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Minister urges civil servants to play constructive role to uplift economy

Minister urges civil servants to play constructive role to...

July 4, 2022: Federal Minister for Planning Development & Special Initiatives Professor Ahsan Iqbal on Monday urged the officials of the Senior Management Course (SMC) to play their constructive role at a time when the country is facing the worst economic crisis.

The minister was addressing a delegation of SMC officials who visited the Ministry. Addressing the participants, the Minister said that our civil servants are selected through a competitive process that is comparable in competence with the best civil servants in the world but when we look at the performance of the public sector it is deteriorating day by day.

The question is why the individual excellence of our officer is not translating into a collective competence, he added.

“There are huge challenges in every sector but you have the potential to solve them as nobody will come from the outside, '' said the minister while stressing them to put their extra efforts into public service delivery. The minister urged them to focus on key areas like Taxes, Investment, Exports, and Remittances (TIER) in order to strengthen the resource base.

The Minister said that unfortunately in recent years due to the inefficiency of government departments people have lost confidence in state institutions which must be restored through effective public service delivery.   

Professor Iqbal further added that the civil servants had ensured the successful implementation of various projects in the past which were initiated under CPEC. Responding to a question on water, he said the National Water Policy was formulated by PML-N through consensus in 2018 which must be implemented.

According to the Minister, economic stability is linked with political stability as continuity of policies, constitutional governance is basic prerequisites for any country to progress. The Minister said that in order to bring the country’s economy on track there is a need for a Grand National Dialogue to develop the Charter of Economy which could ensure continuity of policies.

The Minister informed the participants that he has received an overwhelming response from the Turn Around Conference conducted by the ministry in which experts from various fields were invited to bring the country’s economy on track.

He said that the key to resolving a country’s problems lies in collaborative and inclusive governance. Polarization and chaos are a recipe for the destruction of the economy, he concluded.

Press Release

Chairman SECP apprises Miftah Ismail of recent reforms in digitization

Chairman SECP apprises Miftah Ismail of recent reforms in...

July 4, 2022: SECP Chairman Aamir Khan on Monday apprised the finance minister of SECP’s recent reforms in digitization, improving Ease of Doing Business (EODB), expanding financial inclusion, and increasing transparency.

Aamir Khan shared that the SECP has completely digitalized the incorporation process and has also established a state-of-the-art business center to quickly resolve issues in company incorporations.

He also expressed delight in SECP’s successful establishment of independent supervision and adjudication departments that has not only streamlined the commission’s internal operations but have also markedly increased transparency in its enforcement processes.

SECP has also hired experts in legal and enforcement fields and has also introduced frameworks for new products and services, including the issuance of convertible debt securities and regulations for asses-backed securitization.

A concept note on further issues of shares and another for P2P lending has also been issued, SECP Chairman apprised the finance minister.

Other measures and issues related to capital markets, non-banking financial sector, digital lending, and insurance sectors were also discussed during the meeting

Press Release

Miftah Ismail expresses gratitude to ADB for persistence support

Miftah Ismail expresses gratitude to ADB for persistence support

July 4, 2022 (MLN): Federal Minister for Finance and Revenue Mr. Miftah Ismail on Monday expressed gratitude to the ADB delegation for their persistent support and guaranteed them of full cooperation by the present government for the swift execution of the ongoing programs

He held a meeting with Country Director Asian Development Bank (ADB) Mr. Yong Ye at Finance Division today. Senior officers from Finance and ADB also participated in the meeting.

Finance Minister Mr. Miftah Ismail welcomed the delegation from ADB and acknowledged ADB’s facilitation in the continuation of reform programs for sustainable growth in Pakistan. The Finance Minister shared with the delegation about the currently undertaken budgetary and fiscal measures and apprised them of the targeted revenue and development goals for growing and sustaining the economic infrastructure. The Finance Minister apprised the delegation of the focus of the present government on effective structural reform measures for ensuring inclusive and sustainable growth in Pakistan.

Mr. Yong Ye, Country Director of ADB informed the Federal Minister about the progress in energy and social protection programs being carried out in Pakistan by ADB.

Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of the government of Pakistan.

Press Release

July 4, 2022 (MLN): Federal Minister for Finance and Revenue Mr. Miftah Ismail on Monday expressed gratitude to the ADB delegation for their persistent support and guaranteed them of full cooperation by the present government for the swift execution of the ongoing programs

He held a meeting with Country Director Asian Development Bank (ADB) Mr. Yong Ye at Finance Division today. Senior officers from Finance and ADB also participated in the meeting.

Finance Minister Mr. Miftah Ismail welcomed the delegation from ADB and acknowledged ADB’s facilitation in the continuation of reform programs for sustainable growth in Pakistan. The Finance Minister shared with the delegation about the currently undertaken budgetary and fiscal measures and apprised them of the targeted revenue and development goals for growing and sustaining the economic infrastructure. The Finance Minister apprised the delegation of the focus of the present government on effective structural reform measures for ensuring inclusive and sustainable growth in Pakistan.

Mr. Yong Ye, Country Director of ADB informed the Federal Minister about the progress in energy and social protection programs being carried out in Pakistan by ADB.

Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of the government of Pakistan.

Press Release

OMO: SBP rejects bids offered for 74-day reverse-repo purchase

OMO: SBP rejects bids offered for 74-day reverse-repo purchase

July 4, 2022 (MLN): State Bank of Pakistan (SBP) on Monday rejected the total bids amounting Rs1.9 trillion which were offered for 74-days reverse-repo purchase (Injection) during its open market operation.

Summary of OMO Result

 

 

Amount (Rs in Millions)

Rate (%)

Bids

Tenor

Type

Offered

Accepted

High – Low

Accepted

Offered

Accepted

74-Days

Reverse Repo (Injection)

1,910,350

Bids rejected

13.97–13.84

28

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PSX Closing Bell: Keepers of the Gloom

PSX Closing Bell: Keepers of the Gloom

July 04, 2022 (MLN): Pakistan’s stock market remained volatile today as major selling was witnessed throughout the session dragging down the market to 41,348 levels, down by 282 points or 0.68%.

Concerns over mounting inflation and expected rate hike in the upcoming monetary policy kept investors sentiments restrained from participation.

The Index traded in a range of 366.70 points or 0.88 percent of previous close, showing an intraday high of 41,685.81 and a low of 41,319.11.

Of the 88 traded companies in the KSE100 Index 20 closed up 66 closed down, while 2 remained unchanged. Total volume traded for the index was 43.33 million shares.

Sector wise, the index was let down by Fertilizer with 73 points, Cement with 61 points, Oil & Gas Exploration Companies with 33 points, Automobile Assembler with 19 points and Pharmaceuticals with 13 points.

The most points taken off the index was by FFC which stripped the index of 37 points followed by LUCK with 35 points, UBL with 18 points, BAHL with 16 points and ENGRO with 16 points.

Sectors propping up the index were Close - End Mutual Fund with 3 points and Modarabas with 2 points.

The most points added to the index was by HBL which contributed 18 points followed by MEBL with 11 points, SNGP with 7 points, FABL with 5 points and LOTCHEM with 4 points.

All Share Volume decreased by 67.41 Million to 86.62 Million Shares. Market Cap decreased by Rs.15.20 Billion.

Total companies traded were 303 compared to 322 from the previous session. Of the scrips traded 88 closed up, 197 closed down while 18 remained unchanged.

Total trades decreased by 13,212 to 63,185.

Value Traded decreased by 0.98 Billion to Rs.3.05 Billion.

CompanyVolume

Top Ten by Volume

Sui Northern Gas Pipelines12,474,522
Agritech8,093,000
Pakistan Refinery4,387,325
Maple Leaf Cement Factory3,281,902
Worldcall Telecom3,007,000
K-Electric2,453,500
Ghani Global Holdings2,057,633
Cnergyico PK2,020,342
D.G. Khan Cement Company1,969,676
TPL Properties1,847,723

 

SectorVolume

Top Sector by Volume

Oil & Gas Marketing Companies14,249,882
Chemical13,189,784
Cement8,073,206
Technology & Communication7,998,952
Refinery7,666,920
Commercial Banks5,156,339
Food & Personal Care Products4,580,029
Power Generation & Distribution4,502,685
Automobile Assembler3,120,400
Miscellaneous2,265,923

 

 

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