Senate pours over IMF, AML, inflation and Remittances

May 10, 2019:  The Senate was informed on Thursday that remittances this year will increase to 22 billion dollars breaking the stagnant mode of the previous years.

Minister of State for Revenue Hammad Azhar told the House during Question Hour that exports have increased to 25 billion dollars and the government is committed to enhance them further to strengthen economy.

He said work on NFC Award is underway and the government is committed to provide due share to the erstwhile FATA.

Responding to a question regarding inflation, the Minister of State said inflation rate in April reduced to 8.8 percent from 9.4 percent in March. He said the inflation rate in the first eight months of current government is the lowest as compared to the corresponding period in the last two governments.

He said talks with IMF are at the final stage and its details will soon be shared with parliament.

About reforms in Federal Board of Revenue, he said Internal Audit Wing of the department will be made autonomous to remove the conflict of interest within the organization.

The Minister of State said findings of Egmont Group, an informal network of 159 financial intelligence units to control money laundering, will be incorporated in Anti-Money Laundering Act.

He said after incorporating findings of the group Pakistan will be in a strong position to become member of the group, and this membership will enable Pakistan to have technical assistance in forensic and tracing of money trails data.

Minister for Planning and Development Reforms Khusro Bakhtyar told the house that Gwadar will be connected with the national grid at a cost of 17.5 billion rupees.

He said consensus has been developed with the stakeholders on Gwadar master plan. He said regional equalization strategy is the agenda of government to bring less developed areas at par with rest of the country.

Khusro Bakhtyar said in next PSDP, Balochistan will be given its due share which was ignored by the previous governments.

He said eight billion rupees will also be allocated for completion of the remaining work of Kachhi Canal.

Minister for Parliamentary Affairs Azam Khan Swati told the house that two new automobile companies will start their production in January and July next year.

He said with the arrival of new companies a competitive environment will flourish.