ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, expressed optimism on Wednesday that the International Monetary Fund (IMF) Executive Board will approve the ongoing loan program by September, signaling positive progress in negotiations.
During a session at the Parliament House, chaired by Senator Saleem Mandviwalla, the Senate Standing Committee on Finance and Revenue reviewed the Deposit Protection Corporation Amendment Bill 2024, which is a key benchmark set by the IMF. The meeting was attended by senior officials, including the Governor of the State Bank and the Chairman of the Federal Board of Revenue (FBR).
An in-camera session during the meeting featured a briefing from the FBR Chairman on the officers designated as Officers on Special Duty (OSD) over the past two years. State Bank officials also discussed measures taken to prevent money laundering under the guise of solar panel imports.
The review of the Deposit Protection Corporation Amendment Bill 2024 stirred controversy, with Committee member Farooq Naek strongly criticizing the bill as unconstitutional. He argued that the bill, introduced during the interim government, misled the Senate Committee, a point which was countered by Chairman Mandviwalla, who clarified that the bill had been introduced by the previous caretaker government in January but remains unpassed. The Committee debated whether the newly elected government should reintroduce the bill, ultimately deciding that it should be presented again in the National Assembly on Monday.
The Senate Committee also explored issues surrounding digital and plastic currency. Governor of the State Bank, Jameel Ahmed, reported that new currency notes are in development, with the lifespan of plastic notes under evaluation. Senator Shahzaib Durrani voiced support for plastic currency, while Governor Ahmed emphasized that public acceptance would determine its introduction.
Senator Mohsin Aziz criticized the 5,000-rupee note, claiming it facilitates corruption and is often hoarded. The discussion led to assurances from the State Bank Governor that future currency notes would include enhanced security features.
The meeting also addressed the resolution of over 800 consignments of light aliphatic hydrocarbon solvent (HS CODE 2710.1250), where the Department of Explosives ordered the release of tankers after a penalty payment, resolving the issue.
Further, discussions touched on the inclusion of provincial representatives on the EXIM Bank Board, aligning with the State-Owned Enterprise Governance and Operation Act 2023, and updates on the Export Finance Scheme’s transition to EXIM Bank, expected to be completed between FY 2024-28.
The session was attended by Senators Farooq Hamid Naek, Sherry Rehman, Syed Shibli Faraz, Mohsin Aziz, Shahzaib Durrani, and Senator Ahmed Khan, along with other senior officials.
