ISLAMABAD: Prime Minister Shehbaz Sharif has asked officials to take steps to increase revenue collection from the sugar industry and to end hoarding of the commodity, Sharif’s office said on Saturday.
The prime minister issued the directives at a meeting he presided over in Lahore to review the implementation of a strategy to improve revenue collection.
Sugar remains one of the largest consumed food commodities in the South Asian country and is used in large amounts in food processing, beverages, and bakery items.
Owing to its huge demand, the government sets its procurement prices while the sugar industry is protected by a 40 percent import tariff to ensure prices remain stable.
“Revenue collection will improve after the installation of video analytics in the sugar industry,” Sharif was quoted as saying by his office. “These reforms will end sugar hoarding and help balance prices.”
The prime minister said the government was making all efforts to ensure the supply of sugar at affordable prices.
“Regular monitoring of sugar stocks should be carried out so that the sugar supply chain is not affected,” he instructed officials, calling for strict and indiscriminate action against sugar mills that were evading taxes.
Over the decades, Pakistan has failed to generate tax revenues in higher amounts due to a narrow tax base, low compliance rate, an inefficient tax administration and massive tax evasion.
The South Asian country has set an ambitious target of collecting $46 billion through taxes this financial year (July 2024 till June 2025), amid efforts to revive its fragile $350 billion economy.
Pakistan PM directs measures to increase sugar industry revenues, end hoarding
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Pakistan PM directs measures to increase sugar industry revenues, end hoarding
- Sugar remains one of the largest consumed food commodities in the South Asian country
- PM Sharif says government making efforts to ensure supply of sugar at affordable prices
Pakistan grants commercial license to Kuwait-backed Shariah-compliant digital bank
- Pakistan has announced that Raqqami Islamic Digital Bank aims to launch operations this month with $100 million investment
- Prime Minister Shehbaz Sharif calls for Kuwait and Pakistan to translate cordial political relations into strong economic ties
ISLAMABAD: Prime Minister Shehbaz Sharif granted the Kuwait Investment Authority-backed Raqqami Islamic Digital Bank (RIDB) the commercial license to operate in Pakistan on Tuesday, stressing the need to convert cordial political ties between the two countries into a strong economic relationship.
Pakistan’s finance adviser Khurram Schehzad announced last month that RIDB intends to launch operations in the South Asian country from February with a $100 million investment.
The RIDB describes itself as Pakistan’s first fully Shariah-compliant digital bank. The retail bank offers online financing, savings and payment services to individuals and small and medium-sized enterprises, also focusing on financial inclusion for underserved segments.
Prime Minister Sharif participated in a ceremony to grant the license to RIDB in Islamabad. The event was attended by top RIDB officials including its Chairman Abdullah Al-Mutairi and Chief Executive Officer Umair Aijaz.
“This would go a long way in further strengthening our brotherly and our bilateral economic relations,” Sharif told participants. “You said very aptly that economic and brotherly relations go hand in hand. It cannot be that your political relations flourish but economic relations remain stagnant.”
He said the Shariah-compliant digital bank will also have features that will support and augment banking in Pakistan.
Sharif called on both nations to join hands to promote their bilateral economic, investment and trade relations “like never before.” He vowed that Pakistan’s government was committed to enhancing bilateral trade and economic ties by working closely with the Kuwaiti government.
Pakistan’s banking sector is dominated by a handful of large lenders with strong capital buffers and profits driven largely by holdings of government securities.
Pakistan has intensified its efforts in recent years to secure foreign investment, particularly from Gulf nations, as it seeks to ensure sustained economic progress. Schehzad has said that the RIDB’s entry into Pakistan reflects strengthening investment ties between Islamabad and Kuwait, particularly in the financial and digital economy sectors.
