Govt expects rollover of funds within next few days

ISLAMABAD: The federal government is expecting a rollover by the weekend, as informed by secretary finance to the National Assembly Finance committee on Tuesday.

Secretary Finance Hamid Yaqoob further stated that the government has met 90% prior actions and is expecting staff level agreement any time. He highlighted that Ithe nternational Monetary Fund’s (IMF) major condition about reforming power sector will be achieved with the help of Rs 170 billion tax collection.  

Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha assured the committee that the government has devised a plan aimed at implementing macroeconomic and structural policies, with a view to minimize economic imbalances, fostering long-lasting inclusive growth, and generating employment opportunities.

She mentioned that the delay in the 9th review of the IMF was a result of a mutual agreement between the Fund and the government. She also raised the issue of pending humanitarian aid assistance for flood-related incidents for the current fiscal year, as well as those of priority rehabilitation expenditure, since September, 2022. 

Ghaus apprised the committee to concentrate on assisting the Finance Division in adopting measures related to structural economic reforms, strategies for mitigating circular debt and recuperating losses related to the power sector, and devising sustainable economic policies aimed at benefiting the general populace of Pakistani society.

The committee suggested that the Finance Division and the Federal Board of Revenue (FBR) formulate policies to bolster domestic industries that rely on the importation of raw materials from international markets and to aid importers in clearing their commodities from Custom Authorities. 

During the meeting, the chairman of the FBR expressed confidence that the agency is pursuing the correct course of action to collect the anticipated tax revenue of Rs 7.47 trillion for the present fiscal year.

The Committee expressed its dissatisfaction with the delay in appointing Heads for the National Bank of Pakistan (NBP) and Zarai Taraqiati Bank Limited (ZTBL), which has remained unresolved for nearly a year.