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ISLAMABAD: Finance Ministry is all set to share its plan on floating of international and domestic green bonds and debt swaps to Executive Committee of Special Investment Facilitation Council (SIFC) on Tuesday (today), well informed sources in Finance Ministry told Business Recorder.

To be presided over by Caretaker Prime Minister Anwar-ul-Haq Kakar, Finance Ministry and Chairman Water and Power Development Authority (WAPDA) will also update on forex placement requirement of funds by WAPDA, including floating of green bonds.

Caretaker Finance Minister, Finance Secretary, Governor State Bank of Pakistan (SBP), Secretary Inter Provincial Coordination(IPC), Secretary Planning , Secretary Commerce, Chairman PTCL and Director General Customs Intelligence, will share progress on items for reduction of impact of dollar volatility on the economy: (i) settlements in PKR for imports and exports as per SBP manual; (ii) settlements in RMB; (iii) settlements through Asian Clearing Union (ACU); (iv) restoration of cash over counter facility; (v) resolution of banking issues for transit trade through Iran/ Afghanistan; (vi)banking transaction to be monitored and discourage hoarding of dollars; and (vii) operationalization of barter trade mechanism.

‘Investors are getting facilities through SIFC’

The EC of SIFC will also be updated on evaluation of options to reduce the bulging circular debt in power sector while taking the conditionalities of IMF regime under consideration. A report of Committee’s recommendations on PTCL-Etisalat pending issue will be shared with the forum.

Secretary Finance, Secretary IT&T, Secretary Information and Broadcasting and Governor SBP will update on launch and positive messaging of50% forex retention scheme/ debit card for IT companies/ freelancers and mechanism to avoid abuse of these facilities through registration of freelancer and encouragement of IT industry to repatriate FX held abroad.

Caretaker Minister and Secretary Finance, caretaker Minister and Secretary IT&T and Governor SBP will share report on banks involved in illegal businesses of LCs and speculation of foreign currencies besides milestone and timelines for introducing digital payment solutions, including PayPal and Stripe for facilitating the IT Industry and freelancers with flow of foreign currency remittances. Governor SBP and Secretary Finance will update on operationalization of EXIM Bank including filling of vacant positions of BoD and possibility of opening LCs, in addition to SOPs/ update on repatriation of dividends by international companies.

Caretaker Finance Minister and caretaker Minister for Privatisation and Chairman Federal Board of Revenue (FBR) will submit progress on constitution of a taskforce to initiate reforms in FBR.

Caretaker Minister and Secretary Commerce will update on practical steps to curb smuggling linked to Afghan Transit Trade and implementation of new Key Performance Indicators (KPIs).

Caretaker Minister and Secretary Privatisation, Secretary Industries and Production will brief the EC of SIFC on the following: (i) privatisation of Discos; (ii) RLNG plants; (iii) Pakistan International Airlines (PIA) including engagement of Financial/ Transaction Adviser for preparatory work, legal segregation and divestment of PIACL through League Table mode; (iv) Pakistan Steel Mills including annulment of current bidding process for privatisation of Steel Corp and possibility of using entire land of PSM as EPZ; and (v) Heavy Electrical Complex (HEC).

Caretaker Minister and Secretary Industries, Chief Secretary Punjab, Secretary Commerce, Secretary Privatisation and Secretary Climate Change will share a plan for implementation of auto sector localization policy formation of SMEDA Board, stoppage of further alienation of PSMC land, stance on the option of closing Steel Corp and auctioning its plant and equipment and recommendations on optimum utilization of the industrial land of Steel Mills for industrial purposes.

They will also update on National Steel Complex Limited (NSCL, electric vehicle charging station project proposal by ADM Group, land acquisition request for PAKAMZ’S Auto Export Processing Zone, M/s Asian Precious Mineral Limited (APML) holding limestone mining lease in district Chakwal for establishment of cement plant and progress on land title issue of World RCCI in Jhang Bhatar Area (64,000 Kanals.

Secretaries of Economic Affairs, Planning, Finance and Chairman Federal Flood Commission (FFC) will update on progress of pledges/ commitments made by the donors during the Geneva Conference for Pakistan’s flood recovery measures. Ministry of Law and Justice will share its viewpoint on domestic dispute resolution mechanism of state-owned enterprises, mechanism for foreign investors to exhaust local remedies first before going to international courts, appointment and establishment of Investment Ombudsman office and establishment of Telecom Tribunal for streamlining dispute resolution.

The sources said discussion on plan for realizing Pakistan’s potential in carbon credits/ trading and carbon credits policy guidelines and legal framework is also part of agenda that will be discussed.

Copyright Business Recorder, 2023

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Tulukan Mairandi Oct 24, 2023 09:36am
Nothing departs from the fact that we are broke and in trouble
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Love Your Country Oct 24, 2023 10:53am
No co-chair mentioned? How is that going to work?
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Dabeer Razvi Oct 24, 2023 11:25am
Why aren't other exporters allowed to retain Foriegn Exchange in their Bank Accounts ? They need it to pay for their Raw Material etc. Moreover this money will be accountable and will be in our Banking System rather than they keeping it out side/cash.
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Prof. Dr. Muhammad Abdul Quddus Oct 24, 2023 11:33am
Mr. Pervaiz Mushraf's Era was not Golden but horrifying for Pakistan and Islam.
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