Business

In Senate speech Dar avoids giving timeline for inking deal with IMF

Published

1 year ago

March 30, 2023

admin

Finance and Revenue Minister Ishaq Dar on Thursday avoided giving any timeline for striking deal with the International Moneatry Fund (IMF) during his speech in the Senate (Upper House), saying “all technical-level discussions were however over.

Responding to a Question/Answer session at the Senate, he said the global lender wanted commitments made by friendly countries to materialise.

The minister reiterated that the country won’t default on its payment obligations. “There is no question of default, Pakistan will manage its responsibilities, and will make every payment on time.

“IMF or no IMF, we need to jointly run the country, and there should be no politics on the economy,” he added. Regarding the agreement with IMF, Ishaq Dar said technical discussions with the lender have been completed.

The Senate was informed that the foreign exchange reserves stood at about $10 billion and the target was to take them to $13bn by June this year.

Leader of the House and Ishaq Dar told the House during Question Hour that there had been improvement in foreign exchange reserves over the last five weeks.

He said the government has not deferred any international obligation ever since coming to power and is making timely payments. He said our external debt has actually gone down.

In his remarks, Minister for Law Azam Nazeer Tarar told the House that the process of 7th Population and Housing Census was in progress and had to be completed before 30th of next month.

He said it is the first time that digital census is being carried out for which 35 billion rupees were earmarked in the budget 2022-23. He said if the results of the census get confirmed, the delimitations and next elections should be held under it.

Taking the floor, Minister for Commerce Naveed Qamar told the House that the country had sufficient stocks of all staple items. He said our thrust in future will be enhancing agriculture exports.

The Senate also held discussion on the Supreme Court Practice and Procedure Bill, 2023.

Sharing main features of the Bill, Law Minister Azam Nazeer Tarar said it proposes constituting the benches and allocation of cases by a committee comprising Chief Justice and two senior most judges.

He said right of appeal has been given under the bill. The minister said such a law was the longstanding demand of the Bar Councils and Bar Associations.

Post Views: 136

Business

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

22 hours ago

May 17, 2024

admin

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

Post Views: 8

Business

Govt jacks up power price by Rs1.47 per unit

Published

22 hours ago

May 17, 2024

admin

Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

Post Views: 15

Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

22 hours ago

May 17, 2024

admin

Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

Post Views: 10