July 5, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has decided to continue the subsidy on five essential commodities.
The decision was taken at the ECC meeting headed by Federal Minister for Finance and Revenue Mr Miftah Ismail at Finance Division today.
Ministry of Industries and Production submitted a summary on the continuation of PM’s relief package, 2020, the Sasta Atta initiative for KPK & expansion of the Utility Stores network across Pakistan.
The ECC decided to continue subsidy on five essential commodities with direction to the Ministry of Industries and Production to work out a feasible proposal on the subsidy programme keeping in mind the financial implications.
Federal Minister for Planning, Development and Special Initiatives Mr Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr Khurram Dastgir Khan, Minister of State for Petroleum Division Mr Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.
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July 5, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has approved the amendment in the Import Policy Order (IPO) 2022 to allow the import of goods of Afghan origin against the Pak Rupee and without the requirement of EIF forms for a period of one year.
The aforesaid approval is subject to the condition that Afghan exporters will provide a Certificate of Origin issued by Afghan Customs proving that the goods have originated from Afghanistan.
Headed by Federal Minister for Finance and Revenue Mr Miftah Ismail, ECC approved another summary from the Ministry of Commerce on suspension of import conditions contained in import policy order 2022 with regard to import of Timber/Wood.
In view of the hardship case of timber importers, as the consignments were supplied against contracts months ago and the shipments have already arrived, the ECC decided that the date of implementation of IPO 2022 regarding import of timber and wood falling under HS Codes 4401 to 4409 may be suspended till 31st August 2022 i-e for the bills of Lading issued till 31st August 2022.
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July 5, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has granted one-time special permission for the release of consignments stuck at the ports on or before 30th June 2022.
Ministry of Commerce submitted a summary to seek permission for the one-time release of those consignments of items banned on 19th May 2022 which have reached Pakistan or would reach their payments.
In order to resolve the hardship cases, the ECC granted one-time special permission for the release of consignments stuck at the ports due to contravention framed under SRO 598(I)/2022 dated 19th May 2022, only for those consignments which have landed at ports or airports in Pakistan on or before 30th June 2022.
Headed by Federal Minister for Finance and Revenue Mr Miftah Ismail, ECC approved the summary submitted by the Ministry of National Food Security and Research on urgent advice relating to the award of the second international wheat tender 2022 opened on 1st July 2022 for 500,000 MT.
The ECC considering the lower trend of wheat in the international market approved the lowest bid offer of M/s Cargill Int. PTE /Cargill Agro Foods Pakistan @ US$ 439.40/MT for 110,000 MT +/- 5% MOLSO to the extent of 500,000 MT.
Ministry of National Food Security & Research also submitted a summary on WPF operation- purchase/ reservation of 120,000 metric tons of wheat for Afghanistan in the year 2022-23. In view of the situation in Afghanistan and on humanitarian grounds, the ECC approved the request of the WFP for the purchase/ reservation of 120,000 MT of wheat from the imported wheat stock of PASSCO at the latest import price.
The amount of supplied wheat along with cost and incidentals would be charged in US dollars. The wheat will be locally grinded into wheat flour and will be supplied to Afghanistan by WFP, subject to relaxation of the ban on the export of flour to the extent of the instant proposal of 120,000 MT of wheat.
Ministry of National Food Security & Research presented another summary on the declaration of “National Disease Emergency” on account of the Emergence of Lumpy Skin disease in Pakistan.
The ECC after a detailed discussion directed the Ministry of National Food Security & Research to prepare a cost-sharing plan after convening a meeting with concerned provincial secretaries and NDMA.
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July 5, 2022: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Thursday, July 7, 2022, to decide about Monetary Policy, said a press statement issued today.
Acting Governor State Bank of Pakistan, Dr. Murtaza Syed will give a press conference on the same day after the MPC meeting
July 05, 2022: The Central Directorate of National Savings (CDNS) on Tuesday surpassed its annual target and set a historic record of Rs 1,250 billion savings by June 30, 2022.
For the first time in its history, National Savings crossed Rs 1,000 billion fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022, the senior official of CDNS told APP here.
The CDNS has attained the target of issuing Rs1,250 billion fresh bonds in the last months of the current fiscal year 2021-22, from July 1, 2021, to June 30, 2022.
It had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country.
The senior official said the CDNS had set Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion for the previous year (2019-20) during the same period to enhance savings in the country.
The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he said.
Replying to a question, he said the CDNS had decided to start Islamic finance and would start implementing its procedural work from next month to provide the facility of Islamic finance in the institution.
In this regard, under Islamic Sharia Compliance, Prize Bonds and Savings Certificates would be issued for investment in accordance with Sharia Principles, he said.
The CDNS, he said, would provide Islamic investment opportunities to its consumers like the rest of the private and public sector banking, where Islamic sharia business had now reached 20 percent.
In response to another question, the senior official said that the CDNS had started working to increase new investment opportunities and promote digital investment through many new projects.
The CDNS, in collaboration with State Bank of Pakistan, was developing digital Prize Bonds, which would be available through online electronic channels, he said.
It is in process of launching its first Mobile App for online purchase and encashment of National Savings Schemes, he added.
The official said that for better and efficient transfer of funds electronically, the CDNS was going to adopt RAAST in the current month for the speedy flow of funds through its financial tributaries.
Initially, the CDNS had opened three separate accounts in the State Bank of Pakistan (SBP) to prevent direct access to the Non-Food Account-1 for its Alternative Delivery Channel (ADC) operations, 1Link Payment, UPI Payment and RAAST payment.
The Finance Division, he said, would allocate budgetary ceiling on a daily basis and the CDNS would operate within the limit of allocated funds. Accordingly, the PFM Act, 2019 was adopted in its true spirit for the Alternative Delivery Channels of CDNS.
He said that the CDNS interest rates were linked with the PIB policy set by the SBP. The directorate had opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.
Replying to another question on the current revision of profit rates of CDNS certificates, he said that the CDNS had maintained the same interest rate on the savings certificates investment due to the market situation and as per Pakistan Investment Bonds (PIB) policy decision.