ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday sought a detailed briefing on the issue of Financial Action Task Force (FATF) decision with regard to Pakistan. FATF Paris meeting held last week had given almost three months’ deadline to Pakistan to meet the given standards to avoid placement on the grey list.
The Committee also decided to call in Securities and Exchange Commission of Pakistan (SECP) in its next meeting to discuss the status/registration of China Overseas Ports Holding Company Pakistan (COPHC-Pakistan).
While discussing the remaining projects of Public Sector Development Program (PSDP) of Finance Division, Committee also recommended provision of required funds as per details of the projects to Finance Division.
The Additional Secretary Ministry of Finance briefed the Committee regarding current account deficit, debt servicing and financial strategy of the Government. The Committee recommended that financial plan presented by the Ministry of Finance and Revenue should be revisited at the earliest. The Committee also recommended that short term borrowing should be eliminated within next five months to control the current account deficit in the country.
NA Finance and Revenue committee met here with Qaiser Ahmed Shaikh in the chair and expressed displeasure for not receiving the reply from State Bank of Pakistan regarding updated status of implementation of recommendations of committee.
In a previous committee had recommended a fit and proper test for appointment of President NBP and qualifying of present incumbent against the fit and proper test under the State Bank of Pakistan. However the Committee was informed by the Director, State Bank of Pakistan that present incumbent (President NBP) was fulfilled the criteria of said post.
The Committee decided that in writing reply may be provided to the Committee at the earliest. The Director, SBP ensured the Committee that reply on the said recommendation would be furnished in next week.
The Committee discussed the Banks (Nationalization) (Amendment) Bill, 2018 and unanimously recommended that the same Bill may be passed by the National Assembly with some amendments.
The Committee further recommended that Ministry of Finance should be asked to give a comprehensive briefing on the issue of Financial Action Task Force (FATF), decision with regard to Pakistan in the same meeting.
The committee also recommended enhancement of allocation for Federally Administrated Tribal Areas (FATA) University up to Rs. 250 million instead of Rs. 150 million. The Higher Education Commission (HEC) should give priority to KPK, southern Punjab, interior Sindh and Balochistan, when considering the proposals for new projects and early completion of ongoing projects in said areas.
