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Tag Archives: Finance Minister Ishaq Dar

Rs75b required for IDPs rehab, Rs35b for CTF: Dar says not to seek int’l aid for Zarb-e-Azb; deficit to cross 4.9% of GDP

Ishaq dar

ISLAMABAD: Finance Minister Ishaq Dar said that the government will not seek financial assistance from international financial institutions and other development partner countries .to offset expenditures being incurred on Operation Zarb-e-Azb and rehabilitation of internally displaced persons (IDPs). The government, however, has apprised them of the troubles Pakistan was passing through. “However, in the wake of increasing financial requirement to ... Read More »

Rs7.343b, 73.67-km Torkham-Jalalabad Road okayed: Ecnec approves uplift worth Rs101.55b

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ISLAMABAD: The Executive Committee of Economic Council (Ecnec) thumbed up to different development project including the revised cost of New Gwadar International Airport project and additional carriageway of Torkham-Jalalabad Road. The council approved a total of nine development projects worth Rs101.55 billion. As per details, the Ecnec meeting held with Finance Minister Ishaq Dar in the chair approved construction of ... Read More »

$900m disbursed in 2014: ADB willing to fund uplift but thinking about Bhasha Dam  

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ISLAMABAD: The Asian Development Bank (ADB) agreed to fund energy, communication and infrastructure development projects but sought four months time for financing Diamir Bhasha dam project. According to minutes of a meeting between ADB Country Director Werner Liepach with Finance Minister Ishaq Dar, the former claimed that the bank was evaluating Pakistan’s request for financial support to the project. Mr ... Read More »

103m SIMs verification:  Nadra charges cut to Rs10; govt to waive off ST on replacement of SIMs

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ISLAMABAD: Under the National Action Plan, the government has decided to re-verify 103 million cellphone SIMs in phased-wise plan and agreed to waive off sales tax on replacement of SIMs cards and lowered verification charges of Nadra to Rs10 from the current Rs23. The decisions were taken at high-level meeting chaired by Finance Minister Ishaq Dar to lessen financial burden ... Read More »

103m SIMs verification:  Govt cuts Nadra charges to Rs10; waives off ST on replacement of SIMs

SIM cards

ISLAMABAD: Under the National Action Plan, the government has decided to re-verify 103 million cellphone SIMs in phased-wise plan and agreed to waive off sales tax on replacement of SIMs cards and lowered verification charges of Nadra to Rs10 from the current Rs23. The decisions were taken at high-level meeting chaired by Finance Minister Ishaq Dar to lessen financial burden ... Read More »

5pc sales tax hike: Senate resounds with resent against hike in tax on POL products

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ISLAMABAD: The Upper house of the Parliament resounded with resent against 5 percent increase in General Sales Tax on petroleum products and the opposition staged a unified walkout, declaring the government decision unconstitutional. Terming the move unconstitutional and violation of Supreme Court judgments, PPP Senator Raza Rabbani referred to Article 77 of the Constitution “which states that taxes can only ... Read More »

Unable to increase pensions from Rs3,600: Body set up to bail EOBI out of financial woes

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ISLAMABAD: Headed by the State Bank of Pakistan Deputy Governor, a Task Force was constituted for administrative and financial restructuring of the Employees Old Age Benefit Institution (EOBI). The decision was made at a meeting of the committee formed by the Prime Minister under the chair of Finance Minister Ishaq Dar to resolve the issues being faced by the institution. ... Read More »

Post-18th Amend issues discussed: Body set up to bail EOBI out of financial woes

EOBI

ISLAMABAD: Headed by the State Bank of Pakistan Deputy Governor, a Task Force was constituted for administrative and financial restructuring of the Employees Old Age Benefit Institution (EOBI). The decision was made at a meeting of the committee formed by the Prime Minister under the chair of Finance Minister Ishaq Dar to resolve the issues being faced by the institution. ... Read More »

Plugging Rs70b gap: GST on POL raised by 5pc to 22pc; govt to collect Rs45b

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ISLAMABAD: In a bid to offset the revenue shortfall, the General Sales Tax (GST) on petroleum products has been increased General Sales Tax (GST) by 5 percent to 22 percent from the existing 17 percent. This move will enable the government to collect additional Rs19 billion due to increase in GST and Rs10 billion on account of the existing petroleum ... Read More »

$1 billion needed: Dar for secure rehabilitation of IDPs, flood victims

Ishaq dar

ISLAMABAD: Finance Minister Ishaq Dar has directed Economic Affairs Division (EAD) to firm up plans in consultation with relevant stakeholders for rehabilitation of internally displaced persons (IDPs) and flood victims. The minister was briefed by the Secretary EAD and other officials on activities with regard to the donors conference held on November 11. The secretary apprised the Dar that during the ... Read More »

Dar says foreign reserves cross $15b, out of which $ 10b with SBP

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ISLAMABAD: Finance Ministry said on Monday that the foreign exchange reserves of the country have crossed 15 billion dollars. Ten billion dollars are with the State Bank of Pakistan and the rest are with Commercial Banks. Finance Minister Ishaq Dar met Prime Minister Nawaz Sharif in Islamabad and gave him detailed briefing about economic measures taken which made possible to ... Read More »

$2bln investment: K-E to set up 660MW coal power plant, convert 400MW plant to gas

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ISLAMABAD: The management of K-Electric planned investing $2 billion including $1 billion for construction of a 660MW coal-fired power plant in Gaddani and $400 million for conversion of 400MW furnace oil-run plant to coal. The company has planned a total investment of $2 billion and the plan will be completed by June 2017. K-Electric Chairman Tabish Gohar informed Finance Minister ... Read More »

Rs27b savings lauded: Nawaz directs steps for better electricity load management

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ISLAMABAD: Prime Minister Nawaz Sharif while chairing 5th meeting of Cabinet Committee on Energy praised the steps taken by the Water and Power Ministry for saving Rs27 billion through better management and minimizing line losses. The PM also tasked the committee with evolving a well-though out strategy for better load management mechanism to improve electricity supply in the summer of ... Read More »

Divestment of 10% shares in ABL: Govt fixes floor price at Rs105 to generate Rs13b

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ISLAMABAD: The government has fixed floor price at Rs105 per share for divestment of its 10 per cent (around 131 million) shares in Allied Bank Limited (ABL). The Cabinet Committee on Privatization (CCoP), under the chair of Finance Minister Ishaq Dar, considered the ABL pricing benchmarks as presented by the LM & BR and recommended a floor price of Rs105 ... Read More »

Rs2.57b provided for cash surplus: Centre provided Rs1,264b to provinces from Rs2,254b collected in FY13-14: Dar

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ISLAMABAD: The federal govt provided Rs1,264 billion from the Rs2,254.5 billion the Federal Board of Revenue collection during the fiscal year 2013-14. Besides shares on account of royalties and grants provided to provinces are: Punjab Rs8.8 billion, Sindh Rs82.6 billion, KP Rs29.97 billion and Balochistan Rs14.9 billion. Finance Minister Ishaq Dar stated this while chairing a meeting of National Finance ... Read More »

Sales tax, duty to stay on import of solar power panels  

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ISLAMABAD: A high-level meeting chaired by Finance Minister Ishaq Dar regarding solar panels decided the duty and sales tax regime applicable to an industry that does not have local production will be applicable to solar panels as well. Senior representatives of the Ministry of Industries & Production, Engineering Development Board, FBR and Ministry of Finance had detailed deliberations on the ... Read More »

Pakistan committed to bringing AML Act on par with Int’l standard: Dar

Ishaq dar

ISLAMABAD: Finance Minister Ishaq Dar declared that the government was making efforts to make existing anti-money laundering (AML) laws on a par with international standards. Talking to a delegation of Asia-Pacific Regional Review Group (AP-RRG) of FATF, Mr Dar informed that anti-money laundering ordinance (AMLO) was promulgated with subsequent amendments and finally passed into law in the form of AML ... Read More »

Ishaq Dar secures $2b credit from Russia for PSM rehabilitation, energy sector

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MOSCOW : Finance Minister Ishaq Dar while talking to prominent Russian TV channel Russia Today (RT) and other media here reiterated his proposal for upper capping of oil prices, helping underdeveloped and developing countries to effectively manage their oil bills which can have positive impact on their economies. The Minister said, he had put forth this proposal earlier in 2008 ... Read More »

Govt imposes 20pc regulatory duty on sugar import

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KARACHI: The government has imposed 20 percent regulatory duty on the import of sugar and the Federal Board of Revenue (FBR) has issued a notification for this purpose. According to the FBR report, the implementation of regulatory duty will be under the head of Pakistan tariff. A few days ago, the Economic Coordination Committee of Cabinet (ECCC) confirmed the regulatory ... Read More »

$15 billion foreign reserves by end of Dec 31, claims Dar

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ISLAMABAD: Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bonds worth $500 million as IMF has also nodded to give $1.1 billion installment. Ishaq Dar, while talking to media, said that the government would first hold roadshows and then float sukuk in the ... Read More »