Finance Minister Ishaq Dar announced that pending refund up till June 2016 of the entire export sector - Rs 25 billion - would be transferred online to exporters' accounts in next seven days. Speaking at a press conference here on Monday at Punjab House rather than his ministry, Dar stated that State Bank of Pakistan (SBP) would transfer the amount to the exporters' accounts on behalf of Federal Board of Revenue (FBR).
The Minister categorically stated the amount required to clear the pending refunds of exporters would not be borrowed and the government decided to make payment from the divisible pool.
The Minister said Rs 21.5 billion cheques were distributed by the Prime Minister to the exporters in August 2016 and now the second payment is being made of those refunds whose RPOs have been prepared till June 2016.
The government has introduced a new system for payment of refunds and from now onward refund payment would be made through this system. We have also deployed a focal person in FBR and if any businessman does not get refund payment in next seven days, he must contact the focal person.
Finance Minister also announced that existing prices of petroleum products would remain unchanged for the next months as Prime Minister has decided against the Oil and Gas Regulatory Authority (OGRAs) proposal of 3 to 15 percent increase in prices to provide relief to the people. Finance Ministry would pick up the differential of Rs 4 billion for not increasing the petroleum prices, he said, adding Rs 8 billion was previously picked up.
Finance Minister said that the recently signed OECD Multilateral Convention would be presented to the federal cabinet meeting today (Tuesday) for ratification. He said new companies law would also be presented to the cabinet meeting.
Dar said that bill of joint opposition on terms of reference (TOR) for formation of a judicial commission, was unreasonable and person specific and government tried sincerely to resolve the issue of 'Panama Leak' and as the matter is now in the Supreme Court of Pakistan, the parties must accept apex court decision. He said there is no linkage of Prime Minister in the Panama Leak and non-issue was being made an issue. Finance Minister said that Pakistan Muslim League (N) was in a position to form government in Khyber Pakhtunkhwa and Balochistan but allowed single majority party - Pakistan Tehreek-e-Insaf (PTI) in KP and National Party (NP) in Balochistan. He said army chief extension did not come under discussion during the last meeting as the meeting was held with one point agenda of briefing to the Chief of Army Staff on a news published in an English daily regarding a high-level security meeting.
Finance Minister said that world rating agencies are also acknowledging Pakistan's economic performance and Standard & Poor's upgraded Pakistan's Credit rating from B negative to B. Dar said that Standard & Poor's while issuing Pakistan's revised rating has also revised upward its forecasts that average Pakistan annual growth to 5% over 2016-2019, Pakistan's debt falling below 60% of by 2018. He said that the upward revision in rating, the agency contends, also reflects the government's continued focus on closing infrastructure shortfalls, reforms in the energy sector, gradual gains in fiscal consolidation and beefed up foreign exchange reserves.
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