Islamabad: Finance Minister Dr. Shamshad Akhtar on Wednesday urged provinces to play their due role in improving social services, ensuring food security and stabilizing prices by minimizing gap between the whole-sale and retail prices of essential commodities.

She was speaking at a meeting held in a hybrid format on Wednesday with provincial finance ministers in attendance.

The Finance Minister further said policy and fiscal coordination between the federal and provincial governments is pivotal for the economic prosperity and sustainable growth.  She underscored that there is a huge potential for rationalizing the public expenditure arrangements between the federal and provincial governments for promoting efficiency and effectiveness of public expenditure, as well as prioritization for speedy and smooth implementation of the projects under public sector development programs, with emphasis on social protection.

She underlined that the corrective measures in rationalizing the public expenditure arrangements between the federal and provincial governments would not only result in substantive savings but would also contribute in improving the effectiveness and implementation of the projects in the priority sectors of education and health.

While sensitizing the provincial finance Ministers regarding the expenditure and revenue targets in the current fiscal year, Dr. Akhtar encouraged the provincial governments to ensure achieving these targets, so that the primary budget deficit targets can be achieved.

The meeting was attended by the Chief Minister Sindh, Finance Ministers of Khyber Pakhtunkhwa and Balochistan, besides the Federal and provincial Finance Secretaries, Federal Secretary Planning, as well as senior government officials.

The meeting was aimed at reviewing the spending patterns of PSDP, controlling prices of essential commodities, enhancing quality of services in education and health sectors and providing relief to the general public by strengthening the social safety nets.

The meeting recommended that provinces to bring forward prioritization of various projects funded by the Federal Government which falls under the ambit of the provincial subjects following the devolution of power.

The Provinces assured that efforts are underway to control prices and improve quality of service in health and education sectors and to streamline financial discipline to meet budgetary targets.

Islamabad: Caretaker Prime Minister Anwar-ul-Haq Kakar arrived Medina Munawwarah on a private visit on

Governor of Medina Faisal Bin Salman warmly welcomed him at the Shahi Terminal of Medina Airport along with the Ambassador of Pakistan Ahmed Farooq, senior officials of Pakistani Embassy and Consulate General in Jeddah.

Caretaker PM @anwaar_kakar arrived #MedinaMunawwarah@PakPMO @ForeignOfficePk @PakinJeddah #RadioPakistan #News https://t.co/R41WcHP0KP pic.twitter.com/pFNkhAvu9f

— Radio Pakistan (@RadioPakistan) September 27, 2023

The Prime Minister will leave for Makkah to perform umrah on Thursday.

Lahore: The interim information minister Murtaza Solangi predicted that Pakistan's fuel prices will drop as the local currency continued to strengthen against the US dollar.

The information minister replied to a press release by claiming that administrative actions made by the interim government in the previous few days caused the rupee to appreciate by $30 to $35 versus the dollar in remarks to the media at the Karachi Press Club on Saturday.

He was alluding to the government' crackdown on hoarders, currency smugglers, and black marketeers that was supported by the military after the rupee hit a historic low of Rs. 308 in interbank trading and went above Rs. 330 in the open market earlier this month.

The crackdown has considerably aided the rupee's recovery, taking it to 291.76 against the dollar in the interbank market, its best level since September 5.

The currency has gained 5% or Rs15 since then, supported by dollar inflows from exporters and remittances, as well as measures by the central bank to encourage legal channels for foreign exchange transactions.

“There are enough chances that the oil prices will be reduced in the next [fuel prices] announcement,” the minister said adding that the interim government has no role in fuel prices as they are linked with international oil rates.

The interim government increased the price of fuel by more than Rs. 26 and the price of diesel by more than Rs. 17 per litre during the previous weekly review on Sept. 16, bringing fuel prices to an all-time high.

High-speed diesel is now available for Rs329.19 a litre, while petrol is supplied for Rs331.1 per litre.