Implementation of PM’s initiatives: Tahir Mahmood designated as chief coordinator

ISLAMABAD: Prime Minister Imran Khan has designated Tahir Mahmood, as Chief Coordinator, Prime Minister’s Special Initiatives to follow implementation on PM’s ten proposed initiatives.

In this regard, Prime Minister’s Office (PMO) has issued a notification, which states that Tahir Mahmood’s status of Chief Coordinator will be on pro bono/ honorary basis in respect of the following: (i) gold based negotiable instruments; (ii) incentivizing SMEs through tax/ regulatory regimes and investments therein; (iii) DAP subsidy; (iv) raising of tax exemption ceilings; (v) establishment of Duty-Free Zones; (vi) investment in real estate through foreign exchange; (vii) foreign currency investment insurance pool; (viii) incentivizing relocation of industry from China; (ix) Saudi oil facility; and (x) State Bank counters at airports for debit cards, etc.

According to approved Terms of Reference (ToRs), appointment of Tahir Mahmood has been made to coordinate with relevant Ministries/ Divisions and follow up on implementation of the Prime Minister’s special initiatives, seek regular updates and review progress and brief/ update the Prime Minister, regularly.

At a recent meeting of Executive Economic Council (EEC) on the proposal of gold-based Negotiable Instruments, President National Bank of Pakistan stated that broad outline including the issuance of certificate for the quality and quantity of gold from approved jewellers, was sent to Tahir Mehmood, for comments.

SBP informed the EEC that Pakistan Mercantile Exchange Company (PMEX) has the capacity to handle the gold effectively. It was decided that SBP along with NBP and Tahir Mehmood may discuss and finalize actionable operational steps.

On the proposal of establishing Duty Free Zones, it was decided that FBR will play a lead role in this regard. Chairman FBR will consult the relevant stakeholders and submit the actionable plan at the earliest.

The EEC discussed different options to attract investment in real estate through foreign exchange.

Chairman Naya Pakistan Housing & Development Authority (NAPHDA) informed the EEC about availability of land, selling of plots and flats to overseas Pakistanis and its modalities. The Council decided that NAPHDA will formulate a monthly plan, starting from March till December, on the availability of plots/ flats and prepare a comprehensive strategy to give a sense of trust to overseas Pakistanis.

On foreign currency investment insurance pool, SBP informed the EEC that a detailed proposal has already been shared with the Ministry of Finance for comments. The Council decided that the Ministry of Finance may share comments and inputs for the improvement of the proposal.

The EEC also reiterated its earlier decision about incentivizing relocation of industry from China. Minister for Planning, Development and Special Initiatives was requested to share a detailed action plan for relocation of Chinese industry to SEZs.

The EEC also discussed the much talked about Saudi oil facility. Minister for Energy, Hammad Azhar stated that the agreement will be signed by end of next week, i.e., current week.

The EEC also reiterated the earlier decision, which states that the Petroleum Division will establish a Monitoring Cell for the utilization of Saudi oil facility.

Pre-paid cards: NBP informed members of EEC about the initial proposal for issuance of pre-paid cards at the airports.

It was decided that NBP will establish counters at Islamabad, Lahore, Karachi, Multan, Sialkot and Peshawar airports to issue prepaid cards within two weeks. NBP may also offer additional option of Assan Digital Account/ Debt Card.

US Dollar linked Certificates: EEC decided to resolve the matter and make final decision on US dollar linked certificates immediately. Ministry of Finance has been directed to do it as early as possible.

Copyright Business Recorder, 2022