ISLAMABAD : Utility Stores Corporations (USC) has put out a two-year performance report showing how the state-owned enterprise went from being a loss-making entity to tax-paying one.

As per details, the USC’s business inventory was valued at Rs5.46 billion in 2017-18, which rose to Rs15 billion until May 2020. It faced a deficit of Rs6.64 billion in 2017-18 and owed vendors a whopping Rs10.28 billion, which was brought down to Rs3.49 billion in July 2020.

Prime Minister Imran Khan rolled out Prime Minister’s Relief Package on Jan 8, this year, under which the USC was given Rs5 billion subsidy for purchasing essential commodities, aiming to provide the masses some relief.In the first phase of the package, the subsidy was given on five basic items until April 17 and later the number of subsidised items was increased to 19. The government also brought in Ramazan Relief Package amid the coronavirus pandemic.

During the fasting month, the USC saw a record sale of Rs22billion worth of items. It’s sale doubled from Rs3 billion to Rs6 billion due to the government’s special attention and interest and provided commodities to 29.8 million families over the last six months.

In fiscal year 2018-19, utility stores’ total sale clocked in at Rs9 billion but jumped to Rs50.85 billion in FY2019-20. It paid a total of Rs7.09 billion tax from July 2019 until May 2020.

ISLAMABAD: The Ministry of National Health Services Regulation and Coordination has accelerated efforts for early availability of coronavirus vaccine.

According to a statement from the NIH, the Covid-19 vaccine committee working under National Command and Operation Centre (NCOC) has finalised recommendations on early availability of coronavirus vaccine in the country.

“The experts working under the coronavirus vaccine committee has finalised recommendations about the Covid-19 vaccine and the health ministry will present its recommendations to the Prime Minister Imran Khan next month, according to NIH statement.It further said that currently six COVID-19 vaccine candidates have entered phase-3 trials and country’s Covid-19 vaccine committee has proposed a partnership with international vaccine alliance, Gavi to procure vaccine.

“The committee has proposed to increase cooperation with China for development of Covid-19 vaccine and trails,” said the health ministry and added that vaccine will be provided to people affected by Covid-19 on immediate basis once it will get ready for public use.

The special Covid-19 committee also said that Expanded Programme on Immunization (EPI) resources will be utilized for delivery of vaccines.

It is pertinent to mention here that Pakistan on Monday started phase III of the clinical trial of a COVID-19 vaccine candidate in the country after Drug Regulatory Authority of Pakistan (DRAP) approved the process.

A spokesman for the National Institute of Health (NIH) Islamabad said that the vaccine under trial is the one being prepared by Chinese biotech firm, CanSino Biologics, and Beijing Institute of Biotechnology.

The vaccine trial in Pakistan is being carried out under the supervision of the NIH head, who is the principal investigator of the programme.

20^th August 2020

ISLMABAD : Advisor to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh held an introductory meeting with the newly appointed Country Director of the World Bank in Pakistan, Mr. Najy Benhassine today.

The World Bank portfolio in Pakistan includes 56 active projects amounting to approximately $11 billion.  The portfolio supports reforms and investments to strengthen institutions, particularly in fiscal management and human development.

Dr Shaikh welcomed the Country Director and appreciated the strong working relationship between the Government of Pakistan and the World Bank. He highlighted the reforms initiated by the Government to tackle the balance of payment crisis in 2018/19 and bring stability to the economy. Dr Shaikh shared details of how the COVID pandemic has adversely impacted the economy and slowed down the reforms program.

Dr Shaikh outlined the steps taken by the Government to tackle the COVID 19 pandemic and stimulate the economy. In particular, he highlighted the Prime Minister’s Ehsas program where over 16 million of the most vulnerable households have benefitted from cash transfers. Similarly, support provided to SMEs and business in the form of subsidized payroll loans, deferred loan repayments and subsidy on power bills have supported economic activities during the pandemic induced downturn.

Mr. NajyBenhassine appreciated the strong response by the Government during the COVID 19 pandemic and highlighted the World Banks support to the emergency response with projects totalling almost half a billion dollars to help the country prevent, detect and respond to the pandemic and strengthen public health preparedness.

Dr Hafeez Shaikh appreciated the support provided by the World Bank during the pandemic and stressed on the need to continue with the reform’s agenda. In particular, he stressed on the need to strengthen public finances with a focus towards enhancing the tax base and improved expenditure management. He requested technical inputs from the World Bank on the pension reforms currently being prepared by the Ministry of Finance.

Looking ahead both sides reaffirmed to strengthen the relationship and remove bottlenecks in executing the development projects funded by the World Bank.

ISLAMABAD : The Supreme Court on Thursday gave the government four more weeks to overhaul loss-making Pakistan Railways in order to turn it into a profit-making national entity.

Headed by Chief Justice Gulzar Ahmed, an apex court bench was hearing a suo motu case pertaining to financial losses the Railway department has been inflicting on the national kitty.

The SC extended the deadline for overhaul of the railways on a request by the Planning Commission.The court also sought a progress report on revival of the Karachi Circular Railway from the railways and the Sindh government.

CJP Ahmed observed that the Karachi-Hyderabad bridge might collapse any time, but the British-era Kotri bridge is still in its right shape. There isn’t a single bridge over Indus River that the nation can take pride in, he added.

The bridge built during the regime of former military ruler Ayub Khan is the only beautiful bridge the country has at present, he remarked. He said bridges were poorly built after the Ayub Bridge and called for construction of quality bridges under the ML-1 project. Indus River be accorded respect for running the country’s economy, he stressed.

The railway secretary said state-of-the-art bridges will be built as part of the ML-1 project whose phase one will be completed in three years. At this, the CJP snapped three years is a long period as Chinese people lay down railway tracks in months.

He directed the government to complete the project at the earliest if funds are available.