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KARACHI: Dr. Shamshad Akhtar, Federal Minister for Finance, Revenue and Economic Affairs, chairing a meeting with the Chairman of the Securities & Exchange Commission of Pakistan (SECP), bankers and heads of development finance institutions, has stated that capital market reforms are critical component of the caretaker government’s economic revival programme.

The initiatives are aimed at promoting growth and development by harnessing the potential of capital market institutions to diversify sources of financing and exploit innovative financing modalities.

Bankers and Development Finance Institutions (DFIs) agreed on the need for establishing private equity and venture funds to serve as a catalyst for economic revival. The chairman SECP reinforced the commission’s commitment for creating an enabling regulatory environment.

Dr Shamshad vows all obligations, including those with IMF, will be fulfilled

The Finance Minister appreciated the SECP’s active engagement and encouraged banks and DFIs to set the stage for this collaborative effort and fast track the setting up of the private funds to support industrial development.

Habib Bank Limited, representing a consortium of banks, proposed establishment of a Climate Resilience (CR) Fund under the SECP Private Fund Regulations, 2015. The DFIs tabled the proposal for setting up a similar fund backed by DFIs. Whereas, Bank Alfalah presented a promising proposal to create a Special Purpose Vehicle (SPV) under the Asset Backed Securitization Regulations, 2022 to securitize rupee denominated debt to dollar denomination.

Finance Minister Dr Shamshad Akhtar appreciated the initiatives for seeking investments from local financial institutions, institutional investors, government DFIs, and corporates, with the potential to attract foreign capital, particularly from climate and ESG-focused international institutional investors. She emphasized that the time is of the essence and hectic efforts should be made to bring these propositions to fruition. She underscored that these ground-breaking initiatives will contribute to restoring market confidence and sending a clear message to the global market and foreign investors that Pakistan is open to business and poise for economic growth. Moving forward collaboratively there will be an effort to remove the impediments facing the establishment of these funds.

The meeting concluded with resounding commitment from all participants, including banks and DFIs, to work together for the greater good of Pakistan’s economy.

Copyright Business Recorder, 2023

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Liaqat Gondal Oct 01, 2023 08:00am
Activity means that there is some work in progress.
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Liaqat Gondal Oct 01, 2023 08:00am
Activity
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Tulukan Mairandi Oct 01, 2023 10:23am
Yup great. Let these banks be monopolies in all finance industry products and services
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Shahid Khan Oct 01, 2023 11:36am
This caretaker is here for longer run and it is against our constitution
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Arif Oct 01, 2023 11:53am
Why are caretakers putting so much efforts into so called ‘Economic Revival’ ? Who will take part in this so called revival when the powers that be don’t even follow basic laws enshrined in constitution ? Without laws and their consistent implementation there can be no revival or progress . Just look around the world .
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Fazeel Siddiqui (Overseas Pakistani) Oct 01, 2023 02:49pm
Bad & forced policies of Neutrals in continuation. Disasters will go without accountability like past 75 years failures.
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Chawla.i Oct 01, 2023 07:51pm
As far as reality i know is different Commercial banks have literally looted rather robbed the whole economic financial cycle while diverting industrial/commercial and agricultural funds towards buying treasury bills which infact has devastating effects on day to day all buisness activity and furthermore state bank has increased interest ratest that nobody wants to invest in any buisness...salute to shamshad and state bank team
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Chawla.i Oct 01, 2023 07:54pm
Immediately ask all big companies in Pakistan to start venture capital economy means investing in all grass root companies while offering equity based investment as normal banks and dfi s r failed
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Wahab Oct 02, 2023 12:40am
@Shahid Khan, We do not follow the divine Law, what can make us follow any law, be it a constitution!
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zaya zaya Oct 02, 2023 03:06am
Hahahaha.... and more "Bankers and Development Finance Institutions (DFIs) agreed on the need for establishing private equity and venture funds to serve as a catalyst for economic revival. The chairman SECP reinforced the commission’s commitment for creating an enabling regulatory environment." No Institutions such as these sets up Equity and Venture Capital Funds, this is the domain of Equity Investors, who measure the Political Economy Risks, instead remove barriers. Consider this incident: Why would any Overseas Pakistani remit or invest money in Pakistan, let alone any foreigner making ant Foreign Direct Investment country is doomed under these MAFIA controlled FBR??? https://www.brecorder.com/news/40265891/president-dismisses-fbrs-appeal-against-expats
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