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Pakistan to get $32.5m under Coalition Support Fund: Finance Secy

Pakistan to get $32.5m under Coalition Support Fund: Finance Secy

ISLAMABAD: Secretary Finance Waqar Masood Khan has informed the Senate Standing Committee on Finance, Revenue and Economic Affairs that the country will receive an amount of $32.5 million by October 15 under Coalition Support Fund (CSF).

The Secretary Finance told the committee head by Senator Nasreen Jalil that a sub-committee has been constituted to pace up the work on 3G Licence auction, adding that an Acting Chairman Pakistan Telecom Authority has also been nominated. He said that increase in power tariff was approved by the Council of Common Interest (CCI).

In the meeting, State Bank of Pakistan (SBP) Governor Yasin Anwer refused to disclose the reasons behind rupee depreciation against dollar and said rupee could further lose its value if he comments on it.

“Governor central bank is not answerable for currency value change throughout the world therefore I will not make any comment on rupee deprecation,” Yaseen Anwar told the committee.

He said that the State Bank was taking comprehensive measures to check money laundering, adding although it was a very difficult task but not impossible.

The SBP governor said that illegal currency business prevalent on Pak-Afghan Boarder whereas illegal money was also being transferred to international banks through Dubai.

The committee expressed its concern that despite the fact that value of dollar has depreciated against rupee, the basic commodities were still being sold at old rates.

Senate Standing Committee on Finance, Revenue and Economic Affairs Chairperson Nasreen Jalil, highlighting bad policies of the present government, said that the government had failed to deliver as it had further increased the problems of the poor people by hiking electricity tariffs and POL prices.

Senator Kulsum Perven urged the government to disclose the reasons behind the increase in dollar value and depreciation in rupee. Senator Sughra Imam suggested that the country must avoid getting loans from the International Monetary Fund, which “we have had to return with interest.”

Senator Fateh Muhammad Hussani said that the SBP should be made autonomous and fully independent entity. Senator Usman Saifullah criticised loan agreement with the IMF.

The members of the committee were of the view that inflation has increased and urged the government to take steps for the relief of common man.