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BONDED BULK STORAGE POLICY UNVEILD TO END FUEL HOARDING, ENSURE SUPPLY thursday, 29 June, 2023 i 10 Zil Hajj, 1444
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Step expected to discourage hoarders from manipulating fuel prices, destabilising market
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ECC approves bonded storage policy for petroleum products ISLAMABAD
Staff RepoRt
Finance Minister Ishaq Dar announced on Wednesday that the Economic Coordination Committee (ECC) has approved the “Bonded Bulk Storage Policy 2023” for petroleum products. The minister took to Twitter to make the announcement and said that the government has fulfilled another of its commitment “with the people of
Pakistan that was made in the Budget Fiscal year 2024 speech”. He added that the details of the policy will be shared by state minister for petroleum through a press conference. Earlier this week, the National Assembly passed the Finance Bill 202324 with certain amendments to the proposed budgetary measures with the revised outlay of Rs14.48 trillion.
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Rs 15.00 | Vol XIV No 1 I 8 Pages I Islamabad Edition
TATE Minister for Petroleum, Musadik Malik, announced on Wednesday that the federal government has introduced a bonded bulk storage policy to address the issue of illegal fuel hoarding and ensure a seamless supply of petroleum products in the country. Speaking at a press conference in Lahore, the minister highlighted how hoarders would stockpile fuel at unauthorised storage locations whenever there was an anticipated increase in petroleum prices. “I am presenting a solution today to put an end to the practice of hoarding,” stated Musadik Malik. The newly implemented bonded storage policy aims to guarantee a smooth supply of petroleum products while curbing illegal hoarding. The minister emphasised that this policy would prevent the world’s largest traders from illegally hoarding oil in the country. The announcement aligns with the approval of the “Bonded Bulk Storage Policy 2023” for petroleum products by the Economic Coordination Committee (ECC) of the cabinet, as confirmed by Finance Minister Ishaq Dar. Taking to Twitter, the finance minister had highlighted that the federal government has fulfilled another commitment made during the budget speech for the fiscal year 2023-24, delivered in
the National Assembly on June 9. With the implementation of the bonded bulk storage policy, the government aims to tackle the issue of fuel hoarding and ensure a reliable supply of petroleum products in Pakistan. This policy will help curtail illegal practices and establish a more efficient and transparent fuel market. By preventing unauthorised hoarding and facilitating legitimate storage processes, the government aims to create a balanced and uninterrupted supply chain. The bonded bulk storage policy signifies a significant step towards ensuring the availability and affordability of petroleum products for the people of Pakistan. Furthermore, the introduction of this policy will discourage hoarders from manipulating fuel prices and destabilising the market. It is expected to bring transparency and fairness to the petroleum sector while creating a level playing field for all stakeholders. The government’s commitment to curbing illegal hoarding and ensuring a smooth supply reflects its dedication to the welfare and interests of the Pakistani people. In conclusion, the bonded bulk storage policy is a strategic move by the federal government to address fuel hoarding and promote a reliable supply of petroleum products. By implementing this policy, the government aims to bring stability and transparency to the fuel market, putting an end to the illegal practice of hoarding. This initiative reaffirms the government’s commitment to fulfilling its promises and creating a conducive environment for economic growth and development.
PIA had lost the Europe and US routes owing to irresponsible statements by the previous government, inflicting the loss of billions of rupees. PM forms high-level committee for PIA’s restructuring, revival He recalled that the incompetent ministers of the previous government had victimised international investors, Chinese firms and Turkish businessmen.
Calling the reformation process inevitable, the prime minister told the meeting that the PIA could only progress if run by professional and administrative experts purely on a profit-and-loss basis. The prime minister said the government was heading toward a policy mechanism in which the government’s role would be confined to the policy-making, and facilitation of investors, businessmen and companies. Federal ministers Khawaja Saad Rafiq, Azam Nazeer Tarar, Advisor Ahad Cheema and relevant authorities attended the meeting. Federal ministers Syed Naveed Qamar, Ishaq Dar, Ahsan Iqbal, SAPM Jahanzeb Khan and others joined via video link. RANA TANVEER CALLS ON PRIME MINISTER Federal Minister for Education and Professional Training Rana Tanveer Hussain on Wednesday called on Prime Minister Shehbaz Sharif here. In the meeting, they discussed the country’s overall political situation as well as the matters pertaining to education and professional training.
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PM forms committee to work out restructuring, revival of PIA LAHORE
Staff RepoRt
Prime Minister Shehbaz Sharif on Wednesday constituted a high-level committee to work out the restructuring, reformation and revival of Pakistan International Airlines (PIA). He was chairing a high-level meeting to discuss the matters pertaining to the PIA, according to PM Office. To be headed by Finance Minister Ishaq Dar, the committee would present its proposals and recommendations to the federal cabinet after Eidul Azha. The committee would comprise Finance Minister Ishaq Dar, Railway and Aviation Minister Khawaja Saad Rafiq, Planning Minister Ahsan Iqbal, Commerce Minister Syed Naveed Qamar, Special Assistant to PM Jahanzeb Khan and federal secretary of Aviation. The body would deliberate on different options for the restructuring and revival of the PIA. The aviation minister briefed the prime minister about the proposed route map and reformative measures for the
uplift of the national flag carrier. The prime minister appreciated the efforts of the minister for the PIA’s revival. He viewed that the PIA had the capacity to overcome the losses. The meeting was told that the number of planes in the PIA fleet would have to be increased from current 27 to 49, in order to steer the airline out of the crisis. Prime Minister Shehbaz said that the
Aide announces Tareen as prime ministerial candidate for ‘king’s party’ ISLAMABAD
notiCe the offices of pakistan today will remain closed from June 29, 2023 (thursday) to June 30, 2023 (friday) on account of eid-ulazha. Hence, the paper will not be published on June 30, 2023 (friday) to July 1, 2023 (Saturday). the pakistan today office will reopen on July 1, 2023 (Sunday). We wish our readers a safe eid.
Amid criticism, chairman Senate says ready to ‘face accountability’ ISLAMABAD
MonitoRing RepoRt
Senate Chairman Sadiq Sanjrani has offered to tender his resignation and present himself for accountability amid criticism regarding a bill aimed at enhancing the perks and privileges of past and future heads of the upper house of Parliament. Earlier this month, the Senate had adopted the controversial bill which proposed the provision of a lifetime full security detail of at least 10 persons to all former Senate chairmen. It also proposed that the government bear travel expenses of their domestic staff as well as family members. The proposed law is currently pending with the National Assembly. Sanjrani had defended the bill, saying that the law was meant to put things in order and address audit issues. He claimed that it would not place any additional burden on the national exchequer while the PPP had stated that it could not lend its support given the country’s economic situation. The Public Accounts Committee (PAC) had also criticised the proposed law, arguing that it would burden the already sinking economy. In an interview on Dawn News programme ‘Doosra Rukh’, which will air over the Eid holidays, Sanjrani responded to concerns and questions surrounding the bill, stating that he had not sought even a penny’s raise in his salary. Sanjrani said that he had never claimed any travel allowances or daily allowances. Furthermore, he emphasised that he and his wife personally covered the expenses of their household. “I am ready for my accountability, and an audit should be ordered. If it proves [any wrongdoing], I will step down from my Senate position,” he said. He pointed out that the Senate chairman enjoyed a prestigious position but clarified that he did not receive any perks. Sanjrani suggested that if the country’s situation improved, the Senate chairman should be entitled to ten planes instead of just one. “It was suggested that the Senate chairman is purchasing planes but I firmly believe that when Pakistan achieves prosperity and effectively addresses the people’s issues, then the chairman should get ten planes instead of just one,” he remarked. “Give good perks to your representatives so that they can work. Why are you forcing them to indulge in wrongdoings?” he asked. He said there were senators who relied only on their salaries.
Pakistan, IMF discuss $2.5b standby arrangement: reports ISLAMABAD ReuteRS
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Abdul Aleem Khan, the president of the newlyfounded Istehkam-i-Pakistan Party (IPP), expressed his belief that not only himself but the entire nation has been deceived by the opposition Pakistan Tehreek-iInsaf (PTI) party. In an interview with a news-TV station, he declared the “imminent end” of PTI and announced IPP’s intention to contest forthcoming elections against all parties. Furthermore, Khan revealed that if IPP achieves victory in the general elections, former PTI secretary general Jahangir Tareen, who was disqualified in 2017 by the Supreme Court under Article 62 (1)(f) of the Constitution, will be their prime ministerial candidate. He emphasised that the formation of IPP was a collective decision among “friends” who aimed to support former prime minister Imran Khan’s mission to build Naya Pakistan. While clarifying that he had no direct communication with Pervez Khattak and no conversations with PTI deputy chairman Shah Mahmood Qureshi, Khan mentioned that he did have a meeting with former minister Asad Umar and extended an invitation for him to join their party. He expressed that individuals possessing new ideas and a dedication to building a better Pakistan are welcome to join the IPP, emphasising that the doors are open for anyone who was not involved in the protests against the unlawful arrest of the former prime minister on May 9. Khan highlighted that over 25 percent of those who left PTI have joined IPP, noting that those individuals inclined towards pursuing politics sought a platform to fulfil their aspirations.
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Pakistan and the International Monetary Fund (IMF) are discussing a $2.5-billion “standby arrangement” for six to nine months, newspapers said on Wednesday, with the current bailout programme set to expire on June 30. Pakistan rushed through a recent slew of policy adjustments, including a revised budget sought by the IMF and an off-cycle hike in interest rates, hoping to secure the pending funds under the Extended Fund Facility (EFF) programme signed in 2019. With time running out, Finance Minister Ishaq Dar said on Tuesday the two sides were working on a “mechanism” to ensure that Pakistan got the entire amount and not just the close to $1.1 billion due under the current review. Dar did not elaborate on what the mechanism was. The ninth review is in order after recent adjustments but Pakistan is keen to receive the entire undisbursed amount, which is only possible in a new programme, the Express Tribune daily said, quoting highly-placed sources. It said Prime Minister Shehbaz Sharif discussed signing a new stand-by arrangement (SBA) worth $2.6 billion for a short term of six months with IMF Managing Director Kristalina Georgieva. The IMF’s resident representative Esther Perez and Dar did not respond to a Reuters request for comment. Dawn newspaper also said an SBA was one option discussed to access pending funds after
the expiry of the EFF. The nation is in dire need of external financing and has allocated $2.5 billion in IMF support in its annual budget, which will also be key to unlocking other avenues of funding. On Tuesday, Prime Minister Sharif said he expected an agreement in a day or two, with the lender saying it was holding talks with the aim of “quickly reaching an agreement on financial support from the IMF”. It did not say if the financing was part of the
EFF or a new SBA. Pakistan’s international bonds rallied sharply for a third straight session amid rising hopes of IMF funding. The gains were most pronounced in shorterdated issues, with the 2024 bond up more than 3 cents in the dollar to trade just above 60 cents — its highest level since early February and up more than 10 cents since the start of the week, Tradeweb data showed. Longer-dated maturities gained about 1.5 percent.