Islamabad : The Senate Standing Committee on Finance and Revenue met under the Chairmanship of Senator Saleem Mandviwala here at the Parliament House
During the meeting it was informed that the caretaker government would begin talks with the International Monetary Fund on the quarterly review of the $3bn Standby Arrangement next month, it was apprised that in July, the IMF executive board had approved the much-needed nine-month SBA with Pakistan “to support its economic stabilisation programme”. The approval had allowed for an immediate disbursement of $1.2bn, with the rest to be phased over the programme’s duration — subject to two quarterly reviews. It was further apprised that the second quarterly review under the SBA, due in October, would be based on end-September data that would secure the disbursement of about $710 million worth of the second tranche in December.
It was apprised that the IMF had made it clear while signing the SBA that given the challenges, the new SBA would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead but had warned that “the full and timely implementation of the programme will be critical for its success in light of the difficult challenges”.
During the Senate committee meeting today, the minister briefed that the IMF review would begin next month. It was further argued that inflation was declining but the only threat to the government was an increase in petrol prices, also stressed the need for a charter of economy and highlighted that politicians should develop a consensus.
The committee debated that all the political parties should work together on the economy, adding that politicians, not caretakers could solve these problems.
Furthermore, the committee was apprised that the government was now seriously working on privatisation and outsourcing of public entities, including electricity distribution companies.
The meeting was attended by Senators Musadiq Masood Malik, Saadia Abbasi, Zeeshan Khanzada, Mohsin Aziz, Dilawar Khan. Senior officials from the Ministry, FBR and other attached departments were also in attendance.
