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PM Shehbaz demands immediate action to increase the competitiveness of exports

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10 months ago

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Attending a trade sector meeting, the prime minister ordered the exporters’ verified duty drawback to be paid immediately and recommended actions to encourage the export of non-traditional commodities. In order to support the auto industry, he emphasized the importance of the private sector and directed that their input be sought out while formulating policies. He also directed that the deletion policy be adopted.

In order to evaluate the performance of trade and investment officers stationed in Pakistan’s overseas missions and to identify and remove incompetent officers, Prime Minister Shehbaz instructed the relevant ministry to develop a comprehensive strategy.

Speaking to the group, the prime minister announced that he would do the biweekly evaluation of the export industries himself.

During the meeting, the prime minister was informed that talks for a free trade agreement between Pakistan and the Gulf states were nearing their conclusion, and that transit trade agreements with Tajikistan and Uzbekistan had already taken shape.

Approximately 450 business-to-business meetings were held during the last Pak-Saudi Business Conference, and the number of e-commerce transactions was continuously rising with over 3,000 companies signing up for the Pakistan Trade Portal, according to information presented to the meeting.

In addition, the meeting was informed of the tight oversight of the Afghan Transit Trade, the double-digit premium growth of public sector insurance businesses, the completion of the Gem Export Framework, and the preliminary consent given by Pakistan and Russia to operationalize the barter trade.

The New Strategic Trade Policy and the preferential trade agreements with Afghanistan and Azerbaijan were said to be the subjects of ongoing stakeholder consultation.

The Technology and Innovation Fund for industrial development was also being established, requiring the enactment of the relevant legislation.

Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema, Dr. Musaddik Malik, Jam Kamal Khan, and Jahanzeb Khan, Deputy Chairman of the Planning Commission, as well as pertinent senior officers, attended the meeting.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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2 weeks ago

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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