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Business Recorder
5 days ago
- Business
- Business Recorder
Gems & jewellery: MoC fails to rescind SRO 760 issued to suspend export, import
ISLAMABAD: Ministry of Commerce (MoC) has reportedly failed to honour its commitment to rescind the Statutory Regulatory Authority (SRO) 760 issued to suspend export and import of gems and jewellery. During the previous meeting of National Assembly Standing on Commerce headed by Jawed Hanif Khan, Commerce Ministry had stated that a special committee on this issue had recommended rescinding the SRO. On May 6, 2025, Commerce Ministry suspended the SRO 760 abruptly for 60 days which is still effective as a summary to rescind the SRO remained on the table of Advisor to Prime Minister Dr Tauqeer Shah and did not reach the Prime Minister for signature for several days. However, when the PM was approached by the stakeholders, he directed the MoC to take stakeholders on board who have no role in the SRO as the main issue is posed by State Bank of Pakistan (SBP) which deals with FATF. According to sources, the industry representative held a meeting with the Commerce Ministry's team on August 6, 2025 and responded to queries of authorities. Another meeting is expected on Friday (today) in which more people from the jewellery sector have been invited before taking any final decision as the export and import of gold remains stalled. According to an official statement, the Commerce Minister has assured full support to All Pakistan Small Gems Jewellers and Training Association (APSGTA) to the gems and jewellery sector during a meeting. The delegation led by Secretary General Qari Muhammad Ashraf, called for the revival of SRO 760 and requested exclusion from SRO 924, highlighting the sector's strong compliance record over the past four years. The Minister appreciated APSGTA's constructive engagement and announced that the Ministry will forward its recommendations to the PM's Office for necessary directives and policy facilitation. The Minister also directed officials to ensure participation of the gems and jewellery sector in upcoming international business forums in France, Bangladesh, and Ethiopia, and further stressed the importance of public-private collaboration, skills training, and market linkage initiatives, particularly the uplift of artisans and women entrepreneurs in underserved regions. The Minister pledged full government support to introduce strategic measures aimed at unlocking the untapped potential of the gem and jewellery sector, highlighting its significance in exports diversification and generating employment. The Association argued that US President's decision to increase tariffs on India by 50 per cent provides an opportunity to APSGTA members to increase exports of gems and jewellery to the United States. 'If the government gives attractive and feasible export policy, gems and jewellery sector can earn $1 billion per annum,' said one the stakeholders. According to sources, this issue has also been discussed at the level of Special Investment Facilitation Council (SIFC) in which it was requested that the gold which was imported for export purpose with value addition be exported. 'We are unable to understand that who is behind this delay in approval of export of pending consignments,' said one of the stakeholders. Copyright Business Recorder, 2025
Business Recorder
24-05-2025
- Business
- Business Recorder
Sub-committee formed to examine PSDP
ISLAMABAD: Public Sector Development Programme (PSDP) 2025–26 meeting, chaired by Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq gave top priority to sectors including energy, transport, water, agriculture, technology, infrastructure, and strategic initiatives under CPEC Phase 2.0 for next fiscal year. Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq chaired a meeting of the Committee on the Public Sector Development Programme (PSDP) 2025–26. The meeting was attended by the Ministers for Planning, Economic Affairs, and Food Security; Advisor to the Prime Minister, Dr Tauqeer Shah; SAPMs on Political Affairs and IPC, Secretary Planning and other senior officials from the concerned departments. The Planning Commission provided a detailed briefing on the status of ongoing PSDP projects, proposed priorities for the next fiscal year, and challenges facing implementation. The meeting stressed the importance of Public-Private Partnerships (PPPs) amid fiscal constraints, and a sub-committee was formed to examine the PSDP in detail and present actionable recommendations. The DPM/FM emphasized that PSDP priorities must deliver tangible socio-economic benefits, particularly job creation, poverty reduction, and regional equity, aligned with the PM's URAAN Pakistan vision for inclusive, innovation-led growth. Priority sectors identified included; energy, transport, water, agriculture, technology, infrastructure, and strategic initiatives under CPEC Phase 2.0, with a focus on empowering underserved regions and boosting national productivity. Copyright Business Recorder, 2025
Business Recorder
03-05-2025
- Business
- Business Recorder
SOEs' performance: PM directs ministries, divisions to implement monitoring system
ISLAMABAD: Alarmed by the persistent financial and governance issues plaguing State-Owned Enterprises (SOEs), Prime Minister Shehbaz Sharif has instructed all federal ministries and divisions to implement strict monitoring system for overseeing the performance of SOEs and subordinate bodies under their control. According to a report by the Ministry of Finance, Pakistan's SOEs collectively incurred losses of Rs 851 billion in the fiscal year 2024 (FY24). While this reflects a 14.03% decrease compared to the previous year, the total accumulated losses since 2014 have reached a staggering Rs 5.9 trillion. According to Finance Ministry's report, in fiscal year 2024 (FY24), Pakistani SOEs incurred a total loss of Rs 851 billion. This represents a 14.03% decrease compared to the previous year, but the total accumulated losses since 2014 remain substantial at Rs 5.9 trillion. SOEs post 14pc decrease in losses YoY Several SOEs incurred significant losses during FY 2024. The largest loss was reported by the NHA at Rs 295.5 billion, followed by QESCO Rs 120.4 billion, Rs PESCO 88.7 billion, Rs PIA 73.5 billion, Pakistan Railways Rs 51.3 billion, SEPCO Rs 37 billion, LESCO Rs 34.5 billion, Pakistan Steel Millions Corp Rs 31.1 billion, HESCO Rs 22.1 billion, GENCO-II Rs 17.6 billion, IESCO Rs 15.8 billion, Pak Post Office Rs 13.4 billion, TESCO Rs 9.5 billion, GEPCO Rs 8.5 billion, GENCO-III Rs 7.8 billion and all others cumulatively Rs 23.7 billion. Accumulated losses to date stand at a colossal Rs 5,748 billion with the majority in the past 10 years alone. In a letter to all the secretaries of ministries/divisions, Prime Minister's Advisor Dr Tauqeer Shah stated that the prime minister has noted with concern the insufficient oversight by federal ministries over SOEs and statutory organisations under their jurisdiction which has resulted in serious governance failures, including violations of procurement rules and incidents of corruption, inaction against malpractice, operational inefficiencies, failure to manage prolonged litigation , and declining service delivery. In view of the above, the prime minister has directed that: (i) Ministers-in- Charge and secretaries of the concerned divisions shall exercise robust and continuous oversight over all organisations under their administrative control, including SOEs, autonomous bodies, and attached departments. Nominated representatives on Boards shall actively exercise their rights to support this oversight. Immediate and proactive measures shall be taken to address existing governance issues and prevent their recurrence; and (ii) a system of pre- and post-briefings for Board meetings shall be instituted. The government representatives shall seek proper instructions prior to attending Board meetings and provide timely reporting thereafter. The prime minister has also directed that all ministers-in-charge shall also ensure the formulation of Key Performance Indicators (KPIs) and monitoring frameworks for each subordinate organisation and SOE under their jurisdiction to enable structured evaluation of performance and accountability. Copyright Business Recorder, 2025
