Senate committee to take up SBP Amendment Bill on January 27

The Senate Standing Committee on Finance and Revenue will take up the State Bank of Pakistan (SBP) Amendment Bill, 2021, on January 27, which is likely to be passed in the same sitting.

The bill was introduced in the upper house of the Parliament by Senator Mohsin Aziz. The Senate chairman referred the bill to the Senate committee on Monday.

The SBP bill was earlier passed by the National Assembly on January 14.

A day after the SBP bill is discussed in the upper house, the International Monetary Fund (IMF) board will hold the sixth review of Pakistan, as per the schedule uploaded on IMF website.

The IMF had postponed the review on January 12 this year on the request of Finance Minister Shaukat Tarin as the government could not meet two prior conditions for the review, which include parliament’s approval of SBP Amendment Bill, 2021, and Finance Supplementary Bill, 2021. 

The government had managed to pass the finance bill from both houses of the parliament in the third week of January.

Sources in the Ministry of Finance told Profit that the Senate panel will discuss the bill, which they are hopeful that the committee will pass in the same sitting. "We will also approve it on the same day,” they added.

Sources further said that in case there is a delay in the Senate with regards to the bill, the IMF would still be able to complete the review because the board meeting of the international lender will continue until January 31.