Home »Top Stories » Cabinet defers proposal on borrowing from global market

  • News Desk
  • Oct 11th, 2017
  • Comments Off on Cabinet defers proposal on borrowing from global market
The federal cabinet has deferred a proposal of Finance Division with respect to borrowing from international capital market for further discussion and directed it to provide data on interest rate.

An official said that cabinet meeting presided over by Prime Minister Shahid Khaqan Abbasi on Tuesday discussed the proposal in detail and decided to defer it till next meeting with a directive to present a comparative analysis of interest rate.

The federal government plans to raise loans from the international market by issuing bonds to support the foreign exchange reserves, which are under pressure due to widening trade deficit.

The federal cabinet was made a detailed presentation on the existing provincial quota regime, which is being followed during recruitment process for the posts of Central Superior Services (CSS) and other vacancies at the federal level.

The meeting also decided that the matter should be discussed in detail on the floor of the Parliament as well as at the forum of Council of Common Interests (CCI). The Prime Minister directed Establishment Division to undertake a comprehensive review of the quota regime focusing on the impact of the policy so far and also to propose suitable amendments to make the policy more effective and result-oriented.

The cabinet approved signing of Negotiated Draft Visa Abolition Agreement between the government of Pakistan and the government of Italy for the holders of diplomatic passport and granted approval to amend the existing conventions existing between Pakistan and various countries including Sri Lanka, Nepal, France, Tunisia, Morocco and Portugal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income for updation of article of exchange of information.

The cabinet also approved signing of MoU on Scientific and Technical Cooperation in the field of agriculture research between Pakistan Agriculture Research Council and Agriculture Academy of Bulgaria. The meeting also approved appointment of member (administration) CDA and a proposal for change in nomenclature of Ministry of Port & Shipping to Ministry of Maritime Affairs.

The Welfare of Senior Citizen Bill, 2017 was also deliberated during the meeting. The proposed Bill is aimed at facilitating senior citizens and catering to their needs.



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