Tag: Ishaq Dar

  • Plans of long-term caretaker govt in pipeline, claims journalist

    Plans of long-term caretaker govt in pipeline, claims journalist

    News anchor Meher Bokhari in her programme ‘Program Hum Meher Bokhari Kay Sath’ on Hum News has claimed that a crucial meeting has taken place where plans of installing a long caretaker government in Pakistan have been discussed.

    She said that considering the worsening economic conditions in the country, the caretaker government can be in place for six months or even two years, emphasising that the situation has slipped out of politicians’ hands.

    During her show, she pointed out that the incumbent government has failed to steer the country out of the economic crisis, despite making promises to do so. Moreover, she said that since the takeover of the coalition government, the dollar value rose exponentially, plunging the country into economic disaster.

    She highlighted Pakistan’s failure to get the next International Monetary Fund’s (IMF) tranche and the reluctance of friendly countries to help Pakistan.

    Reacting to the journalist’s claims, Pakistan Tehreek-e-Insaf (PTI) senior leader Fawad Chaudhry termed it a “stupidity”, stressing that the “country’s crisis is more political than economic”.

    In a tweet, he said that these are “schemes” to keep Imran Khan out of politics but are not in Pakistan’s favour. Terming general elections as the only solution to the country’s problems, he added that PTI will resist the move of forming a technocrat government.

    However, Finance Minister Ishaq Dar on Wednesday assured the Pakistan Stock Exchange (PSX) that the country will not default but admitted that the economy is in a “tight position”.

    “It’s been three months since I took charge. We hear every day that we will default. How will there be a default? There is no chance that Pakistan will default,” the finance minister said.

    It should be noted that the financial situation in the country is perilous with inflation at the highest levels in recent years. A day earlier, the price of gold rose by Rs4,500 to a fresh all-time high of Rs182,700 per tola. The price of gold has increased by more than Rs20,000 per tola since the beginning of December.

  • Govt slashes petrol price by Rs10 to Rs214.80 per litre

    Govt slashes petrol price by Rs10 to Rs214.80 per litre

    The federal government on Thursday announced a reduction in the price of petroleum products by up to Rs10.

    Finance Minister Ishaq Dar said that the price of high-speed diesel (HSD) will be decreased by Rs7.5, petrol by Rs10, kerosene oil by Rs10, and light diesel oil (LDO) by Rs10.

    After the reduction, the new price of HSD would be Rs227.80 per litre, petrol Rs214.80 per litre, kerosene oil Rs171.83 per liter, and LDO Rs169 per litre.

    According to the details, new prices would be implemented at midnight tonight.

    The reduction follows a decline in global oil prices. Brent crude prices were down 33 cents or 0.4 per cent at $82.37 a barrel as of December 15 at 1453 GMT, while US crude futures were down 43 cents or 0.6 per cent at $76.85.

    After a Pakistani delegation visited Moscow earlier this week, sources indicated that Russia had confirmed the availability of 100,000 barrels of crude oil per day to Pakistan.

    They also stated that a delegation from Moscow would travel to Islamabad in January to negotiate the terms of a deal, including prices and the method of payment.

  • Pakistan is committed to completing IMF programme while meeting debt repayments on time: Ishaq Dar

    Pakistan is committed to completing IMF programme while meeting debt repayments on time: Ishaq Dar

    Pakistan is committed to completing the International Monetary Fund (IMF) programme while meeting external debt repayments on time, Finance Minister Ishaq Dar said on Tuesday during a meeting with the ambassador of its top bilateral lender, China.

    The country is in desperate need of external financing as the IMF’s review for the disbursement of its next tranche of funding has been on hold since September, according to Reuters.

    Ishaq Dar, the finance minister, stated last week on local television that the IMF was “behaving abnormally” by not finishing the ninth review even though all targets had been met.

    “The Finance Minister … apprised the Chinese Ambassador that the Government remains committed to completing the IMF program while meeting all external debt repayments on time,” the finance ministry said in a statement.

    The IMF programme is “back on track,” according to a separate statement released by the finance ministry on Tuesday, and preparations for the ninth review were well underway.

    An Extended Fund Facility (EFF) bailout for Pakistan in 2019 included a $6 billion bailout that was later increased by $1 billion.

    Dar said that Pakistan’s government has a “realistic plan” for handling the costs associated with rehabilitating the areas damaged by devastating flooding a few months ago during his meeting with the Chinese Ambassador. Official estimates place the cost of flood damage at $40 billion.

    Pakistan is dealing with a balance of payments issue and a growing current account deficit. Dar announced last week that a $3 billion loan from a friendly nation will be used to bolster Pakistan’s foreign reserves, which have fallen to $7.5 billion.

    According to the finance ministry, the government has implemented austerity measures to cut non-essential spending and has prioritised energy conservation to lower its import expenses.

  • Petrol, diesel prices to remain unchanged for the next 15 days

    Petrol, diesel prices to remain unchanged for the next 15 days

    Despite a global decrease in oil prices, the federal government has decided to maintain the existing prices of petrol and diesel for the next 15 days.

    Finance Minister Ishaq Dar announced to keep the prices of petrol and high-speed diesel unchanged for the next 15 days. However, he announced a reduction of Rs10 per litre in the prices of kerosene oil and Rs7 on light diesel oil.

    The current prices for petrol are Rs224.80 per litre and Rs235.30 for High-Speed Diesel (HSD).

    Furthermore, Dar also announced a 15-day extension in the filing of income tax returns.

    On November 15, the finance minister announced to keep the prices of petrol, diesel, and other petroleum products unchanged. He said that the prices of petrol, diesel, light diesel and kerosene oil will remain unchanged till November 30 as per the federal government’s decision.

  • Court ends ‘assets beyond means case’ against Dar after five years

    Court ends ‘assets beyond means case’ against Dar after five years

    An accountability court in Islamabad on Tuesday ended proceedings in an assets beyond means case against Federal Minister for Finance and Revenue, Ishaq Dar.

    During the hearing, Judge Mohammad Bashir remarked that “After the [National Accountability (Second Amendment) Act 2022], this case does not fall under the jurisdiction of this court.”

    “We can neither announce a decision in favour of NAB nor can we issue a decision in favour of the suspect. The trial against Ishaq Dar ends here,” Judge Bashir said.

    In August, the National Assembly passed the National Accountability (Second Amendment) Bill, 2022, which sought to exclude private transactions from the scope of NAB.

    Following the amendment, accountability courts withdrew 50 major corruption cases, including the case against Prime Minister (PM) Shehbaz Sharif, and former Chief Minister (CM) Punjab Hamza Shahbaz.

    The case

    In 2017, National Accountability Bureau (NAB) registered a case against Dar, accusing him of possessing assets disproportionate to his declared sources of income.

    Following the case, he went to London and remained there for five years until September when he returned to Pakistan and took up charge of the finance ministry.

  • Govt aims to resolve issues of the business community: Finance Minister

    Govt aims to resolve issues of the business community: Finance Minister

    Federal Minister for Finance and Revenue Ishaq Dar said that the goal of the current administration is to facilitate the business community and maintain the trajectory of the nation’s economy.

    According to a press release, he said this while speaking with a team from the Pakistan Sugar Mills Association (PSMA) led by its chairman, Asim Ghani Usman.

    Senior officers from the Finance Division as well as Federal Ministers for Industries and Production Syed Murtaza Mahmud, National Food Security and Research Tariq Bashir Cheema, SAPM on Finance Tariq Bajwa, Chairman FBR, Vice Chairman PSMA Iskander M. Khan, and Vice Chairman PSMA Ahmed Ebrahim Hasham attended the meeting.

    The Finance Minister was informed about the sugar industry’s contribution to the nation’s overall economic development by PSMA Chairman Asim Ghani Usman.

    He also gave a presentation to the group on the problems the sugar sector is having with the GST, stock availability, and sugar export.

    Senator Ishaq Dar, the minister of finance, highlighted the need of sustaining sugar prices and strategic reserves in order to provide the greatest amount of comfort to the general populace.

    He told Chairman PSMA that the current administration is aware of the problems that Pakistan’s sugar sector and sugar cane farmers are now facing.

    Dar promised the group he would deal with their concerns and find a solution as soon as possible. He also offered them his complete support and collaboration.

  • Ishaq Dar takes notice of ‘illegal, unwarranted’ leak of Gen Bajwa’s family’s tax records

    Ishaq Dar takes notice of ‘illegal, unwarranted’ leak of Gen Bajwa’s family’s tax records

    Finance Minister Ishaq Dar on Monday took notice of the “illegal and unwarranted” leakage of tax information of Chief of Army Staff (COAS) General Qamar Javed Bajwa’s family members.

    An official statement from the Finance Division states, “This is clearly a violation of the complete confidentiality of tax information that the law provides.”

    This statement comes a day after a report by investigative news website FactFocus, which cited alleged tax returns and wealth statements, claimed that the COAS’ family had amassed billions of rupees in the last six years.

    “In view of this serious lapse on the part of to-date unknown functionaries, the finance minister has directed the Special Assistant to the Prime Minister (SAPM) on Revenue, Tariq Mehmood Pasha, to personally lead an immediate investigation into the violation of tax law[s] and breach of Federal Board of Revnue (FBR) data, affix responsibility and submit a report within 24 hours,” the handout said.

    According to the FactFocus report, the current market value of the known assets and businesses of the army chief, both within and outside Pakistan, amounted to Rs12.7 billion.

    The report also shared the alleged wealth statements of Gen Bajwa and his family from 2013 to 2021.

    According to the publication, it was unable to obtain data about assets in the name of Gen Bajwa’s two sons.

    FactFocus has claimed that after the publication of the story, the traffic on its site was “disrupted” and the website had been “banned”.

  • Dar stresses on providing maximum relief to the underprivileged sector of society

    Dar stresses on providing maximum relief to the underprivileged sector of society

    Minister for Finance and Revenue Ishaq Dar urged the Ministry of Industries and Production on Saturday to develop a comprehensive strategy that would prioritise providing maximum relief to the least endowed sector.

    Dar, who was chairing a meeting to examine the prime minister’s relief package through Utility Stores Corporation (USC), said the current government was aware of the difficulties confronting the underprivileged section of society, which required maximal relief support.

    He went on to say that the government’s primary goal was to help the poor and that it was doing everything it could to help them.

    The meeting was attended by Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM for Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, Secretary Finance, Secretary Industries and Production, MD USC, and senior authorities.

    The chair was informed about the PM’s relief package and subsidy on five vital products (pulses, wheat, sugar, rice, and ghee) granted by the USC to help the public.

    It was revealed that subsidised flour, sugar, rice, ghee, and pulses were being distributed to the populace across the country. The meeting also considered the financial ramifications of the subsidies.

    The finance minister also met with Federal Communications Minister Asad Mehmood here at the Finance Division.

    Financial SAPM The meeting was attended by Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, Secretary Communications, Chairman NHA, IG Motorway, and top officers.

    Asad Mehmood informed the finance minister of the financial status of various Communication Ministry agencies, including Motorway Police, Pakistan Post, and NHA.

    He also emphasised the organisations’ contributions to the country’s success and development.

    While acknowledging the contribution of the Ministry of Communication and its affiliated organisations to the country’s economic stability and progress, the finance minister stated that the current government was aware that a well-integrated communication network was critical for the country’s socioeconomic development and financial stability.

    According to APP, Dar also informed the communications minister that he would handle and resolve the concerns of the Communication Ministry’s organisations in order for them to perform better and contribute to Pakistan’s prosperity and development.

  • Pakistani rupee drops by 0.35% to close at Rs221.43 versus dollar

    Pakistani rupee drops by 0.35% to close at Rs221.43 versus dollar

    As investors await the US Federal Reserve’s decision on the policy rate, the Pakistani rupee (PKR) depreciated by 0.35 per cent against the greenback on Wednesday.

    According to the State Bank of Pakistan (SBP), the local unit appreciated by Rs0.78 and ended the day at Rs221.43.

    The Pakistani rupee enjoyed gains against the US dollar on Tuesday, and it ended the day at Rs220.65 after rising by Rs0.24 (or 0.11 per cent) in the interbank market.

    Gains were recorded when market confidence improved as a result of discussions held by Finance Minister Ishaq Dar with senior bank and exchange company executives.

    However, in a significant development, according to the most recent data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, consumer price index (CPI)-based inflation increased to 26.6 per cent on an annual basis in October 2022 as opposed to an increase of 23.2 per cent in the previous month and 9.2 per cent in October 2021.

    Globally, the US dollar slipped on Wednesday as investors awaited the US Federal Reserve’s policy decision amid speculation it might indicate a slowdown in future rate hikes. The central bank will soon release its policy statement with investors widely expecting a 75 basis points (bps) rate hike, the fourth such increase in a row.

    The dollar index – which gauges the greenback against a basket of six counterparts that includes the yen, euro and sterling – eased 0.2 per cent to 111.28, but was not far below Tuesday’s high of 111.78, the strongest level since October 25. The index has fluctuated widely around the 112 level since its retreat from a two-decade high of 114.78 at the end of September.

    Oil prices, a crucial gauge of currency parity, increased on Wednesday after data from the sector revealed a surprising decline in US oil supplies, indicating that demand is still strong despite sharp interest rate increases that are slowing down global development.

  • Petroleum prices to remain unchanged for next fortnight

    Petroleum prices to remain unchanged for next fortnight

    For the upcoming two weeks, the government has decided to keep petroleum product prices unchanged.

    Ishaq Dar, the finance minister, made the announcement during a press conference.

    This means that the price of petrol will remain unchanged at Rs224.80 per liter, high-speed diesel (HSD) at Rs235.30, light diesel oil (LDO) Rs186.50, while kerosene will be sold at Rs191.83.

    It is important to note that the administration did not change the prices during the most recent fortnightly review. The government refused to lower the price of gasoline for the general population by raising the petroleum development levy (PDL) by Rs14.84.

    Dar also stated that the government will clear the outstanding letters of credit (LCs) after speaking with the State Bank of Pakistan (SBP), with the cap increasing to $100,000 from the existing $50,000 as of November 1.

    Despite the relief, locals are forced to buy petrol for their daily commute at outrageously high costs. Contrarily, it is anticipated that CNG stations in Punjab and Sindh may be closed for longer than four months, which has made the issues of the populace much worse.