The Cabinet, scheduled to meet on Wednesday, is expected to approve, in principle, the Special Economic Zones Act 2010 in a bid to attract investment, especially by foreign companies to jumpstart the war-hit economy of Pakistan, Business Recorder has learnt.
To ensure autonomy to the State Bank of Pakistan, the Cabinet may approve "The State Bank of Pakistan (Amendment) Bill, 2010" and the "SBP Banking Services Corporation Ordinance (Repeal) Bill, 2010." Sources said the Cabinet meeting to be chaired by Prime Minister Syed Yousuf Raza Gilani would take up 17-point agenda and would also review the overall political as well economic situation of the country.
"The Cabinet will also evaluate the energy crisis after resorting to two-day holidays a week and closure of CNG stations in a bid to overcome power shortfall that was leading nerve-wrecking loadshedding in the country," sources maintained. The Cabinet is expected to approve policy and plan for Haj 2010. The Cabinet may grant "Approval for Ratification of Re-admission Agreement between Pakistan and European Union."
Status of implementation of the Cabinet decisions pertaining to Finance Division would also be reviewed. The Cabinet may accord approval to the decisions taken at the Economic Co-ordination Committee of the Cabinet in its meeting held on May 3, 2010.
The Cabinet may approve the draft Regulation of Generation, Transmission and Distribution of Electricity Power (Amendment) Bill, 2010. The Cabinet would empower the ministry concerned to sign agreement between the government of Tajikistan and the government of Pakistan in the field of health.
The other agenda items are: Approval to initiate Negotiations on Agreement on Promotion and Protection of Investment with the Economic Co-operation Organisation member states, approval to initiate negotiations on Agreement on Promotion and Protection of Investment with Mongolia, amendment in the Provincial Employees'' Social Security Ordinance, 1965, approval and signing of the Economic Co-operation Organisation Agreement on Mutual Administrative Assistance in Customs matters, amendment in and signing of protocol between Pakistan and Belgium for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on Income, Initiation of Negotiations on an agreement between Pakistan and Mongolia for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income, multilateral agreement among D-8 member countries on administrative assistance in Customs matters, signing and ratification of the statute of the Standards and Metrology Institute for Islamic countries (SMIIC) and approval, in principle, for initiation of negotiations on an MoU on scientific and technological co-operation between Pakistan and Mauritius.