Senate panel upset over rupee depreciation
Senate Standing Committee on Finance told that Pakistan will receive an installment of CSF by mid-October.
Pakistan set to receive CSF payment by October 15.
ISLAMABAD:
The Senate Standing Committee on Finance was informed Tuesday that Pakistan would receive a tranche of $32.5 million by October 15 under Coalition Support Fund (CSF), as the panel.
Collectively the country is scheduled to receive get $1.3 billion during the current fiscal year (2013-14) under CSF, Secretary Finance Waqar Masood Khan said while briefing the committee.
Earlier in September, Finance Minister Ishaq Dar had said that $362 million worth of claims Pakistan had made under the fund, had been processed by the US.
3G licence
Khan added 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.
The Secretary said the committee that increase in power tariff was approved by the Council of Common Interest (CCI).
The committee was told that the the transfer of private property to pay off $800 million of Etisalaat was continuing.
Dollar exchange rate
The hottest topic during the briefing was the exchange rate in free fall. Briefing the committee on the occasion, Governor State Bank of Pakistan linked the recent hike in dollar value to speculations in financial market. He said that State Bank was taking comprehensive measures to check money laundering adding although it was a very difficult task but not impossible one.
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.
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 State Bank should be made autonomous and fully independent entity.
Senator Usman Saifullah criticized loan agreement with 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.
The Senate Standing Committee on Finance was informed Tuesday that Pakistan would receive a tranche of $32.5 million by October 15 under Coalition Support Fund (CSF), as the panel.
Collectively the country is scheduled to receive get $1.3 billion during the current fiscal year (2013-14) under CSF, Secretary Finance Waqar Masood Khan said while briefing the committee.
Earlier in September, Finance Minister Ishaq Dar had said that $362 million worth of claims Pakistan had made under the fund, had been processed by the US.
3G licence
Khan added 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.
The Secretary said the committee that increase in power tariff was approved by the Council of Common Interest (CCI).
The committee was told that the the transfer of private property to pay off $800 million of Etisalaat was continuing.
Dollar exchange rate
The hottest topic during the briefing was the exchange rate in free fall. Briefing the committee on the occasion, Governor State Bank of Pakistan linked the recent hike in dollar value to speculations in financial market. He said that State Bank was taking comprehensive measures to check money laundering adding although it was a very difficult task but not impossible one.
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.
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 State Bank should be made autonomous and fully independent entity.
Senator Usman Saifullah criticized loan agreement with 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.