‘Big laws’ approved to reinforce Pakistan’s economy: Abdul Hafeez Shaikh

Finance Minister Abdul Hafeez Shaikh has on Tuesday (today) said the government will soon hold talks for the third tranche of aid from the International Monetary Fund (IMF), which was earlier delayed due to the novel Coronavirus outbreak.

While speaking to the press conference alongside Federal Minister of Industries and Production Hammad Azhar, Hafeez Shaikh said that the federal cabinet has given approval to the draft of the State Bank of Pakistan (SBP) Amendment Bill 2021.

The purpose of this Amendment Bill is to make SBP more strong to deal with the country’s economic crisis and help it improve the overall economical situation, added Abdul Hafeez.

He further added, “The rules will make the SBP more independent, allowing it to take independent decisions in overcoming inflation besides also eliminating legal ways for the government to obtain loans from the central bank.”

The finance minister went on to add that the government has planned to further extend the occupancy of the SBP governor to 5 years.

“Through enacting the three new laws, the government will set a strong foundation for the economy and strengthen the financial institutions,” Hafeez Shaikh added.

Furthermore, he added, “The business-related institutes will be under the domain of the government from now on rather than a ministry and the chairman of their boards will now be appointed by the government.”

Vowing for a better economic situation in Pakistan, the minister said that the country would soon see privatization results, adding, “There are some companies that had to be privatized, however, it was delayed due to coronavirus,” Shaikh said.

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