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Finance Minister Asad Umar Foreign Aid AGP Irregular Spending Petroleum Import Bill Dada Pota Show 20-12-2018

Dada Pota Show of 20-12-2018. The only program of business and economy in Pakistan.

Finance Minister Asad Umar Foreign Aid AGP Irregular Spending Petroleum Import Bill Dada Pota Show 20-12-2018

Dada Pota Show 20-12-2018 based on Finance Minister Asad Umar Foreign Aid AGP Irregular Spending Petroleum Import Bill. Today, Dada G shared his opinion on important news that Top auditor points out Rs5.8 trillion irregular spending.
The Auditor General of Pakistan (AGP) has pointed out mismanagement, irregularities and weak financial control of Rs5.8 trillion worth of public money by 44 federal ministries during audit year 2017-18. The audit objections over accounts of the federal government for 2017-18 are far greater 87 per cent higher than those of 36 ministries involving an amount of Rs3.12tr a year before, showing deterioration in financial control over the public money instead of improvement. Submitted to the president and laid before parliament as required under Article 171 of the Constitution, the AGP put on record that the findings were based on scrutiny of public funds of 44 out of 60 federal ministries and divisions and did not cover amounts below Rs1 million spent or received by these entities. It said that an amount of Rs69.4 billion was recovered and deposited in the federal consolidated fund. The AGP highlighted a total of 39 cases of weak internal control amounting to Rs5.775tr involving a series of ministries and divisions and related entities abroad. It also pointed out 82 cases of irregular expenditures or payments amounting to Rs24.75bn in violation of rules. The AGP highlighted 26 cases of weak financial management worth Rs5.77tr and another 22 cases related to unsound asset management amounting to Rs1.3bn. There were 65 cases of recovery amounting to Rs9.12bn, while three cases were reported where record relating to Rs3.18bn was not produced on auditor`s demand. Interestingly, the AGP also questioned misrepresentation of more than Rs3.89trworth of supplementary grants by the Ministry of Finance and the Accountant General of Pakistan Revenue which are required to ensure sound financial management of the federal government. In violation of Articles 80, 83 and 84 of the Constitution, the finance ministry did not print these supplementary grants which accounted for 92pc of the total supplementary grants, it said. The AGP reported to the president and parliament that the finance ministry was required to place all supplementary grants before the National Assembly for approval but it was not done and such large amounts remained unreported. The finance ministry`s response that the supplementary grants received from various ministries and divisions beyond a cut-off date could not be made part of the book presented to parliament was found untenable. Moreover, the AGP noted that the ministries and divisions had incurred an expenditure of Rs1.74tr in excess of final grants available to them and in fact the heads and principal accounting officers of the ministries were not authorised to incur excess expenditure without any supplementary grants or within original budget allocation. The AGP also expressed concern over the failure of various ministries and divisions to surrender savings worth Rs109.5bn, resulting in lapse of funds. This is violation of financial rules that require that all anticipated savings should be surrendered to the kitty immediately they are foreseen but not later than May 15 each year. This could have pre-empted utilisation of funds by some other deserving areas and was a clear sign of poor financial management. As if that was not enough, the AGP raised serious objections over the fact that top officers of the finance ministry responsible for prudent fiscal management of the country`s accounts had disbursed among themselves an unapproved amount of Rs10.166m during the audit year 2017-18 and demanded recovery of these funds. They included 16 officers in Grade-21 and 22 for whom the Economic Coordination Committee (ECC) of the cabinethadnot approvedhonoraria.They are: Tariq Bajwa, Tariq Pasha, Shahid Mahmood, Dr Waqar Masood, Ghazanfar Abbas Jilani, Noor Ahmed, Naveed Allauddin, Ejaz Wasti, Akbar Sharifzada, Amer Mahmood, Syed Anwar Bukhari, Shujat Ali, Haq Nawaz, Arshad Ahmad, Hafiz Tahir and Aamar Ashraf Khwaja. The AGP said the ECC had approved an honorarium exceeding one month pay to employees to the level of joint secretaries, but these officers took away Rs10.166m as 3-6 months` additional salaries. The audit report also highlighted that fiveregulatory authorities responsible for regulating the country`s five major sectors of economy were themselves violators of the laws as they did not pay Rs3.12bn to the Competition Commission of Pakistan as 3pc mandatory regulatory fee. The regulatory agencies included the Securities and Exchange Commission of Pakistan, National Electric Power Regulatory Authority, Oil and Gas Regulatory Authority (Ogra), Pakistan Telecommunication Authority and Pakistan Electronic Me dia Regulatory Authority. Moreover, the appointment of Ogra chairperson Uzma Adil Khan was also in conflict of interest and against the laid down rules. The AGP also demanded recovery of Rs955m from the families and guarantors of 132 scholars out of about 3,000 sent abroad on government expense but never returned in violation of their security bonds. By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

Governmental Loans National Assembly Asad Umar SBP Gold Prices Political Economy Dada Pota Show 19-12-2018

Dada Pota Show of 19-12-2018. The only program of business and economy in Pakistan.

Governmental Loans National Assembly Asad Umar SBP Gold Prices Political Economy Dada Pota Show 19-12-2018

Dada Pota Show 19-12-2018 based on Governmental Loans National Assembly Asad Umar SBP Gold Prices Political Economy. Today, Dada G shared his opinion on important news that $32.134bn borrowed from IFIs in 5 years: Loans outstanding stands at Rs29.175trn, NA told.
Total loans outstanding against Pakistan at the end of September 2018 stood at Rs 29.175 trillion while $ 32.134 billion loans were borrowed by the country from international financial institutions during last five years. Federal Minister for Finance and Economic Affairs Asad Umer Monday informed this to the National Assembly in a written reply to a question of Maulana Abdul Akbar Chitrali during the Question Hour. The minister said that total amount of loans borrowed by Pakistan from international financial institutions during the last five years amounted to $ 32.134 billion and total amount of loans outstanding against Pakistan at the end of September 2018 was Rs 29,174.6 billion. He said that total public debt is Rs 25.78 trillion including Rs 16.92 trillion domestic and Rs 8.863 trillion external debt, while Rs 1.483 trillion are publicly guaranteed/PSEs debt and Rs 1.91 trillion were other debt and liabilities at the end September 2018. The minister said that the amount of interest paid on external public debt during 2017­18 was $ 1.683 billion while in Pak rupee terms, interest paid on total public debt (domestic & external) was Rs 1,500 billion. He said that the present government is committed to fully discharge the debt obligations of the country to its external creditors. He said that for this a multi-pronged strategy is being pursued. He said that the focus is to substantially increase country’s exports and workers’ remittances and reduce imports. He said the government of Pakistan is also consulting with friendly countries for necessary financial support for bridging the financing gap for a short-term. The minister said that negotiations with IMF for stabilisation programme are in process which would potentially lead to an assistance package for achieving balance of payments stabilisation and addressing macro-economic imbalances. The finance minister said that the domestic public debt carries maturities ranging from 3 months to 20 years and external public debt has maturities ranging from 1 year to 40 years. He said that all of these loans (domestic & external) are being paid according to repayment schedule for each loan. Answering another question, the minister said that $ 37.634 billion foreign loans’ repayments (principal amount $ 31.027 billion + interest $ 6.606 billion) to be made by the government from year 2018 to 2023. He said that Pakistan would pay $ 9.06 billion loan (principal amount $ 7.27 billon and $ 1.787 billion interest) in 2018-19. He said that a total of $ 8.173 billion loan (principal amount $ 6.685 billion and $ 1.488 billion interest) in 2019-20 and $ 7.455 billion (principal amount $ 6.174 billion and $ 1.282 billion interest) would be repaid in the year 2020-21. He said that a total of $ 6.452 billion (principal amount $ 5.355 billion and $ 1.097 billion interest) in 2021-22 and $ 6.492 billion loan (principal amount $ 5.54 billion and interest $951.3 million) would be repaid in 2022-23. Answering another question, the minister said that a multi-pronged strategy is being pursued with a focus to substantially increase tax revenues, enhance country’s exports and workers’ remittances. He said that at the same time, reduction in unnecessary expenditures and curtailment of the losses of public sector enterprises is also being pursued to bring down the deficit, which is a main cause of higher levels of borrowing and resultant indebtedness. He said that the government has set up a task force on institutional reform and austerity to reduce non-development and non-productive spending. He said that all these measures would help in decreasing ratio of the country’s debt. Answering a question, the minister said that the main reason for decline in the foreign exchange reserves is the widening of the current account deficit. He said that current account deficit during FY17 stood at US $ 12.6 billion but it further widened to US $ 19.0 billion during FY18. He said that the exports during FY-2018 stood at $ 24,812 million as against $ 21,996 million in the same period of the previous year, showing an increase of 12.8%. Imports during FY-2018 stood at $ 56,085 million as against $ 48,750 million over the previous year, showing an increase of 15%. However, he said that growth in imports decelerated from 17.9% to 15.0% during FY 18. He said that worker’s remittances during FY-2018 stood at $ 19,623 million as compared to $ 19,351 million in the same period of the previous year, showing an increase of 1 .4%. He said that during the first four months of the current financial year, imports growth has further decelerated to 5.9% and workers’ remittances have increased to 15.1%. By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

ECC Urea Import 1712 Per 50KG China Package IMF Nawaz Sharif Political Economy Dada Pota Show 18-12-2018

Dada Pota Show of 18-12-2018. The only program of business and economy in Pakistan.

ECC Urea Import 1712 Per 50KG China Package IMF Nawaz Sharif Political Economy Dada Pota Show 18-12-2018

Dada Pota Show 18-12-2018 based on ECC Urea Import 1712 Per 50KG China Package IMF Nawaz Sharif Political Economy. Today, Dada G shared his opinion on important news that ECC approves price of imported urea at Rs1712 per 50kg.
The Economic Coordination Committee of the Cabinet (ECC) has fixed the price of imported urea at Rs. 1712/- per 50 kg. In its meeting chaired by Finance Minister, Asad Umar on Monday, the ECC reviewed the fertilizer situation in the country. The ECC in consideration of proposal from the Ministry of Industries and Production approved the price of imported urea at Rs. 1712/- per 50 kg bag for National Fertilizer Marketing Limited dealers. It may be mentioned that ECC had directed the Trading Corporation of Pakistan on 10th September 2018 to import 100,000 MT Urea to ensure availability of sufficient stocks in the country to meet the requirements in the Rabi season. ECC discussed and approved proposal of the Ministry of Commerce to amend the Export Policy Order (EPO) 2016, to the effect that the export of ethanol and other products manufactured from cane molasses shall be subject to the condition that cane molasses used in production of ethanol and other products manufactured from cane molasses being exported is either produced in-house by the exporter or purchased directly from a sugar mill. Proper recording of production and sale of molasses, can be used as an indicator to gauge the production of sugar thus assist in collection of due taxes. The ECC was informed that due consultation had been carried out with FBR as well as the Sugar manufacturers, on the proposal. Ministry of National Food Security and Research shared with the ECC report on export of public sector’s surplus wheat/wheat products. By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

IMF Debt Sustainability Analysis Tax Return PIA Debt Imported Tractors Political Economy Dada Pota Show 17-12-2018

Dada Pota Show of 17-12-2018. The only program of business and economy in Pakistan.

IMF Debt Sustainability Analysis Tax Return PIA Debt Imported Tractors Political Economy Dada Pota Show 17-12-2018

Dada Pota Show 17-12-2018 based on IMF Debt Sustainability Analysis Tax Return PIA Debt Imported Tractors Political Economy. Today, Dada G shared his opinion on important news that IMF to conduct debt sustainability analysis.
The Intern-ational Monetary Fund (IMF) will conduct a proper debt sustainability analysis of Pakistan before granting it a bailout package, said Gerry Rice, Director, IMF Communications Department. Addressing a press conference, Rice said: “Clearly debt transparency is essential to conduct proper analysis of the sustainability of a country’s debt. That is what the IMF does when we are going into a program with our member countries. So that will be the case in Pakistan. I don’t have the details of that as the discussions are ongoing. But one of the things that we do in every program is to have a very detailed debt sustainability analysis to ensure that indeed the country’s debt profile is sustainable. So that kind of information and that level of detail will be available at such times as we reach conclusions on the discussions and go forward with the program.” Rice said that debt sustainability in a country’s debt profile is one of the priority issues that the IMF looks at in the context of a program discussion with a member. That definitely will be the case in the case of Pakistan. When a questioner sought the IMF response to the recent United States statement where it stated that (U.S) is making sure that the IMF – any finance list sends a loan to Pakistan, is not used to repay its debt to China, the IMF official responded that, “Of course, when a program is agreed by staff with the authorities, it goes forward to the board. And the board representing our membership, including the United States, of course, makes the final decision on whether that program should go ahead.” The IMF official further stated that the Fund staff team was in Islamabad until about November 20, following Pakistan’s request for the IMF financial support. Rice said, “I do not have a great deal of detail on where we are right now, except to say the discussions are active, they continue toward reaching an understanding on the policy priorities and reform to stabilize the economy, lay the foundations for sustainable, inclusive growth. Those discussions continue and we will keep you posted as to when we think they might be able to conclude.” By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.