Pakistan’s Federal Cabinet has approved new designs for currency notes and the introduction of a Rs10 coin to replace the existing banknote of the same denomination.
The decisions came during a cabinet meeting chaired by Prime Minister Shehbaz Sharif in Islamabad. The meeting also discussed security and development measures for Khyber Pakhtunkhwa, regional peace efforts and energy supplies.
Shehbaz Announces Rs160 Billion Package for KP
The prime minister said a development and security package worth Rs160 billion had been finalized for Khyber Pakhtunkhwa.
He described peace and security in the province as the government’s foremost priority and reaffirmed his commitment to eliminating terrorism through cooperation among the armed forces, the provincial government and the federal government.
Shehbaz also said Pakistan was continuing diplomatic efforts to promote regional peace. He noted that a Pakistani delegation had visited Tehran twice over the previous two to three weeks to discuss reducing regional tensions and strengthening cooperation.
Cabinet Transfers Administrative Powers to KP Governor
During the meeting, the Federal Cabinet approved the transfer of powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor for day-to-day administrative affairs during the emergency period in the province.
The governor will submit a monthly report to the Federal Cabinet reviewing the exercise of these powers.
The cabinet expressed hope that the Khyber Pakhtunkhwa Advisory Council, under the governor’s leadership, would work for public welfare, provincial development and the restoration of law and order.
New Currency Notes to Include Enhanced Security Features
The Federal Cabinet approved new currency note designs on the recommendation of the Ministry of Finance.
The meeting was informed that the government had invited design proposals from artists and designers across Pakistan. A Cabinet Committee formed by the prime minister also held detailed consultations with relevant stakeholders.
The new banknotes will feature enhanced security measures and modern materials to make counterfeiting more difficult and improve their durability.
The cabinet also approved the introduction of a Rs10 coin to replace the existing Rs10 banknote.
Pakistan and Kuwait Defence Agreement Ratified
The cabinet ratified the Defence Cooperation Agreement between Pakistan and Kuwait, signed on June 11, 2023.
The agreement aims to strengthen cooperation between the two countries in the defence sector. The Kuwaiti government had ratified it on July 19, 2023.
Government Seeks to Contain Rising Fuel Costs
Shehbaz Sharif also addressed the impact of regional tensions on domestic fuel prices.
He said the government had prevented an additional burden of Rs15 per litre on petrol from being passed on to consumers after engaging with refineries and asking them to share their windfall profits. He appreciated the Ministry of Petroleum for its efforts.
The prime minister said the fuel subsidy scheme was being implemented transparently and had benefited 15 million people. The government had spent Rs28 billion on the programme, which would continue at least until the end of next month.
He also said a new mechanism had improved transparency in LPG supply and distribution, bringing an end to the era of the LPG mafia.
Despite challenges affecting shipping routes, the government would make every effort to maintain supplies of LNG, LPG and other energy sources during winter. Shehbaz added that authorities would work to limit the impact of higher energy prices on consumers.
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