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  • News Desk
  • Apr 27th, 2017
  • Comments Off on IMF to help set up infrastructure bank
Finance Minister Ishaq Dar has outlined the important financial initiatives to be undertaken by the Government in the near future. According to him, Pakistan Infrastructure Bank would be established with a paid up capital of one billion dollars. It would finance private investors in development projects. Both the IMF and Government of Pakistan would have a 20% share each and the rest would be met by international organizations.

Minister Dar further said that Govt would soon be launching Pakistan Development Funds. The shares worth Rs 100 billion of the Pakistan Development Fund would be offered to the Pakistani diaspora in order to channelize their valuable remittances effectively. Later on, the shares of the Pakistan Development Fund would be enlisted on Pakistan Stock Exchange. After successful launch of Sukuk Bonds, Pakistan Development Fund would be another attractive investment for the overseas Pakistanis.

Minister Dar also mentioned that the Govt has entered into consultation with the World Bank to introduce solar energy as a new electricity generation alternative at a lowest cost in Pakistan. Talking about the Dawn Leaks, the Finance Minister said the recommendations of the investigation report would be implemented. But the Finance Minister denied that the Inquiry Committee had recommended the removal from office of Special Assistant to the Prime Minister on Foreign Affairs Tariq Fatemi. "From what I understand and the contents I have seen or read, it is not Tariq Fatemi's resignation. It is perhaps about Fatemi's change of portfolio," he said.

"Change of portfolio is very common. If I go back and PM decides to change [my portfolio], this is administrative. There are no new complications in this," he said. He said if Fatemi's portfolio was changed, it would merely be an administrative decision. He, however, stressed an inquiry should be carried out into how the committee's report had been leaked before the government released it.

Giving details of his meetings with officials of the Trump administration in the White House, the Finance Minister said the Kashmir issue, defence and relations with Afghanistan and India were discussed in details during those meetings. Ishaq Dar also said his meeting with the US National Security Advisor was very positive and useful and termed it a new beginning in the Pak-US relations.

He further said that Dr Shakeel Afridi also came under discussion during meetings with the Trump administration officials. The Finance Minister said maximum relief would be given to salaried class and common man in the next budget and no drastic taxes were under consideration.

He expressed the hope that over five percent GDP growth would be achieved during the current fiscal year. Dar said Pakistan was making an impressive headway in financial & digital inclusion. The Finance Minister also expressed the confidence that seven percent GDP growth would be achieved in the next year. The Finance Minister said his ministry had no role in the Panama Leaks Joint Investigation Team (JIT). He said the Securities Exchange Commission of Pakistan (SECP) and the State Bank (SBP) representatives had also been made part of the JIT by the Supreme Court, and they were independent and empowered to carry out the investigation.

The Finance Minister also told the media about the growing informational technology sector in Pakistan, saying broadband network was being spread across the country. "Five auctions have been held regarding 3G and 4G." Moreover, Dar added, there were over 3,000 companies registered in the IT sector.



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