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Finance minister presides over SPSCC meeting to review implementation of MoUs

Finance minister presides over SPSCC meeting to review implementation of MoUs

ISLAMABAD: Federal Finance Minister Asad Umar presided over meeting of the Steering Committee of Economic Pillar of Saudi-Pakistani Supreme Coordination Council (SPSCC) to review and discuss the progress on implementation of Memoranda of Understanding (MoUs) signed during the visit of Saudi Crown Prince, Mohammed bin Salman to Pakistan on February 18-19, 2019, on oil, alternate energy and minerals and mines.

The meeting took various decisions in order to implement the MoUs on fast track basis. The concerned ministries were directed to appoint dedicated focal person for enhanced coordination among ministries and provincial governments so that the agreed measures could be implemented in a more efficient and swift manner.

The meeting was attended by Adviser to PM on Commerce, Textile, Industry and Production and Investment, ministers for Petroleum & Natural Resources, Communication, Inter Provincial Coordination, Maritime Affairs, Power, National Food Security and Research, Information Technology and Telecommunications and Secretaries of the concerned ministries.

The secretaries of Petroleum & Power apprised the meeting of the progress made on the MoUs signed with the Saudi side during the high level visit.

The finance minister directed the Board of Investment and Ministry of Petroleum to expedite consultation with the Government of Baluchistan for the development of mining sector in collaboration with foreign investors. The Ministry of Petroleum would provide all possible assistance to the provincial government in this regard.

The meeting decided that the economic pillar of SPSCC would be hosted by Board of Investment (BoI) and the Board would help in expediting the implementation process of the MoUs. The Board would review the implementation status of MoUs in the first week of each month. The committee will meet after two weeks to discuss and review the proposals to be submitted by the respective ministries.