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ISLAMABAD: Ministry of Finance (MoF) is all set to brief Apex Committee of Special Investment Facilitation Council (SIFC) on Wednesday (today) on expenditure-sharing on devolved subjects, pending issues with M/s Etisalat of UAE and progress on MoU with UAE on investment cooperation in banking and financial services sectors.

In the meeting to be presided over by the caretaker Prime Minister, Anwaar-ul-Haq Kakar, Caretaker Federal Minister for Finance and Revenue Affairs, Dr. Shamshad Akhtar, Secretary Finance, Imdadullah Bosal, all provincial caretaker Chief Ministers and Chief Secretaries will share their viewpoint on expenditure-sharing on devolved subjects, whereas Finance Division will update the Committee on Etisalat and MoU with UAE on investment and banking cooperation. Board of Investment will update on Bilateral Investment Treaties with KSA and Qatar.

Caretaker Finance Minister and Chairman Federal Board of Revenue (FBR) will share progress on increasing tax net, Points of Sale (PoS), track and trace, use of technology and data, and PRAL performance audit including monitoring indicators.

SIFC wants to know if Aramco’s interest in refinery project persists

FBR has been directed by the AC in its previous meeting to include the following milestones while working on reforms: (i) separation of tax policy from tax administration; establishment of Tax Policy Division; (ii) finalise proposal/ modalities on separation of Customs from FBR; (iii) digital invoicing for wholesalers and distributors/ dealers. Sales and economic transactions to be linked with FBR; (iv) scheme of retailers; (v) law on documentation of economy; (vi) collaboration with NADRA for broadening of tax based on IT infrastructure transformation; and (v) reconstitution of Board of Directors of PRAL for inclusion of two Directors (to be nominated by NADRA) with a focus on software development and service delivery.

According to sources, Governor State Bank of Pakistan will brief the AC on (i) settlement in RMB, settlement through Asian Clearing union; (ii) restoration of cash over counter facility; (iii) discouragement hoarding of USDs; and (iv) barter trade mechanism.

Caretaker Minister for Privatisation, Secretary BoI, Secretary Industries, Secretary Power, Secretary Petroleum, Chairman FBR, Secretary Finance and all Chief Secretaries will share update on establishment of National Industrial Development and Regulatory Authority (NIDRA), update on loan liabilities and vendor payables issues of PIACL and transaction completion date of Heavy Electrical Complex (HEC).

Secretary Power Division, Habibur Rehman Gilani will brief the AC about inclusion of electricity in essential services. Cabinet has already approved the law.

Secretary Power and all Provincial Chief Secretaries will update the meeting on anti-theft Taskforce including recently promulgated Ordinance to make theft cognizable offence.

Progress on implementation of renewable energy projects on G2G basis, roadmap for determining base-line tariff, private sector participation in management of Discos including on summary for the Cabinet , privatisation of two RLNG power plants, final recommendation for privatisation of Heveli Bahadar Shah and Balloki plants, recommendations to reduce the bulging circular debt in power sector, CDMP and allocation of funds and progress on MoU signed with UAE regarding solar, wind, hydro and power transmission will also be shared with the Apex Committee.

Secretary Petroleum will share update on Rekodiq project including MoU between RMDC and Gwadar Port Authority, IP Gas Pipeline Project, agreement with Kuwait for establishment of Mining Fund of $ 1 billion, MoU with UAE on investment cooperation in the Mining Sector, harmonization/ regulatory framework on minerals sector, direction for performance audit of Geological Survey of Pakistan by third party for last five years, resolution of Jamshoro joint Venture Limited dispute, upgradation of brownfield refineries and domestic LPG production with timelines and milestones.

Secretary Foreign Affairs and Secretary Petroleum will brief on Aramco Refinery Project, whereas both Secretary Petroleum and Interior will enlighten the meeting on TAPI gas pipeline on FIPPA, HGA and GTA.

Secretary Petroleum, Chief Secretary Balochistan and AGP will update on maximum gas bill limit amid tampering of gas meters. The meeting will also be apprised about requirements and future demand of gas projects.

Secretary Water Resources and Provincial Chief Secretaries will brief National Canal and Watercourse desilting plan, campaign, targets and community mobilization, Abyana rate revision, update on issuance of notifications, construction of Thal Canal, Thar Canal, Chashma Bank Canal, Kichi canal and installation of telemetry system across Pakistan. Ministry of Law and Justice will update on appointment of Investment Ombudsman.

Ministry of Industries and Production will update on export focused Industrial Policy, insurance of licence to Premier Motors (Volkswagen) and issuance of licenses to Lucky Cement and Flying Cement.

Ministry of Commerce is to update on revision of KPIs of Trade and Investment Officers (TIOs) and repositioning of stations, transit through Iran/ Afghanistan, resolution of issue on banking clearance and export of raw pink salt.

Ministry of Planning, Development and Special Initiatives will share a list of A-Ranking internationally deputed project development financial and legal consultancy firms for undertaking feasibilities/ bankable projects, progress on summary for NEC barring inclusion of provincial development projects in Federal PSDP, except for least developed districts/ regions, update on Chaghi infrastructure development plan, preliminary concept notes/ investment proposals for preparing bankable project feasibilities, comprehensive guidelines for investors and step by step manual/ flow manual/ flow chart for undertaking investment in each sector.

Copyright Business Recorder, 2024

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TimetoMoVVeOn Jan 03, 2024 08:55am
Basically they put the entire country under military rule under the guise of SIFC. While the military may believe they can hoodwinke the public International investors are not stupid. Not a single International investor has given a single dollar.
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Parvez Jan 03, 2024 12:33pm
This lot are only fooling themselves by building castles in the air ...... but the people see and experience ground reality.
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Love Your Country Jan 03, 2024 06:29pm
@TimetoMoVVeOn, thanks IK for your rendezvous aided by Saqib Nisar that has set us back15 years
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Knight Rider Jan 04, 2024 01:58am
These babus will never turn around pakistan economy. The country establishment since independence doing here and there could not been able to get the country on top Look at Bangladesh India Taiwan South Korea Tanzania Ethiopia all are progressing upward and we are going to downward
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