ISLAMABAD – The finance minister said when the present government took over, all the international financial institutions were fearing that Pakistan would default by 2014, but now with positive and sincere steps, not only the financial credibility of Pakistan has increased but the foreign reserves which earlier stood at $7.5 billion are now in the range of $16 billion.
He said that incidents of insider trading and market manipulation like price manipulation, blank selling, front running etc. severely damage the small investors and must be curbed for the protection of investors’ interest.
Senator Ishaq Dar advised the Securities and Exchange Commission of Pakistan (SECP) to adopt policy of zero tolerance against insider trading and identify and penalise black sheep in stock market.
Detailed presentations were delivered by the SECP chairman and commissioners on his visit to the SECP office in relation to the SECP reform agenda and areas requiring the government’s support.
The finance minister appreciated the SECP’s efforts and highlighted the immense potential of the NBFIs and Insurance Sector. He desired detailed presentations on these sectors based on the ideas presented so that necessary steps can be agreed and implemented for the development of these crucial segments.
He said that Pakistan had to go a long way for the development of financial institutions for long term funding as commercial banks cannot fulfil the financial needs for the development of industrial sector.
