SBP's independence in Pakistan's interest: Fawad

Federal Minister for Information Fawad Chaudhry said on Sunday that the State Bank of Pakistan's (SBP) independence was in the country's interest, adding that the Pakistan Tehreek-e-Insaf (PTI)'s government believes in the principle of institutional autonomy.

Addressing a press conference in Karachi, Fawad said that the government will appoint the State Bank's board of governors after the passage of the SBP autonomy bill.

He hoped that with the resumption of the International Monetary Fund (IMF)'s programme, Pakistan's financial difficulties will ease.

All set to introduce Finance, SBP autonomy bills tomorrow

The minister said that the government's allies are supporting the mini-budget, which he said will be passed in the coming days.

"2022 will be a year of stability for Pakistan," he said, adding that "inflation in the country will ease in the coming months."

Earlier this week, the government introduced the amended Finance, and State Bank of Pakistan (SBP) autonomy bills in Parliament for approval despite resistance by the opposition.

The sources privy to the development told Business Recorder that both the bills are being introduced in parliament for approval before the sixth review of the $6 billion Extended Fund Facility (EFF) by the International Monetary Fund (IMF) executive board on January 12.

Sixth review to be presented to IMF board on Jan 12: Pakistan's finance ministry

The opposition parties have vowed to resist the government move to grant autonomy to the SBP aimed at targeting inflation rather than economic growth, calling it an agenda of the IMF.

The IMF has demanded Pakistani authorities seek parliamentary approval for the passage of the Tax Laws (Fourth) Amendment Bill and SBP’s Autonomy Bill. Prime Minister’s Adviser on Finance Shaukat Tarin has reiterated Pakistan’s plan to fulfill the conditions imposed by IMF as prior action before the sixth review on January 12. He said a tax exemption of Rs350 billion will be withdrawn through the mini-budget.

Meanwhile, talking about the government's initiative in the health sector, the information minister said that the health card facility was being offered in Punjab.

Fawad tweeted earlier on Sunday that the health card facility under the Naya Pakistan Sehat Card had become fully available in the Lahore division, adding that in the next 45 days, all the families of Punjab province will be able to get treatment up to Rs1 million annually through the initiative.

"With this revolutionary programme, people's health expenses are no longer part of their budget, as this expenditure is being borne entirely by the government," Fawad said in a Twitter post.