SBP receives $288m under CSF
KARACHI: The central bank on Friday said that it received $288 million from the United States under the Coalition Support Fund (CSF) for on account of Pakistan” contribution in the war against terrorism, an official said.
Pakistan has received $944 million during the current year. According to former finance minister Shaukat Tarin Pakistan has to receive $2 billion this year.
Shaukat Tarin Chairs ECC Meeting
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet met under the chairmanship of Federal Minister for Finance, Shaukat Tarin at the PM’s Secretariat here Tuesday.
The ECC approved the recommendations of the PPIB Board for the revival of 10.5 MW power project by Davis Energen Limited.
ECC made it mandatory to produce national identity cards to get a pack of 2 kg sugar from the USC outlets.
The ECC allowed allocation of additional 16 MMCFD gas to the Pakarab Fertilizer Limited from SNGPL system from 2012 upto 2019.
The ECC also decided that the Shell’s offer at 15% Brent + $ 0.50 per MMBTU, subject to further improvement in the final round of negotiations will be accepted for upto 1MTPA Medium Term supplies of 6 years and 2.5 MTPA from 7 to 20 years.
The ECC was told that the overall CPI-based inflation registered decrease of 0.49 percent in December 2009 over November, 2009.
The stock of wheat as on January 31, 2010 amounted to 5.9 million tons as against 1.7 million tons in the same period last year, thereby showing a higher stock of about 4.2 million tons compared with last year.
The meeting was informed that trade deficit improved by 29.0 percent to $ 7.0 billion in July-December 2009-10 from $ 10.0 billion in the same period last year.
The ECC noted that workers remittances amounted to $ 4,531.0 million in July-December 2009-10 as against $ 3,640.0 million, showing an increase of 25.0 percent over the same period last year.
Foreign exchange reserves stood at $ 14.5 billion as on February 4, 2010 – up from $ 6.4 billion on November 25, 2008.
The provisional FBR tax collection stood at Rs.693.3 billion on net bases during July-January 2009-10 as compared to Rs.630.5 billion in the same period last year, thereby posting an increase of 10.0 percent.
Shaukat Tarin Chairs ECC Meeting was first posted on February 9, 2010 at 6:08 pm.
Shaukat Tarin to Launch National Savings Bonds
ISLAMABAD: Minister for Finance Shaukat Tarin will launch National Savings Bonds on January 11.
At the occasion, the minister would highlight the salient features of the instruments of the bonds with special reference to create finances for the country. National savings bonds are a very reliable way of investment which people have easy access to, financial experts said.
Shaukat Tarin to Launch National Savings Bonds was first posted on January 9, 2010 at 9:00 pm.
Political Turmoil Harming Pak’s Progress: IMF
WASHINGTON : Pakistan’s economy is showing some signs of recovery but delays by donors in handing over promised aid threaten its ability to meet targets under its International Monetary Fund loan program, Pakistani finance officials said in documents released by the IMF on Thursday.
In a memorandum to the IMF dated Dec. 11, 2009, Governor State Bank of Pakistan Salim Raza and Finance Minister Shaukat Tarin said the aid delays have increased pressure on the budget and domestic financing, and could limit scope for more necessary spending at a time when security needs are growing.
Pakistan and the IMF have urged donors to follow through on the $5.7 billion in aid promised at a conference in Tokyo last April.
To raise its revenues, Pakistan plans to introduce a Value Added Tax. The officials said they remained committed to regulations to implement the tax by July 1, 2010.
The IMF bailed out Pakistan in November 2008 to avert a balance of payments crisis and in July increased the loan to the country to $11.3 billion from an initial $7.6 billion.
In a staff report also released on Thursday, the IMF said Pakistan’s performance under the IMF program was uneven but credited it for moving forward on most key reforms despite difficult security and other circumstances.
It also raised concerns about delays in aid disbursements to Pakistan, saying the amount of aid projected to be disbursed in 2009/10 has been revised by some $900 million less than expected.
The IMF said that Pakistani officials had reaffirmed their commitment to an annual fiscal deficit of 4.9 percent of gross domestic product. However, if the Tokyo aid pledges were a lot lower than projected, the deficit would need to be reduced further, possibly by up to 0.4 percent of GDP, staff said.
They said “a fluid” political situation, security issues and the lack of broad support for economic reforms raised risks to Pakistan’s IMF program and affected investor confidence.
They said underlying vulnerabilities to Pakistan’s economy were high and had increased in some areas including revenue shortfalls, weak credit performance, energy subsidies and dependence on commodity imports.
Meanwhile, Pakistani banks were well capitalized but nonperforming loans are growing, according to IMF financial soundness indicators at the end of September.
The 2009/10 outlook for economic growth in Pakistan is unchanged, with inflation year-on-year rising to 11 percent from 9 percent reflecting a rebound in fuel prices and increases in electricity tariffs, the Fund added.
Political Turmoil Harming Pak’s Progress: IMF was first posted on January 8, 2010 at 3:42 pm.
Provinces Lock Horns Over NFC Formula
November 19, 2009 by Trend PK
Filed under World News
Full Story And Original Content.TrendPK.com Provinces Lock Horns Over NFC Formula: Although federal Finance Minister Shaukat Tarin was optimistic about progress on the National Finance Commission (NFC) award, the final outcome was still a far cry as the parties were unable to conclusively decide on vertical distribution of resources and to engage on bridging the gap
Full Story And Original Content.TrendPK.com Provinces Lock Horns Over NFC Formula: Although federal Finance Minister Shaukat Tarin was optimistic about progress on the National Finance Commission (NFC) award, the final outcome was still a far cry as the parties were unable to conclusively decide on vertical distribution of resources and to engage on bridging the gap [...]
Pak Army’s Corps Commanders Meeting Starts
RAWALPINDI, PAKISTAN: Pakistan Army’s Corps Commanders were meeting here Thursday with Chief of Army Staff General Ashfaq Pervez Kayani in chair.
The CC conference, highest body of the army battling Taliban militants in northwest of the country, was discussing ongoing war on terror inside Pakistan’s frontiers and the security situation of the eastern and western borders.
Besides other issues commanders were also mulling over professional affairs of the army, the channel said.
Pak Army’s Corps Commanders Meeting Starts was first posted on September 3, 2009 at 11:41 am.
©2009 “Pakistan News“.
Operation Against MQM In 92 Was Cruelty: Imran
LAHORE, PUNJAB, PAKISTAN: The chief Pakistan Tehreek-e-Insaaf (PTI) Imran Khan has termed military offensive against MQM in the year 1992 as illegal and cruelty and added that operation conducted by General Naseerullah Khan Babar was legitimate which maintained peace in Karachi.
This he said on Jung forum here on Wednesday.
Delivering lecture on country’s political scenario, he said military operations have caused irreparable damages to Pakistan while dialogue, negotiations and finding alternative way out should be encouraged.
He asked political leaders, involved in money corruption with conspiracies of agencies, must answer to nation.
Presence of Black Waters (US marines) in Islamabad is a threat to Pakistan’s sovereignty and freedom, he concluded.
Operation Against MQM In 92 Was Cruelty: Imran was first posted on September 3, 2009 at 11:43 am.
©2009 “Pakistan News“.
Economic Coordination Committee Meeting Today
ISLAMABAD, PAKISTAN: Prime Minister Yousuf Raza Gilani will chair the Economic Coordination Committee (ECC) meeting here on Thursday.
Advisor to PM on finance Shaukat Tarin will chair also attend the meeting.
Today’s meeting will review the Karachi Circular Railway as Modern Commuter System along with 20 mega important developing projects.
Economic Coordination Committee Meeting Today was first posted on September 3, 2009 at 11:58 am.
©2009 “Pakistan News“.
