Dar lauds SECP contribution for ‘Companies Bill’

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Finance Minister reviews preparations for upcoming budget

Muhammad Arshad

Islamabad

Finance Minister, Senator Mohammad Ishaq Dar Wednesday urged Securities and Exchange Commission of Pakistan (SECP) to take all necessary measures to ensure that the corporate sector and capital markets of the country realize their full potential through adoption of international best practices.
He said that this would enable the country to achieve higher, inclusive and sustainable economic growth, which is the main aim of the present government after having achieved macroeconomic stability. Talking to SECP Chairman, Zafar ul Haq Hijazi, Chairman SECP, who called on him here, the Finance Minister expressed satisfaction at the recent passage of the Bill from the National Assembly. He acknowledged the contribution of Chairman SECP in the formulation of the Companies Bill, 2017.
He asked SECP to brief and fully cooperate with the Senate Standing Committee on Finance regarding the Bill, just as SECP had facilitated the National Assembly Standing Committee. He said that the thirty three years old Companies Ordinance 1984 required revamping in order to provide a modern legislative framework to the corporate sector of Pakistan, which addresses the needs of the corporate sector.
He said that the Bill has been developed based on extensive consultations and inputs from all stakeholders. The Finance Minister also said that the present government fully supports SECP’s efforts for facilitation and effective regulation of capital markets. On the occasion, the Chairman SECP thanked the Minister for his leadership and personal role in the formulation and the passage of the Companies Bill, 2017 from the National Assembly.
He briefed the Finance Minister on various operational matters related to the SECP. He apprised the Finance Minister of the efforts being undertaken for the development and smooth functioning of the capital market.
Meanwhile, chairing a high-level meeting which reviewed progress of preparations for the upcoming budget for FY 2017 18, Finance Minister Ishaq Dar said that as always, the PML N government would accord top priority to the well being of the people in the upcomingh budget FY 2017 18.
He said that the budget would also focus on measures for further improving ease of doing business and increasing financial inclusion in the country. The Minister said that the budget would be finalized keeping in view the primary aim of achieving higher, sustainable and inclusive economic growth. Earlier, Finance Secretary updated the Minister on the state of preparations for the budget and coordination with different Ministries and departments in this regard.
The Finance Minister in his remarks said that, as always, the PML N government would accord top priority to the well being of the people in the budget for FY 2017 18. He added that the budget would also focus on measures for further improving ease of doing business and increasing financial inclusion in the country. The Minister said that the budget would be finalized keeping in view the primary aim of achieving higher, sustainable and inclusive economic growth.