The government said on Tuesday that the federal government and the provinces are working in collaboration to ensure availability of food items in the country after parliamentarians stated prices of essential commodities have increased considerably.
During a meeting of the National Assembly Standing Committee on Finance convened to get briefing from the government's economic team on the Covid relief package measures, Secretary Finance Naveed Kamran Baloch stated that Rs100 billion had been earmarked for refunds of exporters and the government was also considering a proposal to establish fund for those losing life due to coronavirus.
He also stated that $1.4 billion from the International Monetary Fund (IMF) had not yet been received, and when received would be used for providing relief to the people.
The members of the committee wanted to know about the relief from G20 countries and bilaterally from other countries.
Committee member Syed Naveed Qamar inquired from the economic team about the government's allocated budget in the package, and stated that the BISP allocation was also earmarked in the budget, and added that the government was providing guarantees for wheat procurement but the amount would be of the provinces.
Dr Aisha Ghaus Pasha stated that the SBP, commercial banks and provinces were also contributing, and sought details regarding exemption in taxes.
The chairman of the committee wanted to know whether any fund for corona victims was being set up.
The meeting was informed by the high ups of the Finance Ministry that Rs25 billion had been provided to the National Disaster Management Authority (NDMA), Rs15 billion on account of exemption from withholding tax and additional customs duties on import of certain food items including reduction of withholding tax for the Utility Stores Corporation (USC) supplies etc.
About the subsidy on the USC, the secretary finance stated that the government had released Rs10 billion stock of flour (atta) procurement out of Rs50 billion for further subsidy on household items.
However, members of the committee expressed dissatisfaction on the performance of the USC and emphasized to bring about improvement in it.
Governor State Bank of Pakistan (SBP) Reza Baqir stated that the SBP directed the commercial banks for enhancing the date of return of loans from 90 days to 180 days.
The SBP has also announced a support package of salaries for employees in different entities on lower mark-up.
The governor SBP informed that the government had brought down its policy rate from 13.25 percent to nine percent, he added.
Seema Shakeel, Member FBR, briefed the committee about the details of Rs100 billion disbursement of refunds to the exporters.
Rs70 billion for refunds related to FBR, Rs30 billion DLTL related to Ministry of Commerce.
She said for the current fiscal year Rs170 billion refunds had been issued and another Rs8 billion would be issued in the remaining period of the outgoing fiscal year.
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