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Finance Ministry

Ten percent increase in remittances to create positive impact: Finance Ministry

ISLAMABAD: Spokesperson of Finance Ministry Dr Khaqan Mujeeb on Saturday said ten percent increase was recorded in the first six months of the incumbent government, ARY News reported. "The increase in remittances will create a positive impact on balance of payment," he said in a tweet. Dr Khaqan Mujeeb urged the overseas Pakistanis to send more remittances to strengthen economy of the country. He said the government's prudent economic policies were now bearing positive results. The finance minister on Friday…

OGRA seeks revision of POL products prices for Dec

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division seeking revision of prices of petroleum products for the month of December. “OGRA has forwarded a summary to the Ministry of Energy Petroleum Division two days ago to revise the POL products’ prices for the next month,” state-owned wire service reported citing official sources. The regulatory body, however, didn’t disclose details about proposed prices. The finance ministry will finalize the summary on November 30,…

Finance Ministry says positive engagement with IMF to continue in coming weeks

ISLAMABAD: Following the concluding session with the International Monetary Fund (IMF) Mission, the Finance Ministry on Tuesday said that positive engagement with the IMF will continue over the coming weeks to finalise the program with the Fund. According to the Ministry of Finance, the IMF Mission during its stay in Pakistan, held extensive talks with the key ministries of the government of Pakistan, including the Ministries of Finance, Planning, Development & Reform, and Energy and the State Bank of Pakistan.…

Government decides to approach IMF for ‘economic recovery program’

ISLAMABAD: The federal government on Monday announced to approach the International Monetary Fund (IMF) for an "economic recovery program", ARY News reported. Acccording to a statement released by Ministry of Finance, the government, after taking into account the current situation and consultation with the leading economists, decided to approach the IMF for stabilisation and an "economic recovery program". The statement explains that immediately upon assuming office, the present government had expressed serious…

Finance ministry seeks early nominations of NFC members from provinces

ISLAMABAD: Ministry of Finance on Thursday called upon provincial governments to reconfirm their nominations of non-statutory members for National Finance Commission "as early as possible", ARY News reported. According to details, Ministry of Finance has "now reminded the provincial finance secretaries to make the requisite nominations", as so far none of the provincial governments have shared the names of their respective non-statutory members. In terms of Clause (1) of article 160 of the Constitution, the 9th…

Finance Minister finalizes amendments in laws to prevent illegal foreign exchange transactions

ISLAMABAD: Finance Minister Asad Umar on Monday reviewed and finalized proposed amendments and insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions. Chairing a high level meeting, the finance minister reviewed amendments covering existing FIA Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and Anti-Money Laundering Act, 2010. The meeting after thorough discussion endorsed the amendments in the relevant laws and…