Pakistan’s economy on recovery path: Tarin
KARACHI: Pakistan’s economy is on the recovery path and the government collected 40 per cent more revenue during the current fiscal year, compared with last year, a senior government official said.
During a visit to the Pakistan Stock Exchange (PSX) on August 20, 2021, Federal Finance and Revenue Minister Shaukat Tarin briefed the participants about the overall progress of the economy and said, the government plans to augment the economy and enhance the capital markets.
“We will consolidate the industry through CRA to create scale. We are working on reforming the SOEs and those SOEs, which have sufficient cash available, will be encouraged to pay dividends and that will help increase [the] value of [the] PSX.”
He apprised the participants that the government is focusing on IT and software exports and encouraging startups, adding that the ministry is encouraging the banks and development financial institutions (DFIs) to work together with the capital market entities.
“I am extremely happy with the progress made by the PSX,” the finance minister said, and affirmed to review the proposals and recommendations of the PSX and expressed his willingness to expedite the PSX tax refunds, reinstate tax rebate for companies upon listing, support the Small and Medium Enterprises (SMEs) growth through listing and funding capital market development.
The minister also affirmed that he will continue visiting the PSX on quarterly basis to evaluate the development and progress of the capital market and follow through for successful implementation.
Dr Waqar Masood Khan, special assistant to the prime minister and Federal Board of Revenue (FBR) chairman Asim Ahmad accompanied the finance minister.
Earlier, PSX chairperson Dr Shamshad Akhtar received the finance minister.
The government delegation held talks with the PSX managing director, board members and capital market stakeholders regarding matters related to the capital market and its development.
The capital market participants included Arif Habib, chairman of the Arif Habib Group; Aqeel Karim Dhedhi, chairman of the AKD Group; Jahangir Siddiqui, chairman of JS Group; Adnan Afridi, managing director, National Investment Trust Limited; Dr Amjad Waheed, MUFAP chairman and top management of the Central Depository Company (CDC) and National Clearing Company of Pakistan Limited.
In the meeting, PSX chairperson Dr Shamshad Akhtar apprised the finance minister about the recent progress made by the stock exchange.
The PSX chairperson thanked the federal finance minister for easing the tax regime for the investors and brokerage industry in the budget, as it was a welcome respite for the capital market.
With respect to the development of the capital market, she put forward recommendations and tabled matters, which needed attention and focus of the Finance Ministry to synchronise the capital market and better integrated with the financial markets.
Dr Shamshad Akhtar outlined the need for government support in several areas such as empowering the bourse to play a role in imparting flexibility in revenue raising, forming a large enough Centralised Customers Protection Fund (CCPF), and encouraging commercial infrastructure to leverage capital markets for both equity and debt retirement etc.
PSX managing director Farrukh Khan thanked the federal minister for paying heed to the PSX recommendations regarding the budgetary proposals and for visiting the PSX and said: “We look forward to the federal government’s support to [the] PSX in realising its full potential and are confident of positive response from the Finance Ministry in this regard.”
While welcoming Tarin, PSX director, representing the Chinese Consortium, You Hang, said: “We are very honoured to have you with us at [the] PSX and we wish you the very best in guiding Pakistan’s economy on a sustainable growth path.”
He said: “The Chinese consortium strongly believes that Pakistan, as a country and an economy, has great potential and we are committed to play our part in helping realise that potential.”
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