The Finance Ministry is scheduled to disclose a roster of banks engaged in unlawful activities related to Letters of Credit (LCs) and speculation within the foreign currency market to the Special Investment Facilitation Council (SIFC) on December 7 (today).
According to a report published in BR, the Secretary of Finance and the Governor of the State Bank of Pakistan (SBP) will also apprise the SIFC on expenditure sharing, excluding provincial development projects from federal Public Sector Development Program (PSDP) initiatives.
The Finance Ministry and SBP will further update the SIFC on measures to curb dollar volatility, progress on the removal of impediments in settlements for imports and exports in Pakistani Rupees, settlements in Chinese Renminbi (RMB), transactions through the Asian Clearing Union (ACU), cash over counter facility, transit through Iran/Afghanistan, and issues related to banking clearance.
Additionally, the briefing will cover monitoring banking transactions to discourage USD hoarding, operationalizing barter trade mechanisms, recommendations to alleviate the rising circular debt in the power sector while considering IMF conditionalities, negotiation updates for pending issues with M/s Etisalat, and progress on digital payment solutions including the launch of PayPal and Stripe for foreign currency remittances. Progress updates on Memorandums of Understanding (MoUs) and agreements with the United Arab Emirates will also be presented.
The Chairman of the Federal Board of Revenue (FBR) is set to update the SIFC on FBR reforms, outlining the agenda, targets, and roadmap.
Mumtaz
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