ISLAMABAD:Federal Finance Minister Ishaq Dar has chaired a meeting to review the overall situation of foreign and domestic investment in the country.
Board of Investment Chairman Miftah Ismail, FBR Chairman Nisar Mohammad, BOI secretary and senior officials of the Ministry of Finance also participated in the meeting.
Miftah Ismail briefed the meeting about the incentives being offered to investors as well as the measures being taken by the BoI for facilitating them.
He stated that investment had started to pick up with the improvement in economic conditions and increased availability of electricity and gas in the country. He stated that borrowing by the private sector had greatly increased over the last two years, which was a healthy trend.
The Chairman BOI also suggested various new measures which could be considered for introduction through Budget 2016-17, for enhancement of investment in various sectors in the country.
he Finance Minister on this occasion said that the government was now fully focused on consolidating the economic gains and accelerate growth in the economy. He emphasized that higher investments in industrial sector was essential to create job opportunities for the youth. He directed BoI and FBR to work out the details of further incentives, which could be offered as part of the budget 2016-17.
Meanwhile, Finance Minister Dar chaired a meeting to review the financial status of PIA. Secretary Aviation gave a detailed briefing on the financial situation of the airline.
He explained that various steps had been taken n the recent past to improve the performance of the national flag carrier, which had yielded positive results.
The airline however, needed continued financial support of the government to continue its operations. He presented the financial requirements of PIA during the next quarter ending in June 2016.
The meeting noted that the recent strike by PIA employees had resulted in a loss of Rs.4.3 billion to the airline, and had accentuated itis financial problems.The Finance Minister directed the Ministry of Finance to work together with Aviation Division and PIA with a view to provide the resources necessary to ensure continued operations of the airline. He stated that the government was implementing strict financial discipline and it was important that the available resources are utilized in the most economical and prudent manner.
He added that PIA being the national airline will be provided all possible support and resources. Senior officials of Ministry of Finance, Aviation Division and PIA participated in the meeting
