Prime Minister Imran Khan Tuesday said provision of relief to the common man and bringing further economic stability are the top priorities of the government.
Addressing a meeting of the federal cabinet, the prime minister expressed his satisfaction over the reports of leading global credit rating entities and financial institutions and said a significant milestone has been achieved in the journey towards the economic stability.
Advisor on Finance Dr Abdul Hafeez Shaikh briefed the meeting about the improvement in the economic situation and the acknowledgement of the leading world financial and business entities and credit companies. He said despite serious challenges, the economic stability has been achieved due to the government’s efforts. He said due to improvement in the financial outlook and the economic indicators, the confidence of local and foreign investors has increased and the investment prospects have also further widened.
Dr Shaikh apprised the meeting that the foreign direct investment (FDI) has witnessed an increase of 286% as compared to the previous year, adding that the stock market has touched 40,000 points after a period of eight months.
He said the imports volume also witnessed an increase of 10% whereas positive results have been achieved in terms of dollar.
The prime minister opined that the people should be kept informed about the economic achievements so that further confidence of the business community can be boosted.
The cabinet was informed about progress on implementing the government’s decision to decrease electricity prices in winter. It was told that 176,000 consumers have so far benefitted from the scheme while the industrial sector has also welcomed the decision. The cabinet was also told that efforts were being made that consumers using 300 units, which are 75 per cent of the domestic consumers, are not overburdened as the government is providing subsidy in this regard.
Special Assistant to Prime Minister for Petroleum Nadeem Babar informed the cabinet that special steps are being taken to apprise the people about proper usage of gas in winter. The consumers had been informed about various slabs of gas consumption and increase in the bill amount by using extra gas. He said a proposal is under consideration to charge bill for extra gas consumed during the winter in instalments in summer months when there is overall decrease in the gas usage and its bill.
The cabinet ratified the decisions of the Economic Coordination Committee taken on November 27 and 28. It also endorsed decisions taken by the Cabinet Committee on Privatization on November 15 which included privatization transaction structure of the SME Bank Ltd and approval for terms of reference for the committee formed for possible privatization of PIA’s owned Roosevelt Hotel.
To protect the child rights, the cabinet approved practical steps under the Juvenile Justice System Act, including establishment of designated courts to District and Sessions Judges (East-West), Additional District and Sessions Judges, Senior Judges and the Civil District and Sessions division (East and West) in Islamabad.
The cabinet was of the view that under the relevant laws, regarding establishment of the special courts and till their complete functioning, the designated courts are being given the responsibility in the first phase to hear child related cases.
It also approved extension for further six months period in the Pakistan Essential Services (Maintenance) Act 1952 concerning all offices of Pakistan Security Printing Corporation and Security Papers Limited Karachi.
The cabinet also approved the budget of Jammu and Kashmir Estate Property for the fiscal year of 2019-29.
While deciding the formal date for promulgation of recently introduced legislation Letters of Administration and Succession Certificates Ordinance 2019, the cabinet also decided that the prime minister would be the chief guest on Friday during its formal launching ceremony.
The minister for law informed the meeting that after the promulgation of the law, within a period of one month, all Pakistanis residing inside or outside the country would be benefited from it. The litigation over the hereditary or inheritance rights continues for years, but with the promulgation of the law, the process will be finalized within a period of 15 days.
The cabinet also gave its approval to the Enforcement of Women’s Property Rights Ordinance 2019 for ensuring protection of women rights in properties. It also approved appointment of Dr Mohammad Yousaf Khusk as chairman of Pakistan Academy of Letters for a period of three years.
The cabinet approved handing over of responsibility of member (water) WAPDA to current charge Zuhair Khan Durrani and that of member (power) to Javed Akhtar.
The Utility Stores Corporation chairman and managing director briefed the cabinet about Rs 6 billion package to provide relief to the people by reducing the prices of essential goods. It was told that there would be a decrease of Rs 10 per kg in the price of ghee and Rs 5 of that of sugar, Rs 40 of that of 20 kg flour bag, and Rs 10-20 per kg of those of pulses. The cabinet approved appointment of Khalid Ahmed Latif as Chief Operating Officer National Insurance Company Limited.
