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The GC approved regulations for smooth operations of Trade Information Portal which is being launched by PSW Company in this month to fulfill Pakistan’s commitment under WTO’s Agreement on Trade Facilitation. While giving approval on other key matters the GC also gave directions to relevant Ministry for ensuring immediate utilization of integration with PSW system. ECC also approved Technical Supplementary Grant of Rs. 3500 Million in favour of Higher Education Commission for the Project titled “Pak University of Engineering and Emerging Technologies . ECC also approved Technical Supplementary Grant amounting to Rs. 200 million to Pakistan Military Accounts Department for conversion of Pensioners to Direct Credit System. On the proposal of providing vegetables at Utility Store Corporation outlets, MD USC informed that such facilities have been started at USC outlets in the Capital territory while for provinces the consultation is in process with the relevant authorities.

Mobilink Microfinance Bank Limited is Pakistan's largest digital bank with over 20 million registered and 8 million active digital wallets. Backed by VEON Co., MMBL started operations in April 2012 and launched branch-less banking operations under the brand name JAZZCASH in partnership with Pakistan's largest telecom operator JAZZ in Nov 2012. Despite being a young bank, Mobilink bank has emerged as one of the front runners in the sector and achieved financial break-even within four years of commencing operations in 2016, one of the fastest in the industry. MMBL game plan aims at taking banking from confines of limited number of brick and mortar structures to cell phones and thus make a significant contribution in banking the unbanked through digital channels. The Bank so far has financed over 500,000 individual micro and small businesses since inception of the Bank in 2012 and is the proud recipient of “Bank of the Unbanked Award” in 2018 and 2019. Economic Adviser Finance Division apprised the NPMC on weekly SPI which increased slightly by 0.08% in the week as compared to previous week when it decreased by 0.50%.

Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the Steering Committee meeting of Kamyab Pakistan Program at Finance Division, today. Adviser to the Prime Minister on overseas Pakistanis and Human Resource Development, Mr. Ayub Afridi, Secretary Finance, Secretary Overseas Pakistanis & HRD, President Bank of Punjab, Chairman SECP, CEO Akhuwat Foundation and other senior officers attended the meeting. Mr. Knut Ostby, Resident Representative UNDP, briefed about UNDP’s commitment toward achieving Sustainable Development Goals . He maintained that for developing countries, it is easier to achieve SDGs with support of multilaterals and engagement with the private sector. He further said that ‘development for everybody’ is at the center of UNDP’s development agenda. On the same lines, UNDP is focusing on sustainable investment potential present in the private sector of Pakistan.

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The two sides discussed about the potential for increased collaboration and investment in the various sectors including agriculture, food security, Information Technology, infrastructure development, Refinery and vowed to extend business and economic ties. Ministry of Energy submitted another summary on reimbursement of price differential claims of oil marketing companies and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market. The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs. 20 billion to PSO in accordance with the mechanism. The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice comparing with last year. Currently, in the month of January, there has been significant increase in its prices approximating 1351 per ton.

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Federal Minister on Finance and Revenue Mr. Shaukat Tarin held a meeting with All Pakistan Bedsheets & Upholstery Manufacturers Associations led by its chairman Mr. Arif Ehsan Malik, at Finance Division, today. The NPMC also discussed the stock position of POL in the country and expressed serious concerns on the low stocks of HSD and directed the Petroleum Division to take cognizance of the issue and ensure smooth availability of POL in the country. The Chair directed Ministry of NFS&R to make strategy for increasing the exports of Potatoes and further directed for production forecasting unit for major and minor crops for timely decision making. Further, the chair directed the USC to seek guidance of Ministry of Law and Justice on continuation of subsidy on these items for initial 23 days of the February. The Financial Action Task Force reviewed Pakistan’s progress on both FATF Action Plans in its Plenary meeting held on 4th March 2022.

The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country. It was informed that prices of Tomatoes and Onion in the last week were at the lowest as compared to their prices three years earlier. NPMC showed concerns on the increase in the prices whereas international market has witnessed dip in the prices of edible oil and directed Ministry of Industries and Production to formulate strategy and explore alternate options for import of edible oil to reduce the prices in the country. NPMC was also briefed on CPI Inflation, which showed slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on MoM basis.