Standing Committee on Finance, Revenue and Economic Affairs of National Assembly meets

Islamabad, February 28, 2018 (PPI-OT): 68th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e February 28, 2018 in Conference Room of Women’s Parliamentary Caucus, Parliament House Islamabad, under the Chairmanship of Mr. Qaiser Ahmed Shaikh, MNA. The Committee approved the minutes of the last meeting held on 14th February, 2018.

While considering the implementation status of the recommendations made by the Committee with regard to the criteria under the State Bank of Pakistan, fit and proper test for appointment of President NBP and qualifying of present incumbent against the fit and proper test. The Committee expressed its displeasure for not receiving the reply from SBP in this regard, 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 discussed the remaining projects of Public Sector Development Program (PSDP) of Finance Division and recommended that required funds may be provided according to the projects details presented by the Finance Division. While considering the Higher Education Commission (HEC) PSDP projects the Committee recommended that allocation for FATA university should be enhanced upto Rs. 250 million instead of Rs. 150 million. The Committee further recommended that 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.

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.

The Committee decided that Securities and Exchange Commission of Pakistan (SECP) would be called in the next meeting to discuss the status/registration of China Overseas Ports Holding Company Pakistan (COPHC-Pakistan). 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 meeting was attended by Ms. Arifa Khalid Parvez, Dr. Shezra Mansab Ali Khan Kharral, Sheikh Fayyaz-ud-Din, Syed Mustafa Mehmud, Mr. Asad Umar and Mr. Muhammad Ali Rashid, MNAs, besides the senior officers from Ministry of Finance and Revenue, SBP and HEC.

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