Rich Government Officials

Ministry of Energy submitted a summary to allow amending the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL. The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5% being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL. NPMC was also briefed on the prices of Pulses in the country, NPMC was informed that there was stability in price of Gram Pulse, while price of Moong pulse decreased by Rs. 6 per kg during last six weeks.

Personal Banking

The CEO of Supernet Ltd says the company’s listing offers investors a 60pc discount over the sector-wide average. Saadiq Business Mortgage Finance is based on the Islamic structure of “Diminishing Musharakah”. Diminishing Musharakah is a form of co-ownership in which the Bank and customer share the joint ownership of a tangible asset in an agreed proportion. It is agreed that one of the co-owners will purchase, in periodic instalments, the share of the other co-owner until the ownership of that tangible asset is completely transferred to the purchasing co-owner . Furthermore, along with the purchase of share, the co-owner will also make agreed periodic payments for the usage of other co-owner’s share in the asset, till ownership of the asset is completely transferred to the customer.

The forum also decided to review some recommendations relating to automotive sector after six months. The Finance Minister expressed satisfaction on the decline in the prices of sensitive commodities and appreciated the provincial governments for taking administrative measures to reduce the gap between the wholesale and retail price. Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of the National Price Monitoring Committee , held at the Finance Division, today. He further said that the present government has introduced reforms in Agriculture, Industry, IT , housing, investment and other sectors and promotion of tourism as vital for economic growth. NPMC was updated on the prices of wheat flour and the meeting expressed satisfaction on the stability in the Wheat flour prices and availability of sufficient stocks of wheat in the country. NPMC was informed that prices of 22 items remained stable and 25 items registered increase in prices which contributed increase in the SPI by 0.54%.

Corporate And Building Projects

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Cash Poor, Perk Rich Government Officials

Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Deputy Commissioner ICT and other senior officers participated in the meeting. While prices of 24 items increased that contributed increase in SPI by 0.53% which included Tomatoes by 0.22%, Garlic by 0.01%, Petrol by 0.16% and others by 0.14%. He further discussed some proposals for the proliferation of dairy industry in Pakistan and sought support of the government in this regard. The petroleum products are showing substantial increase in the international market and presently trading at highest level since 2014. The oil prices have witnessed an increase of 14.5% just in last month in the global market. The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets.