Tag: shaukat tarin

  • Pakistanis in trouble again as more tax hikes planned by the government

    With rising inflation, and an increase in taxes, the poor and working middle-class are being adversely affected.

    At the moment the government is planning on tightening the budget of tax hikes and spending cuts if the country is to get the $1 billion it needs from the International Monetary Fund (IMF).

    “I never thought it would become so difficult to survive,” said Sibte Hasan, a 43-year-old construction supervisor from Pakistan’s second-biggest city Lahore.

    The Pakistani rupee has also fallen to around 14% since May, which is a historic low.

    Finance Minister Shaukat Tarin is still hopeful things will be better but little to no relief is being given by the government as the country faces an inflation and gas crisis and rising taxes.

  • Shaukat Tarin denies what he said on national television

    Shaukat Tarin denies what he said on national television

    Advisor to the Prime Minister on Finance Shaukat Tarin admitted to the present gas crisis in the country on Samaa News. However, a day later, Tarin denied his own words and issued a clarification.

    After the show was aired and various news media outlets covered the story,  Energy Minister Hammad Azhar took to Twitter and blamed Geo for manipulating Tarin’s words.

    Hammad tweeted, “What Tarin actually said: -intl prices high due to global shortage. -Noone can predict intl price. – some time ago (July) they had refused a tender (July) but that was for a limited time & wouldn’t have changed things now.”

    “Geo: Gas crises due to not purchasing LNG on time, Fin Min,” added Hammad.

    Shaukat Tarin, after admitting to the gas crisis, took to Twitter and shared his clarification.

    https://twitter.com/shaukat_tarin/status/1463427014711468036

    “News item published in Daily The News titled ‘Govt couldn’t purchase gas Cargoes in time, admits Tarin’ is completely misleading & out of the context,” read the statement.

    “When anchor (Nadeem Malik) asked about the gas shortfall situation in the country, he stated the reasons including the ongoing global LNG shortages which have created fiasco, and it was not in control of anybody.”

    “Government has been buying the gas as required, despite higher international prices. However, he has mentioned there was one tender scrapped in July, but this has nothing to do with winter gas. The Adviser Finance has not mentioned at any point that winter gas shortfalls are due to non-procurement of LNG on time.”

    On November 23, Shaukat Tarin appeared on Samaa News’ programme, ‘Nadeem Malik Live’, and said the very words being denied now.

    “We [government] should have bought the gas cargoes on time as the purchasing time for it was over,” said Tarin.

    Tarin further said nobody knew about the international prices, which he stated were quite high, and that the government should have bought some cargoes earlier.

  • ‘Government should have bought gas cargoes earlier’: Shaukat Tarin admits to gas crisis

    ‘Government should have bought gas cargoes earlier’: Shaukat Tarin admits to gas crisis

    Advisor to the Prime Minister on Finance Shaukat Tarin admitted to the present gas crisis in the country.

    While speaking on Samaa News’ programme, ‘Nadeem Malik Live’, Shaukat Tarin said, “We [government] should have bought the gas cargoes on time as the purchasing time for it was over.”

    Tarin further said nobody knew about the international prices, which he stated were quite high and that the government should have bought some cargoes earlier.

    Tarin said the country’s imports of petroleum and gas touched almost $20 billion per year, which had been at $12 to $13 billion per year and now it had to pay $7-8 billion more in that regard.

    Shaukat Tarin said that as per the market pundits, the prices would come down during December and January when the intensity of the Covid-19 pandemic would start declining.

    Speaking on the gas crisis, Tarin said Pakistani companies were supplying gas to consumers. He added that a couple of gas discoveries were made in Lakki Marwat, however, money was needed for the extraction process.

    Last week, Energy Minister Hammad Azhar took to Twitter to challenge journalist Shahzeb Khanzada to a debate on Liquefied Natural Gas (LNG) and gas.

    Shahzeb Khanzada, a year ago, had warned that the gas crisis was impending, kept reiterating that the crisis needs immense attention, otherwise the consequences shall be huge.

    Azhar took to Twitter and proposed a challenge.

    “I would like to challenge Shahzeb Khanzada to debate LNG and Gas issues with me moderated by a neutral anchor and with Independent experts. Let the ppl [people] see the facts without persistent interrupting, volume controls, teleprompters etc,” tweeted Azhar.

  • ‘Agreement will be signed this week with IMF’ : Shaukat Tarin

    ‘Agreement will be signed this week with IMF’ : Shaukat Tarin

    Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin has stated that all issues have been settled with the International Monetary Fund (IMF) and an agreement will be signed this week.

    While addressing the launch ceremony of the Pakistan Single Window (PSW) Tarin said, “We are giving targeted subsidies to control inflation. It is a global problem and prices in the international market are out of my control,” assuring that there will be no delay in the salaries of government employees.

    He said that the world economy is recovering and business activities would not only resume but also grow at a much faster pace.

    “The worst seems to be over and as economies begin to recover globally, we expect business activity to resume and in fact grow at a much faster pace. Pakistan and Pakistani businesses have to be ready to take advantage of new opportunities,” he added.

    According to the advisor, PSW would help accelerate the digital transformation of the public sector agencies connected to international trade.

    Moreover, he said that it is a priority of the government to facilitate businesses, including small and medium-sized ones, by providing a suitable enabling environment for growth and innovation.

    Talking about the recent cyberattack on the National Bank server, he said that the enemy is ‘sitting in our neighbourhood’.

    Earlier, it was reported that an official said the government was considering an increase of petroleum levy by Rs4 per litre. This would depend on its engagements with the IMF for the revival of its programme.

    Last month, Saudi Arabia agreed to revive its financial support to Pakistan which includes about three billion dollars in safe deposits.

    Tarin was in Washington last month to lead the Pakistani delegation in talks with the IMF for the revival of the 6 billion dollars Extended Fund Facility (EFF).

  • Finance Ministry warns public of further increase in inflation

    Finance Ministry warns public of further increase in inflation

    The Finance Ministry of Pakistan has warned the public that the exchange rate, commodity supplies, and seasonality could increase the prices and transportation costs in the country, reports Dawn.

    The fiscal deficit in July-August was recorded at 0.9 per cent of the Gross Domestic Product (GDP), same as the previous year.

    Economic Adviser’s Wing of the Ministry of Finance in its monthly Economic Update & Outlook states, “The effect of these impulses — surge in international oil prices, exchange rate depreciation and adjustments in administered prices — may intensify the magnitude of prices and transportation cost.”

    The ministry said the country had seen some improvement in economic activities but an unprecedented increase in international commodity prices was putting pressure on domestic prices as well as on the local currency. However, the government’s pro-growth initiative along with efficient monitoring of prices is expected to provide relief to the general public.

    The ministry further explained that the country’s inflation rate was mainly driven by monetary and supply-side factors, including domestic and international commodity prices, dollar exchange rate, seasonal factors.

    As per a report, petrol prices in Pakistan may go up by Rs7 per litre from November 1.

    Earlier, it was reported that inflation in Pakistan has broken a 70-year record in the last three years, with food prices doubling, while the prices of ghee, oil, sugar, flour, and poultry have reached historic levels.

    A couple of weeks ago, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin said that things are becoming more expensive all over the world and the reasons are unknown.

  • Shaukat Tarin leaves US without concluding talks with IMF

    Shaukat Tarin leaves US without concluding talks with IMF

    Adviser to the Prime Minister (PM) on Finance and Revenue Shaukat Tarin left Washington on Thursday without concluding the talks with the International Monetary Fund (IMF), reports Dawn.

    The minister, however, left Finance Secretary Yousaf Khan behind to further carry on the talks for the resumption of a $6 billion loan facility that would bring immediate relief to the government by delivering a suspended tranche of $1billion.

    Tarin first came to Washington in early October and went to New York on October 15.

    Tarin met IMF Managing Director Kristalina Georgieva and other officials twice, and after both meetings, each side expressed the hope that the consultations would soon lead to a positive conclusion.

    However, Tarin quietly left Washington on Thursday. He may join PM Khan who is scheduled to visit Saudi Arabia this weekend.

  • Shaukat Tarin returns to Washington as talks between govt and IMF progress for $6 billion loan

    Shaukat Tarin returns to Washington as talks between govt and IMF progress for $6 billion loan

    Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin returned to Washington to join the on-going discussion with the International Monetary Fund (IMF), his spokesperson Muzzammil Aslam announced in a tweet.

    The director of IMF Middle East and Central Asia Department, Jihad Azour stated that the talks between IMF and the Pakistan government for the six billion dollars Extended Fund Facility (EFF) had progressed towards a “very good step”, reported Dawn.

    Earlier this week, while in New York, Tarin rejected a media report which claimed that the talks [earlier this month] have failed because of differences over a macroeconomic framework and uncertainty over the country’s economy.

    The advisor said, “Some people have created an impression in Pakistan that we have failed, and the talks have been unsuccessful. That is completely false.”

    “We are working on final details and in a few days, you will see the talks moving towards success. Give us some time and we will fix it”, he said, while adding that he and his team are committed to fixing Pakistan’s economy.

    Pakistan and the IMF held their latest talks in the US capital from October 4 to 15 for the release of a one billion dollars tranche from a six billion dollars extended loan facility, which was approved in 2019.

    Recently, the rupee hit a record low of 173.20 against the US dollar.

  • Shaukat Tarin appointed adviser to PM Khan on finance and revenue

    Shaukat Tarin appointed adviser to PM Khan on finance and revenue

    Former Finance Minister Shaukat Tarin has been appointed Adviser to Prime Minister (PM) Imran Khan on finance and revenue.

    An official notification issued on the appointment read that Tarin’s new status will be equivalent to that of a federal minister.

    The government on Friday had decided to appoint Tarin as an advisor to the PM on finance, as his six-month tenure as the financial advisor was expiring that day, sources had told Geo News.

    The finance minister was supposed to get elected as a senator — a prerequisite to continue as finance minister — as the six-month time limit to elect him as a member of Parliament expired on Friday.

  • ‘Inflation is happening all over the world, reason unknown’: Shaukat Tarin

    ‘Inflation is happening all over the world, reason unknown’: Shaukat Tarin

    Speaking at a press conference in Washington, Finance Minister Shaukat Tarin said that other items, including oil, are becoming more expensive all over the world and the reason why they are happening is not known, reports Geo News.

    Tarin said, “If the effects of the Covid pandemic reduce, inflation will come down and targeted subsidies of 40 per cent will be given to the country’s population.”

    He added that one billion dollars are to be expected from International Monetary Fund (IMF), which will be confirmed in the next two days.

    Moreover, the government on Friday decided to appoint Shaukat Tarin as the Adviser to Prime Minister on Finance, as his six-month tenure as the financial adviser is expiring today, sources told Geo News.

    The finance minister was supposed to get elected as a senator — a prerequisite to continue as finance minister — as the six-month time limit to elect him as a member of parliament expires today.

  • ‘No action against cabinet members named in Pandora Papers till found guilty’: Fawad Chaudhry

    ‘No action against cabinet members named in Pandora Papers till found guilty’: Fawad Chaudhry

    Information Minister Fawad Chaudhry on Tuesday said the federal cabinet members, whose names appeared in the Pandora Papers, would not be removed from their positions unless proven guilty.

    “Action will be taken once they are proven guilty,” said the minister.

    Chaudhry criticised the owners of media houses and said, “I see the photos of [Finance Minister] Shaukat Tarin and [Industries Minister] Khusro Bakhtiar being aired on TV channels, but not of media house owners, who have also been named as owners of offshore companies.”

    Prime Minis­ter (PM) Imran Khan on Monday formed a high-powered cell to investigate the 700 Pakistanis named in the Pandora Papers, including federal cabinet members, politicians, retired generals, owners of media houses, and others in establishing offshore companies.

    The cell will categorise the named individuals into four groups: those who have declared their offshore companies in Pakistan; those who have not declared their companies here and committed tax evasion; those who used their companies for money laundering and individuals who have not shown their offshore companies as part of the assets owned by them while declaring their wealth, reports Dawn.