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Govt continues to implement int’l agreements: Solangi

By DTD-
  • IMF will give response on relief plan in a day or two: power minister.

  • PM seeks ‘optimal results’ from ministries

ISLAMABAD, :Caretaker Minister for Information and Broadcasting Murtaza Solangi on Friday said the caretaker government respected the international financial agreements and would continue to implement them in true letter and spirit.
Addressing a news conference here after the first session of two-day meeting of Special Investment Facilitation Council (SIFC), the minister said deliberations were held on the measures which were essential for reducing the government’s expenditures and circular debt.
He was flanked by Caretaker Minister for Finance Dr Shamshad Akhtar, Minister for Energy Muhammad Ali, and Minister for Industry and Production Gohar Ijaz.
Solangi said discussions were also held on working out a schedule for implementing the decisions already taken to carry out privatization of some departments.
He said measures to stop misuse of international agreements, if there is any, also came under discussion. Restructuring of the Federal Board of Revenue (FBR), measures for removing bottlenecks in foreign direct investment, including visa policy reforms, and steps to improve performance of different departments were also part of extensive discussion held on the first day of the SIFC meeting.
He said an issue of smuggling of commodities, petroleum products and dollars were discussed at length.
At the outset of the press conference, the minister said traditionally, a press release was issued to highlight the decisions and discussions of the SIFC, but from now onward, the public would be informed by the caretaker government through briefings by the relevant ministers.
The main objectives of SIFC were to boost foreign direct investment in different sectors including mining, information technology and agriculture, the minister remarked.

Policy on SoE under development: Akhtar

On the other hand, interim Finance Minister Akhtar said that they are developing a policy on state-owned enterprises and establishing a central monitoring unit which will help strengthen the corporate governance of these entities and help various ministries.

The finance czar also added that the move will help take forward the state-owned enterprises for public listing or privatisation in the long run.

“What we are trying is to push the debt burden of state-owned enterprises,” Akhtar said, adding that currently, the burden is solely on the banking sector and the government borrowing from banks also affects that.

“We will diversify it through the capital market. This will not only increase the depth of the capital market but we will try to float government securities on the PSX so that their maturity is stretched and a common man can invest in government securities. This will hopefully have an impact as liquidity will increase and pricing adjustments will happen as well,” the finance minister said.

She further said that there is a “need to revive the economy and end restrictions” on imports. Akhtar added that action is being taken against the smuggling of currency and commodities that will yield a positive result.

Meanwhile, as per the official statement issued after the SIFC apex committee meeting, Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the ministries to “deliver optimal results irrespective of the time” they have so that a “strong foundation” is laid for the next government.

It was the fifth Special Investment Facilitation Council’s (SIFC) Apex Committee meeting. The meeting was attended by Chief of Army Staff  (COAS) General Asim Munir, federal cabinet members, provincial chief ministers and high-level government officials.

The committee had met the “singular focus” on improving the “overall business and investment environment” in the country which is needed for “economic revival”.

In the high-level huddle, ministries concerned presented their plans and roadmaps to overcome the “macroeconomic challenges, governance-related impediments and voids in regulatory mechanisms in a bid to attract both foreign and domestic investment and stimulate economic growth”.

“The Committee deliberated upon various measures to be taken in short, medium and long term to reap the envisaged dividends. Various practical steps were approved by the Prime Minister that will be operationalised as soon as possible,” the PM Office said.

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