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Federal cabinet approves draft of SBP Amendment Bill 2021

Islamabad, March 09, 2021 (PPI-OT): The cabinet has accorded approval to the draft of State Bank of Pakistan Amendment Bill 2021. This was announced by Minister for Information and Broadcasting Syed Shibli Faraz while briefing media in Islamabad this afternoon about decisions taken in the federal cabinet, which met in the federal capital with Prime Minister Imran Khan in the chair.

The Minister said purpose of this amendment bill is to make the State Bank more independent for improving economic situation of the country. He said the cabinet also approved the draft Income Tax Amendment Bill 2021. Shibli Faraz said the cabinet appreciated the decision of Justice Retired Azmat Saeed for not receiving any privilege as Chairman Broadsheet Commission.

He said due to effective measures we have reduced the losses of State owned Enterprises to half. He expressed hope to make them profitable in next few years. Speaking on the occasion, Finance Minister Abdul Hafeez Shaikh said strengthening the national institutions to make them independent is government’s top priority.

He said reforms are being made on fast track basis to make the institutions profitable. The Minister said Income Tax Amendment Bill 2021 will help improving the tax system. He said under this Bill tax exemptions will be reduced to make tax system uniform and transparent.

Abdul Hafeez Shaikh said the government has restarted the formal relation with IMF and soon international board of the fund will visit Pakistan. He said through another amendment State Bank is being made responsible to Parliament to make the institution accountable.

Hafeez Sheikh said concrete measures are being taken to control the inflation. He said in this regard the government has reduced its expenses at first step and after a long period we brought the country’s primary balance in positive.

Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain said institutional reforms are need of the hour and we are focusing on improving the performance of the institutions under the principle of right person at right job.

He said steps are being taken to further reduce the losses of state owned enterprises. Responding to a question, Hafeez Shaikh said the government is further promoting the policy of targeted subsidy to provide relief to the underprivileged segment of the society.

In response to another question, he said the current account is in surplus due to the reduction in expenses. He said strengthening the institutions and improving the tax system are amongst the top priorities of the government. He said the government is taking several steps to bring down the inflation as well. In response to a query, Adviser on Institutional Reforms and Austerity Dr. Ishrat Hussain said institutional reforms will prove to be a milestone in improving the performance of the State institutions.

For more information, contact:
Ministry of Information and Broadcasting
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557
Email: info@moib.gov.pk
Website: http://www.moib.gov.pk

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