Chief Of Finance &.....

A news is circulating on social media about hacker attempt on Finance Ministry and leakage of official data. It is clarified that this news item pertains to an incident of hacking which was reported some three months earlier. Meanwhile Finance Division has put in place numerous measures and protocols to further reinforce cyber security of its IT infrastructure and official data.

Iban Account

It was informed that 33 food items contributed decline in the SPI by -0.14%, whereas 18 non-food items contributed increase of 0.22%. During the week, prices of Tomatoes declined by 0.11%, Chillies Powder 0.26%, Eggs 0.05% and others 0.04%. NPMC was also briefed on weekly SPI which decreased by 0.50% in the week as compared to previous week which was increased by 0.40%. It was informed that 33 food items contributed decline in the SPI by -0.44%, whereas 18 non-food items contributed -0.06%. Welcoming UNDP team, Finance Minister Mr. Shaukat Tarin gave an overview about the on-going economic challenges and respective reform projects being undertaken by the present Government.

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The Finance minister appreciated the efforts being made by Pakistan’s Embassy in Saudi Arabia for playing as the government’s interface. He also assured complete support of Ministry of Finance to BOI and the Embassy for their internal capacity building efforts. Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over a meeting of Economic Coordination Committee of the Cabinet today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood, Federal Secretaries and senior officials attended the meeting. Implementation of PSW is helping Pakistan to indigenously establish a single electronic platform to virtually regulate imports, exports and transit trade. This platform is also enabling Pakistan to become more competitive by integrating with fast evolving platforms at national regional and global level.

Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Najy Benhassine, Country Director, World Bank and his team at Finance Division, today. The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country and the meeting expressed satisfaction on providing essential items at discounted rates at the Sastaa Bazaars. Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Tariq H. Niazi, Director Public Management, Financial Sector and Trade Division, ADB, accompanied by Mr. Yong Ye, Country Director ADB at Finance Division today.

Through this program, the two organisations will provide Rs. 9 billion to small and mid-sized corporate vendors and distributors on a program based model over the next 5 years. The ribbon cutting ceremony was led by HBFC Senior Board Member, Mr.Azhar Iqbal Kureshi along with the Managing Director HBFC, Syed Basit Aly, who addressed the ceremony and shed light on future endeavors of the company to address housing finance needs if its customers at every steps. In line with the Prime Minister’s vision of “Clean Green Pakistan”, House Building Finance Company Limited has formally initiated its ‘Tree Plantation Drive’. The Managing Director, HBFC, Syed Basit Aly inaugurated the campaign by planting in the vicinity of Shahrah-e-Faisal, Karachi. The campaign is part of the company’s corporate social responsibility program under which 175 saplings were planted on Tuesday 5th November 2019. He also emphasized to conduct such effective CSR programs that are closely related to environmental issues; adding that we will ensure that saplings are nurtured till the maturity stage.

The ECC also considered and approved a number of proposals of Supplementary/Technical Supplementary Grants submitted by different Ministries/Divisions. The ECC also considered and gave principal approval on a summary presented by Ministry of Defence Production for extending the Defence Credit Line Facility of USD 50 Million to Sri Lanka to enhance bilateral defence and security cooperation. The PPMA delegation thanked the Finance Minister for ensuring the full support for resolution of their issues. The Finance Minister further directed FBR to carry out all possible measures for settlement of the issues of pharmaceutical industry. Finance Minister Mr. Shaukat Tarin appreciated all the stakeholders for their contributions in the success of the Kamyab Pakistan Programme and further directed for the expansion of Kamyab Pakistan Programme throughout Pakistan. Ms. Ammara Durrani, Assistant Resident Representative UNDP, Mr. Haroon Sharif, Senior Technical Advisor UNDP on Financing for Development, Mr. Umer Akhlaq Malik, Policy Analyst UNDP and other senior officials also participated in the meeting.

The meeting also discussed the sowing situation of Wheat in the country and expressed satisfaction on the progress in all the four provinces. The ECC approved a proposal submitted by Finance Division for engaging the services of third party to carry out the Monitoring and Evaluation ( M&E) functions of the Kamyab Pakistan Programme . However, PPAF has not been able to undertake M & E responsibilities due to its legal status. Finance Minister expressed satisfaction on the availability of sufficient stocks of Wheat and further directed Ministry of NFS&R to formulate strategy to optimally maintain the strategic reserves of Wheat in the country to meet any difficult situation in the future. ECNEC discussed in detail and approved Punjab Arterial Roads Improvement Programme worth of Rs. 129,944.15 (US$ 773.20) Million.

Mr. Knut Ostby appreciated and supported the efforts taken by the present government for improvement in social and economic sectors. He re-affirmed UNDP’s commitment to continue support for the implementation of Ehsaas, Kamyab Pakistan Program , and explore further areas to support Pakistan in its efforts for sustainable development. Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a meeting with Mr. Shixin Chen, Vice President Asian Development Bank at Finance Division today.

The meeting also discussed Fertilizer situation and was informed that there is no shortage of Fertilizers and urea in the country. M/o Industries and Production in consultation with M/o NFS&R and provincial governments has been asked to make a plan for provision of subsidy for DAP to farmers before the upcoming Kharif season. NPMC was informed that prices of Tomatoes, Eggs, Hi-Speed Diesel, Petrol Super, Garlic, Pulse Moog, Pulse Masoor, Onions, Wheat Flour Bag, Sugar, Potatoes, Pulse Mash, Gur and Chillies Powder have shown decline in the prices during the last week. Welcoming Mr. Shixin Chen, Finance Minister Mr. Shaukat Tarin said that the ADB has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major partner for bringing essential reforms in priority areas including energy, fiscal & debt management and socio-economic development. The provincial authorities of Punjab, Sindh and Balochistan were directed to take administrative actions for ensuring the minimum wholesale and retail gap in the prices of daily commodities like potato, onion and potatoes.