PSDP Funds To Enhance For Revival Of Financial Activities :Tareen

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd May, 2021 ) :Minister for Finance and Revenue Shoukat Tareen on Monday said that Public Sector Development Program (PSDP) funds needed to be enhanced for revival of financial activities in the country.

He expressed the significance of Foreign Direct Investments (FDIs) and magnitude of Agriculture Sector for the growth rate.

He said this while briefing to 56th meeting of the National Assembly Standing Committee on Finance and Revenue which was held in Parliament House here under the chairmanship of MNA Faiz Ullah.

Chairman of the Committee Faiz Ullah, welcomed the new Minister for Finance and Revenue, Shoukat Tareen on behalf of the committee, said a press release issued here.

The minister appraised the vision and road map of the economy in line with the International Monetary Fund (IMF) Program and commitments made by the government of Pakistan.

He was of the opinion that necessary measures would be taken for the broadening of tax net instead of burdening the taxpayers.

He emphasized the importance of housing industry, proper distribution of funds to all cities and to revamp the financial sector.

The chairman committee also invited the attention of the minister about the lowest percentage of share to SME sector and lack of interest by the government regarding revival of sick industrial units.

The minister directed the Secretary Finance Division to furnish the recommendations of Economic Advisory Council (EAC) to the committee for its consideration and suggestions there on by the Standing Committee.

While talking about the budgetary proposals received to the committee, it was decided that these proposals should be sent to concerned quarters for incorporating the same in upcoming budget.

The committee discussed "The Financial Institutions (Secured Transactions) (Amendment) Bill, 2020 (Ord.

IV of 2020) (Government Bill)".

The Chairman Security Exchange Commission of Pakistan (SECP) briefed the Committee about the salient features of the bill.

He said that the functions of the Secured Transactions Registry for unincorporated entities, established under the Act were outsourced to the Securities and Exchange Commission of Pakistan (SECP) in March 2019 as it was already maintaining a similar registry for companies.

The SECP has made the registry operational w.e.f 30th April, for smooth functioning of the registry and to avoid any unnecessary administrative issues. He added that it was imperative for the administrative powers of the Federal Government under the Act may be assigned to the SECP.

He further informed that subject bill was in line with government's objective to promote access to finance for small businesses and improve global rankings in order to create positive image of the country internationally.

However, during clause by clause discussion, the committee unanimously decided that the said amendments required proper intentions; therefore, the remaining consideration in this regard might be deferred till the next meeting of the committee.

The committee deferred the remaining agenda due to paucity of time.

The meeting was attended by MNAs Amjid Ali Khan, Makhdoom Syed Sami-ul-Hassan Gillani, Jamil Ahmed Khan, Faheem Khan, Dr. Ramesh Kumar Vankwani, Muhammad Israr Tareen,Ahsan Iqbal Chaudhary, Chaudary Khalid Javed,Ali Pervaiz, Dr. Aisha Ghous Pasha, Ms. Nafisa Shah and Syed Naveed Qamar.

The meeting was also attended by the senior officers from M/o Finance and Revenue, M/o Law and Justice and Security Exchange Commission of Pakistan (SECP).