September 4, 2019: 20th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e 4th September, 2019, at 02:00 p.m., in Constitution Room (Old Committee Room No. 5), Parliament House, Islamabad, under the chairmanship of Mr. Asad Umar, MNA.

2.             The Economic Advisor, Ministry of Finance briefed the Committee on Consumer Price Index (CPI) and Sensitive Price Index (SPI). He informed the procedure for collecting the data of CPI & SPI. The Committee expressed its grave concern over the sharp increase in household prices. However, he informed that prices trend in market for different commodities have been decreased during last two week. He told that Pakistan Bureau of Statistics has issued new trend of CPI today. The Secretary, Ministry of Finance stated that government was focusing on policy rather than relief measures regarding to control the inflation. Mr. Asad Umar, Chairman of the Committee categorically said that “there was no issue other than inflation”. The Committee members have shown their apprehensions about the based data for making monitory policy by the State Bank of Pakistan. They were of the view whether SBP will continue its monitory policy on old date or will change according to the new figure. The Committee appointed three members Sub-Committee under the convenership of Dr. Aisha Ghous Pasha, MNA, according to the following composition and ToR:

Composition: 

i.                     Dr. Aisha Ghaus Pasha, MNA                           Convener 

ii.                    Ms. Hina Rabbani Khar,                                    Member

iii.                  Dr. Ramesh Kumar Vankwani, MNA             Member

Term of Reference (ToR):

                                “To recommend the measures for controlling inflation”.

3.             The Committee decided to dispose off the Sub-Committee, earlier appointed under the convenership of Mr. Faiz Ullah, MNA. The Secretary, Ministry of Finance briefed the Committee regarding fiscal situation of the country and leading accumulation of debt and fiscal deficit in current year 2018-19 and plans for 2019-20. He informed the Committee about shortfall in FBR and other revenues. He said that Rs. 321 Billion was decreased in FBR revenue, Rs. 276 Billion was decreased in other revenues in 2018-19, Rs. 286 Billion was increased in expenditures, Rs. 224 Billion in current expenditures and total deficit was Rs. 686 Billion during last financial year, which was approximately 1.8 percent decrease in GDP. He also informed the Committee about the details of domestic and external debts upto 30th June, 2019. The Committee recommended that Ministry of Finance will furnish the details of external and domestic debt to this Secretariat for onward submission before the Hon. Members. The representative from Ministry of Finance informed that domestic sukook bonds can be issued by the government in near future and international sukook bonds will also be issued in this year. The Committee recommended that Ministry of Finance will brief the Committee on debt management and its planning for next five years in the month of October, 2019.

4.             The Committee discussed the issue of GIDC in detail, expressed its concern and decided that Committee members will rephrase their questions/suggestions in this regard and the same would be forwarded to concerned quarter for their response.   
5.             Member (IR-Operation), FBR briefed the Committee about the measures adopted by the FBR for collection of revenue. She said that the target for the month of July, 2019 was fixed Rs. 291.5 Billion during July, 2019 FBR has collected Rs. 281.7 Billion, which was Rs. 255.6 Billion in July, 2018, entailing a growth of 10.2 percent. She further informed the collection in the month of August, 2019 was Rs. 297.7 Billion against the target fixed at Rs. 352.1 Billion. The Committee members expressed their apprehensions on the overall growth in the country and targets set by the FBR for collection of revenue.  The Committee decided that FBR will brief the Committee in the month of October, 2019 with regard to the achievements of revenue targets. The Committee unanimously rendered its consent for holding the meeting of the Committee on 17th September, 2019 at 11:15 a.m. with Mr. Jihad Azour, Director, Middle East and Central Asia Department (MCD), IMF, Mr. Ernesto Ramirez Rigo, Mission Chief for Pakistan and Ms. Teresa Daban Sanchez, IMF’s Resident Representative for Pakistan. 

7.            The meeting was attended by MNAs Mr. Raza Nasrullah, Mr. Faiz Ullah, Makhdoom Syed Sami-ul-Hasan Gillani, Sardar Nasrullah Khan Dreshak, Mr. Jamil Ahmed Khan, Mr. Faheem Khan, Mr. Aftab Hussain Siddique, Dr. Ramesh Kumar Vankwani, Chaudhary Khalid Javed, Mr. Ali Pervaiz, Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah, Syed Naveed Qamar, Ms. Hina Rabbani Khar, Mr. Amjid Ali Khan, Mover besides the senior officers of Ministry of Finance, Federal Board of Revenue (FBR), Pakistan Bureau of Statistics (PBS) and Ministry of Law & Justice.