ISLAMABAD, July 21 (APP): The federal cabinet on Thursday approved the appointment of Aftab Sultan, a retired officer of the Police Service of Pakistan (PSP), as Chairman National Accountability Bureau (NAB).
Prime Minister Muhammad Shehbaz Sharif chaired the federal cabinet meeting through video link from Lahore.
The cabinet was told that the tenure of Chairman NAB has been revised to three years, which cannot be extended.
Chairman NAB is appointed through consultation between the Leader of House and Leader of Opposition in the National Assembly.
Minister for Finance Miftah Ismail while briefing about recent spike in the value of US Dollar told the cabinet that all necessary measures were being taken to check the value of US $ and stabilize the value of Pakistani rupee, adding, that Pakistani rupee will strengthen against US $ in the country during next month.
He further told the cabinet that percentage of economic growth in the country during the current financial year as compared to the previous year will improve due to the historic tax incentives given by the present government to production sector including agriculture, as a result of which ample increase of industrial product ion and the development of agriculture sector were being ensured
Owing to these measures, decrease in imports due to local production, increase in employment and reasonable increase in exports were expected, it was told.
The federal cabinet, on the recommendation of the Ministry of Commerce, approved the Multi Model Air-Road Corridor for Afghan Transit Trade.
The meeting also approved the signing of Trade in Goods Agreement between Pakistan and Turkey.
The signing of this agreement, which was announced during the recent visit of Prime Minister Muhammad Shehbaz Sharif to Turkey, will help the two countries to have better access to each other’s services and investment sectors.
Turkey will provide Pakistan with the concessions on 261 tariff lines including immediate zero rating on 123 goods, while Pakistan has offered concessions on 130 tariff lines including the goods of 8 major sectors such as agriculture, chemical, leather, plastic, rubber, engineering and metal goods.
The agreement will help enhance the annual bilateral trade between Pakistan and Turkey to the tune US $ 5 billion. The Prime Minister appreciated the efforts of the Ministry of Commerce regarding the agreement.
The federal cabinet approved the transfer of funds to the government of Afghanistan regarding the operations of Pakistani hospitals in Afghanistan, their look after, supply of equipment and salaries of staff.
On the recommendation of the Ministry of Inter-Provincial Coordination, the federal cabinet approved the resignation of Chairman Federal Land Commission Babar Yaqoob Fateh Muhammad.
The appointment of new Chairman of the Federal Land Commission will be decided by the cabinet committee.
The federal cabinet endorsed the July 20, 2022 decisions of the Economic Coordination of the Cabinet (ECC) including the approval of authorization to Trading Corporation of Pakistan for signing agreement with Chinese Firms for Import of 200 KMT Urea on G2G Basis and the approval of Lowest Bid offered by MS. Vittera B.V/Marine International at US Dollars 404.86/MT for 120,000MT (+/-5% MOLSO) on CFR Bulk at 90 days deferred payment basis.
The cabinet was further told that while ensuring transparent process in the procurement of urea and wheat, best quality and low price has been specially taken care of. In that respect, the authorities concerned by rejecting the high price tenders ensured timely approval of the low price tenders.
The cabinet appreciated the efforts of the Federal Ministers and Secretaries of the Ministries of Commerce and National Food Security regarding the import of urea fertilizer at US $ 100 per ton from the Chinese firm.
Moreover, the cabinet also praised the team of the Ministry of National Food Security for early completion of the tendering process and the bids sought for the purchase of wheat at the low price of US $ 36 per ton.
The federal cabinet also endorsed the July 20, 2022 decision of the Cabinet Committee for the Disposal of Legislative Cases including the approval of Ordinance titled “Government-to-Government (G2G) Commercial Transaction Ordinance 2022”.
On the names proposed for the Board of Directors of the State Bank of Pakistan, the Prime Minister directed to constitute a Cabinet Committee, which after considering the names will present its report to the Federal Cabinet.
