Journal Of Contemporary Business And Islamic Finance Jcbif

Welcoming the team from ADB, Minister of State for Finance and Revenue acknowledged that ADB has always assisted in pursuance of reform and development agenda in the country. She acknowledged the all-weather and trusted partnership of ADB with Pakistan especially in the areas of energy, education, and fiscal & debt management. Further, she shared that currently Pakistan is facing various fiscal and monetary challenges but the present government is keenly working on various structural reform measures to bring back the economy on an inclusive and sustainable growth path. Mr. Ostby briefed the Minister of State on the ongoing UNDP portfolio and shared the findings of the report on leveraging private investment for Pakistan’s sustainable development. The report offers a strategic partnership model for raising global institutional impact investments worth $ 2 billion in the next three years in Pakistan.

Business & Finance

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Pakistan’s team led by Finance Minister Mr. Miftah Ismail held final meeting with the IMF Mission at Doha on the seventh review. The week-long consultations reviewed fiscal and monetary situation for FY 2022 and proposed measures for FY2023. IMF expressed concern on the fiscal and current account situation arising from government’s actions especially electricity neybg and fuel subsidies and other slippages. Ministry of Industries and Production submitted a summary on the continuation of PM relief package – 2020 for the months of May and June, 2022 through USC. The ECC after deliberation allowed continuation of existing subsidy for two weeks on essential commodities , and Rs. 100/kg subsidy on Ghee at USC.

ECC also considered and approved a summary submitted by Finance Division on expansion of Kamyab Pakistan Programme throughout Pakistan. The Finance Minister further directed FBR to carry out all possible measures for settlement of the issues of pharmaceutical industry. The Charge de Affaires, in his remarks, shared that Libyan government is aiming at enhancing the bilateral ties especially between businessmen of both the countries. The NPMC also discussed the stock position of POL in the country and expressed serious concerns on the low stocks of HSD and directed the Petroleum Division to take cognizance of the issue and ensure smooth availability of POL in the country. Ministry of National Food Security and Research presented a summary for withdrawal of its earlier summary for 50,000 MT of Wheat to Afghanistan.

The Finance Minister affirmed to investors the government's desire to extend the program duration through June 2023 as a signal of Pakistan's commitment to reform. Federal Minister for Finance & Revenue Mr. Miftah Ismail, alongside Governor State Bank Dr. Reza Baqir and Pakistan's High Commissioner to the United Kingdom H.E. Moazzam Ahmad, held meetings with key global bond investors vapegala in London on Monday 25 April. H.E Dr. Christian Turner, British High Commissioner extended the felicitations and warm wishes of the government of United Kingdom to the Minister on assuming his new responsibilities and expressed his good wishes for the new government. He said that both countries enjoyed excellent economic relations which will be further strengthened.