The Cabinet commended the Ministry of Foreign Affairs for successfully convening the Extraordinary session of OIC Council of Foreign Ministers on the situation in Afghanistan.
Key Economic Indicators
(July to November 2021)
* The Ministry of Planning gave a detailed briefing to the Cabinet on key economic indicators.
In the current government, all the figures and statistics are on a positive trajectory.
The incumbent government inherited foreign loans, interest on loans and Circular debt which caused difficulties.
The Cabinet was informed that the volume of exports between July 2021 and November 2021 stood at 12.3 billion, an increase of 29% compared to the previous year.
Foreign remittances rose to 12.9 billion from .11.8 billion.
Pakistan's foreign exchange reserves rose to 25.2 billion from 20.3 billion, an increase of 24.2%.
The collection of tax revenue has increased from Rs 1.7 trillion to Rs 2.3 trillion, an increase of 36.8 per cent.
* Expenditure increased by 17%, with the largest expenditures being the purchase of the corona vaccine, a subsidy program for public relief, and the repayment of circular debt.
Cotton production increased by 19.5%, rice by 4.8% and sugarcane by 8.7%.
Compared to the previous government, due to the farmer friendly policies of the incumbent government, the farmers have earned a profit of Rs. 1100 billion.
Private business recorded an increase of 44%.
? The meeting was briefed regarding introduction of electronic voting machine and empowerment of Overseas Pakistanis to vote.
Federal Minister Shibli Faraz informed that the government committee will meet the Election Commission tomorrow.
The Cabinet was given a detailed briefing on the schedule regarding delivery and use of electronic voting machines to all polling stations in the country and training of staff.
The Cabinet vowed to hold the next elections with electronic voting machines after the enactment of the Electronic Voting Machine and the voting rights for Overseas Pakistanis act.
The Cabinet approved in principle amendments to Section 122 (6) of the Election Act 2017. These amendments have been made in the light of the decisions of the Supreme Court and the draft amendments will be presented before the Cabinet Committee on Law.
Advisor Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet.
? Prices of 15 items declined.
? Prices of 19 items remained stable.
? The Cabinet was informed that the prices of all household items in the region, except for tea leaves, are lower in Pakistan. These items include flour, ghee, gram, dal mash, dal mung, tomato, onion, chicken and petrol.
Concerns were raised over higher prices of essential commodities in Sindh including flour, sugar, milk, ghee and pulses.
The Cabinet, in the light of court decisions and on the recommendation of the Establishment Division, stated that there is no legal right to regularize Adhoc, Temporary, Contract, Daily Wages and Project employees.
The Cabinet, on the recommendation of the Ministry of Finance, approved Ex-Post Facto of foreign trade loans and approved tax exemption on their interest. These loans were obtained between December 2020 and November 2021 with a total volume of US $ 3.98 Billion.
Exports have risen to record levels under the current government.
The Cabinet, on the recommendation of the Ministry of Finance, approved the official nominations for the Council of the Institute of Chartered Accountants of Pakistan.
Following the approval, the ICAP Council includes Chairman SECP, Deputy Governor SBP, Syed Najam Ali and Feroz Rizvi.
The Cabinet on the recommendation of the Ministry of Human Rights from Khyber Pakhtunkhwa
National Commission on the Rights of the Child Jawadullah was approved to be appointed as a member.
On the recommendation of the Interior Ministry, Pakistan Consulate in Dubai approved the issuance of official passport to Noman Rafiq Sheikh (Special Person), younger brother of Naveed Rafiq Sheikh, an official stationed in Dubai.
The Cabinet approved the proposed draft of the Islamabad Police Act 2021 to bring the Islamabad Police in line with contemporary standards and to improve the law and order situation in the capital. The draft will now be presented to the Cabinet Committee on Law.
The law would include the establishment of an Independent Police Complaints Authority, a Safety Commission, a Public Liaison Council and a Dispute Resolution Council.
The Cabinet also approved the appointment of Dr. Shamshad Akhtar as official member of Port Qasim Authority in place of Vice Admiral Zahid Ilyas.
To approve and implement the National Food Security Policy, the Cabinet, on the recommendation of the Ministry of National Food Security, approved to notify the members of the National Food Security and Management Committee and its Executive Committee.
The committee will be chaired by the Prime Minister of Pakistan and will have federal ministers for planning, food security, finance, industry, chairman FBR, all provincial chief ministers and chief secretaries and secretaries of relevant federal divisions.
The Cabinet was briefed on the production and supply of urea fertilizer in the country.
At present there is an abundance of fertilizer to meet the needs of the country.
However, strict legal action was directed against those involved in hoarding and profiteering.
Cabinet approves appointment of Muhammad Najam Nawaz Saqib as Community Welfare Attache in Riyadh, Saudi Arabia on the recommendation of the Ministry of Overseas Pakistanis.
The Cabinet, on the recommendation of the Ministry of Energy, approved the appointment of Akhlaq Ahmed Syed as an independent member of the Board of Directors of GENCO Holding Company Ltd.
The Cabinet, on the recommendation of the Ministry of Energy, approved the appointment of Mohammad Shafiq-ur-Rehman as Chairman and Arshad Ali as Independent Member of the Board of Directors of Jamshoro Power Company Ltd.
The Cabinet, on the recommendation of the Ministry of Energy, approved the temporary appointment of Chief Engineer Multan Electric Power Company (MEPCO) Allahyar Khan as CEO of MEPCO.
This appointment will be valid until the arrival of a permanent CEO.
The Cabinet endorsed the decisions taken at the meetings of the Economic Co-ordination Committee held on 16 and 17 December 2021.
- Salient Features of New Auto Policy (2021-26)
- Localization, Consumer Protection, Export Trageting, Promotion of new technology.
- 69% increase in local Production of Cars in first four months.
- 07 New Auto manufacturers have started production since 2018.
- Policy to cater for middle and low income class by reducing duties on small cars and motorcycles.
- Locally manufactured parts are being used in Motorcycles, Tractors, Cars, Trucks & Buses
- Employment: 740,000 direct and indirect persons associated in the Auto Sector.
- Target that 75% of parts being used to be manufactured locally.
- Penalties on late delivery of vehicles and taxes to discourage ON-Money.
- US $ 1.46 Billion savings on local manufacturing of parts.
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