ECC approves TSG for Election Commission of Pakistan

Islamabad: Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Syed Ali Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, Federal Secretaries, Chairman FBR, Chairman SECP and other senior officers participated in the meeting. Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through a video link. Aviation Division presented a summary requesting for provision of funds to meet emergent liabilities of the Roosevelt Hotel Corporation (RHC) including payment of local taxes and utilities. PIA-IL requested the ECC to utilize US$10 million available with the National Bank of Pakistan to clear the immediate financial liabilities. After due deliberation, the ECC approved the summary with a direction to exercise due diligence in meeting emergent liabilities and submit utilization report, before the forum, regarding funding support by the GoP duly verified by the external auditors of the entity. The Committee also directed to engage a world class consultant to meet the financial and operational challenges faced by RHC. The ECC approved a Technical Supplementary Grant (TSG) in favour of Election Commission of Pakistan, amounting to Rs. 215 million, for holding local Government elections in Cantonment Boards thereby, enabling the Election Commission of Pakistan to perform its constitutional obligations. The ECC also accorded approval for a Technical Supplementary Grant (TSG) amounting to Rs. 50,100 million for extending rupee cover against financing by the Asian Development Bank (ADB) of US$300 million for procurement of COVID-19 vaccine and ancillary goods and services. Earlier,  Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, delivered a keynote address (through a videolink) during the Round Table Conference (RTC) on the topic “Islamic Banking-The Way Forward” in Karachi. Honourable President of Pakistan Dr. Arif Alvi presided over the RTC. Among others, Adviser to the PM on Institutional Reforms Dr. Ishrat Hussain, Governor Sindh Mr. Imran Ismail, Governor State Bank of Pakistan Dr. Reza Baqir, Chairperson Pakistan Stock Exchange Shamshad Akhtar, Presidents/CEOs of Private Banks, Chairman Shariah Board and other distinguished guests participated in the RTC. In his remarks, the Finance Minister felicitated the Pakistan Observer, a well-established and a prominent English newspaper for organizing the Fourth Round Table Conference (RTC) on Islamic Banking. He commended the organizers for bringing a wide array of stakeholders of the Islamic banking industry together at the RTC. The Islamic Banking Industry has experienced a healthy progress over the years and the time has come to contemplate upon the ways and means on how to traverse the future path of taking this industry to its next phase of development. The Islamic Banking has grown rapidly both in local as well as in international markets and has assumed systematic significance in a number of jurisdictions. Apart from its faith-based appeal, the increasing interest in Islamic finance industry stems from its strong economic and social considerations. Its sleekness towards asset backed and equity based transactions help promote entrepreneur friendliness and consideration of project viability, he added. The Finance Minister further stated that Islamic finance offers prudent financing options that ensure the transaction is less prone to debt crisis and the funds are employed for their prescribed purpose minimizing defaults.