Empowering PM to take decisions on financial matters: Parliament to resolve issue: Dar

Finance Minister Ishaq Dar on Thursday informed Senate that the government along with opposition parties is mulling introducing a legislation to give powers to the prime minister in financial matters without any prior approval of the cabinet. "Our hands will be tied and it will not be possible to carry out work unless the current definition is reversed," he said, adding, "Under the present arrangement, nothing can be done without the approval of the cabinet," he said, adding that certain matters require immediate decision and issuance of notifications.
"The proposal is to replace the word federal government with minister in-charge in the finance bill. We need a legal amendment and will be ready to revert back once it is passed," he remarked. Referring to Supreme Court's verdict which stated that the prime minister is not the federal government and it means the prime minister and the cabinet form the government jointly, he said the apex court's judgment will be honoured. However, Dar quickly said that the apex court will interpret the law as it is.
Chairman Senate Standing Committee on Finance, Senator Saleem Mandviwalla presented a report of the committee on proposals for making recommendations for the Finance Bill 2017, containing the annual budget statement, which was adopted by the house. However, Senator Ilyas Bilour of Awami National party (ANP), who had floated three proposals, pressing to end tax amnesty enjoyed by Federally Administered Tribal Areas (FATA) for several years, withdrew his proposals under pressure from tribal MPs who had resisted the move. Winding up the debate on the finance bill, Dar assured the house the he would try his level best to accommodate maximum recommendations made by the Upper House of the Parliament as he did during the previous budget in which he had incorporated most of the recommendations made by the senators.
About the ruling of the apex court, which had ruled last year barring the prime minister from taking any decisions on financial matters without prior approval of the cabinet, Dar said a legislation would soon be presented in the house to empower the PM for taking decision on financial matters. He substantiated his claim by saying the cabinet meeting can not be called in haste and there are some important issues where the prime minister should be made empowered to take decisions without any approval of the cabinet.
"I have spoken to the Senate chairman who has agreed with me on the issue, and after consulting other political parties we will bring a legislation in this regard soon," he said.
Responding to lawmakers who termed the budget 'jugglery of words', the minister said that the 6 percent growth rate for next year is quite realistic, as country's economy had grown by 5.3%. "After almost 10 years, we have exceeded 5 percent GDP growth. In 2013, we were in the range of 3 percent growth, and within 4 percent in the next couple of years. This year, the Pakistani economy has grown by 5.28%, rounded off to 5.3% GDP growth," he added.
He also rejected the impression of more external borrowing, saying borrowing for developmental purposes is encouraged, adding the government had introduced the Federal Debt Limitation Law in the country which became Act in 2005. He said that budget for various projects in energy sector and infrastructure development has been increased from Rs 300 billion to Rs 1,001 billion. According to him, the total external debt was $48.1 million in 2013 which has soared $58.4 billion in 2017.
"The total net addition in foreign loans is $10.3 billion. We are paying the installment of loans taken by the previous governments, including General Musharraf regime. The country which was about to go bankrupt four years ago, has improved economically and its tax revenues have gone up to 80 percent in four years," he added. The minister argued that presenting budget without announcing NFC Award was no unconstitutional act, saying there is no nexus between NFC and the budget. He said that efforts are however being made to finalise the new NFC Award as soon as possible.
Dar said that the country has witnessed a 5.3 percent growth rate during the current fiscal year due to the prudent economic policies of the government, adding the size of economy has reached US $300 billion. He said that the operation against militancy and terrorism in FATA, which started in 2014, cost the national kitty Rs 400 billion that also included raising new civil paramilitary forces to counter the menace. "We spent Rs 100 billion per annum in the war against terrorism, for which we did not get any assistance from any foreign country," he said in an obvious reference to the US.
Dar also announced that the power load-shedding will end by the end of this year. "The country had a surplus electricity of 1,200MW in 1999 and suddenly there was a shortfall of over 4000MW after some years. The load-shedding was -26 percent in 2013, -7 percent in 2014, +13 percent in 2016, and 3.5 percent in 2017...it shows things have improved," he added.