ISLAMABAD: Regarding the recently passed bill envisaging autonomy for the State Bank of Pakistan (SBP), Federal Minister for Energy Hammad Azhar on Saturday said the fresh legislation would free the SBP from politicised decisions.

Addressing a news conference in Islamabad, Azhar rejected the impression that it would risk national security.

He pointed out that the governor, deputy governor and Board of Directors of the central bank would be appointed by the government.

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The minister also said the government implemented the Financial Action Task Force (FATF)’s 26 conditions in a short time.

The government had introduced historic reforms in different sectors including energy to take forward the country, he said.

“This process of reforms will continue in the months and years ahead to ensure sustainable development.”

Azhar said that the tax collection and exports were increasing as a result of the better policies.

The government had set the target to collect Rs6,000 billion in taxes during the current fiscal year whilst the country’s exports and remittances each would touch $30 billion, he added.

The minister continued that the government was focusing on improving the electricity transmission system.

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He pointed out that Pakistan’s gas reserves were depleting and we had to look for various options to meet the domestic requirements.