Finance Minister Dr Abdul Hafeez Shaikh has said the government is making all out efforts to develop a system for bringing accountability and transparency in the State-Owned Enterprises through code of corporate governance for Public Sector Enterprises (PSEs).
These steps are very important which would give right signal to the international community whereas the code of corporate governance for PSEs and other steps would help attract foreign investment. The role of independent directors has been clarified in the code of corporate governance for PSEs and areas have been identified for protection of small investors.
Hafeez Shaikh strongly supported the initiatives of the Securities and Exchange Commission of Pakistan (SECP) saying we will promote the positive steps of the commission.
Later, talking to reporters, he spelt out the economic team's priorities for next year's budget. The minister listed macroeconomic stability, taxing rich, following austerity in public spending and bringing inflation to single digit in this regard. Hafeez said Pakistan was being impacted by the global economic situation especially eurozone crisis. The growth in Pakistan, he said was expected to reach 4% for the current fiscal year and 4.5% for next fiscal year. The minister said the Cabinet gave in principle approval for the budget strategy paper. The government budget priorities would be to utilize Public Sector Development Programme (PSDP) for creation of job opportunities for youth.
In reply to a question, he said that no new tax would be imposed in next budget but measures would be taken to bring rich people in the tax net to enable the government increase spending on the poor.
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