Tag: Hammad Azhar

  • ‘Successful implementation’: Hammad Azhar says FATF blacklisting off the table

    ‘Successful implementation’: Hammad Azhar says FATF blacklisting off the table

    After the Financial Action Task Force (FATF) decided to keep Pakistan in the grey-list till February, Minister for Revenue Hammad Azhar congratulated the nation for successfully implementing the major points of the FATF.

    “Out of 27 points, we have implemented 21 points given by the authorities concerned regarding FATF, ” he stated while talking to a private television channel. Except India, every country had appreciated the efforts of Pakistan for satisfying the people dealing FATF, he added.

    Pakistan was placed on the grey list during the period of Pakistan Muslim League-Nawaz last government, he said. In reply to a question, he said the remaining six points had partially implemented. He also termed the decision that was taken without voting a “diplomatic victory”.

    BLACKLISTING OFF THE TABLE:

    In a statement, FATF urged Pakistan to complete an internationally agreed action plan by February 2021. FATF said Pakistan had now reached 21 targets out of 27 set for it in 2018 when Pakistan was placed on FATF’s “grey list” of countries with inadequate controls over terrorism financing.

    But Pakistan still needs to demonstrate that law enforcement agencies are identifying and investigating the widest range of terrorism financing activity, FATF said.

    The watchdog also asked Islamabad to demonstrate that terrorism financing probes resulted in effective, proportionate and dissuasive sanctions.

    “FATF acknowledged that any blacklisting is off the table now,” Pakistani federal minister Hammad Azhar tweeted.

    Azhar, who leads Pakistan’s delegation at FATF plenary meetings, said the forum’s discussions were focused on how Pakistan could be supported in meeting its targets before a formal review in the middle of next year.

    Last February, Pakistan secured an extra four months to complete the plan after missing 13 of the 27 targets that FATF had set for it in 2018 when it put Pakistan on its “grey list”.

  • Samsung wants to establish a mobile assembly plant in Pakistan

    After a detailed meeting with Samsung Pakistan Chief Executive officer (CEO) and Managing Director (MD), Federal Minister for Industries and Production Hammad Azhar tweeted that Samsung is interested to set up its assembly unit in Pakistan.

    According to the minister, “Smartphone production in Pakistan is increasing exponentially, thanks to the implementation of new, more robust, policies.”

    Both Samsung officials appreciated the changes and are actively considering setting up a smartphone assembly unit in Pakistan.

    In May this year, the Economic Coordination Committee (ECC) approved the first-ever mobile device manufacturing policy in Pakistan, according to a summary moved by the Ministry of Industries and Production.

    The Ministry of Industries and Production was tasked to further fine-tune various features and incentives of the policy to promote localisation of research and development (R&D), leading to the export of mobile phones.

    The development comes after PTA’s (Pakistan Telecommunication Authority) implementation of the Device Identification, Registration and Blocking System (DIRBS), and Mobile Policy launched recently.

  • PTI’s Pakistan: ‘Govt to achieve Rs4,960 billion revenue target’

    PTI’s Pakistan: ‘Govt to achieve Rs4,960 billion revenue target’

    Federal Minister for Industries and Production Hammad Azhar has said that the government is confident of achieving the tax collection target of Rs4,960 billion set in the 2020-21 federal budget through Federal Board Revenue (FBR).

    Concluding discussion on the Finance Bill 2020-21 in the National Assembly, the minister on the floor of the House pointed out that the present government inherited a weak economy, but due to its concerted efforts, the government succeeded in stabilising it.

    He said that all the international financial institutions are praising Pakistan government’s performance on economic front.

    Hammad said that presenting a tax free budget while enhancing allocations for development shows the true leadership of Prime Minister Imran Khan. He said the government is trying to minimize the impact of Covid-19 on the economy by pursuing a prudent strategy.

    The minister categorically stated that the federal government has not withheld any funds of the provinces under the National Finance Commission (NFC). He said that the recommendations of the Senate for the Finance Bill 2020-21 would be given due consideration.

    Earlier, the National Assembly approved 96 demands for grants pertaining to different ministries, divisions and departments for the next fiscal year.

    Presented by Minister for Industries and Production Hammad Azhar, these demands were related to Climate Change, Commerce Division, Communications Division, Pakistan Post, Defense Division, Survey of Pakistan, Economic Affairs Division, Power Division, Petroleum Division,  Geological Survey of Pakistan, Foreign Affairs Division, Housing and Works Division, Human Rights Division, Information and Broadcasting Division, Information Technology and Telecommunication, Inter Provincial Coordination,  Kashmir Affairs and Gilgit-Baltistan Division,  Law and Justice Division, Federal Shariat Court, Council of Islamic Ideology, National Accountability Bureau, District Judiciary Islamabad Capital Territory, Maritime Affairs, Narcotics Control, National Assembly, The Senate, Overseas Pakistanis and Human Resource Development Division, Parliamentary Affairs Division, Planning Development and Special Initiatives Division, CPEC Authority, Privatization Division, Religious Affairs and Inter Faith Harmony Division, Science and Technology Division, States and Frontier Regions and Water Resources.

    No cut motions were moved on these demands for grants.

  • ‘Unrealistic and meaningless’: Economists react to PTI govt’s second federal budget

    ‘Unrealistic and meaningless’: Economists react to PTI govt’s second federal budget

    The Pakistan Tehreek-e-Insaf (PTI) government has unveiled a Rs7.13 trillion budget for the upcoming fiscal year, which was presented before the parliament by Industries Minister Hammad Azhar amid opposition members’ protest against the same for being “anti-people”.

    But while the budget, which Prime Minister (PM) Imran Khan’s team claims will bring relief to the masses in coronavirus times, is drawing mixed reactions from political leaders and the general public, what do economists have to say about it?

    MUZZAMMIL ASLAM:

    “Given the GDP [gross domestic product] projections (2.1%) for next year, it is apparent that the government has failed to provide impetus to the economy. This has highlighted resource constraints the current government is facing. The government is basically relying on the stimulus of 1.2 trillion it provided during COVID-19 and is now consolidating its finances due to [the] IMF [International Monetary Fund] programme.”

    YOUSUF NAZAR:

    “Budget making has been reduced to a meaningless annual ritual given the overall dismal performance in meeting the targets, a performance which had little to do with the pandemic. Given that Pakistan’s economy is contracting for the first time in history, I had hoped that the government will come up with a plan to revive growth. A big near term risk to growth is the locust attack. I don’t see anything in the budget to help the agriculture sector face this threat. On a broader note, the government seems lost and overwhelmed by the economic contraction. I don’t see how it succeed in meeting the revenue target through privatisation when the business confidence is so low and the premier appears to be, honestly, clueless about we need to do to reform the economy, reset spending priorities and revive confidence in the government.”

    FARHAN BOKHARI:

    “It is an unrealistic budget that is based on an unrealistic tax collection target. The budget should have included a bold plan to cut losses in public sector companies and an equally bold plan for tackling losses in the energy sector. Pakistan additionally needs an emergency plan to raise agricultural productivity as agriculture is the only sector of the economy that has recorded some growth. Such big moves require a national political consensus which is missing as the premier refuses to talk to other mainstream political leaders.”

    According to Hammad Azhar, the Federal Board of Revenue (FBR) revenue target for next year has been kept at Rs4.95 trillion, while defence allocations amount to around Rs1.3 trillion.

    READ: Twitter loses it over Rs1.29 trillion budget for defence, Rs83.63 billion for education

    The federal development programme has been budgeted at Rs650 billion to support growth prospects.

    The budget for fiscal year (FY) 2020-21 comes at a time when the country is battling the COVID-19 pandemic that has served a severe blow to the economy. According to reports, it has been formulated considering the impact of the virus and to give relief to the citizens, as part of which no new taxes have been imposed.

    Check out the budget document here.

  • READ: PTI govt’s ‘corona budget’ for FY2020-21

    The Pakistan Tehreek-e-Insaf (PTI) government has presented its second federal budget in the National Assembly.

    According to Industries Minister Hammad Azhar, who delivered the budget speech on the floor of the house, the Federal Board of Revenue (FBR) revenue target for next year has been kept at Rs4.95 trillion, while defence allocations amount to around Rs1.3 trillion.

    The federal development programme has been budgeted at Rs650 billion to support growth prospects.

    The budget for fiscal year (FY) 2020-21 comes at a time when the country is battling the COVID-19 pandemic that has served a severe blow to the economy. According to reports, it has been formulated considering the impact of the virus and to give relief to the citizens, as part of which no new taxes have been imposed.

    Here’s the complete Rs7.13 trillion budget:

    June 12, 2020

  • WEF names Minister Hammad Azhar as one of ‘most promising young leaders’ in world

    In recognition of his services in the field of politics, the World Economic Forum (WEF) has named Minister for Economic Affairs Hammad Azhar as one of its ‘Young Global Leaders’ from South Asia.

    According to the details, WEF included Azhar’s name in the list of the world’s “most promising leaders under the age of 40” for the year 2020.

    He has been selected for being Pakistan’s youngest state minister and for his services in the field of politics.

    Last year in July, Prime Minister (PM) Imran Khan, following his successful visit to the United States (US), had become the 8th most popular leader of the world on Twitter.

    The number of his Twitter followers had increased to over 10 million that had landed the premier on number 8 in the ranking of world’s most famous leaders over the social network.

    Get to know Hammad Azhar better:

  • Most of our politicians are spending their Valentine’s Day with one man

    Most of our politicians are spending their Valentine’s Day with one man

    Valentine’s Day 2020 is on a Friday and we asked a few politicians what they are planning to do on V day. And most of them are spending their day with one man: Turkish President Tayyib Erdoğan.

    Erdogan will be visiting Pakistan this week

    Erdoğan is set to visit Pakistan on the 13th and will be addressing a joint session of Parliament on Friday the 14th of February. When asked PML-Q’s Moonis Elahi, PPP’s Mustafa Nawaz Khokhar and Rehman Malik said they would be in Parliament to hear Erdoğan speak.

    While PTI’s Hammad Azhar said he will be working, we’re assuming that he will also be attending Erdoğan’s session.

    But not everyone has a date with Erdoğan. PTI’s rising politician Ali Tareen says he will be taking his wife out in the morning and will spend the evening with his team, Multan Sultans as they train for the Pakistan Super League (PSL).

    Ali Tareen is the owner of Multan Sultans which is set to play the PSL, starting next week

    But PML-N’s Hina Butt has one of the best V day plans. She says, “I love Valentine’s. I love expressing my love to the important people in my life by making them handwritten cards, chocolates, precious gifts, flowers. My father is my first love and always has been my first Valentine. I always give him a red rose and my son gives me a hand-written Valentine’s day card. This year I am also getting a Valentine’s basket make for Maryam Nawaz with a picture of her and her father, Mian Nawaz Sharif sahib, saying “Every girl’s first love is her dad” as they are not together at the moment. I know it will make her happy on Valentine’s Day.”

    Hina Butt has a super fun V day planned

    And that’s not all. “Also this year I am doing something special. I am treating myself by getting a puppy. My son, Momi and I will go to find a pet in the day and get a Pug or a fluffy cat,” she says adding, “Pets give you unconditional love. Then I plan to pamper myself in the spa and relax.”

    Hina is also planning to celebrate her evening in style – with her girls.

    “Later at night I am planning to celebrate ‘Galentine’s Day’ (Valentine’s Day with my girlfriends),” she says. “I will date my best friends. Getting the gang together, book a limo, get dressed up, go to a fancy restaurant, and order the special Valentine’s Day menu and do something fun as a group.”

  • ‘PTI govt repays record $9.5 billion foreign loans’

    ‘PTI govt repays record $9.5 billion foreign loans’

    The Pakistan Tehreek-e-Insaf (PTI) government has retired record foreign loans worth $9.5 billion during the current fiscal year, which according to Minister of State for Revenue Hammad Azhar, had never been done by any government in a single year.

    On point of personal explanation in the National Assembly, Azhar said that during the first year of PTI government, external debts increased by $2.7 billion whereas, in the last year of the Pakistan Muslim League-Nawaz (PML-N) government, foreign loans surged by over $7 billion.

    WATCH VIDEO:

    Responding to the opposition’s claim of obtaining domestic loans worth Rs7,000 billion or Rs 10,000 billion during PTI’s first year in power, he further said the figures were highly exaggerated.

    The minister added that previous governments were responsible for the current economic situation of the country, while the Prime Minister (PM) Imran Khan-led government was taking the economy towards stability.