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Asad Umar briefs parliamentary committee on FATF measures

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ISLAMABAD, Mar 13:Finance Minister Asad Umar on Wednesday briefed the National Assembly's Standing Committee on Finance about the measures taken by the government with regard to the Financial Action Task Force (FATF).

The minister recommended forming of a sub-committee on the FATF issue so that the details could be shared in an in-camera meeting.

The committee, which met here at the Parliament House  Faiz Ullah in the chair, was briefed about anti-Pakistan lobbying by India at the FATF and the counter steps taken by the government in that regard.   

The committee was informed that Pakistan had raised the issue of Indian representation at the FATF's Asia-Pacific Joint Group to ensure fair review of Pakistan's status. India, which was  already lobbing against Pakistan, would try to black list the country in the next review, he added.

The finance minister gave a detailed briefing to the committee on the state of economy. The incumbent government, he said, had inherited numerous challenges that weighed heavily on achieving 6.2 percent economic growth at the start of current fiscal year as it required managed adjustments to correct the underlying imbalance in the economy.

He said the government had taken serious steps for revival of the economy. However, there was still a lot more to be done because the country had to move towards the micro-economic stability, he added.

The minister said the government was committed to provide job opportunities, and reduce of inflation and poverty. There was need that all the stakeholders needed to join hands and work proactively for the country.

He said the government had raised discount rate from 5.75 percent to 10.25 percent to anchor inflationary pressures and  stabilize the microeconomic situation.

The focus of the current government was to improve the investment climate to attract foreign investment and for the purpose the government had taken different initiatives at national and international levels, the minister added.

To a question regarding foreign currency loan agreements, the minister said all the information related to terms and conditions of debts were open to all and could be shared with the members of committee if required.

He said money laundering was a serious problem and the government had taken serious steps to combat it.

Asad Umer said the social protection policy would be announced on March 25.

Earlier the committee also discussed “The Microfinance Institutions (Amendment) Bill, 2019 moved by MNA Sajida Begum in the National Assembly asking Microfinance institutions to provide soft loans to the disabled persons.

On the issue it was proposed by the Minister for Finance, that a meeting may be arranged by the Ministry of Finance, Revenue & Economic Affairs with Pakistan Poverty Alleviation Fund (PPAF) for the mover to discuss the measures already being taken by the PPAF in that respect.

The committee decided with the consultation of the mover that the subject bill might be deferred, till the meeting with PPAF for any further action.

The committee was also given a briefing by the representatives of the textile processing units about the problems being faced by them.

The FBR was directed to constitute a committee for further deliberation with stakeholders in that regards and maintainable solution may be submitted to this committee by first week of April.

The committee was also given briefing by Pakistan Real Estate Investment Forum about the problems being faced to the real estate sector regarding FBR valuation table, DC valuation and the upper cap imposed by the FBR.

The committee members agreed with the view point of the stakeholders, however, it was decided that other stakeholders and provinces may be taken on board and directed the FBR to make friendly policies for the said sector.

It also discussed the problems being faced to the filers for filing of tax return and unanimously recommended to FBR that filing of tax return date may be extended to facilitate the tax payers.

Beside the members of the committee, the meeting was also attended by the senior officials of related ministries and departments.

 

(APP)

Posted on: 2019-03-13T22:20:00+05:00

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