ISLAMABAD – The National Assembly’s Standing Committee on Finance and Revenue has been informed that Pakistan will have to introduce 174 legal amendments in Parliament to fulfil conditions under its $7 billion International Monetary Fund (IMF) programme.
Finance Secretary Imdadullah Bosal briefed the committee on the ongoing IMF programme, the next loan tranche and other economic matters. The committee also reviewed the conditions attached to the programme and progress on their implementation.
According to the finance secretary, the IMF wants a total of 174 amendments to be approved by Parliament as part of the commitments made under the Extended Fund Facility (EFF).
The proposed amendments cover several areas, including taxation, energy reforms, privatisation, the Sovereign Wealth Fund, sugar policy, Islamic banking and financial stability.
The committee was also informed that three provinces had reached an agreement on the sugar policy, while one province still had reservations over it.
During the meeting, the members also discussed the proposed privatisation of power distribution companies (DISCOs) and the potential sale of a 75% stake in Pakistan International Airlines (PIA).
The committee also considered proposals to strengthen parliamentary oversight of austerity measures, taxation and energy-sector reforms.
Formal review talks with the IMF mission have also begun as Pakistan seeks to fulfil the programme’s conditions and secure the next tranche under the EFF.
The proposed legislation relating to the Sovereign Wealth Fund is also among the measures that Pakistan is required to address under the IMF programme.
