zur Verfügung gestellt. (Für die damit zusammenhängende Lektüre siehe Was ist internationaler Handel) Einige Arten von Transport-Subventionen Subventionen für den Transport-Sektor sind ähnlich Subventionen für die oben genannten Sektoren. In einigen Fällen helfen Nutzergebühren, die auf Luft-, Schienen - und Autobahnbenutzern erhoben werden, dazu, dass die Regierung einen Teil des Geldes für Subventionen über direkte Barzahlungen, Finanzierungen für den Flughafen - und Eisenbahnbau sowie steuerliche Anreize (oder Ausnahmen) an privatwirtschaftliche Transportsysteme einspart. Fazit Die staatlichen Subventionen der kritischen Wirtschaftszweige haben die Rentabilität in vielen Unternehmen gefördert und einen allgemeinen nationalen Wohlstand und ein hohes Wohlbefinden gewährleistet. Despite these positive benefits, critics have complained of the unfair competitive advantages given to some businesses, have cited damage to the environment as a result of some subsidized activities and have proposed massive cuts in subsidies because of expanding government debt and declining tax revenues. Even with government subsidies, some businesses have not survived. In recent decades, America has seen the decline of the railroad industry, the bankruptcy and extinction of several once-major airlines and the disappearance of smaller farms acquired or put out of business by big agriculture, all supported by government subsidies. (For more, see What You Need To Know About Bankruptcy. ) Although some businesses claim that they cannot survive economically without government help, the questions that must be answered are: which businesses will continue to get government support, which will not, how much will be spent and will the expense be worth the return Finance Minister announced new petroleum prices Federal Minister for Finance, Senator Mohammad Ishaq Dar, today announced the prices of petroleum products for the period starting from 1st February 2017 till midnight on 15th February 2017. He said that Ministry of Petroleum amp Natural Resources and OGRA have recommended an increase of Rs. 4.16Litre in the price of MS 92 RON Petrol, Rs. 4.29Litre in the price of High Speed Diesel (HSD), Rs.16.71Litre in the price of Kerosene Oil and Rs. 12.53Litre in the price of Light Diesel Oil (LDO), with effect from 1st February2017. The Minister stated that, in line with the Prime Ministerrsquos instructions to provide maximum relief to the common man, and keeping in view that Kerosene Oil and LDO is used by the low income segments of the countryrsquos population, it has been decided to maintain the prices of Kerosene Oil and LDO at the current level till15th February 2017. This decision has been taken also keeping in view the fact that Kerosene Oil caters to the energy needs of the poor, especially in the winter season. In order to maintain the prices of both Kerosene Oil and LDO at current levels, the government will not only be forgoing all applicable taxes and duties on these petroleum products, but will also subsidize the prices of these products for the consumers. The Minister further announced that it has been decided to increase the price of MS 92 RON Petrol by Rs. 2.25Litre only while the price of HSD is being increased by Rs. 2.26Litre only. These increases are almost half of the increases recommended by OGRA for both MS 92 RON Petrol and HSD. The Finance Minister highlighted that, in order to maintain stability, prices have been maintained since April 2016despite an increase of around43 in international oil prices during 2016. He said that the government has been absorbing the negative financial impact due to the governmentrsquos decisions to not pass on price increases to the end consumers. He highlighted that, prior to today, only partial increase in MS Petrol and HSD was passed on to the end consumers for the month of December 2016 and for the last two weeks of January 2017, compared to OGRArsquos recommendations. Governor Punjab called on the Finance Minister Governor Punjab Muhammad Rafique Rajwana called on the Finance Minister Senator Mohammad Ishaq Dar here today. Governor Punjab congratulated the Finance Minister on excellent performance of economy which has been acknowledged by the international financial institutions. He discussed issues relating to higher education in Punjab with the Finance Minister. Finance Minister said that after having achieved macroeconomic stability, the government is now focused on achieving higher, sustainable and inclusive economic growth. He recalled that when the present government assumed office in 2013, Pakistanrsquos economy was in a precarious situation and international experts were predicting that it would take five years to stabilize Pakistanrsquos economy. The Finance Minister said that, contrary to those predictions, Pakistan has managed to achieve macroeconomic stability within two and a half years due to the efforts of the present government. Finance Minister chaired the meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee of the Cabinet here at the Prime Ministerrsquos Office this evening. ECC considered and approved the ldquoInfrastructure Finance Policy Pakistan 2017rdquo. Under the said policy a sound and long-term infrastructure finance framework has been provided that caters to both demand and supply side of finance and it is designed to attract Foreign Direct Investment and mobilize private financing for public infrastructure. The policy envisages phase-wise intervention in the following areas to increase the quantum of infrastructure financing flows: middot Forward looking policy framework for infrastructure finance middot Good practices infrastructure projects initiation framework middot Enhanced financial intermediation for infrastructure investment middot Strengthening of development finance framework This policy is intended to have particular focus on infrastructure sub-sectors more suited to private sector investment and finance namely transportation facilities (including but not limited to ports, terminals, airports, railways, water-ways and toll roads), energy (oil and gas, thermal, hydro and other renewable power infrastructure) and telecommunications (e. g fiber optics). The Finance Minister hoped that the approval of the policy would help the government to increase infrastructure investments. It would facilitate and increase the role of the private sector in the infrastructure development structure. SAARC Chamber of Commerce Industry Delegation called on Finance Minister Finance Minister Senator Mohammad Ishaq Dar said that the growth of South Asia should be the objective of regional governments as the common man wants to see SAARC to become a thriving economic block. Talking to eight members SAARC, Chamber of Commerce and Industry delegation here today, the Finance Minster urged SAARC chamber of commerce and industry to play their collective role in the development and promotion of trade and commerce among member countries. He observed that this region has immense potential to develop regional business relations which would benefit the common people and help in alleviation of poverty. He said Pakistan was fully committed to promote regional cooperation, however a combined effort by all member states was required to achieve the objectives. The Minister said that CPEC is a vision and a roadmap of regional development and complements the other regional connectivity initiatives. He emphasized the need to address the infrastructure needs of the region. He expressed the hope that institution such Asian Infrastructure Investment Bank (AIIB) will play their due role in this regard. Finance Minister said that Pakistan has suffered more than any other country at the hands of terrorism. He said that terrorists have no religion or faith but they kill on account of their brutality and savagery. He mentioned that killing of one human being in Islam is tantamount to killing of the whole humanity and saving of a life is equal to saving the whole humanity. The government of Pakistan took on the terrorist with full might and wiped out their known hideouts and sanctuaries, he added. President SAARC Chamber of Commerce and Industry Mr. Suraj Vaidya thanked the Finance Minister and the government of Pakistan for warm welcome. He regretted cancellation of SAARC summit which had affected trade and business development process. He said the business community of SAARC member countries was upset on this political decision. He discussed visa issue for business men for promotion of business relationship. He also discussed matters relating to investment and special incentives for South Asian entrepreneurs. He observed that business activity should not be stopped in the name of security. Finance Minister sends Legal Notice to BOL News Channel Finance Minister Senator Mohammad Ishaq Dar has sent one billion rupee legal notice each through his legal Counsel to lsquoBOL News Channelrsquo and anchor Dr. Shahid Masood for airinganchoring a malicious programme to defame him. Anchor Dr. Shahid Masood hosted a programme titled ldquoLive with Dr. Shahid Masoodrdquo on 24th January 2017 at 08.05 pm on BOL News Channel and passed conjecture, libelous and defamatory statements to damage the Finance Ministerrsquos personality and character. He made a completely false statement hinting to an alleged meeting between Finance Minister and Rawalpindi (ldquoGHQrdquo), whereas, no such meeting had taken place at all. The story was utterly false and absolutely fictitious. The anchorrsquos fabrication had the malicious intent to defame and disgrace Finance Minister. In response to this slanderous and defamatory programme, Finance Minister has decided to take a legal action against the anchor who is known for fabrication and foul mouthing as well as the TV channel for airing and repeat airing of the said broadcast. The Legal Notice sent to the channel and anchor under Section 8 of the Defamation Ordinance, 2002 demands to publish a comprehensive and proper apology and retraction as well as payment of a sum of Rupees one billion as damages to Finance Minister on account of the defamatory broadcast, otherwise, civil and criminal proceeding will be initiated against the BOL News Channel and Dr. Shahid Masood. The Finance Minister has also made a complaint to the PEMRA council of complaints requesting the Authority to take appropriate legal and necessary action against Ms Labbaik Private (Ltd) and BoL News channel for broadcasting defamatory, false and fictitious account of facts against the complainant. Finance Minister chaired a meeting on Debt Management Federal Finance Minister, Senator Mohammad Ishaq Dar, chaired a meeting on debt management here at the Ministry of Finance today. Director General Debt gave a detailed briefing to the Finance Minister on debt management. He apprised the Finance Minister of the reforms that have been undertaken in the Debt Policy Coordination Office during the past three years. He said that adoption of latest technology and methods has led to more efficiency and transparency in debt management. The Finance Minister said that the sustainability profile of public debt has improved significantly during the present government. He said that this fact has been acknowledged by international credit rating agencies in the form credit rating upgrades for Pakistan. He appreciated the efforts of the Debt Policy Coordination Office and urged further improvement in debt management through adoption of best international practices and standards. He advised Finance Division, Economic Affairs Division and the State Bank of Pakistan to ensure close coordination amongst each other in order to achieve further efficiencies in debt management. The meeting was attended by senior officials of Economic Affairs Division, Finance Division and the State Bank of Pakistan. Finance Minister chaired a meeting of stakeholders to review the actions relating to the Anti-Money Laundering Finance Minister Senator Mohammad Ishaq Dar chaired a meeting of stakeholders to review the actions relating to the Anti-Money LaunderingCombating Financing of Terrorism (AMLCFT) framework here today. DG (FMU) made a presentation on status of AMLCFT compliance and enforcement actions including freezing measures taken against terrorist organizations and individuals. The status of measures taken for chocking of terrorist funding which is one of the key elements of National Action Plan was also discussed and progress in this regard was acknowledged by the participants. A thorough review took place on the areas where work was in process to further strengthen the counter measures against money laundering and terrorism financing. Finance Minister acknowledged the progress made by the authorities and encouraged them to continue work in this area in the larger national interest. The meeting was attended by the Special Assistant to PM on Law Zaffarullah Khan, National Security Advisor, Secretary Finance, Secretary Interior, Chairman SECP, and senior officers of Foreign Ministry, Finance Division, Law amp Justice Division, NACTA, FBR, and SBP. Finance Minister chaired a meeting of the Cabinet Committee on Privatisation (CCoP) A meeting of the Cabinet Committee on Privatisation (CCoP) was held on 27th January 2017, under the chairmanship of Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Mr. Ishaq Dar. Federal Minister for Law Mr. Zahid Hamid, Minister for Petroleum Mr. Shahid Khakan Abbasi, Chairman Privatization Commission Mr. Muhammad Zubair, Dr. Miftah Ismael Chairman BOI, Mr. Muhammad Zafar-ul-Haq Hijazi Chairman SECP and other senior government officials attended the meeting. The Committee deliberated and approved the transaction structure for the privatization of SME Bank in line with the guidelines of the SBP. CCOP also approved the divestment of 18.3 GoPrsquos shareholding in Mari Petroleum Company Ltd. either through the JV Partners (Fauji Foundation and OGDCL) or the domestic stock exchanges. It also approved to initiate the process for listing of GEPCO shares on Pakistan Stock Exchange through an IPO. The CCoP also recommended inclusion of House Building Finance Corporation Limited (HBFCL) and First Women Bank Limited (FWBL) in the lsquoPrivatization Program For Early Implementationrsquo. CCoP considered the strategic sale of KAPCO with the instructions to Privatization Commission and Ministry of Water amp Power to complete all formalities before formal approval. The case of 5 divestment of the GOP residual shareholding in OGDCL was deferred. Ministry of Information and Broadcastingrsquos request for delisting of Shalimar Recording and Broadcasting Company Limited from the privatization program was accepted by CCoP. Minister for Finance, Mr. Ishaq Dar, expressed his confidence that the decisions taken today will pave way for economic growth of the country and also improve financial health of the entities. Mr. Ishaq Dar further emphasized Privatisation Commission to ensure transparency in running the transactions as well as welfare of the workers. Finance Minister chaired a meeting to review matters related to Pakistan Steel Mills Federal Finance Minister, Senator Mohammad Ishaq Dar, chaired a meeting here at the Ministry of Finance today to review matters related to Pakistan Steel Mills. Federal Minister for Petroleum amp Natural Resources, Mr. Shahid Khaqan Abbasi, Chairman Privatization Commission, Mr. Mohammad Zubair, and Chairman Board of Investment, Dr. Miftah Ismail, attended the meeting. Chairman Privatization Commission and Secretary Industries amp Production gave a detailed briefing to the Finance Minister on matters pertaining to Pakistan Steel Mills (PSM) and its administration. They also briefed the Minister on the current status of liabilities owed by PSM. The Finance Minister said that government is committed to finding a way forward and resolving the issues of PSM. Heurged the Privatization Commission and Ministry of Industries amp Production to ensure effective coordination in order to resolve the outstanding issues of PSM. He said all stakeholders must diligently work together to formulate a timely and effective solution for addressing PSMrsquos liabilities which are causing a strain on the national exchequer. The Finance Minister said that the government is keen to undertake all necessary measures to ensure thatPSM makes its due contribution to Pakistanrsquo economy. He said the fact that the government is paying the salaries to PSMrsquos employees, even when no production is taking place, is proof of the governmentrsquos commitment to ensuring the welfare of the workers of PSM. The meeting was also attended by senior officials of the Ministry of Finance, Privatization Commission and PSM. Finance Minister chaired 11th meeting of the Governing Council of Pakistan Bureau of Statistics Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Mohammad Ishaq Dar, chaired the 11thmeetingof the Governing Council of Pakistan Bureau of Statistics (PBS) here at the Ministry of Finance today. Chief Statistician PBS, Mr. Asif Bajwa, briefed the Minister and Governing Council members on the preparations and work plan for the 15th Population and Housing Census which is scheduled to commence on 15th March 2017. He informed that all relevant national institutions, including the Army, NADRA and Provincial Governments, have been taken on board with regards to the census. He said that all the aforementioned institutions are extending their full cooperation and assistance. He said that close coordination amongst all stakeholders is being undertaken to ensure a smooth census. The Governing Council was further apprised that the appointments of the requisite staff for field operations has already been completed. Chief Statistician also informed that a group of master trainers has already been trained, who have begun imparting training to trainers. The Governing Council formed a three-member Committee to diligently review the ongoing preparations for the census, and immediately suggest improvements and solutions, as required. The Governing Council also approved the minutes of the 10th meeting of the Council. Furthermore, the implementation status of decisions taken during the 10th meeting was also discussed. The Finance Minister acknowledged that the presence in the Governing Council of renowned bi-partisan demographers and statisticians has strengthened the Council and is helping in ensuring that the census is conducted in a credible, transparent and professional manner. He further encouraged the Governing Council and the Chief Statistician to involve even more such experts in the census process in order to give further credence to this exercise which is of high national importance and is long overdue. The Minister highlighted that reliable data gathered from the census will play a vital role in adequate planning, policy-building, and effective delivery of services to the people of Pakistan. Finance Minister Meeting with World Bank Group CEO Finance Minister Senator Mohammad Ishaq Dar held a meeting with a delegation led by Ms. Kristalina I. Georgieva, Chief Executive Officer of World Bank Group here today. Finance Minister shared with the delegation details of the improved economic environment in the country and measures being taken by the government to consolidate the gains made in the last three years. He said that all macro-economic indicators project that Pakistan is on a rising growth trajectory. He suggested 50 increase in IDA allocation for Pakistan as the current project profile in infrastructure, energy, social protection and regional connectivity projects was almost exhausted, from the IDA-17 pipeline. The Minister informed the delegation that the private sector had a major involvement in CPEC projects and out of US 46 billion, over US 30 billion was meant for private sector investment whereas the rest was for public sector financing in infrastructure including highways, energy sector and railways etc. He stated that IFC participation in private sector projects was to be complemented by the Government to the extent of 20 equity. IFC was to develop Business Plans for such project financing, he added. The CEO World Bank Ms. Kristalina I. Georgieva stated that keeping in view the momentum in Growth and Economic Progress in Pakistan, the World Bank shall continue to assist Pakistan with consideration of a bigger package including the IDA, IBRD, RefugeesCrisis modalities. She appreciated Tarbela extension project and said that World Bank will continue to look forward to working with the GOP on similar projects. During the discourse, the Minister for Water amp Power conveyed that as per the Governmentrsquos policy, Pakistan was desirous of good relations with all its neighbors and wanted the resolution of Indus Water Treaty within its scope. Ms. Kristalina I. Georgieva, CEO stated that they understood the significance of the Indus Water Treaty and is cognizant of Bankrsquos role being co-signatory to the Treaty. The Minister also conveyed the importance of the Diamer Bhasa Dam and requested the Bank for providing assistance for its development as it will help in reducing the energy gap in a big way besides fulfilling agriculture needs. The CEO World Bank assured their positive consideration for Pakistanrsquos development needs and higher financial allocations. World Bank delegation included Vice President included Ms. Annette Dixon, Vice President for South Asia Region, Mr. Franz Richard Dress-Gross, Director, Mr. Nasir Khosa, Executive Director for Pakistan in the World Bank and Mr. Pathumutho Illangovan, Country Director. Khawaja Muhammad Asif, Minister for Water amp Power, Attorney General of Pakistan and Secretaries of the Ministries of Finance, EAD, Statistics, Water amp Power and Planning amp Development also participated in the meeting. Finance Minister holds A meeting with IFC Federal Finance Minister, Senator Mohammad Ishaq Dar, held a meeting with a delegation of the International Finance Corporation (IFC) here at the Ministry of Finance today. The IFC delegation, led by Mr. Nadeem Siddiqui, Country Manager for IFC in Pakistan, attended the meeting on the invitation of the Finance Minister to discuss IFCrsquos portfolio and infrastructure projects in Pakistan. The Finance Minister appreciated the briefing given to him by Mr. Siddiqui regarding IFCrsquos current portfolio and future investment opportunities being explored in Pakistan by IFC. The Minister proposed to the IFC to work with the Government of Pakistan to establish a new institution in Pakistan which will mobilize the long-term financing needs for infrastructure projects through the private sector. The Minister stated that the majority of equity for the proposed new institution may be provided by IFC and other International Financial Institutions (IFI) and Multilateral organizations, while the government may be a minority shareholder. He said that the proposed new institution shall be a private sector led financing platform, supporting development across key sectors in the form of Public-Private Partnerships (PPP) or other types of private investments in infrastructure. Mr. Siddiqui said that IFC welcomes the Finance Ministerrsquos proposal to establish a new institution focused on catalysing private sector financing and investment in infrastructure projects. He expressed keen interest, on behalf of IFC, to work with the Government of Pakistan to establish the proposed new institution and for IFC to provide equity funding for the institution. He said that the IFC will, in due course, submit a detailing working on the new institution, with a clear action plan going forward, for the Finance Ministerrsquos consideration, in order to establish the new institution in a timely and orderly manner. The Finance Minister said that the Government of Pakistan welcomes all opportunities to partner and collaborate with IFIs and Multilateral organizations for the development and betterment of the country. He highlighted that the present government has already implemented numerous infrastructure projects in various fields during the past three and a half years, and is actively working on the implementation of further infrastructure projects. He said that increased private sector investment in infrastructure projects will further assist in addressing the development needs of the country and generating higher GDP growth. The meeting was attended by senior officials of the Ministry of Finance and IFC. Finance Minister chaired the meeting of ECNEC Finance Minister Senator Mohammad Ishaq Dar chaired meeting of the Executive Committee of the National Economic Council (ECNEC) here today. The Committee considered and approved various projects relating to climate change, energy, health, and higher education sectors. On a proposal of the Ministry of Planning, Development amp Reform, the ECNEC approved the project regarding Green Pakistan Programme ndash Revival of Forestry Resources in Pakistan at an estimated cost of Rs. 3652.142 million. The project aims at plantation of indigenous and fast growing local tree species along canalroad sides in Punjab, KP and Sindh, Olive and Kikar Phulai forests in Kala Chitta, Pabbi Rasul and Fort Monroe in Punjab, Mangrove forest in Sindh, Juniper in Balochistan and plantation to check erosion in GB and AJK, etc. Projects of Expanded Programme of Immunization (EPI) Balochistan at a total cost of Rs. 4,998.91 million with foreign exchange component of Rs. 713.93 million, Expanded Programme of Immunization (EPI) Khyber Pakhtunkhwa at a total cost of Rs. 6, 493.55 million including foreign exchange component of Rs. 1, 260.00 million and Sindh Immunization Support Programme (SISP) at a total cost of Rs. 8, 048.92 million including foreign exchange component of Rs. 2, 730.00 million were approved by the ECNEC. ECNEC after discussion allowed the Finance Division to release development funds for already approved 1230 MW (Gross) Combined Cycle Power Plant at Haveli Bahadur Shah and 1223 MW (Gross) Combined Cycle Power Plant Balloki. ECNEC approved Higher Education Commission proposal of PhD Scholarship Programme under US-Pakistan Knowledge Corridor (phase-1) at a rationalized cost of Rs. 18, 810.916 million including foreign exchange component of Rs. 17, 714.698 million. Under this segment of US-Pakistan Knowledge Corridor, HEC will send 1500 PhD students to top ranking US universities. HEC will also provide counselingguidance facilities to candidates for taking GRE, TOFEL tests and proposal writing to assist students in seeking admission in US universities. ECNEC directed HEC to ensure participation of studentsscholars from all over the country on merit. ECNEC also approved HEC proposal for establishment of Sub Campuses of Public Sector Universities at district level at a rationalized cost of Rs. 5, 206.28 million. Under this project, campuses of universities will be set up in districts where no such facilities exist so far. ECNEC approved the compliance report on Neelam Jhelum Hydroelectric Project with the direction to WAPDA to formulate proper policy guidelines in the light of the Ministry of Water amp Power recommendations and to adhere the timelines. Finance Minister chaired the meeting to review World Banks portfolio in Pakistan Federal Finance Minister, Senator Mohammad Ishaq Dar, held a meeting with a delegation of the World Bank, led by Country Director Mr. Patchamuthu Illangovan, here at the Ministry of Finance today to review the World Bankrsquos portfolio in Pakistan. The World Bank delegation also included Mr. Sebastian - A Molineus, Director, Finance and Markets Global Practice, World Bank, who is presently visiting Pakistan. The Country Director World Bank briefed the Finance Minister on the World Bankrsquos portfolio in Pakistan, including the status of various ongoing development projects. Mr. Molineus said that the economic reforms that have been implemented during the present government have been strategic, relevant and sustainable. He congratulated the Finance Minister on the successful implementation of the reforms and the resultant economic turnaround. He highlighted that the governmentrsquos reforms have also played a major role in increasing financial inclusion in the country. Furthermore, Mr. Molineus expressed interest, on behalf of the World Bank, in initiating projects aimed at facilitating long-term financing in Pakistan, including housing finance. The Finance Minister appreciated the briefing from the Country Director and expressed satisfaction on the progress made so far on the various ongoing development projects being undertaken in Pakistan with the World Bankrsquos support. He expressed appreciation for the cooperation between Pakistan and the World Bank. He also said that both parties must strive to further strengthen this relationship in order to take it to the next step. The Finance Minister thanked Mr. Molineus for his remarks regarding the present governmentrsquos successful economic reforms. He highlighted that, after having achieved macroeconomic stability, the government is now focused on attaining higher, sustainable and inclusive economic growth. He also welcomed the interest expressed by the World Bank in initiating projects for long-term financing. He said that the Government of Pakistan is always ready to cooperate with the World Bank on initiatives that can help improve the quality of lives of the people of Pakistan. The meeting was also attended by senior officials of Ministry of Finance, Ministry of Commerce, SECP and the World Bank. Finance Minister commends National Savings on Membership of Automated Clearing System Federal Minister for Finance, Senator Mohammad Ishaq Dar, commended National Savings on becoming member of the Automated Clearing System. National Savings is the only non-bank member of the clearinghouse. The Minister said that this achievement of National Savings will help serve millions of small savers throughout the country. It was an earnest demand of CDNSrsquo customers investors. He said that endeavours of National Savings, like the clearinghouse membership, will enable realization of the vision of the National Financial Inclusion Strategy. The Finance Minister said that the clearinghouse membership has enhanced the convenience of investors throughout the country, especially senior and retired citizens, who can now draw their profits directly from their accounts, located anywhere in Pakistan. He stated that this facility, which will also provide relief to pensioners, will provide access to National Savingsrsquo investors to alternate delivery channels such as ATMs, Internet Banking etc. It may be recalled that, previously, a personal visit to the National Savings Centres was required for investors to obtain their monthly profits. This used to result in inconvenience for investors, especially senior and retired citizens as well as widows, who had to undergo lengthy waits in queues to receive their profits. The new system of receiving payments directly from the investorsrsquo accounts is not only more convenient but also a safer mechanism for the general public. National Savings is serving more than seven million accounts all over Pakistan by offering a variety of savings schemes which target all segments of the society. Finance Minister expressed the hope that National Savings would take further steps to ensure effective utilization of technology, in order to enhance financial inclusion. He urged National Savings to undertake all necessary measures to ensure smooth service delivery and a convenient customer experience to the people of Pakistan. Finance Minister chaired a meeting to review 6-month performance of FBR Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Mohammad Ishaq Dar, chaired a meeting to review the 6-month performance of Federal Board of Revenue (FBR) for the period July-December of the Financial Year 2016-17 at FBR headquarters today. While briefing the Finance Minister, Chairman FBR said that FBR has collected more than Rs 1,467 billion in the first half of the Financial Year 2016-17 as compared to Rs. 1,370.9 billion during the corresponding period in the Financial Year 2015-16, reflecting 7 growth in tax revenues, compared to target revenue growth of 16 for the current fiscal year. He further informed the Finance Minister that revenue collection during December 2016 has been the highest amongst all the 6 months of the current fiscal year so far. The Finance Minister said that the strong performance in December 2016 bodes well for revenue collection in the second half of the Financial Year 2016-17. While taking notice of the fact that only 7 revenue growth had been achieved in the first half of the Financial Year 2016-17 compared to target revenue growth of 16, the Finance Minister urged the FBR team to undertake all necessary efforts to make up the revenue shortfall compared to the target set at the beginning of the current fiscal year. He emphasized that strong tax revenue collections are vital to achieving higher, sustainable and inclusive economic growth, which is a primary focus of the government. The meeting was also attended by Mr. Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue, and senior officials of FBR and the Ministry of Finance. Finance Minister chaired a meeting of the Law Review committee Finance Minister Senator Mohammad Ishaq Dar chaired a meeting of the Law Review committee here today. The meeting reviewed progress on different draft laws that have been placed before the Parliament for enactment as well as matters relating to other legislation in the offing including Companies Bill, 2016. The Committee also reviewed the National Accountability Ordinance, 1999 in order to further improve the Law to ensure good governance and eradicate corruption. The objective of the Committee which meets regularly is to review the laws for identifying anomalies and ambiguities, as well as to bring them at par with the contemporary requirements. The Committee was also apprised of progress achieved till date on electoral reforms. The Finance Minister appreciated the hard work done by SECP for the Companies Bill, 2016 and the Parliamentary Committee on Electoral Reforms for working on the electoral reforms. The Minister for Law and Justice, Mr. Zahid Hamid, Minister of State for Information Technology and Telecom, Ms Anusha Rahman Khan, Attorney General for Pakistan, Mr. Ashtar Ausaf Ali and Special Assistant to PM, Khawaja Zaheer attended the meeting. Google Director Ms. Ann Lavin called on the Finance Minister Google Director Ms. Ann Lavin called on the Finance Minister Senator Mohammad Ishaq Dar called here today and discussed the possibilities of her companyrsquos collaboration in digitalization of economic activity in Pakistan. During the meeting, Ms. Lavin acknowledged the economic progress of Pakistan in last three years. She said her company can play a role in IT development, promotion of E-Commerce and assist in attracting investment in Pakistan. The Finance Minister asked Googlersquos Director for Public Policy and Government Relations, Southeast Asia and Greater China to submit a complete plan so that the same is considered by the relevant stakeholders. He said that the Government is committed to provide a level playing field to all the prospective local and foreign investors. The Minister said that Pakistan has been projected by renowned international institutions as the second choicest place for investment in the world. The Finance Minister said that the turnaround of Pakistanrsquos economy, macroeconomic stability, improvement of energy and security situation in the country has provided a conducive atmosphere for enhanced commercial activity and foreign direct investment. He said that a number of new entrants have shown keen interest to invest in Pakistanrsquos IT sector as well. The meeting was attended by the senior officials of the Finance Division and Google. Finance Minister chaired 4th meeting of NFIS Council Finance Minister Senator Mohammad Ishaq Dar chaired 4th meeting of National Financial Inclusion Council (NFIS) today in Islamabad. Finance Minister in his opening remarks said, ldquoImplementation of National Financial Inclusion Strategy (NFIS) is Governmentrsquos foremost priority, as we are cognizant of the fact that access to easy amp affordable financial services has a strong nexus with equitable economic growth and financial stability. rdquo He highlighted that NFIS stakeholders have shown strong commitment to collaborate, review and advance policy reforms to address the future challenges. Finance Minister emphasized on the need for enhanced coordination and ownership of concerned stakeholders to provide further impetus to achieving the goals under NFIS. Mr. Ashraf Mahmood Wathra, Governor SBP and Chairman of NFIS Steering Committee briefed the Council about the substantial efforts and deliberations made by the NFIS stakeholders in the development of a scheme for promotion of Digital Transaction Accounts (DTAs). This would help build ecosystem of digital financial services in the country. While sharing the features and components of the DTA Scheme, Deputy Governor Mr. Saeed Ahmad informed that after consulting with branchless banking players the scheme has been named as Asaan Mobile Account (AMA). He also shared the roles and responsibilities of the key stakeholders including SBP, PTA, NADRA, Branchless Banking Providers, Telcos etc. for successful implementation of the scheme. Further, he updated the Council on the key developments made with respect to its earlier recommendations on NADRArsquos verification cost and taxation structure for branchless banking operations. The Council after detailed discussions approved the scheme. Meeting was attended by NFIS Council members including Governor SBP, Secretary Finance, Secretary EAD, Chairman SECP, Chairman FBR, Chairman NADRA, and representatives from Provincial Finance Departments, PTA and ICT and senior officials of the Finance Division and SBP attended the meeting. Finance Minister meeting with Governor SBP Finance Minister Senator Mohammad Ishaq Dar chaired a meeting here today and reviewed the new technological trends and reform initiatives in bankingfinancial sector. Governor State Bank Ashraf Mehmood Wathra updated the Finance Minister regarding the new technological trends and reform initiatives in hand in the Banking sector of Pakistan. He briefed him that technological advances are quickly changing the face of the Pakistani banking industry. The Finance Minister was apprised on the recent development in private sector credit and agriculture sector growth automation in currency distribution by Central and commercial Banks. Key economic indicators also came under discussion which demonstrate a stable trends Finance Secretary, Secretary Economic Affairs Division, senior officials of the State Bank of Pakistan also attended the meeting. Finance Minister chaired a meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Ministerrsquos Office today. The Finance Division informed the ECC about the latest key economic indicators, including reviews of productrsquos prices, inflation, commodity stock position, energy figures, foreign exchange reserves, foreign investment, trade performance and tax revenues. ECC was informed that headline inflation measured by CPI increased by 3.7 in December 2016 compared to 3.8 in November 2016. On average, during July-December FY 2017, CPI is recorded at 3.88. ECC was apprised that the reported stock of wheat as on January 03, 2017, is 7.5 million tons showing that sufficient quantity of local wheat is available for daily releases to mills by Provincial Food Departments and PASSCO. The Finance Division informed the ECC that the stock of various POL products averaged 34 days on January 10, 2017. It was also informed that production in the Large Scale Manufacturing sector stood at 2 in July-October FY 2017. ECC was apprised that worker remittances received during July-December FY 2017 amounted to US 9,459 million. It was also informed that gross foreign exchange reserves stood at US 23.183 billion as on January 09, 2017. ECC approved the summary submitted by Finance Division regarding the Prime Ministerrsquos Package of Incentives for Exporters which has been formulated with a view to mitigate exportersrsquo difficulties and enhance the countryrsquos exports. The package will have an estimated financial impact of Rs. 180 billion, and is applicable for the period from January 16, 2017, till June 30, 2018. The incentives for FY 2017-18 would only be available to those exporters who would achieve an increase of 10 in their exports as compared to their exports for FY 2016-17. ECC approved the proposal of Ministry of Water amp Power to extend the closing date of collection of Neelum Jhelum Surcharge at Rs. 0.10kWh up to June 30, 2018, for the Neelum Jhelum Hydropower Project. The previous closing date for the surcharge was December 31, 2016. The extension in the closing date for a period of 18 months up till June 30, 2018, is expected to result in collection of Rs. 9 billion which will assist in ensuring successful completion of the project. In pursuance of the decision of the Council of Common Interests (CCI), ECC approved the proposal of Ministry of Water amp Power for issuance of Letter of Comfort GoP guarantee by Finance Division to WAPDA for settlement of Net Hydel Profit claims of Government of Punjab. Finance Minister chaired a meeting regarding Pakistans investment climate and exports The Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Mohammad Ishaq Dar, chaired a meeting here today regarding improving Pakistanrsquos investment climate and exports. Deliberations on a package to enhance the countryrsquos exports were carried out during the meeting. The Finance Minister appreciated the extensive work already undertaken to develop a comprehensive strategy for this purpose. He directed to further expedite implementation of business reforms and ensure effective coordination with all concerned government agencies. The Finance Minister said that the government is now focused on undertaking all necessary measures to enhance Pakistanrsquos exports. He stated that it was the strong resolve of the government to make Pakistan an even more business friendly country and help entrepreneurs in setting up and expanding business. He expressed confidence that the governmentrsquos measures will enable the country to achieve higher, sustainable and inclusive export-led growth. The meeting was attended by the Special Assistant to Prime Minister on Revenue, Haroon Akhtar Khan, Chairman Board of Investment, Miftah Ismail, Governor State Bank of Pakistan, Ashraf Mahmood Wathra, Finance Secretary, Chairman FBR and other senior officers of the Ministry of Finance. Corrupt persons to stand Permanently Disqualified from holding Public Office or from being a Government Servant Federal Finance Minister and Chairman Laws Review Committee, Senator Mohammad Ishaq Dar, held a press conference at Punjab House, Islamabad today, in which he stated that under directions of the Prime Minister Nawaz Sharif on January 05, 2017, the Laws Review Committee has examined and proposed amendments in Section 15 and substitution of Section 25 of the National Accountability Ordinance, 1999 (ldquoNAOrdquo). With approval of the Prime Minister and the Federal Cabinet, the government has decided to immediately promulgate the National Accountability (Amendment) Ordinance, 2017, to give immediate effect to the aforementioned amendments. The Ordinance will be laid in the Senate session starting on Monday January 09, 2017. Prior to the promulgation of the National Accountability (Amendment) Ordinance, 2017, NAO contains provisions for voluntary return and plea bargain. The provision for voluntary return did not entail disqualification of a holder of public office or dismissal of a government servant who enters into voluntary return arrangements. Nor did it require approval of the Accountability Court. The result was that a corrupt person who voluntarily returned the proceeds of corruption could continue to be a holder of public office or a government servant. The provision for plea bargain required approval of the Court but disqualification to hold a public office was for a period of ten years only. Accordingly, the Laws Review Committee has proposed certain amendments, the salient features of which are as follows: (i) The provisions of voluntary return and plea bargain have been merged. (ii) A voluntary return arrangement will now be subject to approval of the Court, and will not be at the discretion of Chairman, NAB. (iii) The person entering into such arrangement shall be deemed to be convicted and (a) shall stand disqualified from being a holder of public office and (b) if in government service shall stand dismissed without any pecuniary benefits and shall not thereafter be eligible to hold public office. (iv) A person convicted by the Court for corruption and corrupt practices shall cease to hold public office and shall stand disqualified from being a holder of public office in future. Upon promulgation of the National Accountability (Amendment) Ordinance, 2017, the aforementioned amendments will become operative with immediate effect. Furthermore, in accordance with unanimous motions passed by the National Assembly and Senate, the Speaker National Assembly in consultation with the Chairman, Senate and Leaders of the Parliamentary Parties has constituted a 20-member Parliamentary Committee comprising 13-MNAs and 07-Senators ldquoto revisit the National Accountability Ordinance 1999 and recommend necessary amendments thereinrdquo. The Committee is likely to commence its work in the week beginning January 09, 2017. The Finance Minister was accompanied at the press conference by Mr. Zahid Hamid, Minister for Law and Justice, Ms. Anusha Rahman, Minister of State for IT amp Telecom, Khawaja Zaheer Ahmed, Special Assistant to Prime Minister, and Barrister Zafarullah Khan, Special Assistant to the Prime Minister on Law. Finance Minister chaired a meeting of National Price Monitoring Committee The meeting held on 06 January, 2017 in Finance Division under the Chairmanship of Senator Mohammad Ishaq Dar Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization. The meeting was attended by the representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Islamabad Capital Territory, Ministries of Industries, Law and Justice, Commerce, National Food Security and Research, Cabinet, Planning Development and Reforms, Inter Provincial Coordination, Statistics Division, Pakistan Bureau of Statistics, Utility Stores Corporation and Federal Board of Revenue. The meeting was informed that the headline inflation measured by CPI increased by 3.7 in December 2016 compared to 3.8 percent of previous month and 3.2 of December last year. On average during Jul-Dec FY 2017 it is recorded at 3.88 as compared to 2.08 in corresponding period last year. On monthly basis the CPI and food inflation remained lowest by -0.7 and -1.9 since February 2015. The CPI is tamed down and in control. The other inflationary indicators have also been contained. The meeting noted continuous decline of SPI since last week of November 2016. It recorded continuous six weekly decline which has brought food inflation to 3.0 percent in December 2016 compared to 3.3 percent of previous month while non food inflation remained at same level of previous month at 4.2 percent, whereas core inflation increased by 5.2 percent compared to 5.3 percent of previous months and SPI and WPI in December 2016 recorded at 0.5 percent and 3.1 percent respectively, compared to 0.6 percent and 2.6 percent of previous month. The Sensitive Price Indicator (SPI) for the week ended on 5th January 2017 decreased by 0.12. Out of 53 items, Nine (09) items which recorded decrease in their prices are tomatoes 10.20, Potatoes 5.02, Chicken 4.63, Mash Pulse 1.29, Onions 0.91, Garlic 0.87, Moong Pulse 0.57, Masoor Pulse 0.06 and Red Chilly Powdered 0.05. The decrease in prices of 09 items brought an impact of 0.26 percent in SPI decline. Sixteen (16) items recorded increase in prices including Sugar 1.64, Eggs 1.55, Bananas 1.51, LPG 1.22, Rice Irri-6 0.61, Rice Basmati 0.47, Mutton 0.38, Wheat 0.17, Vegetable Ghee tin 0.13, Gram Pulse 0.10 and Wheat Flour 0.08. The prices of twenty eight (28) items remained stable which shows that there is overall price stability in the country. The meeting noted the price movement of essential items on month on month and year on year basis. It was observed that prices of wheat, wheat flour, chicken, onion, tomatoes, cooking oil, vegetable ghee, masoor pulse, moong pulse, mash pulse decreased in December 2016 compared to corresponding month of last year. Prices of cooking oil, vegetable ghee loose, vegetable ghee (tin), chicken, banana, tomatoes, rice basmati, rice irri, and mustard oil are much lower than 2013 prices. The meeting also noted the increasing trend in prices of eggs, garlic, milk powder (NIDO), beef, mutton, gram pulse. The Minister expressed concerns of increasing trend of these food commodities and directed the Ministry of National Food and Security and Competition Commission of Pakistan to closely monitor the situation, control the undeclared monopoly, take corrective measures and arrest any cartelization, particularly in milk and meat products as well as mitigate any expected rise in prices of pulses. For gram pulse he directed Ministry of National Food and Security and USC to carry out inter ministerial consultations with all stakeholders in order to address any abnormal spike in prices. He further expressed concern about the slight increase in the prices of sugar and directed Ministry of Commerce to vigilantly monitor the prices and if there is any erratic movement, take appropriate remedial action. With regard to prices of beef and mutton, he directed the Ministry of National Food and Security to take on board all stakeholders and take corrective measures to curb smuggling. He advised provincial governments to be more vigilant to control prices. The meeting also reviewed the essential itemrsquos prices in sasta bazaars and open markets and noted that the prices are significantly lower in sasta bazaars as compared to open markets. The Minister urged that the people should benefit from these bazaars. The meeting also noted the change in prices of selected essential kitchen items in low and combined income group during current week ending on 5th January 2017 compared to previous week and corresponding week of the previous year. The meeting noted that in low and combined income group the price index declined by 0.29 and 0.24 basis points respectively. The meeting also reviewed the regional price comparison of essential commodities among Islamabad, New Delhi and Dhaka and observed that the prices of Nine (09) items include wheat, wheat flour, chicken farm, petrol, diesel, rice basmati, sugar, mash pulse and beef are lowest in Pakistan as compared to New Delhi and Dhaka and second lowest in nine (09) items which include onions, masoor pulse, moong pulse, eggs, gram pulse, vegetable ghee, milk fresh, red chillies and tomatoes. The meeting noted that the prices among the provinces are stable. Finance Minister chaired a meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Ministerrsquos Office this morning. ECC approved the proposal of the Planning, Development and Reform Division at the request of the Government of Punjab to grant exemptions from withholding tax beyond 6 of EampM contract price, and from taxduties on import of equipment to be installed for the Lahore Orange Line Metro Train Project. The ECC also decided that a similar dispensation would also be extended to the other rail based mass transit projects in Karachi, Peshawar and Quetta at the appropriate time. The ECC was informed that the Lahore Orange Line Metro Train Project has been made a part of the China Pakistan Economic Corridor (CPEC) along with rail based mass transit projects in other provincial capitals at the recently concluded 6th Joint Cooperation Committee (JCC) meeting held in Beijing, China. Finance Minister Conducts Computerized Balloting for Audit for Tax Year 2015 Minister for Finance, Senator Muhammad Ishaq Dar said that the government would not tolerate tax evaders in any case and the time to come would be very difficult for them. He however assured those tax payers who were paying their taxes honestly would be further facilitated. Addressing a ceremony held in FBR to conduct computerized balloting for audit for tax year 2015 (income tax, sales tax and Federal Excise Duty), the Finance Minister said those selected for audit should need not worry if they were honest tax payers. He said due to hard efforts of the government, Pakistan succeeded to become a signatory of the Multilateral Convention of Organization for Economic Cooperation and Development (OECD) and Pakistan could now have access to information about the tax evaders anywhere in the world. That is why I am saying that tax evaders can not run anywhere and ultimately they must have to pay their taxes honestly otherwise they would have to face legal process, Dar added. He also directed the FBR officials not to harass the tax payers and they should not be dealt with heavy handedness, however he asked the FBR to ensure tax compliance. Finance Minister said that due to structural reforms and stringent fiscal discipline, the government succeeded in boosting the revenue collection by 60 percent in three years whereas in 2012-13, the revenue collection increase was 3.38 percent. Today Pakistans socio economic condition is far better than that it was in 2013 when the country was on the verge of default, he remarked. He however said that there was a lot to be done in order to bring the country among top 18 countries by 2030s. Now the whole focus of the government is on exports growth, agriculture and services led economic growth as there is lot of room in these sectors to develop, he added. The Minister said now Pakistan would not only come out of energy crisis in 2018 but it would also become an energy surplus country. We have brought down the load shedding period from 16 to 20 hours daily in 2013 to only four hours now and due to a number of energy projects going on in the country, he added. The Finance Minister said this countrys future was bright and every citizen should own it and take part in its development. He said this year too only 7.5 per cent of total tax payers had been selected through computerized balloting audit and their audit would be conducted transparently. Earlier, speaking at the occasion, Minister of State for Revenue, Haroon Akhtar Khan said that without audit, self assessment schemes could not be successful. He said the balloting was totally computerized and there was no chance of any mismanagement. Chairman FBR, Nisar Muhammad Khan said in order to promote tax culture and compliance many audit policies were launched in the past but the latest policy that was approved a few days ago had been carefully drafted keeping in mind the wisdom and experience derived from the past policies. He said the Audit policy, 2016 had proposed a paradigm shift from random ballot to parametric selection and risk based approach. This approach would minimize chances of selection of compliant tax payers resulting in increased confidence in the system, he said, adding this new trend in taxpayers audit would not only promote compliance with the existing tax laws but would also generate increased revenues through better declaration for better public spending by the government. According to results of computerized balloting of audit cases, FBR selected 82,090 cases out of total 1094,507 tax returns for income tax non corporate taxpayers. Similarly, for sales tax non corporate 7,976 cases were selected while for sales tax corporate taxpayers, 986 cases for audit were selected and 30 cases were selected for audit from Federal Excise Duty (corporate sector) and 21 cases were selected for FED non corporate sector. Finance Minister urged stronger enforcement of AMLCFT Laws in Pakistan Finance Minister Senator Mohammad Ishaq Dar chaired a meeting to discuss the Anti-Money LaunderingCombating Financing of Terrorism Regime (AMLCFT) regime in Pakistan. The meeting was attended by the senior officers of Finance Division including Financial Monitoring Unit (FMU). DG (FMU) briefed the participants about the actions being taken to implement the AMLCFT reforms introduced by the Federal Government through amendments made in Anti Money Laundering Act, 2010 and Anti Terrorism Act, 1997 during the last 3 frac12 years. DG (FMU) shared that the chain of financial intelligence produced under the AML Act, 2010 had significantly improved over a period of time, mainly through capacity building of reporting entities, FMU and law enforcement agencies. The Minister was briefed about the measures taken in terms of National Action Plan - Chocking financing of terrorism, to insulate the financial sector from any use by the banned entities and the associated individuals. He was also informed about the latest action taken by the authorities to freeze the assets of individuals listed in the Schedule IV of Anti Terrorism Act, 1997. While appreciating the work so far done for the enforcement of AMLCFT laws in Pakistan, the Finance Minister urged stronger enforcement to ensure that the menace of money laundering is eliminated and access of terrorists to finances is effectively denied. Finance Minister Emphasized the Need for Early Promulgation of the New Company Law Finance Minister Senator Mohammad Ishaq Dar underscored the need for early promulgation of the new company law which will replace more than 32 years old law. During the meeting of the sub-committee of the National Assembly Standing Committee on Finance held on here today, the Finance Minister said that the new law has been finalized after thorough research of various international jurisdictions, the use of technology and keeping in view international best practices. He informed the committee members that before finalization, a comprehensive and exhaustive consultative process with the stakeholders has been done. The Minister stated that he had held several meetings with SECP on weekends to ensure timely finalization of all new concepts introduced in the law. He suggested that the sub-committees of both Houses should sit together for early finalization of the Companies Bill, 2016, in the national interest. The new areas being introduced through the new company law include the global register of beneficial ownership, which have been a cause of concern for the stakeholders. However, pursuant to the Panama Leaks issue, there has been a movement globally to regulate the beneficial ownership area and a number of countries including UK have undertaken legislation in this area. Barring a few concerns, the promulgation of the Companies Ordinance, 2016 was duly appreciated by majority of the stakeholders. Finance Minister told the Committee that he has advised SECP to bring before the Committee all concerned proposals and suggestions from press and professional circle for further improvement of the Law. He said that the Committee should consider all these comments with open mind so that the new Law brings maximum fruits in the matter of ease of doing business, good governance and development of corporate sector. Finance Minister chaired a meeting to review Tarbela Dam 5th Extension Hydro-power Project Finance Minister, Senator Mohammad Ishaq Dar chaired a meeting here today at the Finance Ministry regarding the Tarbela Dam 5th Extension Hydropower Project. Country Director World Bank Mr. Patchamuthu Illangovan informed the Finance Minister that loans from the International Bank for Reconstruction and Development (IBRD) and the Asian Infrastructure Investment Bank (AIIB) have been arranged for the Tarbela Dam 5th Extension Hydropower Project. He informed that IBRD will lend US 390 million while AIIB will lend US 300 million for the project. He also informed that two works contracts worth US 2 billion for the Dasu Hydropower Project are also ready for signing. He elaborated that both contracts have been awarded to the lowest evaluated bidder. Finance Minister appreciated the support of the World Bank, IBRD and AIIB in arranging the loans for the Tarbela Dam 5th Extension Hydropower Project. He said that energy reforms are one of the foremost priorities of the present government. He emphasized that the government is actively working towards elimination of load-shedding, ensuring energy self-sufficiency for the country, and provision of cheap energy at affordable rates to the people of Pakistan. He said that Tarbela Dam is an important and historic dam for Pakistan, and its successful extension, with the help of the financing made available by IBRD and AIIB, will go a long way in achieving the governmentrsquos goals for the energy sector of the country. The meeting was attended by the Auditor General for Pakistan and senior officials of the Ministry of Finance, Ministry of Water amp Power and the World Bank. Acting US Ambassador pays courtesy called on the Finance Minister Acting US Ambassador Mr. Jonathan Pratt paid a courtesy call on the Finance Minister Senator Mohammad Ishaq Dar here at the Finance Ministry today. Finance Minister and Mr. Pratt discussed matters of bilateral interest including trade and economic relations between Pakistan and the US. Mr. Pratt said that Pakistan is an important ally of the US. He said that improvement in both the security situation and also macroeconomic indicators infused confidence for US investment to Pakistan. Finance Minister said that after having achieved macroeconomic stability, the government is now focused on achieving higher, sustainable and inclusive economic growth. He appreciated the longstanding strategic partnership between Pakistan and the US. He expressed confidence that Pakistan-US ties will strengthen even further under the new US administration. British MP met with Finance Minister Rt. Hon. Khalid Mahmood British Member of Parliament for Birmingham Perry Barr, a shadow Minister for Foreign and Commonwealth Affairs called on the Finance Minister Senator Mohammad Ishaq Dar here today and discussed possibilities of expansion in bilateral trade and investment between Pakistan and U. K. British M. P. said that after Brexit from EU, Britain is looking to expand bilateral trade and investment opportunities in other countries including Pakistan. He said that Great Britain and Pakistan enjoy long standing political, economic and social ties. He mentioned that his country has continued to make significant contributions to development in Pakistan over the years. he viewed that there are bright prospects of enhanced cooperation between the two countries particularly in the field of trade and investment. The Finance Minister said that Pakistan valued its long standing ties with the UK and hoped to strengthen bilateral relations further. The Finance Minister said that the Government of Pakistan and the Ministry of Finance is looking forward to working closely with Britain in future as well. He welcomed the proposal of the British Member Parliament to enhance trade and investment with Pakistan and assured him of all support and assistance. The Finance Minister also appreciated the contributions of Pakistan origin British citizens for strengthening both countries relations. He thanked the support of Pakistani Diaspora in Britain for promoting close relationship between the two countries and supporting the Kashmir cause. Finance Minister chaired a meeting to review matters related to Privatization Federal Minister for Finance, Revenue, Economic Affairs, Statisticsamp Privatization, Senator Mohammad Ishaq Dar, chaired a meeting here today at the Finance Ministry to review matters related to Privatization. Chairman Privatization Commission Mohammad Zubair briefed the Minister on the privatization program approved by the Cabinet Committee on Privatization (CCOP). He briefed the Minister on the status of the ongoing privatization transactions and post-privatization matters. He also briefed the Minister on the performance of the Privatization Commission for the six-month period ended 31st December 2016. Finance Minister emphasized that the Privatization Commission should undertake all necessary efforts to complete the ongoing transactions in a timely manner in accordance with processes defined in the Privatization Commission Ordinance, 2000. He urged the Privatization Commission to ensure that privatization transactions are conducted in an open, fair and transparent manner. He said that the privatization program is a major component of the present governmentrsquos home-grown structural reforms agenda. The meeting was attended by senior officials of the Ministry of Finance and Privatization Commission. Finance Minister chaired a meeting to review economic performance Finance Minister Senator Mohammad Ishaq Dar chaired a meeting here today to review the economic performance in the six months ended 31st December 2016. Finance Minister noted that GDP growth appears to be on upward trajectory and inflation was steady below 4 in December 2016 while average inflation during July-December 2016 was recorded at 3.88, reflecting continued price stability. Finance Minister noted FBRrsquos performance at around 7 for the six month period ended in December 2016, reflecting catching up of the shortfall experienced in the initial months, largely on account of giving relief to consumers on petroleum prices together with sales tax refunds of Rs. 45 billions. On the expenditure side, the performance was on track as expenditure was allowed in a prudent manner in accordance with budget, and keeping in view the revenue growth. The Finance Minister, while expressing satisfaction on recent economic performance, noted that economic activities are picking up, investments are taking place, particularly in CPEC-related projects which would further accelerate after the recent understanding with Chinese authorities to further expand the scope of CPEC by including water security, Karachi Circular Railway, mass transit program for Baluchistan, projects for Khyber Pakhtunkhwa, and rehabilitation of Railways related project. He further remarked that going forward, Pakistan would experience rising growth and creation of more job opportunities. The meeting was attended by the Finance Secretary and senior officials of the Ministry of Finance. Finance Minister addressed at the IT Ministry Function Finance Minister Senator Mohammad Ishaq Dar said Monday that government was determined to promote digitalization all across the country for increasing outreach and access of financial services to people for sustainable development. This project will provide Mobile Broadband Internet3G services to the population in the yet un-served areas of Awaran-Lasbela Lot, consisting of identified un-served 269 Mauzas in Balochistan with an approximate un-served population of 196,177 covering an area of 39,434 Sq. Ft. Finance Minister said that the national exchequer earned as many as Rs160 billion through six transparent auctions of telecom spectrums, adding that the earning from the spectrum is expected to reach to Rs200 billion. He said that earlier, only Rs50 billion were estimated from the auction of the telecommunication spectrum, however with diligence and transparency mechanism, there has been multifold increase in the earnings. Chief Guest of the ceremony Finance Minister reiterated governmentrsquos resolve to provide internet and mobile access across the country, adding even the remote areas would also be covered in the network to promote digitalization. He said that the villages having even population of just 100 people would also be covered under the network. Although it was not financially viable, but providing these services and facilities to the common people was the duty of the State, he added. The Finance Minister said that government has been focusing to build infrastructure so attention is on developing telecommunication, highways and railways to ensure proper connectivity. He said that for the sake of better connectivity, the government kick started Multan-Sukkhar project despite the fact that it was not financial viable. The Minister said that the international institutions are predicting that Pakistan would become the 18th biggest economy by 2050. The challenge to the nation is to materialize this goal in a half time as has been done in case of macro-economic stability, which was predicted by the economic experts in six years but the present government of Nawaz Sharif achieved in just two and half years. The Minister said that the merger of all stock exchanges of Pakistan into Pakistan Stock Exchange (PSX) on January 11, 2016 has been bearing fruits as it has been declared 5th fastest performing exchanges now. It was not an easy job which was pending till last 15 years, but the present government did it, he added. Finance Minister said that due to the untiring efforts of the government, the load-shedding has been reduced down to three hours in cities and frour hours in rural areas. Earlier, when this government assumed the power in 2013, the power outages of 14 hours in cities and 17 hours were recorded in rural areas, he mentioned. ldquoThe darkness would be completely vanished by 2018,rdquo he remarked. Earlier, State Minister for Information Technology and Telecommunication, Anusha Rahman gave a detailed presentation on the overall performance of telecommunication sector. He congratulated the Minister Anusha Rehman and her whole team of Ministry of IT, PTA and USF for their landmark achievements in the arena of ICT. Finance Minister Announced New Petroleum Prices with Effect From 1st January 2017 Finance Minister Senator Ishaq Dar announced today the Governmentrsquos policy regarding petroleum products prices for the month of January 2017. He said that Ministry of Petroleum amp Natural Resources and OGRA have recommended an increase in prices from 1st January 2017 by 0.5 in MS 92 RON Petrol, 5.2 in HSD,16 in Kerosene Oil and 8 in LDO with effect from 1stJanuary 2017 which work out to be Rs. 0.31 Litre in MS 92 RON Petrol, Rs. 3.94Litre in HSD, Rs. 3.48Litre in LDO and Rs.6.93Litre in Kerosene Oil. The proposed increase in prices of Kerosene, LDO and MS Petrol are based on the reduced Sales Tax rates on these three petroleum products. In case the full sales tax at 17 is levied on these products, the increase in these products work out to be Rs. 14.31 per Litre in Kerosene Oil, Rs. 10.11 per Litre in LDO, and Rs. 1.77 in MS Petrol. In order to maintain stability since April 2016, prices have been maintained despite fluctuation in international prices and the government has been absorbing the negative financial impact due to Governmentrsquos decisions for not passing increases to the end consumers. Only partial increase in MS Petrol and HSD of what had been recommended by OGRA was passed on to the end consumers for only the month of December 2016. In line with the Prime Ministerrsquos instructions to provide maximum relief to the common man and keeping in view that Kerosene Oil and LDO is used by the low income people, it has been decided to maintain the prices of Kerosene and LDO at current level for the entire month of January 2017. It has also been decided that the prices of MS RON 92 Petrol and HSD will be frozen and remain unchanged at the current level till midnight 15th January 2017. As a result of the decision for not passing to the people the actual increase in petroleum products prices and maintaining prices at current level, the Ministry of Finance will bear a revenue loss of Rs. 4 billion approximately. Governor State Bank called on the Finance Minister Governor State Bank of Pakistan Mr. Ashraf Mahmood Wathra called on the Finance Minister Senator Mohammad Ishaq Dar here today. Governor SBP briefed the Minister on the latest position of the countryrsquos foreign exchange reserves. He informed the Minister that on December 30, 2016 SBP has released its First Quarterly Report for FY17 on the State of Pakistanrsquos Economy. He said that according to the report preliminary macroeconomic data signals a stable growth momentum during the year. Governor SBP also apprised the Minister on the progress made in the implementation of the National Financial Inclusion Strategy (NFIS). The Minister expressed appreciation for the efforts of SBP. He said that the present governmentrsquos economic policies have resulted in record growth in Pakistanrsquos foreign exchange reserves over the last three years, and have enabled Pakistan to achieve macroeconomic stability. He emphasized that the government is now focused on attaining higher, inclusive and sustainable economic growth. He said that the successful implementation of measures such as NFIS will play a key role in this regard. British High Commissioner called on the Finance Minister British High Commissioner H. E. Thomas Drew called on the Finance Minister Senator Mohammad Ishaq Dar. The High Commissioner briefed the Finance Minister about the recent visit of the British Foreign Secretary Rt. Honourable Boris Johnson to Pakistan. He informed the Minister that the British Foreign Secretary had a very successful and productive visit and carried positive sentiments for Pakistanrsquos economic growth and development. The High Commissioner also apprised the Minister of the Foreign Secretaryrsquos meeting with CEOs of British companies operating in Pakistan, in which the companies expressed interest to bring more investments to Pakistan. The Finance Minister expressed appreciation for the Foreign Secretaryrsquos visit to Pakistan and for his encouraging words regarding Pakistanrsquos economic progress and future potential of Pakistan-UK trade ties. He assured the governmentrsquos full support to facilitate investments by British companies in Pakistan and new companies would be welcome. He said that there was interest from across the world to expand business and trade relations with Pakistan. Senator Dar said that Renault from France has recently announced that they would start manufacturing automobiles in Pakistan. The British High Commissioner said that British companies are successfully operating in Pakistan and that they provide a positive stimulus for fresh British investment in Pakistan. He also said that UK has a strong relationship with Pakistan across a broad spectrum of areas and the scale of engagement can be further enhanced with furthering British trade and investment to Pakistan. The Finance Minister said that Pakistan valued its long standing ties with the UK and hoped to strengthen bilateral relations further. He welcomed the proposal of the British High Commissioner to enhance trade and investment with Pakistan and assured him of all support and assistance. Chairman FBR and Secretary Economic Affairs Division also attended this meeting. U. S. Secretary of State telephone called to the Finance Minister U. S. Secretary of State John Kerry made a telephone call to the Finance Minister Senator Muhammad Ishaq Dar last night. Secretary Kerry appreciated the improvement in economic indicators of Pakistan. The Finance Minister shared the latest developments in the economy and the Pakistan Stock Exchange and said that all economic indicators had improved over the last three years. He also said that the government after having achieved macro-economic stability is now focused on achieving higher sustainable and inclusive economic growth. Secretary Kerry congratulated the Finance Minister on the economic recovery brought about by the government in Pakistan. He also recalled that his association with Senator Ishaq Dar went back to the days when he was Leader of the Opposition in the Senate. The Finance Minister warmly acknowledged his association with Secretary Kerry which goes back many years and said that he considered him a friend and supporter of Pakistan and it was always a pleasure to work with him. The Finance Minister congratulated Secretary Kerry on his statement of this week on the Middle East peace process and Palestinian rights. Secretary Kerry also said that the President World Bank had recently informed him about Pakistanrsquos complaint against India on the subject of Indus Waters Treaty. Secretary Kerry said that the US would like to see an amicable solution to this issue. The Finance Minister said that Indus Waters Treaty is an international commitment and it is the responsibility of the World Bank to make sure that India honors this. Treaty and the water rights of hundreds of millions of people of Pakistan are protected. He said that the Court of Arbitration is the legal requirement and appointment of the Chairman of the Court of Arbitration must be fulfilled by the World Bank. Finance Minister said that the President World Bank had been in touch with him in writing and also on telephone during the current month. Senator Dar indicated that US support on the principles and legal position of Pakistan will be greatly appreciated. The phone call ended with mutual exchange of good wishes and the Finance Minister and Secretary Kerry exchanged Seasonrsquos Greetings and best wishes for the upcoming 2017. US Ambassador H. E. David Hale called on the Finance Minister The US Ambassador H. E. David Hale called on the Finance Minister Senator Mohammad Ishaq Dar here at the Finance Ministry today. The Finance Minister and Ambassador Hale discussed the current status of trade and economic ties between Pakistan and the US. Ambassador Hale said that the US values its longstanding ties with Pakistan and considers Pakistan an important partner. He acknowledged the economic turnaround Pakistan has achieved over the last three years. The Finance Minister emphasized to Ambassador Hale that Pakistan is open for foreign investment and said that US investors should be encouraged to invest in Pakistan. He highlighted that, according to World Banks Doing Business 2017 report, Pakistan has moved up four places in the ease of doing business rankings and is also one of the top ten global improvers. He said that the European car manufacturer Renault has recently announced its automotive manufacturing plans in Pakistan, with production scheduled to commence in 2018. The Minister assured his full support for any potential US investors looking to pursue investment opportunities in Pakistan. The Finance Minister expressed confidence that the two countries will continue to work together for the promotion of bilateral economic relations. The meeting ended with mutual exchange of seasonrsquos greetings. Finance Minister chaired a meeting to review progress on the implementation of National Financial Inclusion Strategy (NFIS) Finance Minister Senator Mohammad Ishaq Dar chaired a meeting here today to review progress on the implementation of National Financial Inclusion Strategy (NFIS). The Finance Minister was briefed on the progress made on various financial inclusion initiatives and allied indicators approved by the NFIS Council in September, 2016. Finance Minister directed that all relevant stakeholders including NADRA, FBR, Provincial Governments, SBP and Ministry of Finance should work in close collaboration for increasing outreach and access of financial services to people across the country. He emphasized the need to adopt latest technologies for enhancing financial inclusion in a more efficient manner. The Finance Minister was informed that significant growth has been witnessed in the areas of Branchless Banking, Agriculture credit, microfinance, SME Finance and Islamic Banking since the launch of NFIS in May 2015.Finance Minister appreciated the efforts of all stakeholders involved in implementation of NFIS and for improving expansion of financial inclusion facilities in the country. Meeting was attended by senior officials of Ministry of Finance. Finance Minister chaired a meeting to review proposals of the AJK Council for AJK Budget 2016-17 The Federal Minister for Finance, Senator Mohammad Ishaq Dar, chaired a meeting here today to review proposals of the Azad Jammu amp Kashmir (AJK) Council for the AJK Budget 2016-17. The Finance Secretary briefed the Finance Minister on the proposals of the AJK Government and apprised the Minister on matters related to the AJK budget for Financial Year 2015-16 as well as Financial Year 2016-17. While reviewing the proposals for AJK Budget 2016-17, the Finance Minister said that the present government has always prioritized the welfare requirements of AJK. He emphasized that successful and timely implementation of development projects in AJK should be ensured. The meeting was attended by senior officials of the Ministry of Finance. Finance Minister chaired a meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Ministerrsquos Office today. ECC has approved the proposal of the Ministry of Petroleum and Natural Resources regarding allocation of additional around 50 MMCFD available gas from Habib Rahi Limestone (HRL) reservoir to Thermal Power Station Guddu (TPSGGENCO-II) subject to installation of compression plant by TPSGGENCO-II and allocation of additional upto 26 MMCFD available gas from HRL reservoir to Ms Engro Fertilizer Ltdrsquos old plant for continuation of the plant. ECC recommended the proposal of the Revenue DivisionFBR for extension of the period of applicability of existing reduced withholding tax rate of 0.4 percent for non-filers of income tax returns from 1st January 2017 to 31st March 2017. The Finance Division apprised the ECC that State Bank of Pakistanrsquos (SBP) principal debt amounting Rs 54.460 billion outstanding against Zarai Taraqiati Bank Limited (ZTBL), as on December 31, 2015, is being converted into redeemable preference shares carrying a profit of 7.5 percent per annum, redeemable in 10 years in one bullet payment on December 31, 2025. In this regard, the ECC of the Cabinet approved issuance of guarantee of Rs 54.460 billion by the Government of Pakistan in favour of SBP for principal debt of the preference shares and returns thereon. ECC also decided to allow export of 225,000 MT of sugar from the surplus available after ascertaining that there would be 1.23 million metric tons of surplus sugar available in the country. ECC also decided that the Ministry of Commerce should ensure that there are adequate checks and balances available to maintain the price stability in the domestic market at the current level. In case the domestic price stability is disturbed, Commerce Ministry would bring Summary to consider cancelling the export permission to sugar exporters. Unlike previous years, it was decided that there will be no freight export rebate payable by the Government to sugar exporters on such exports. Furthermore, only those mills will be allowed to export which have cleared outstanding dues of farmers relating to the last season and have started crushing at full capacity. Finance Minister chaired Law Review Committee meeting The Finance Minister Senator Mohammad Ishaq Dar chaired a meeting of the Law Review committee here today. The Minister for Law and Justice, Zahid Hamid, Minister of State for Information Technology and Telecom, Anusha Rahman Khan, Special Assistant to PM on Law, Zafar Ullah Khan, Attorney General for Pakistan, Ashtar Ausaf Ali and Special Assistant to PM, Khawaja Zaheer attended the meeting. The Committee deliberated on legislative proposals to be tabled in the Parliament during the next session. The status of processing of various other legislative proposals, which are currently at draft stage, was also reviewed. The Committee also discussed the report recently submitted to the Parliamentary Committee on Electoral Reforms regarding the Draft Elections Bill 2017 and Draft Election Rules 2017. The Finance Minister said that the report has been shared with the Political Parties and also made public including uploading on the National Assemblyrsquos website to facilitate maximum consultation and enable wider consensus. Naval Chief of Staff called on Finance Minister Chief of Naval Staff Admiral Zaka Ullah Khan called on the Finance Minister Senator Mohammad Ishaq Dar here today and briefed the Minister about Pakistan Navy preparedness for safeguarding coastal boundaries of the country and measures taken for maritime security, particularly in the context of CPEC security. The Finance Minister said that National security is top priority of this Government and would extend all possible support to make the countryrsquos defense invincible. He said that Pakistan Navy is playing an important role in making Pakistan coastal defense impregnable and providing maritime security to sea lanes. Chief of Naval Staff also discussed naval development schemes and budget matters in the meeting. Ministry of Finance Dispels Demonetization Rumors The Official Spokesman of the Ministry of Finance has categorically denied the news reports and rumors circulating in a section of press and some business circles regarding demonetization of Rs.5000 note. The statement said Government has neither taken such a decision nor was there any justification for the discontinuation of Rs.5000 note. The Spokesman elaborated the position that the current denomination of highest value notes in Pakistan i. e. Rs.5000 was significantly smaller compared to those of major currencies such as 100 note, Euro 200 and Pound Sterling 50. During 2015-16, only 17 of the notes printed were of Rs.5000 denomination. Given the continuing use of cash in transactions, Government believes that discontinuation of Rs.5000 note would adversely affect the efficiency of exchange in the business and be a source of major discomfort and anxiety for the people. As such the very notion of cancellation of such convenience in transactions is preposterous and unequivocally denied. The Government further states that it is pursuing a National Financial Inclusion Strategy in association with the State Bank whereby digital transactions and branchless banking is being brought to the doorstep of people that would significantly reduce the dependence on currency. This is the way to move forward for promoting documentation in the economy rather than by cancelling any existing denomination. The Government hopes people would not lend their ears to rumors and trust the authentic word of their elected Government. Finance Minister takes notice of the fraud in National Bank of Pakistan The Federal Minister for Finance Senator Mohammad Ishaq Dar has taken a serious notice of the news item (also highlighted by a senior anchor in his recent program) regarding a fraud in the National bank of Pakistan amounting to more than a billion rupees. According to the news item the fraud had been committed in connivance with the senior bank officials, the most prominent amongst whom is an Assistant vice president of the Bank. The Finance Minister, after taking a serious notice of the news highlighted by the media, has tasked the Governor State Bank of Pakistan to investigate the matter and also send a report to the Finance Ministry within three days, so that the matter may further be proceeded in accordance with the rules. Finance Minister chaired a meeting to review matters related to SECP The Federal Minister for Finance, Senator Mohammad Ishaq Dar, chaired a meeting here at the Finance Division to review matters related to SECP. Chairman SECP briefed the Finance Minister on the legislative and reform measures being taken by the government to facilitate the corporate sector. The Finance Minister emphasized that the reforms being introduced by the government are meant to facilitate and regulate the corporate sector, in keeping with the international best practices, and use modern technology platforms. He appreciated the role of SECP in regulating the corporate sector, and in providing quality input towards policy formulation by the government to spur investment led growth. He urged SECP to continue undertaking measures to further facilitate the corporate sector. The meeting was attended by senior officials of the Ministry of Finance. Finance Minister chaired a meeting to review the measures taken by FBR on increasing the direct collection of taxes The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here at the Finance Division to review the measures taken by Federal Board of Revenue on increasing the direct collection of taxes. Chairman FBR, Nisar Mohammad Khan, briefed the Minister on the different models adopted by the countries around the world to increase the direct collection of taxes. The Finance Minister was presented different models to mobilize revenue generation by Chairman FBR and his team along with the necessary framework. The Finance Minister directed Chairman FBR to prepare a comprehensive plan that may be implemented through the next Finance Bill. The Finance Minister also directed FBR to take all measures that would facilitate the voluntary tax payers filers he also directed that there should be a clear distinction between filers and non-filers. The FBR will present their firmed up proposals in the next meeting which will be held soon. The meeting was participated by senior officials of the Finance Division and Federal Board of Revenue. WB delegation hold a meeting with Finance Minister The Federal Minister for Finance Senator Mohammad Ishaq Dar held a meeting with a World Bank delegation led by Country Director for Pakistan Mr. Patchamuthu Illangovan. The World Bank Country Director briefed the Minister regarding international best practices on anti-money laundering. He also briefed the Minister on the international best practices on corporate governance sector, global registry and relating to banking financial institutions. The Finance Minister informed the Country Director that the Government was actively working on ensuring a sound legislative and regulatory frame work to curb money laundering and ensure transparency in fiscal governance. The meeting was attended by senior officials of Ministry of Finance and World Bank. Finance Ministers letter to the President of WB on IWT Finance Minister Senator Mohammad Ishaq Dar sent a letter to Mr. Jim Yong Kim, President of the World Bank Group, Washington D. C. and responded to the World Bankrsquos decision to ldquopauserdquo the process of empanelment of the Court of Arbitration. Finance Minister emphasized in his letter that this decision of the World Bank will seriously prejudice Pakistanrsquos interests and rights under the Indus Waters Treaty (1960). The letter from the Finance Minister is a response to the President World Bankrsquos letter of 12th December, 2016. 2. The letter to the President World Bank has been sent with approval of all concerned stakeholders and strongly conveys that the matter of appointment of a Chairman of the Court of Arbitration has been inordinately delayed, while urging the World Bank to execute its obligations under the Indus Waters Treaty as the ldquochosen appointing authorityrdquo and ldquoappoint the Chairman of the Court of the Arbitration Indus Waters Treaty, expeditiouslyrdquo. 3. Finance Minister noted that the ldquopauserdquo proposed by the President World Bank Group will merely prevent Pakistan from approaching a competent forum and having its grievances addressed. The letter from the Finance Minister notes that the Indus Waters Treaty 1960 does not provide for a situation wherein a Party can ldquopauserdquo performance of its obligations under the Treaty. 4. The Finance Minister has stated that the letter of 12th December 2016 from the World Bank is a departure from the World Bankrsquos earlier position conveyed in its letter of 18thOctober 2016 in which it was stated: ldquoThe Bankrsquos role is limited in character, and relates only to the exercise of procedural functions which do not touch upon the factual or legal merits of the contested issuesrdquo. The Finance Minister emphasized that as acknowledged by the World Bank, ldquothe Bank has a well-defined role, which should remain consistent with the provisions of the Treatyrdquo. Finance Minister chaired a meeting to review matters related to Pakistan-China JCC The Finance Minister, Senator Mohammad Ishaq Dar, chaired a meeting here today to review matters related to the upcoming Pakistan-China Joint Cooperation Committee (JCC) meetings and CPEC. Secretary Planning, Development and Reforms briefed the Finance Minister on the implementation status of various projects under CPEC. Secretary Economic Affairs Division briefed the Minister on development assistance for ongoing and upcoming CPEC projects. The Finance Minister appreciated the ongoing efforts of Planning Division, EAD, FBR and all other stakeholders to make CPEC a success. He said that CPEC will provide a major impetus to Pakistanrsquos economy and will enable higher, inclusive and sustainable economic growth. He urged all stakeholders to ensure timely and successful completion of various CPEC projects. He emphasized that all government ministries and departments who are involved in the implementation of CPEC should ensure effective coordination amongst each other. The meeting was attended by senior officials of the Ministry of Finance. Finance Minister chaired a meeting on development policy credit for growth Federal Finance Minister, Senator Mohammad Ishaq Dar, held a meeting with a delegation of the World Bank, led by Country Director Mr. Patchamuthu Illangovan, here today to review the World Bankrsquos proposed Development Policy Credit for Growth. The Finance Minister reviewed various reforms initiatives being undertaken by the government and implementation status of various projects being executed with World Bankrsquos assistance. The Finance Minister expressed satisfaction over the pace of project implementation and appreciated the cooperation offered by the World Bank team to Pakistan in its various development projects. Both sides agreed to speed up the reforms process which will bring economic efficiency and transparency in the system. The Country Director World Bank appreciated the reforms introduced in various sectors by the current government. The meeting was attended by Secretary Economic Affairs Division and other senior officials of Ministry of Finance and the World Bank. The first meeting of the e-Commerce Policy Board was chaired by the Finance Minister, Senator Mohammad Ishaq Dar, at the Ministry of Finance today. The Board has recently been constituted by the Prime Minister Muhammad Nawaz Sharif to oversee the cross-institutional efforts of creating an e-Commerce Policy Framework being coordinated by the Ministry of Commerce. The Finance Minister said that formation of the e-Commerce Policy Board is proof of the governmentrsquos serious commitment to the promotion of e-Commerce in Pakistan. He highlighted the importance of creating a conducive environment for the growth of e-Commerce in the country, including through provision of the requisite infrastructure, and legal amp regulatory framework. Secretary Commerce briefed the Board on the current status and future prospects of e-Commerce globally and in Pakistan. He informed that e-Commerce now accounted for nearly 2.6 of global GDP. He highlighted that e-Commerce is still in its infancy in Pakistan but it is estimated to reach US 1 billion by 2020 provided the correct regulatory framework and infrastructure is in place. The Commerce Minister, Engr. Khurram Dastgir Khan, informed the Board that e-Commerce had become a globally important issue in the World Trade Organization. He emphasized that it was extremely important for Pakistan to create an environment in the country which would lead to high growth of SMEs, including e-Commerce initiatives. Minister of State for IT amp Telecom, Ms. Anusha Rahman, informed that the Ministry of IT amp Telecom is already working on some key areas related to e-Commerce which would assist in unlocking the hidden potential of e-Commerce in Pakistan. The Board discussed the way forward to devise a comprehensive e-Commerce Policy in the country. A detailed action plan focusing on reforms in several areas affecting e-Commerce was discussed. The Board approved formulation of five Working Groups on various tasks in the plan, namely Taxation, Payment Infrastructure, Regulatory Framework, Logistics, and E-Commerce, WTO amp Development, with representatives from both the public and private sectors. The Board also directed that the holistic regulatory framework may be examined in consultation with all stakeholders to promote and ease e-Commerce. The Finance Minister thanked all participants and encouraged all members of the Board to work on a fast-track basis to ensure the success of this initiative. The meeting was also attended by Governor State Bank of Pakistan, Chairman SECP, Chairman FBR, Secretary IT, Secretary Communications, private sector representatives, and senior officials of the Ministry of Finance, Ministry of Commerce and SBP. Finance Minister chaired a meeting with a delegation of the Lahore Chamber of Commerce and Industry The Finance Minister held a meeting with a delegation of the Lahore Chamber of Commerce and Industry led by Mr. Abdul Basit, President LCCI here today. Welcoming the delegation, the Finance Minister recalled that when the present government assumed office in 2013, Pakistanrsquos economy was in a precarious situation and international experts were predicting that it would take Pakistanrsquos economy five years to stabilize. The Minister highlighted that, contrary to those predictions, Pakistan has managed to achieve macroeconomic stability within two and a half years due to the efforts of the present government. He said that the government is now focused on achieving higher, sustainable and inclusive economic growth. Mr. Abdul Basit, President of the Lahore Chamber of Commerce and Industry congratulated the Minister over his remarkable achievements in achieving macro-economic stability, structural reforms, merger of three stock exchanges, Companies Bill 2016 and uninterrupted electricity supply to the Industry. He said the business community highly appreciates these developments and making sincere efforts to boost industrial growth and exports. He stressed upon the need of focusing on food industry which has huge potential to enhance exports and provide relief to the agriculture sector. He also extended an invitation to the Finance Minister to visit Lahore Chamber of Commerce and Industry in the near future. The Finance Minister accepted the LCCIrsquos invitation and briefed the delegation on the turnaround of Pakistanrsquos economy in the last three years, macroeconomic stability, and improvement of energy and security situation in the country, which has provided a conducive atmosphere for foreign direct investment. The Government has built confidence of the business community and countryrsquos outlook is positive, he maintained. The Finance Minister said that the Government is implementing all those things promised in the PML (N) election manifesto. The Finance Minister informed the delegation that the OECD Multilateral Convention on Mutual Administrative assistance in Tax Matters, which he signed on 14th September, 2016 in Paris has been ratified by the Pakistani Cabinet. He added that Pakistani Cabinet also authorized the processing of Pakistanrsquos membership to Open Government Partnership (OGP). Accordingly, he handed over Pakistanrsquos Letter of Intent for joining OGP to the French President Francois Hollande in the OGP Global Summit held in Paris. All these measures vouch Prime Minister Nawaz Sharif Governments commitment to usher in transparency and good governance in Pakistan, he maintained. He viewed that these steps had enhanced Pakistan image as a sovereign and prestigious country in the international arena. The Minister said that worlds economists applauded Pakistans economic performance and British economist Jim ONeill said in his report that Pakistan had potential to become the 18th largest economy by 2050 but he is determined to achieve this target much earlier. He assured the delegation that Government would make every possible effort to promote investment and exports. The delegation also discussed problems being faced in further growth of industry in the country. Finance Minister chaired a meeting to review financial matters pertaining to the upgradation of Pakistan Railways The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here at the Finance Division to review financial matters pertaining to the upgradation of Pakistan Railways. Minister for Railways Khwaja Saad Rafique and Minister for Planning and Development Ahsan Iqbal were also present in the meeting. Minister for Railways Khwaja Saad Rafique informed the meeting that Pakistan Railways has been planning to upgrade its infrastructure to provide better services to its customers and incorporate the technological developments taking place around the world for most efficient use of resources. The Minister also stated that Railways infrastructure had been neglected in the past years and under the present leadership, improving the roads and communication infrastructure has been the priority of the government. He also said that the constant upgradation of the Railways infrastructure will prove be an active factor in increasing the speed of development in the country. Federal Minister for Finance Senator Mohammad Ishaq Dar assured the Ministry of Railways that maximum possible help and assistance will be provided to the Railways Ministry on its upgradation initiatives as it is one of the most important public sector service providers and still a cost effective source of travel for the common man in the country. Ministry of Planning Development and Reforms and Economic Affairs Division were also advised to assist the Ministry of Railways in the development of projects for the improvement in Railways network. The meeting was participated by senior officials of the Ministry of Finance, Ministry of Railways, Economic Affairs Division and Ministry of Planning and Development. Finance Minister chaired the meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Ministerrsquos Office today. ECC considered and approved Policy Directives to NEPRA to make the Policy Framework for Private Sector Transmission Line Projects, 2015, consistent with the existing practice of tariff determination, for the purpose of clarity. ECC also deliberated upon the Ministry of Water and Power proposal regarding implementation of 660 KV HVDC transmission line from Matiari to Lahore project. ECC of the Cabinet authorized Ministry and PPIB to process 660 kv HVDC Matiari-Lahore Transmission Line Project to State Grid Corporation of China (SGCC) China Electric Power Equipment amp Technology Co. Ltd (CET) subject to acceptance of NEPRArsquos approved Tariff for the Project and fulfillment of other applicable provisions of Transmission Line Policy 2015 on the basis of fact that the project has been conceived and awarded under CPEC. Finance Minister chaired the meeting of ECNEC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC) here at the Prime Ministerrsquos Office today. ECNEC considered and approved the Prime Ministerrsquos National Health Program (Revised), which will be implemented in 34 districts all over Pakistan at a rationalized cost of Rs. 8,179.092 million. The program is expected to be completed in 36 months. The project aims at improving the health status of the population in the country by ensuring access to quality health care especially enhancing coverage and access to secondary and priority treatment of the poor and vulnerable population. The insurance cover would be limited to Rs. 50,000 per family per annum for secondary care treatment and Rs. 250,000 per family per annum for priority treatment. ECNEC also considered and approved ldquoRenewable Energy Development Sector Investment Program (REDSIP) (2nd revised PC I) at an estimated cost of Rs. 15,794.66 million including FEC of Rs. 4,865.97 million. The project envisages construction of three hydropower projects with total capacity of 56.2 MW including 36.6 MW Daral Khawar Hydropower project (HPP), 17 MW Ranolia HPP and 2.6 MW Machai HPP. Under this program, three feasibility studies of Koto HPP (31MW), Jabori HPP(8MW) and Karora HPP(9.8MW) will also be carried out besides capacity building of PEDO. The main objective of the REDSIP program is to develop on sustainable basis, environment friendly and affordable, renewable power potential of Khyber Pakhtunkhwa. The project will be located in the districts of Swat, kohistan, Mardan, Dir, Shangla, Mansehra and Peshawar. The 1410 MW Tarbela 5th Extension Hydropower Project was also approved by ECNEC at a revised cost of Rs. 82,361.6 million. The implementation period of the project will be around 48 months (2017-2021). The aim of the project is installation of three additional power generating units, having installed capacity of 470 MW each (total 1410 MW) on existing Tunnel-5 without affecting the capacity of irrigation release. The total installed capacity of Tarbela Dam after completion of Tarbela 5th extension will rise to 6298 MW. ECNEC also gave final approval for the Dualization and Improvement of Mandra Chakwal Road Project (64 km) Revised at the total cost of Rs.9332.006 million. The project had been approved by ECNEC in principle on 8th March 2016 with an observation the final approval came after the compliance of the said observation. The project is for the improvement rehabilitation of 64 km existing road to a width of 7.3 m (2-lanes carriageway), construction of additional 7.3 m wide road (2-lanes carriageway) provision of 7.3 m wide and 14.5 km Chakwal Northern by-pass, a railway flyover with allied structures and facilities. ECNEC approved the proposal of the Government of Balochistan to change the executing agency for the Construction up-gradation of Dirgi Shabozai (N-70) to Taunsa Sharif (N-55) Road (175km) project from Balochistan Development Authority to Communications and Works Department, Government of Balochistan. The project has already been approved by ECNEC on 13-9-2013 at the total cost of Rs. 4795.980 million. The project envisages the construction up-gradation of 6.1 m wide and 155KM long road besides widening of 20km long section from 3.65 m width and allied facilities between Dirgi-Shabozai on N-70 leading to Taunsa Sharif on N-55 with the cost being shared by the Federal and provincial governments in 60:40 ratio. Construction of 6- Lane Highway from Kala Shah Kaku to Lahore Ring road (18.30 Km) including Bridge over River Ravi (Lahore Eastern Bypass) was also approved by ECNEC at the total cost of Rs.12, 848.047 million. The scope of work also includes construction of 6 lane bridge over River Ravi spanning 800 m, 2 bridges over railway crossings, 4 bridges on drains nullahs, 5 underpasses, 3 interchanges, 17 cattle creeps, 12 culverts, drainage, erosion and flood protection works. The executing agency for the project will be the National Highway Authority. The project will be completed in a period of 24 months starting from October 2016. ECNEC also approved the ldquoTechnology Park Development Project-Islamabadrdquo at the total cost of Rs.9246.013 million. The foreign exchange component for the project (Rs 7983.091 included in the total cost) will be provided by the EXIM Bank of Korea through a soft loan. The project is expected to be completed in 4 years. The project envisages the establishment of Information Technology Park on 14.9 acres of land leased by PSEB at Kuri Road Chak Shahzad, Islamabad. The concept design park proposes two phases of self contained and interconnected buildings having covered area of approximately 45000 square meters providing office space and other facilities to IT companies. ECNEC was also briefed that the successful completion of the project will open door of direct indirect employment opportunities for Pakistanis. ECNEC also approved ldquoFaculty Development Program for Pakistani Universitiesrdquo at the rationalized cost of Rs.7142 million. The program is expected to be completed by December 2024. Under the project 2000 Split PhD scholarships to non-PhD faculty members already inducted in the public sector universities Degree Awarding Institutes (DAIs). Scholars will start their initial research in Pakistan and at any point during research heshe would be required to proceed abroad for a maximum period of 6-12 months with the recommendation of the local supervisor and acceptance by the foreign supervisor for the research work. The program is expected to improve the quality of higher education in the country. According to HEC, all provinces will be given due representation in the program. Finance Minister chaired the 20th Meeting of PCER Finance Minister Senator Mohammad Ishaq Dar chaired the 20th meeting of the Parliamentary Committee on Electoral Reforms (PCER) here today. The Sub-Committee unanimously submitted its Report regarding the Draft Elections Bill, 2017, the Draft Elections Rules, 2017 (being sent to the Election Commission of Pakistan for finalization as per Elections Bill, 2017) for consideration and approval of the PCER. The PCER has also been informed about the Draft Constitution (Twenty-seventh Amendment) Bill, 2017. Since its formation, the Parliamentary Sub-Committee held seventy (70) meetings and submitted 7 Progress Reports to the PECR. It examined the following 9 Laws and the Constitution relating to elections, namely:- (i) the Electoral Rolls Act, 1974 (Act No. XXI of 1974) (ii) the Delimitation of Constituencies Act, 1974 (Act No. XXXIV of 1974) (iii) the Senate (Election) Act, 1975 (Act No. LI of 1975) (iv) the Representation of the People Act, 1976 (Act No. LXXXV of 1976) (v) the Election Commission Order, 2002 (Chief Executiversquos Order No.1 of 2002) (vi) the Conduct of General Elections Order, 2002 (Chief Executiversquos Order No.7 of 2002) (vii) the Political Parties Order, 2002(Chief Executiversquos Order No.18 of 2002) (viii) the Qualifications to Hold Office Order 2002 (Chief Executives Order No. 19 of 2002) and (ix) the Allocation of Symbols Order, 2002. The PCER has held 20 meetings so far. In its todayrsquos meeting, the PCER discussed the Report of the Sub-Committee referred to above and adopted the same and decided that the Draft Elections Bill, 2017, be presented to the Senate and National Assembly of Pakistan for consideration and views of the honorable parliamentarians within 30-days to the National Assembly Secretariat for the consideration of the PCER. It was also decided to put it on website for civil society comments and suggestions as well. A number of honorable members of the PCER expressed their reservations regarding the 10 turnout of the women voters with reference to clause 9 of the Draft Elections Bill, 2017and proposed that the same should be 5. About this matter final decision will be taken in subsequent meeting of the PCER. With reference to the Draft Constitution (Twenty-seventh Amendment) Bill, 2017, the PCER decided that it may be finalized by the Sub-Committee by keeping in view the other proposals relating to the Constitutional provisions requiring amendments, as and when received. The Chairman of the PCER, also appreciated all the Members, especially the Convener and Members of the Sub-Committee, as well as officers and staff of the ECP, NADRA, Ministry of Law and Justice, and National Assembly Secretariat for their hard work in finalizing the Report and accompanying DraftsAnnexures. On this occasion, a team of experts gave demonstration on Bio-metric Voters Identification (BVI) and Electronic Voting Machines (EVM) to the Committee. The meeting was attended Mr. Zahid Hamid, MNA, Minister for Law and Justice amp Climate Change, Lt. Gen. (Retd.) Abdul Qadir Baloch, MNA, Minister for States and Frontier Regions, Mr. Murtaza Javed Abbasi, MNA, Deputy Speaker, National Assembly, Ms. Anusha Rehman Khan Advocate, MNA, Minister of State for Information Technology and Telecommunications, Dr. Tariq Fazal Chaudhry, MNA, Minister of State for Capital Administration and Development Division, Syed Naveed Qamar, MNA, Ms. Shazia Marri, MNA, Mr. Shafqat Mehmood, MNA, Dr. Shireen Mehrunnisa Mazari, MNA, S. A. Iqbal Quadri, MNA, Sahibzada Tariq Ullah, MNA, Ms. Naeema Kishwar Khan, MNA, Mr. Usman Khan Tarakai, MNA, Mr. Aftab Ahmed Khan Sherpao, MNA, Mr. Muhammad Ijaz-ul-Haq, MNA, Syed Ghazi Gulab Jamal, MNA, Senator MushahidUllah Khan, Senator Saleem Zia, Senator Aitzaz Ahsan, Senator Syed Shibli Faraz, Senator Mushahid Hussain Syed, Senator Hidayat Ullah, Ms. Asia Nasir, MNA. The Officers of the ECP along with a team of experts on electronic voting machines and biometric voters identification systems, NADRA, Ministry of Law and Justice, and National Assembly Secretariat also attended the meeting. Finance Minister chaired the 3rd meeting of the 9th National Finance Commission (NFC) The Federal Finance Minister Senator Mohammad Ishaq Dar chaired the 3rd meeting of the 9th National Finance Commission (NFC) here today. The meeting was participated by the Members of the Commission namely Ms Dr. Aisha Ghaus Pasha, Finance Minister Punjab, Mr. Said Muzaffar Advocate, Finance Minister KPK, Senator Saleem Mandviwala, Member Sindh, Prof. Muhammad Ibrahim Khan, Member KPK, Dr. Kaiser Bengali, Member Balochistan and Dr. Ali Cheema, Member Punjab. The meeting was also attended by Federal Finance Secretary, MemberFederal Expert, Chairman, FBR, Additional Finance Secretary (IGF), Joint SecretarySecretary NFC, Finance Division and the four Provincial Finance Secretaries. The Chairman, NFC Senator Mohammad Ishaq Dar welcomed the participants and informed that CCI in its meeting held on 16-12-2016 referred the proposal for creation of National Security Fund (NSF) and allocation for Special Areas i. e. Azad Jammu ampKashmir, Gilgit-Baltistan and FATA, to the NFC for deliberation. He highlighted the extraordinary security situation and measures being taken by the Federal Government. He also explained that though the Federal Government is providing funds to Special Areas, however, their financial needs are increasing year on year. To further elaborate the proposal, Federal Finance Secretary made presentation on NSF and Special Areas. It was recommended that for NSF and Special Areas, NFC may consider to allocate 3 amp 4 of the gross divisible pool respectively. The provincial representatives desired that they should be given time for deliberation and consultations, so that they may come up with appropriate reply to the recommendations, which was accepted. It was also desired that the Federal Government may put forth a complete set of proposals i. e. details and modalities, for use of fundallocation, particularly related to Special Areas. The 3rd meeting of the 9th NFC was held in a cordial and friendly atmosphere. The Provincial Governments and the Federation agreed to push the process for completing the next NFC Award before the next budget. For this purpose, the Commission agreed to convene next meeting in January, 2017. It was also proposed that, if all provinces agree, the next meeting of the Commission may be convened at Lahore. Promotion of Islamic Banking in Pakistan Finance Minister Senator Mohammad Ishaq Dar said that the government is taking structured policy actions to promote Islamic Banking in Pakistan. In this connection, the Finance Ministry has issued Notifications constituting four sub-Committees for promotion and facilitation of Islamic Banking in the country. Terms of Reference of the sub committees were also approved and issued. The SUB-COMMITTEE ON LEGAL amp REGULATORY FRAMEWORK will be chaired by the Governor State Bank of Pakistan. It has representation of various commercial Banks, Shariah Scholars, Ministries of Law and Finance. TORs of the Committee include Fast track adoption of Accounting and Auditing Organization for Islamic Financial Institutions amp Islamic Financial Services Board standards for Islamic Financial Institutions (IFIs), encourage conventional banks with large Islamic banking operations to convert into full-fledged Islamic banks or establish Islamic banking subsidiaries and conversion of domestic debt into Shariah compliant financing. The SUB-COMMITTEE ON TAXATION will be chaired by the Chairman Federal Board of Revenue. It has representation of the Banks, Finance Division, Shariah Scholars and Heads of Revenue Authorities of all Provinces. The Committee will advise FBR to provide tax neutrality for Islamic Financial Institutions and review tax related matters of Islamic banking subsidiaries of conventional banks and will make it a competitive business model. The SUB-COMMITTEE ON CAPITAL MARKET will be chaired by the Chairman, Securities amp Exchange Commission of Pakistan. It has representation of FPCCI, Banks, Shariah Scholar, Pakistan Stock Exchange and Finance Division. The committee will harmonize terms and conditions of Shariah compliant instruments issued by NBFC, Notified Entities and Modarabas, Issuance of retail sukuk, introduce innovative financial products like Real Estate Investment Trust, securitisation etc on Islamic basis. Further, SBP amp SECP will develop framework for Islamic Banking Institutions to enter into private equity business. The SUB-COMMITTEE ON AWARENESS, TRAINING AND CAPACITY BUILDING will be chaired by the Deputy Governor, SBP who is also the convener of all the sub-committees. It has representation of National Institute of Banking and Finance (NIBAF), SECP, Banks, IBA, LUMS, IMS and Finance Division. This committee will promote culture of Islamic finance research and development, set up multi-stakeholdersrsquo forum-Islamic Finance Association, introduce educational reforms w. r.t Islamic Finance and Training amp capacity building of designated focal persons in government departments. Finance Minister chaired the meeting of ECC The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today at the PM Office. ECC approved a summary submitted by the Finance Division regarding lifting of withholding tax on small farmers schemes. The summary sought exemption from the purview of section 236U of Income Tax Ordnance, 2001 to the Crop Loan Insurance Scheme and livestock Insurance Scheme which are aimed at providing risk cover to mitigate losses in case of natural disasters. ECC also approved extension in the export of wheat date from 30th November 2016 to 31 December 2016. It was also approved that same rate of rebate would be given on export of wheat products like Suji, Maida and wheat flour fine (Aata) as available on per Kg wheat export. Meaning thereby that one Kg of Suji, Maida and wheat flour Fine (Aata) will be exported against one Kg of wheat issued so there will be no extra claim of rebate. As more than 3 million tons exportable surplus wheat is available, the Ministry of National Food Security and Research proposed to allow export of the equal quantity of Suji, Maida and wheat flour Fine (Aata) equivalent to the quota of wheat issued. The Ministry of National Food Security and Research proposed maintaining the Minimum Guaranteed Price (MGP) of Wheat at Rs.1300 per 40 Kg for wheat crop 2016-17. ECC accorded approval to the proposal for maintaining the MGP of Rs.1300- per 40 Kg for wheat crop 2016-17. ECC also approved relending the China Eximbank Loans to Pakistan Atomic Energy Commission (PAEC) for Chashma Nuclear Power Project 3 and 4 on similar termslines available to the loans relent to provincial governments departments. The Chinese loans will be relent to PAEC at actual terms and conditions available to the Government of Pakistan and also the exchange rate risk will be borne by PAEC. The Ministry of Petroleum and Natural Resources apprised the ECC regarding increase in natural gas production of more than 83 to 84 MMCFD from Nashpa field. It also stated that the Ms SNGPL is also keen to receive the additional gas due to demand-supply imbalance of natural gas on its system. The ECC approved the Ministry of Petroleum amp Natural Resources proposal for allocation of the additional gas up to 84 MMCFD produced from Nashpa field to SNGPL to cope with demand-supply imbalance on its system. ECC also accorded approval in principle for re-enactment of OGRA Amendment Ordinance, 2009 XVI of 2009 with retrospective effect containing validation and sun-set clauses from the date of promulgation of the Ordinance with a condition not to change the present system of Sales Tax collection. ECC approved the Memorandum of Agreement signed on 20th May 2016 between the Ministry of Petroleum and Natural Resources and the Balochistan government for extension of Sui gas mining lease agreement for next ten years. President AJK met with Finance Minister The President of Azad Jammu and Kashmir Sardar Masood Khan held a meeting with the Federal Minister for Finance Senator Mohammad Ishaq Dar here today. President AJK thanked the Finance Minister for his cooperation and support in addressing and resolving the issues of the AJK government on priority basis. He appreciated the move of the Government of Pakistan to join the Open Government Partnership (OGP) initiative and observed that it would improve the image of Pakistan. He said that Pakistanrsquos standing has globally improved due to the enabling environment created by the PML (N) Government. President AJK discussed with the Finance Minister budgetary outlays and details of developmental projects of the AJK government. The Finance Minister said that the Federal Government is cognizant of these issues and fully supports the AJK government on its agenda of early completion of its development projects. He said that the federal government has always given all possible support to the AJK and will continue to do so. President AJK said that due to the policies of macro-economic stability brought about by the government, the outlook of Pakistan has improved. He emphasized that the AJK government appreciates the hand holding of the federal government in addressing the financial matters of AJK. The Finance Minister also shared the details of his recent visit to France for joining the OGP initiative. The Minister told the President AJK that the OGP initiative promotes transparency, citizen participation and democratic innovation. The Minister also shared that the Government is also planning to sign the OECD Convention on Anti-bribery. Senior officials of the Ministry of Finance and AJK participated in the meeting. Finance Minister met with French Counterpart in Paris Before leaving for Islamabad after his official visit to Paris, Finance Minister Senator Mohammad Ishaq Dar met with French Finance Minister Michel Sapin yesterday. This was his second meeting with French counterpart in the last three months. French Minister Sapin congratulated the Finance Minister on joining the Open Government Partnership process. He also appreciated the ratification by Pakistan of the OECD Convention on Mutual Assistance on Tax Matters. The Finance Minister apprised his counterpart of the importance Pakistan attaches to transparency in public matters and his intention to make Pakistan a member of OECD Convention against Bribery in due course. The Finance Minister briefed Minister Sapin on the turnaround of Pakistanrsquos economy in the last three years, macroeconomic stability, and improvement of energy and security situation in the country, which has provided a conducive atmosphere for foreign direct investment. Mr. Sapin acknowledged Pakistanrsquos economic achievements and expressed hope that the journey towards further progress and development would continue. Both the Ministers also discussed trade, economic and investment relations between the two countries. While expressing satisfaction over the upward trajectory of bilateral relations, including decision by French automobile company Renault to start manufacturing vehicles in Pakistan, they emphasized the need to further strengthen ties through the institutional mechanism of Administrative, Economic and Trade Committee (AETC). They agreed, in principle, to upgrade AETC to Ministerial level. The Finance Minister invited Mr. Sapin to visit Pakistan to co-chair the next meeting of AETC. Prior to that, both sides would meet early next year at Secretary level to prepare the ground for the Ministerial meeting. Secretary Economic Affairs Division and Ambassador of Pakistan to France were also present in the meeting. Governor State Bank called on the Finance Minister Governor State Bank of Pakistan, Mr. Ashraf Mehmood Wathra called on the Federal Minister for Finance Senator Mohammad Ishaq Dar today. Governor State Bank of Pakistan discussed recent measures taken by the State Bank of Pakistan on the crackdown against illegal money exchangers as directed by the Finance Minister before he left for Paris. He also informed the Minister on the latest foreign exchange reserve situation of the country. He briefed the Minister on the current forex reserve position and the measures adopted by SBP to facilitate the export oriented sectors. The Finance Minister stressed upon the need of best possible management of the precious resources of the country and provision of maximum facilities to the export oriented sectors to enhance exports of the country. The Finance Minister also shared with him the details of his recent visit of Paris to join the Open Government Partnership (OGP) an international platform committed towards making governments more open, accountable and responsive to citizens. The OGP was launched in 2011and 70 countries have so far joined this Partnership. Finance Minister Holds Bilateral with CEO of French Development Agency (AFD) Senator Mohammad Ishaq Dar, Pakistanrsquos Minister for Finance and Economic Affairs met with Mr. Remy Rioux, Chief Executive Officer of French Development Agency (AFD) in Paris yesterday. The CEO of AFD appreciated the progress that Pakistan has made in stabilizing economy and taking it to a higher trajectory of growth. During the meeting, Finance Minister said that Pakistan values the financial assistance provided by AFD to Pakistan in important sectors including energy, water and sanitation. He added that Pakistan government appreciates AFDrsquos support for GoP initiatives for improving the transmission efficiency and water and sanitation in Pakistan. AFD announced that for the year 2016, it has approved a portfolio of Euros 265 million as soft loans for Rehabilitation of Mangla Hydropower plant, augmenting NTDC transmission capacity and budget support for energy sector reforms. AFD has joined ADB and JICA in the 5 year budget support program initiated in 2014 for improving the management of tariff opening the market and strengthening accountability and transparency in the energy sector. AFD also evinced interest in working in the sectors of heritage and culture. AFD has been operating in Pakistan since 2007. It is promoting green and inclusive growth and has been focusing on renewable energy and energy efficiency projects. Mr. Sanjay Pradhan, Chief Executive Officer, Open government Partnership (OGP) called on the Finance Minister in the Embassy of Pakistan and congratulated Pakistan on joining the elite group of members of OGP. He invited Pakistan to participate in the meetings of various OGP Working Groups and Steering Committees and offered help in developing Pakistanrsquos National Action Plan for OGP. The Finance Minister said that Pakistanrsquos decision to join OGP demonstrates governmentrsquos commitment to a transparent and accountable governance. He reiterated governmentrsquos pledge to work against corruption and fiscal fraud and further high level commitments to fully achieving and sustaining the principles of OGP. Mr. Bernard Cambier, Head of Middle East Division of Renault, the French largest car manufacturing company also met with the Finance Minister. They reaffirmed Renaultrsquos decision for setting up their car manufacturing facility in Pakistan by 2018. Finance Minister appreciated Renaultrsquos decision for choosing Pakistan for establishing their car facility and assured full support for Renaultrsquos operations in Pakistan. Finance Minister also interacted with French and Pakistani media and briefed them on the outcome of his visit. The meetings were also attended by Mr. Tariq Bajwa, Secretary Economic Affairs Division, Pakistan, Ambassador of Pakistan to France Moin ul Haque and the Embassy team. Finance Minister held bilateral meeting with Secretary General,(OECD) in Paris Finance Minister Senator Mohammad Ishaq held bilateral meeting with Mr. Angel Gurria, Secretary General, Organization for Economic Cooperation and Development (OECD) in Paris today. This was his second meeting with OECD Secretary General in the last three months. The Finance Minister informed the Secretary General that the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which he signed on 14th September, 2016 in Paris has been ratified by the Pakistani Cabinet. He added that Pakistan Cabinet also authorised the Finance Minister for processing Pakistanrsquos membership to Open Government Partnership (OGP). Accordingly, he handover Pakistanirsquos Letter of Intent for joining OGP to the French President Franccedilois Hollande in the OGP Global Summit held in Paris. Secretary General OECD welcomed Pakistanrsquos membership to OGP which coupled with Pakistanrsquos active engagement with OECD clearly demonstrated Pakistanrsquos commitment to join the international mainstream fora to adopt their best practices and to a transparent and accountable governing structure. He invited Pakistan to join OECD Development Centre and offered OECDrsquos technical help for developing Pakistanrsquos National Action Plan for OGP. Senator Ishaq Dar shared with OECD Secretary General that Pakistan is currently working to meet the OECD criteria and parameters to formally apply for accession to OECD Convention on Combating Bribery. Earlier, the Finance Minister met with Sir Eric Pickels, Head of UK Anti-Corruption on the sidelines of OGP Summit. Sir Eric congratulated the Finance Minister on joining OGP. The Minister informed Sir Eric that Pakistan was the first country to issue a Tax Directory of parliamentarians and the fourth country to publish General Tax Directory of tax payers for the three consecutive years. They also discussed matters relating to transparency and good governance. Mr. Denis Simonneau, the Head of European and International Relations, ENGIE, a leading French energy company also called on the Finance minister at the Embassy of Pakistan in Paris and expressed interest of his corporate group to cooperate in the field of energy in Pakistan. All the meetings were also attended by Mr. Tariq Bajwa Secretary Economic Affairs Division, Pakistan, Ambassador of Pakistan to France Moin ul Haque and Embassy team. Senator Mohammad Ishaq Dar Federal Minister for Finance and Economic Affairs of Pakistan is meeting with Sir Eric Pickels Head of Anti-Corruption, UK at the British Embassy in Paris today (8th December, 2016). Senator Mohammad Ishaq Dar Federal Minister for Finance and Economic Affairs of Pakistan is holding bilateral meeting with Mr. Angel Gurria, Secretary General, Organization for Economic Cooperation and Development (OECD), in OECD Headquarter in Paris, Today (8th December, 2016). Senator Mohammad Ishaq Dar Federal Minister for Finance and Economic Affairs of Pakistan is meeting with Mr. Remy Rioux, Chief Executive Officer of French Development Agency (AFD), in AFD Headquarters, Paris, France today (8th December, 2016).8203 Finance Minister will attend OGP Summit, AFD moot hold Bilateral Meetings in France Senator Mohammad Ishaq Dar, Federal Minister for Finance and Economic Affairs will undertake a three day official visit to Paris, France starting from tomorrow. Senator Dar accepted the invitation of the Minister of Foreign Affairs of France and the UK government to participate in the OGP Summit being held from 6th to 9th December in Paris. During his visit, the Minister will attend the OGP Summit and the closing ceremony of the 75th Anniversary Celebration of French Agency of Development (AFD) (likely to be hosted by French President Hollande).The Finance Minister will also speak at a variety of events, attend roundtables with global leadership in the area of action against fiscal fraud and improving governance. The Finance Minister will attend Open Government Partnership (OGP) summit where leaders of over seventy countries will debate on principles of transparency, accountability and citizen participation which contributes to good governance and socio-economic development of member countries. Launched in 2011, OPG is a multilateral initiative aimed at promoting the principles of open and transparent government through civic consultation and participation, reinforcing public integrity and the fight against corruption. Round tables will be held under the themes, ldquoCollective Ambitions and the Future of Open Governmentrdquo, ldquoOpen Government as a Force for Democracyrdquo, ldquoBuilding Trust in Government, Anti-Corruptionrdquo ldquoThe Time for High Level OGP Commitmentsrdquo, and ldquoCitizen Movements and Democratic Transitionsrdquo. The Minister is also likely to hold bilateral meetings with Managing Director AFD and will meet the Management of Renault besides interacting with French and Paris Based Pakistani Media. Finance Minister chaired a meeting to review revenue collection targets and other matters related to FBR The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here today to review the revenue collection targets and other matters related to FBR. SA to PM on Revenue Mr. Haroon Akhtar Khan was also present during the meeting. Chairman FBR Nisar Mohammad Khan briefed the Finance Minister on the latest revenue collection figures. The Finance Minister appreciated the efforts of FBR in increasing tax collections by 60 over the last three years. He urged the FBR team to redouble their efforts to meet this yearrsquos revenue targets. He emphasized the importance of enhanced revenue collection in the background of countryrsquos need for development and for achieving higher rate of inclusive and sustainable growth. The meeting was attended by senior officials of FBR and the Ministry of Finance. Finance Minister chaired a meeting for preparations to attend OGP summit in Paris The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here today to review the preparations for his visit to Paris to participate in the 4th biennial ldquoOpen Government Partnershiprdquo Global Summit to be held from 6th to 9th of December 2016. The Finance Minister earlier accepted the invitation of the Governments of the United Kingdom and France to join the Open Government Partnership (OGP) initiative. The Letter of Intent signed by the Finance Minister has already been sent to OGP Secretariat expressing the intention of the Government of Pakistan to join OGP and commitment to respect the open government principles articulated in the Open Government Declaration of the OGP. On the instructions of the Finance Minister, the Economic Affairs Division had earlier arranged the first interactive session with the members of the civil society to formulate a road map for open government action plan. The next meeting with the members of the civil society shall be held in the month of January. The Federal Minister for Finance said that Pakistanrsquos participation in OGP will be another step towards increased government transparency and stronger accountability leading to greater prosperity and wellbeing of the citizens. He said that measures such as accession to the OECD Convention on Tax Matters and move to join the OGP, will project a positive image of the country around the world and demonstrate Pakistanrsquos strong commitment to transparency, good governance and accountability. The Minister directed Secretary EAD and his team to take all necessary steps that could help in reaping the maximum benefits from Pakistanrsquos participation in the OGP Summit. The meeting was attended by the senior officials of the Ministry of Finance and Economic Affairs Division. Finance Minister chaired a meeting on promotion of Islamic finance Minister for Finance, Senator Mohammad Ishaq Dar, chaired the first meeting of the Committee for Implementation of the recommendations of Steering Committee for Promotion of Islamic Banking here today. The Finance Minister while chairing the meeting commented that ldquoour Government has always been committed to the development and promotion of Islamic Financerdquo. He said that the issuance of Sukuks by the present government during the last three years, including the recent issuance of US 1 bn international Sukuk, is proof of the Governmentrsquos commitment to Islamic Finance. Mr. Saeed Ahmad, Deputy Governor, SBP and convenor of the Committee briefed the meeting on the recommendations of the steering committee: Formation of task force to undertake amendments in legal and regulatory framework Fast track adoption of AAOIFI amp IFSB standards for Islamic Financial Institutions Develop a policy to raise new international financing through Islamic modes Harmonisation by SECP of terms and conditions of Shariah compliant instruments issued by NBFC, Notified Entities and Modarabas Promotion of Islamic finance research and development Training amp capacity building of focal persons in government departments Formation of Implementation Committee to deliver above recommendations After detailed deliberations with the committee the Finance Minister directed that four sub-committees, with membership from all the relevant stakeholders, to ensure effective and timely implementation of recommendations may immediately be notified and they are: Sub-Committee on Legal amp Regulatory Framework Sub-Committee on Taxation Sub-Committee on Capital Market Sub-Committee on Awareness. Training amp Capacity Building The Committee was also briefed on the salient features of the Wakalah Sukuk. The Finance Minister appreciated the efforts of the Committee members and assured them of his full support for promotion of Islamic finance in the country. The meeting was also attended by Finance Secretary, Chairman SECP, Chairman FBR, Chairman PBA, President ICAP, President Bank Alfalah, Shariah Finance experts and other senior officials of the Ministry of Finance and SBP. Finance Minister met with Forex Dealers Association The Federal Minister for Finance Senator Mohamamd Ishaq Dar held a meeting today with the delegation of Forex Association of Pakistan led by Shaikh Allauddin, Chairman forex Association of Pakistan on the issue of smuggling of foreign exchange from the country. The Finance Minister said that the Government has already launched crackdown against illegal money changers and at the airport. As a result of this crackdown against unscrupulous elements, the rupee dollar parity has improved by rupee one in the last 48 hours, he mentioned. He said that the Government would not allow any unscrupulous element to play with destiny of the country. The Government did it in past as in1998 and 2013 and would correct this unnatural hike this time as well, he affirmed. He said that these unscrupulous elements should mind that one rupee devaluation cost 57 billion loss to the exchequers which is detrimental to the interest of Pakistan. The Minister mentioned during the meeting that some unpatriotic elements have been involved in forex and bullion smuggling. He reiterated in unequivocal terms that rupee dollar parity will not be allowed to be tampered through illegal and unnatural practices, and discipline will be enforced. The Minister shared with the delegation that DG FIA, Chairman Federal Board of Revenue, Joint - Director Intelligence Bureau and other senior officers concerned have been to take strict measures immediately against criminal elements involved in the smuggling of gold and currency. He stated that FIA, IB, Custom Intelligence and State bank of Pakistan have been tasked to keep strict vigilance in this regard and all airports and other entry points would be kept under strict surveillance to curb this menace of currency and bullion smuggling. He reiterated that the Government is determined to establish writ of the State by all means. Earlier, the forex dealers appreciated steps taken by the agencies which have resulted in improvement of rupee dollar parity. They assured their fullest cooperation to the Government. They also assured that they would not support any member of their association if involved in this illegal practice. It is expected that the situation will further improve in the coming week, they observed. Finance Minister addressed NDU course participants The Federal Minister for Finance Senator Mohammad Ishaq Dar, on the invitation of National Defense University, addressed the participants of National Security Workshop (18) at Institute for Strategic Studies, Research and Analysis (ISSRA), NDU today. The Minister was received by Lieutenant General Nazir Ahmed Butt and DG ISSRA Major General Ghulam Qamar and senior officials of the college. The Finance Minister spoke on the Economic Policy of Pakistan and shared the perspective on Pakistanrsquos economy, the challenges faced by the government in 2013, steps taken for fostering growth and the roadmap for future economic growth in the country. The Minister said that when the government came to office our priority was to re-fix the economy and bring macro-economic stability. Prior to 2013, the country was faced with serious challenges like macro-economic instability, frequent power outages and dire security situation. Agriculture, large scale manufacturing and services sectors were all underperforming. The foreign exchange reserve position had reached precarious levels the interest rates and inflation were high. The external sector was heavily out of balance, and the performance of state owned enterprises had severely deteriorated. The incumbent government has paid attention to all these issues and achieved considerable success in resolving them. We took necessary and difficult steps to avoid predicted default, and ensure fiscal discipline and consolidation. In this regard, we undertook structural reforms, including restructuring Pubic Sector Enterprises, and other measures including reduction in un-targeted subsidies and broadened the tax base. Measures were also taken to build foreign exchange reserves, contain inflation and overcome energy shortages. Now, our country ratings have been improved by Rating Agency as acknowledgement of our achievements. The Minister noted that the slowdown in the global economy has posed a risk for Pakistan like other developing economies. He further said that the strengthening of the energy infrastructure and improving the security situation will be the key to achieving higher levels of growth in Pakistan. The workshop members included Senators, MNAs, MPAs, senior military officers, bureaucrats, Ambassadors and representatives of the civil society. Asian Development Bank to provide US 200 million and Australia to extend grant of AUD 4.5 million for National Disaster Risk Management Fund Senator Mohammad Ishaq Dar, Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization witnessed the signing ceremony between the Government of Pakistan and Asian Development Bank (ADB) for Loan Agreement of US 200 million and Grant Agreement of Australian Dollar 4.5 million for National Disaster Risk Management Fund (NDRMF). The Signing Ceremony was held in the office of Finance Minister. NDRMF is being established as a public limited company under Section 42 of the Companies Ordinance 2016 for sustainable mechanism and permanent instrument to enhance Pakistanrsquos resilience to any future disaster. The focus of the Fund is on: (i) disaster risk reduction (ii) design, development and seeding of disaster risk financing strategies and instruments and (iii) partnerships with other organizations to provide relief and recovery support, including livelihood restoration initiatives, and reconstruction and rehabilitation of key public infrastructure. The eventual total outlay of the Fund would be is USD 3 Billion of which ADB will provide USD 1 billion in five tranches. Out of ADBrsquos total commitment, a loan of USD 200 million has been signed today. The Government of Australia is also providing co-financing grant for this Fund. Apart from ADB and Australia, other donors such as Norway, Belgium and Switzerland have also shown their interest to contribute in the Fund. Speaking on the occasion, the Finance Minister thanked ADB and the Government of Australia for providing support and enabling Government of Pakistan to establish a common window to pool financial resources. This mechanism will serve for alignment of donorsrsquo commitments and GOP financing for disaster management efforts, if God forbid a disaster does take place. The Minister also said that the participation of our development partners in this noble cause will also inspire organizations around the world to take similar initiatives. He also said that this initiative will strengthen Pakistanrsquos disaster preparedness efforts. The Country Director Asian Development Bank stated that this is a trend-setting initiative which would not only mitigate the effects of disaster but would also help cushion the fiscal shock of the catastrophe. The loan agreement was signed by Mr. Tariq Bajwa, Secretary, Economic Affairs Division and Mr. Werner E. Liepach, Country Director, Asian Development Bank. The High Commissioner of Australia and the representatives of Norway, Japan, Switzerland and European Union were also present on this occasion. Finance Minister chaired a meeting to review the matters related to Pakistan Steel Mills The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here with the Privatization Commission of Pakistan to review the matters related to Pakistan Steel Mills. Chairman Privatization Commission gave a detailed presentation on matters pertaining to Pakistan Steel Mills (PSM) and its administration. Secretary Industries and Production informed that the new CEO of PSM has assumed charge and is attending to issues related to administration and finance. After the presentation, the Finance Minister directed the Privatization Commission and Ministry of Industries and Production to coordinate and suggest measures to resolve the outstanding issues at the Mills. The Minister said that government is committed to finding a way forward and resolving the issues of PSM. He said that the government is keen to encourage the participation of the private sector in PSM in order to make sure that this asset makes its due contribution to Pakistanrsquo economy, including through creation of jobs. He highlighted that the governmentrsquos commitment to the workers of PSM is demonstrated by the fact that the government paying the salaries to the employees, even when no production is taking place. Chairman, Privatization Commission, Secretary Industries amp Production, Special Assistant to Finance Minister, CEO PSM and other senior officials of Finance Division participated in the meeting. Ambassador of the European Union called on Finance Minister Mr. Jean Francois Cautain, Ambassador of the European Union to Pakistan called on the Federal Minister for Finance Senator Mohammad Ishaq Dar this evening. The Minister greeted the Ambassador and said that Pakistan regards the European Union countries as good friends and excellent trade partners as Pakistanrsquos exports to the region have been multiplied after GSP plus status given to Pakistan. The Minister also said that he hopes that the relationship of Pakistan and European Union will also improve further in future. The Ambassador thanked the Minister for his warm welcome and said that his stay in Pakistan has been a pleasant experience and as the security situation has improved in the country, tourists from all over the world are showing interest in visiting Pakistan. He said that Pakistan has a great potential to improve tourism, which should be realized by the government. The EU Ambassador also briefed the Minister that the European Union is preparing to offer an Electoral Reform Package (15 million Euros) to train and assist the Election Commission of Pakistan to manage the next elections in the most efficient and transparent manner. On this the Minister also shared that in Pakistan the Electoral Reforms Committee has also done extensive work with participation from all political parties and wide consultation with the members of the Civil society and it is expected that there will a positive development soon in the introduction of a comprehensive law regarding the electoral process in Pakistan. The Finance Minister assured the Ambassador that his support and assistance will be available in all possible ways to strengthen the bilateral relations between Pakistan and the European Union. Pakistans Debt: Putting the record straight By Senator Mohammad Ishaq Dar Click here for details 02-02-2017 Trainers Training on Promotion of Self-Employment Skill Development Click here for details 31-01-2017 Finance Minister announced new petroleum prices Click here for details 31-01-2017 Governor Punjab called on the Finance Minister Click here for details 31-01-2017 Finance Minister chaired the meeting of ECC Click here for details 30-01-2017 SAARC Chamber of Commerce Industry Delegation called on Finance Minister Click here for details 30-01-2017 Finance Minister sends Legal Notice to BOL News Channel Click here for details 28-01-2017 Finance Minister chaired a meeting on Debt Management Click here for details 27-01-2017 Finance Minister chaired a meeting of stakeholders to review the actions relating to the Anti-Money Laundering Click here for details 27-01-2017 Finance Minister chaired a meeting of the Cabinet Committee on Privatisation (CCoP) Click here for details 26-01-2017 Finance Minister chaired a meeting to review matters related to Pakistan Steel Mills Click here for details 26-01-2017 Finance Minister chaired 11th meeting of the Governing Council of Pakistan Bureau of Statistics Click here for details 26-01-2017 Finance Minister Meeting with World Bank Group CEO Click here for details 25-01-2017 Finance Minister holds A meeting with IFC Click here for details 25-01-2017 Finance Minister chaired the meeting of ECNEC Click here for details 24-01-2017 Finance Minister chaired the meeting to review World Banks portfolio in Pakistan Click here for details 24-01-2017 Finance Minister congratulates on successful launch of Ababeel missile Click here for details 24-01-2017 Finance Minister chaired a meeting to review matters related to Privatization Click here for details 23-01-2017 Finance Minister chaired a meeting on Corporate Reforms Click here for details 23-01-2017 Finance Minister chaired a meeting of ECC Click here for details 22-01-2017 Finance Minister chaired a meeting on infrastructure project financing Click here for details 21-01-2017 Finance Minister called on the Prime Minister AJK Click here for details 21-01-2017 US Ambassador H. E. David Hale called on the Finance Minister Click here for details 19-01-2017 Pakistans Executive Director in the World Bank called on the Finance Minister Click here for details 19-01-2017 Finance Minister chaired inter-ministerial meeting to discuss matters relating to Indus Waters Treaty Click here for details 19-01-2017 Vacancy Announcement - PresidentCEO, National Bank of Pakistan Click here for details 18-01-2017 Dr. Muhammad Irshad (Member FBR) look after the work of Chairman FBR Click here for details 18-01-2017 British American Tobacco delegation called on Finance Minister Click here for details 18-01-2017 Finance Minister chaired the meeting of ECC Click here for details 17-01-2017 Civil Defence Specialist Instructors (Casualty Service) Course Click here for details 17-01-2017 Finance Minister chaired meeting to review Macroeconomic Framework Click here for details 17-01-2017 Problems faced by the Pensioners in SanctionDrawl of Pension Click here for details 16-01-2017 Civil Defence Specialist Instructors (Rescue Service) Course Click here for details 16-01-2017 Commander US Central Command, General Joseph Votel called on the Finance Minister Click here for details 16-01-2017 Finance Minister chaired a meeting to review the demandsupply situation of fertilizer Click here for details 14-01-2017 Finance Minister commends National Savings on Membership of Automated Clearing System Click here for details 13-01-2017 Finance Minister chaired a meeting to review 6-month performance of FBR Click here for details 13-01-2017 Finance Minister chaired a meeting of the Law Review committee Click here for details 12-01-2017 Google Director Ms. Ann Lavin called on the Finance Minister Click here for details 11-01-2017 Finance Minister chaired 4th meeting of NFIS Council Click here for details 11-01-2017 Finance Minister meeting with Governor SBP Click here for details 11-01-2017 Finance Minister chaired a meeting of ECC Click here for details 11-01-2017 Workshop on Competency Management in the Public Sector Organizations Click here for details 10-01-2017 Finance Minister chaired a meeting regarding Pakistans investment climate and exports Click here for details 09-01-2017 Courses and Seminar at the IMF Singapore Regional Training Institute (STI) Click here for details 07-01-2017 PRSP Budgettary Expenditure of FY 2014-15 and FY 2015-16 Click here for details 07-01-2017 Corrupt persons to stand Permanently Disqualified from holding Public Office or from being a Government Servant Click here for details 06-01-2017 Finance Minister chaired a meeting of National Price Monitoring Committee Click here for details 06-01-2017 Finance Minister chaired a meeting of ECC Click here for details 05-01-2017 Finance Minister Conducts Computerized Balloting for Audit for Tax Year 2015 Click here for details 05-01-2017 Finance Minister urged stronger enforcement of AMLCFT Laws in Pakistan Click here for details 05-01-2017 Finance Minister Emphasized the Need for Early Promulgation of the New Company Law Click here for details 04-01-2017 Grant of M. Phil Allowance Rs. 2500- per month Click here for details 04-01-2017 Finance Minister chaired a meeting to review Tarbela Dam 5th Extension Hydro-power Project Click here for details 04-01-2017 Acting US Ambassador pays courtesy called on the Finance Minister Click here for details 04-01-2017 Rate of Mark-up chargeable on Development Loans and Advances by the Federal Government for the FY 2015-16 Click here for details 03-01-2017 Finance Minister chaired a meeting to review matters related to Privatization Click here for details 02-01-2017 Finance Minister chaired a meeting to review economic performance Click here for details 02-01-2017 Finance Minister addressed at the IT Ministry Function Click here for details 31-12-2016 Finance Minister Announced New Petroleum Prices with Effect From 1st January 2017 Click here for details 31-12-2016 Governor State Bank called on the Finance Minister Click here for details 31-12-2016 British High Commissioner called on the Finance Minister Click here for details 30-12-2016 U. S. Secretary of State telephone called to the Finance Minister Click here for details 30-12-2016 US Ambassador H. E. David Hale called on the Finance Minister Click here for details 29-12-2016 Finance Minister chaired a meeting to review progress on the implementation of National Financial Inclusion Strategy (NFIS) Click here for details 28-12-2016 Finance Minister chaired a meeting to review proposals of the AJK Council for AJK Budget 2016-17 Click here for details 28-12-2016 Finance Minister chaired a meeting of ECC Click here for details 27-12-2016 Finance Minister chaired Law Review Committee meeting Click here for details 26-12-2016 Naval Chief of Staff called on Finance Minister Click here for details 26-12-2016 Ministry of Finance Dispels Demonetization Rumors Click here for details 25-12-2016 Finance Minister takes notice of the fraud in National Bank of Pakistan Click here for details 25-12-2016 Finance Minister chaired a meeting to review matters related to SECP Click here for details 25-12-2016 Finance Minister chaired a meeting to review the measures taken by FBR on increasing the direct collection of taxes Click here for details 24-12-2016 WB delegation hold a meeting with Finance Minister Click here for details 24-12-2016 Finance Ministers letter to the President of WB on IWT Click here for details 23-12-2016 01-Day Training Course under ISFD Project Click here for details 23-12-2016 Finance Minister chaired a meeting to review matters related to Pakistan-China JCC Click here for details 23-12-2016 Finance Minister chaired a meeting on development policy credit for growth Click here for details 22-12-2016 Finance Minister chaired a meeting on macroeconomic indicators Click here for details 21-12-2016 Finance Minister chaired First Meeting Of The E-Commerce Policy Board Click here for details 21-12-2016 Finance Minister chaired a meeting with a delegation of the Lahore Chamber of Commerce and Industry Click here for details 21-12-2016 Finance Minister chaired a meeting to review financial matters pertaining to the upgradation of Pakistan Railways Click here for details 20-12-2016 Call for nominations for Training Courses at STI Civil Defence Relief Camp Management Course Click here for details 20-12-2016 Finance Minister chaired the meeting of ECC Click here for details 20-12-2016 Finance Minister chaired the meeting of ECNEC Click here for details 20-12-2016 Finance Minister chaired the 20th Meeting of PCER Click here for details 19-12-2016 Finance Minister chaired the 3rd meeting of the 9th National Finance Commission (NFC) Click here for details 18-12-2016 Appointment of Member, Competition Commission of Pakistan (CCP) Click here for details 16-12-2016 Finance Minister chaired a meeting to review matters related to Economic Affairs Division Click here for details 15-12-2016 Training - Civil Defence General Instructions Click here for details 15-12-2016 Finance Minister inaugurated F-9 Park Solar Lighting Project Click here for details 15-12-2016 Finance Minister chaired the meeting of ECC Click here for details 15-12-2016 Managing Director of Pak Suzuki Motors Mr. Hirofumi Nagao called on the Finance Minister Click here for details 14-12-2016 Finance Minister chaired a meeting on AML (Anti-Money Laundering) Click here for details 14-12-2016 Finance Minister chaired a meeting with Chairman SECP and his team Click here for details 14-12-2016 Finance Minister chaired the meeting to review the measures to attract FDI and improve local investment in the country Click here for details 13-12-2016 Revision of Management Grades (MP-I, MP-II, MP-III) and grant of Adhoc Relief Allowance - 2016 Click here for details 13-12-2016 Revision of Management Position Scales (MP-I, MP-II, MP-III) Click here for details 13-12-2016 Finance Minister chaired the meeting on matters related to Finance Division Click here for details 13-12-2016 Promotion of Islamic Banking in Pakistan Click here for details 13-12-2016 Finance Minister chaired the meeting of ECC Click here for details 13-12-2016 Rejoinder - Responding to News Item ADB stalls 300 million loan tranche over delayed reforms by Shahbaz Rana appreared in Express Tribune on 11th December, 2016 Click here for details 10-12-2016 President AJK met with Finance Minister Click here for details 10-12-2016 Finance Minister met with French Counterpart in Paris Click here for details 10-12-2016 Governor State Bank called on the Finance Minister Click here for details 09-12-2016 Finance Minister Holds Bilateral with CEO of French Development Agency (AFD) Click here for details 08-12-2016 Finance Minister held bilateral meeting with Secretary General,(OECD) in Paris Click here for details 07-12-2016 Finance Minister expressed grief over PK-661 Crash Click here for details 06-12-2016 Finance Minister attended the closing session of the 75th Anniversary celebrations of French Agency for Development (AFD), France Click here for details 06-12-2016 Finance Minister received a telephone call from Ms Catherine A. Novelli, Under Secretary of State for Economic Growth, U. S. State Department Click here for details 06-12-2016 Rebuttal - Reference to news item published in Ausaf dated 28-11-2016 titled US 3 billion additional debt in 4 months, inflation rising Click here for details 05-12-2016 Finance Minister will attend OGP Summit, AFD moot hold Bilateral Meetings in France Click here for details 05-12-2016 Rebuttal - Reference to news item published in Daily Duniya dated 21-11-2016 titled Government borrowed Rs. 8,000 billion, total debt crossed Rs. 22,000 billion in 3 years Click here for details 05-12-2016 Rebuttal - Reference to news item published in Daily Jinnah dated 22-11-2016 titled Total Debt crossed Rs. 22,000 billion Click here for details