Govt will reduce petrol and diesel prices: Hammad

Federal Finance Minister Hammad Azhar announced Wednesday the government's decision to decrease the prices of petrol and diesel.

"This decision is not related to the ECC [meeting that took place] but the first decision we have taken, after consultations with the prime minister, we will reduce the prices of petrol and diesel," said Hammad Azhar during a news conference.

"The price of petrol will be slashed by Rs1.5 per litre while the price of diesel will be slashed by Rs3 per litre. We took this decision because now, we have some room due to a change in prices at the international market," he said.

The minister spoke about the high prices of sugar in Pakistan, saying the government had allowed sugar to be imported from other countries, however, the price of the commodity in other countries was also high.

"However, in our neighbouring country India, the price of sugar is quite cheap," he said. "Hence, we have decided to resume sugar trade with India".

He said the measure would help bring down sugar prices in Pakistan and will provide relief to the poor.

Azhar said the demand for cotton in Pakistan was also increasing with the passing time and the country needed the product in a large amount. He said Pakistan had not produced quality cotton last year hence it had given the green signal for the product to be imported from other countries around the globe.

"However, the import of cotton from India was banned and this had a direct effect on our SMEs," he said. "However, at the recommendation of the Ministry of Commerce, we have also decided to resume the trade of cotton with India," he said.

Azhar said the incumbent government had brought about a positive change when it comes to the country's reserves in the State Bank of Pakistan.

"We made the State Bank of Pakistan autonomous," he said. "Our currency today is standing on its own feet, we are not adding dollars to it."

He said the government had received the $500mn tranche from the International Monetary Fund (IMF) adding that the amount would be a "healthy addition" to the country's reserves.

The finance minister said he had been elected by the masses and was answerable to them. He said the government's policies will be on the basis of the welfare of the people.

"Often, the correct decisions are the correct ones," he said.

In response to a question about the Financial Action Task Force (FATF), Azhar said Pakistan was trying its best to comply with the anti-money laundering and terror financing watchdog's requirements.

"We will move forward with the utmost hard work. I won't like to comment further on this matter," he said.

Answering a question about the State Bank bill, Azhar said the government will present it to the Parliament for debate and will ensure all stakeholders are heard on the matter.

"The Parliament is sovereign, no other institution in the country is sovereign," he said, adding that if the government felt there is a need to revise the bill, it would "with an open mind and an open heart".

Azhar said the government had a lot of respect for former finance minister Dr Abdul Hafeez Sheikh, adding that the economy had been stabilised during his tenure.

"Our current account deficit turned to a surplus during his tenure and our foreign exchange reserves grew substantially as well," he said. "All of these things are on record and no one can deny them."

However, the minister said it was the prime minister's prerogative to "select and change his team".

"The prime minister changed me twice and handed me other portfolios before I assumed charge of this one," he said. "I will seek his [Dr Abdul Hafeez Shaikh's] guidance during my tenure as well."

Azhar said the government will try to improve its performance and ensure it does not repeat mistakes of the past. "We will try to turn our weaknesses into our strengths but that does not mean we were making only mistakes in the past," he said.

New petrol prices

Later in the day, the Finance Division issued new rates for petroleum products, where it reduced Rs1.55 for petrol.

 

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PM Imran Khan rejects Sindh govt's 'complete lockdown' suggestion

Prime Minister Imran Khan on Wednesday rejected the Sindh government's recommendation to impose a "complete lockdown" across the country for two weeks.

Sindh Chief Minister Murad Ali Shah had earlier said the government should impose a "complete lockdown" across the country for two weeks to stem the spread of the virus.

Reacting to his comments, the prime minister said Pakistan cannot afford a complete lockdown, adding that the measure would adversely impact daily wage earners across the country.

He said, for the time being, the government will impose smart lockdowns across the country, adding that it was imperative to exercise even more caution during the third wave of the coronavirus.

CM Murad had earlier said that a complete lockdown is needed in Pakistan to get a grip on the third wave of coronavirus.

“Do a lockdown or don’t do it, smart lockdown is nothing,” the chief minister had said while speaking to media in Islamabad.

The Sindh chief minister had told reporters that his government believes the centre should ban inter-city transport for two weeks as well. He added that the third wave of the coronavirus pandemic was “dangerous”.

“I have antibodies yet I am still afraid of corona[virus],” CM Murad had said, highlighting how dangerous the coronavirus infection is.

He had also slammed the ongoing countrywide vaccination policy, saying the government had failed to procure the vaccine and was instead relying on donations from China.

CM Murad's statement came as Pakistan reported 4,757 cases and 78 deaths due to the coronavirus in the last 24 hours.

As per the NCOC, 43,965 tests were conducted across Pakistan out of which 4,757 were positive making the positivity ratio 10.8%.

Meanwhile, the national tally of positive cases has climbed to 667,957, with Sindh leading in the most number of cases with 265,433. Punjab has reported 220,392 cases, 87,055 in Khyber Pakhtunkhwa, 57,833 in Islamabad, 19,557 in Balochistan, 12,663 in Azad Jammu and Kashmir and 5,024 in Gilgit Baltistan.

A week earlier, Planning Minister Asad Umar had categorically rejected any prospects of a "complete lockdown" being imposed across the country, saying the government will not undertake the move in a bid to protect people's livelihoods.

"Complete lockdown is not the solution," the minister had said. "We tried to explain that to people during the first wave [of the coronavirus] but they did not understand. You cannot shut down the entire country and steal people's livelihoods," he added.

Umar, however, had hinted at "targeted interventions", saying that the government tries to take steps that would not affect people's livelihoods.

The minister had said the NCOC had identified coronavirus hotspot areas to provincial governments. He had said the implementation of these smart lockdowns were not satisfactory.

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Shaukat Tareen likely to be made PM Imran Khan's aide on finance: sources

Pakistani banker and former finance minister Shaukat Tareen is likely to be made Prime Minister Imran Khan's aide on finance and revenue.

According to the sources, Tareen — who attends important meetings of PM Imran Khan's finance and economic team — would likely be appointed special assistant to the premier or his finance adviser.

However, the final decision on whether he would be appointed as a special assistant or adviser would be made by the premier himself, the sources added.

On the other hand, top officials of the PTI regime have contacted Tareen, who said he "is ready to directly work with" the government but has asked for 15-20 days' time to "deal with something he's busy in", the sources added.

One recommendation, according to the sources, is that Tareen could work with Hammad Azhar — who was given the portfolio of finance ministry a day earlier in addition to serving as the federal minister for industries and production — on technical and policy matters.

The sources also said it was recommended to have Tareen contest the Senate election as well.

Azhar was appointed as the new finance minister on Tuesday, the Cabinet division confirmed through a notification, in addition to his portfolio of the ministry of industries and production.

PM Imran Khan had conveyed to former finance minister Abdul Hafeez Shaikh to step down from his role, with Azhar saying he was "honoured to be entrusted with the additional charge".

The development had come after PPP leader and former prime minister Yousaf Raza Gillani defeated Shaikh for the Islamabad general seat in Senate elections 2021.

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WHO chief's call for further probe of lab leak theory puts pressure on China

Even though a team of experts has dismissed the lab leak theory behind COVID-19, Who chief calls for further investigation on the issue has put China under pressure over the investigation into the origins of coronavirus.

A report by WHO and Chinese experts released on Tuesday had judged the lab-leak hypothesis highly unlikely, saying the virus behind COVID-19 had probably jumped from bats to humans via an intermediary animal.

China warmly welcomed the report, seeing it as confirmation of its handling of the investigation following allegations it had tried to delay and then restrict it.

The report also initially appeared to back China's firm rejection of theories that the pandemic may have been triggered by a leak from a virology lab in Wuhan, the central Chinese city where the virus first emerged.

But WHO chief Teodros Ghebreyesus on Tuesday reopened the lab leak theory, as he raised concerns about the level of access China provided to the experts during their visit to Wuhan in January.

"In my discussions with the team, they expressed the difficulties they encountered in accessing raw data," Tedros said.

He called for "timely and comprehensive data sharing" in future investigations.

Tedros also said that although the experts concluded the laboratory leak was the "least likely" hypotheses, this theory needed to be probed further.

"I do not believe that this assessment was extensive enough," Teodros said of the possibility of a leak.

"This requires further investigation, potentially with additional missions involving specialist experts, which I am ready to deploy."

Tedros then emphasised that no theory had yet been ruled out.

"Let me say clearly that as far as WHO is concerned all hypotheses remain on the table," he said.

The pandemic has killed nearly 2.8 million people worldwide since it first emerged in Wuhan in late 2019.

Throughout the pandemic, China has amplified theories that the virus may have surfaced outside of its borders or been imported on frozen food.

China was heavily criticised by the Donald Trump administration and other Western nations for delaying access to the WHO experts.

Joe Biden's administration has continued to raise concerns about China's handling of the probe.

The United States on Tuesday released a statement with 13 of its allies — Britain, Japan and Australia among them — saying the inquiry lacked the data and samples it needed.

"We join in expressing shared concerns regarding the recent WHO-convened study in China," the statement said.

Beijing insists it was transparent with the scientists.

It said it provided open access to wet markets, labs, patients and data from the first torrid weeks of the virus, admonishing critics for "politicising" a global health crisis.

Health officials in Beijing are due to give a press conference on the WHO report on Wednesday afternoon.

The reason for the diverging information from the WHO expert team was not immediately clear.

On the laboratory accident hypothesis, the head of the investigation team, Danish scientist Ben Embarek told reporters on Tuesday that Chinese lab staff had acknowledged they initially feared a leak.

"Even the staff in these labs told us that was their first reaction," Embarek said.

"They all went back to their records... but nobody could find any trace of something similar to this virus in their records or their samples.

"Nobody has been able to pick up any firm arguments or proof or evidence that any of these labs would have been involved in a lab leak accident."

That said, Embarek added: "We haven't done a full investigation or audit of any of the labs."

Other WHO team members took to Twitter to defend the probe.

Peter Daszak, who was effusive in praise of his Chinese hosts during the January probe, hit out at the "pure politics" being played with the findings led by elements of the media.

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Govt will reduce petrol and diesel prices: Hammad

Federal Finance Minister Hammad Azhar announced Wednesday the government's decision to decrease the prices of petrol and diesel.

"This decision is not related to the ECC [meeting that took place] but the first decision we have taken, after consultations with the prime minister, we will reduce the prices of petrol and diesel," said Hammad Azhar during a news conference.

"The price of petrol will be slashed by Rs1.5 per litre while the price of diesel will be slashed by Rs3 per litre. We took this decision because now, we have some room due to a change in prices at the international market," he said.

The minister spoke about the high prices of sugar in Pakistan, saying the government had allowed sugar to be imported from other countries, however, the price of the commodity in other countries was also high.

"However, in our neighbouring country India, the price of sugar is quite cheap," he said. "Hence, we have decided to resume sugar trade with India".

He said the measure would help bring down sugar prices in Pakistan and will provide relief to the poor.

Azhar said the demand for cotton in Pakistan was also increasing with the passing time and the country needed the product in a large amount. He said Pakistan had not produced quality cotton last year hence it had given the green signal for the product to be imported from other countries around the globe.

"However, the import of cotton from India was banned and this had a direct effect on our SMEs," he said. "However, at the recommendation of the Ministry of Commerce, we have also decided to resume the trade of cotton with India," he said.

Azhar said the incumbent government had brought about a positive change when it comes to the country's reserves in the State Bank of Pakistan.

"We made the State Bank of Pakistan autonomous," he said. "Our currency today is standing on its own feet, we are not adding dollars to it."

He said the government had received the $500mn tranche from the International Monetary Fund (IMF) adding that the amount would be a "healthy addition" to the country's reserves.

The finance minister said he had been elected by the masses and was answerable to them. He said the government's policies will be on the basis of the welfare of the people.

"Often, the correct decisions are the correct ones," he said.

In response to a question about the Financial Action Task Force (FATF), Azhar said Pakistan was trying its best to comply with the anti-money laundering and terror financing watchdog's requirements.

"We will move forward with the utmost hard work. I won't like to comment further on this matter," he said.

Answering a question about the State Bank bill, Azhar said the government will present it to the Parliament for debate and will ensure all stakeholders are heard on the matter.

"The Parliament is sovereign, no other institution in the country is sovereign," he said, adding that if the government felt there is a need to revise the bill, it would "with an open mind and an open heart".

Azhar said the government had a lot of respect for former finance minister Dr Abdul Hafeez Sheikh, adding that the economy had been stabilised during his tenure.

"Our current account deficit turned to a surplus during his tenure and our foreign exchange reserves grew substantially as well," he said. "All of these things are on record and no one can deny them."

However, the minister said it was the prime minister's prerogative to "select and change his team".

"The prime minister changed me twice and handed me other portfolios before I assumed charge of this one," he said. "I will seek his [Dr Abdul Hafeez Shaikh's] guidance during my tenure as well."

Azhar said the government will try to improve its performance and ensure it does not repeat mistakes of the past. "We will try to turn our weaknesses into our strengths but that does not mean we were making only mistakes in the past," he said.

New petrol prices

Later in the day, the Finance Division issued new rates for petroleum products, where it reduced Rs1.55 for petrol.

 

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PM Imran Khan rejects Sindh govt's 'complete lockdown' suggestion

Prime Minister Imran Khan on Wednesday rejected the Sindh government's recommendation to impose a "complete lockdown" across the country for two weeks.

Sindh Chief Minister Murad Ali Shah had earlier said the government should impose a "complete lockdown" across the country for two weeks to stem the spread of the virus.

Reacting to his comments, the prime minister said Pakistan cannot afford a complete lockdown, adding that the measure would adversely impact daily wage earners across the country.

He said, for the time being, the government will impose smart lockdowns across the country, adding that it was imperative to exercise even more caution during the third wave of the coronavirus.

CM Murad had earlier said that a complete lockdown is needed in Pakistan to get a grip on the third wave of coronavirus.

“Do a lockdown or don’t do it, smart lockdown is nothing,” the chief minister had said while speaking to media in Islamabad.

The Sindh chief minister had told reporters that his government believes the centre should ban inter-city transport for two weeks as well. He added that the third wave of the coronavirus pandemic was “dangerous”.

“I have antibodies yet I am still afraid of corona[virus],” CM Murad had said, highlighting how dangerous the coronavirus infection is.

He had also slammed the ongoing countrywide vaccination policy, saying the government had failed to procure the vaccine and was instead relying on donations from China.

CM Murad's statement came as Pakistan reported 4,757 cases and 78 deaths due to the coronavirus in the last 24 hours.

As per the NCOC, 43,965 tests were conducted across Pakistan out of which 4,757 were positive making the positivity ratio 10.8%.

Meanwhile, the national tally of positive cases has climbed to 667,957, with Sindh leading in the most number of cases with 265,433. Punjab has reported 220,392 cases, 87,055 in Khyber Pakhtunkhwa, 57,833 in Islamabad, 19,557 in Balochistan, 12,663 in Azad Jammu and Kashmir and 5,024 in Gilgit Baltistan.

A week earlier, Planning Minister Asad Umar had categorically rejected any prospects of a "complete lockdown" being imposed across the country, saying the government will not undertake the move in a bid to protect people's livelihoods.

"Complete lockdown is not the solution," the minister had said. "We tried to explain that to people during the first wave [of the coronavirus] but they did not understand. You cannot shut down the entire country and steal people's livelihoods," he added.

Umar, however, had hinted at "targeted interventions", saying that the government tries to take steps that would not affect people's livelihoods.

The minister had said the NCOC had identified coronavirus hotspot areas to provincial governments. He had said the implementation of these smart lockdowns were not satisfactory.

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Shaukat Tareen likely to be made PM Imran Khan's aide on finance: sources

Pakistani banker and former finance minister Shaukat Tareen is likely to be made Prime Minister Imran Khan's aide on finance and revenue.

According to the sources, Tareen — who attends important meetings of PM Imran Khan's finance and economic team — would likely be appointed special assistant to the premier or his finance adviser.

However, the final decision on whether he would be appointed as a special assistant or adviser would be made by the premier himself, the sources added.

On the other hand, top officials of the PTI regime have contacted Tareen, who said he "is ready to directly work with" the government but has asked for 15-20 days' time to "deal with something he's busy in", the sources added.

One recommendation, according to the sources, is that Tareen could work with Hammad Azhar — who was given the portfolio of finance ministry a day earlier in addition to serving as the federal minister for industries and production — on technical and policy matters.

The sources also said it was recommended to have Tareen contest the Senate election as well.

Azhar was appointed as the new finance minister on Tuesday, the Cabinet division confirmed through a notification, in addition to his portfolio of the ministry of industries and production.

PM Imran Khan had conveyed to former finance minister Abdul Hafeez Shaikh to step down from his role, with Azhar saying he was "honoured to be entrusted with the additional charge".

The development had come after PPP leader and former prime minister Yousaf Raza Gillani defeated Shaikh for the Islamabad general seat in Senate elections 2021.

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