The State Bank of Pakistan (SBP) is held accountable in Parliament, Hafeez Sheikh
ISLAMABAD: The government has decided to hold the State Bank of Pakistan accountable in Parliament. Parliament is now responsible for holding the SBP governor accountable. The term of the governor was extended to five years.
According to details, Finance Minister Hafeez Sheikh said in a press conference that some decisions and laws have been approved in the cabinet today, including the approval of the law regarding SBP. It has been decided to make the SBP more independent, it will make independent decisions to control inflation, and the process of borrowing from the SBP is also being legalized.
The Finance Minister said that the law on SBP has been passed, the main purpose of which is to set a mandate for it. The term of the Governor of SBP will be 5 years, while the State Bank of Pakistan is held accountable in Parliament.
He said that 3 major laws have been approved in the cabinet meeting and a good foundation will be laid in the coming days regarding the economy. The purpose of these laws is to strengthen economic institutions, government institutions and companies are doing different business, the authority of ministries in all these institutions is being reduced, and a board will be formed for these institutions.
The Finance Minister further said that the institutions are being subordinated to the government instead of the ministries, the chairpersons of the boards of the institutions will now be appointed by the government, while the CEOs of the institutions will appoint the boards. The leadership of the companies will be professional and they will not be changed again and again.
Hafeez Sheikh said that the law has been brought to reduce the tax exemptions, it will collect more taxes, income tax exemptions for special sectors are being abolished, taxes are being equalized for all sectors, International The relationship between the monetary fund and Pakistan has been restored.
He said that privatization is a difficult task, it requires capital, the privatization program has been further extended, some companies would be privatized if there was no epidemic.
In the press conference, Dr. Ishrat Hussain said that at first, no one knew how many institutions are working in Pakistan. When we conducted the survey, it was found out that there are 441 active institutions in Pakistan. There will be performance agreements with these institutions.
He said that 56 chief executives of different institutions have been appointed. If the right person is for the right job, then the institutions will be formed. It is also my responsibility to strengthen the institutions. These institutions will be separated into two classes.