May 26, 2020: A special meeting of the Prime Minister's-formed Think Tank was held in Islamabad with Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in the chair.
Governor State Bank of Pakistan joined the proceedings on special invitation
During the meeting, the work done by Finance & Banking Committee remained under primary focus apart from the feedback from Committee on Social Safety Nets.
The emphasis remained on Digital Account Offering for overseas Pakistanis, with reference to its objectives, key processes, product features as well as key regulatory and administrative challenges.
Advisor on Commerce and Dr. Ishrat Husain sensitized about the need for due diligence with reference to potentially adverse effects of the new scheme on existing remittances/ products, FATF concerns and harmonization of all initiatives aimed at promotion of digital economy.
Advisor on Finance stressed on the need for demand trials in pursuit of developing target market.
The proposal by Arif Habib for reduction of NADRA fees in data verification process got particular endorsement from other members.
Governor SBP shared that the Central Bank in collaboration with Finance Ministry and Central Directorate of National Savings has been in final phase of launching a saving product for overseas Pakistanis.
Dr Ijaz Nabi shared the committee's assessment on Ehsas program, with reference to key areas of concerns and briefed the participants about various recommendations shaped so far.
Advisor to PM on Finance advised Finance Secretary to organize meeting of SBP with Shoukat Tarin, Sultan Ali Allana and Arif Habib to have understanding of bilateral point of view on the features, processes and allied aspects of Digital Account Scheme.