ISLAMABAD: A Meeting of Finance team of the government held today in
the Presidency with President Asif Ali Zardari in the chair took stock
of the overall financial and economic situation of the country and the
various measures being undertaken to address the economic issues facing
the country.
The meeting was attended by Dr. Abdul Hafeez
Sheikh, Federal Minister for Finance, Revenue & Economic Affairs,
Mr. M. Salman Faruqui, Secretary General to the President, Mr. Yasin
Anwar, Acting Governor, State Bank of Pakistan, Mr. Khalil Ahmad,
Ambassador at Large, Dr. Waqar Masood Khan, Secretary Finance, Mr.
Salman Siddique, Chairman, Federal Board of Revenue and Spokesperson to
the President Mr. Farhatullah Babar. Briefing the media about the
meeting, Spokesperson to the President Mr. Farhatullah Babar said that
a detailed briefing was given on the financial and economic situation,
revenue collection measures, status of proposed currency swap
agreements with Turkey and Sri Lanka, measures for increasing
remittances through incentives to Pakistanis working abroad and
documentation of economy. Discussing futuristic concept of
investment, the President directed the Finance team to consider the
feasibility of floating infrastructure bonds for raising equity for
building infrastructure projects. He said that Pakistan needed to
build massive infrastructure projects but it lacked financial resources
for the purpose. It may therefore be advisable to raise equity through
infrastructure bonds, he said. The infrastructure projects, the
President said, will create economic and business activity in the
country on one side and help generate employment opportunities on the
other. The spokesperson said that the President directed the
government’s finance team to prepare a workable plan in the shortest
possible time by taking in to account all aspects of the proposal for
raising equity through floating infrastructure bonds. The President
said that the early finalization of currency swap agreements with
Turkey and Sri Lanka would further strengthen the mutual trade and
economic ties of Pakistan with these countries and help reduce pressure
on their foreign exchange reserves. The President was briefed about
the Pakistan Remittance Initiative (PRI) and the significant increase
in the inflows of remittances as a result of the incentives policy. The
President urged for vigorous implementation of the incentive packages
for expatriate Pakistani to curb the illegal flows of remittances and
facilitate their flow through official channels. The President also
asked for encouraging overseas Pakistanis to fully avail from the
government’s incentive package for expatriate Pakistanis to send home
remittances through legal channels so as to maximize the inflow of
capital. Online
