KARACHI: Budget speech: The presentation and subsequent approval of the fiscal budget given by Finance Minister Dr Abdul Hafeez Sheikh amid scuffles and protests in the backdrop stands nullified
Sugar ban lifted: The ban on sugar export was lifted and allowed millers to export 200,000 tons
Petrol price revision: Petroleum product prices was decided to be reviewed on a fortnightly basis against the previous practice of once a month
Wheat purchase: The government took a populist but an economically unviable decision of procuring 7.7 million tons of wheat from farmers at Rs1,050 per 40 kilogrammes. The decision taken despite having 4.5 million tons in stocks
Byco’s tax holiday: A seven and a half year tax holiday was extended to Byco Oil Refinery Company
Tax waiver: All taxes and duties were exempted on materials to be imported or locally produced for the construction of the Iran-Pakistan gas pipeline including liquefied natural gas projects and other such ventures.
OGDC head appointment: The country’s largest explorer Oil and Gas Development Company was appointed new managing director Masood Siddiqui to replace Basharat A Mirza.
Published in The Express Tribune, June 20th, 2012.