Saying the resolution of lingering energy crises would add 1-1.5 percent growth to the economy, Finance Minister Ishaq Dar Monday set "November 2017" as PML-N government's new deadline for the economy-crippling loadshedding to end from the country.
Condemning container-fame PTI chief Imran Khan's maligning of prestigious state institutions such as NAB, FBR and the Supreme Court of Pakistan, the minister said the country, having achieved macroeconomic stability, was now heading towards high growth trajectory to achieve 6.0 percent GDP growth.
He stated this while talking as a chief guest to reporters at a function marking "The Draft Companies Bill, 2016" at a local hotel by SECP. SBP Governor Ashraf Mehmood Wathra, Deputy Governor Saeed Ahmed, SECP Chairman Zafar Hijazi, ICAP President Hafiz Muhammad Yousaf and Chairman Tax Reform Committee Masoud Naqvi flanked him on the stage. Having lost Rs 100 billion to last sit-in, the economy was set to suffer if politics was not kept separated from agitation.
"Anything wrong must be made accountable but through due process of law and constitution," he said warning the cricketer-turned politician against compromising the economy's hard-earned take-off position. The senator said his government during last three years had taken three big challenges of Economy, Energy and Extremism head on and that's why was able to get economy growing higher by 4 percent and moving to 6 percent, foreign exchange reserves providing five-month import cover, stocks market having got MSCI as Emerging Market status and inflation and discount rate lowering to decades low.
With international credit-rating agencies having rated Pakistan upgraded from negative to stable and then positive, Dar said nuclear-, wind-, LNG-, solar- and coal-based power projects were on different stages of completion to generate 2500 megawatts of electricity in the energy-starved country.
He said having cut the pre-Feb2013 14-hour average power outages by 50 percent to seven-hour in three years, his government had planned to further bring this number down by 25 percent to 3-4-hour by June 2017. "We would be adding 10,000 plus megawatts to national grid by March 2018," the finance minister declared saying "From November 2017 onward loadshedding would start disappearing".
Also, the government was working to pre-empt a severe water crisis Pakistan was set to face within next 10-15 years through building big reservoirs like Diamer-Bhasha Dam of seven million cubic feet water reservation capacity. About extremism part, he said in June 2014 the country's civil and military leadership developed consensus to take, successfully, on the "real challenge" of going after terrorists elements in the north.
The finance minister was visibly infuriated when a reporter drew him to PTI Khan's latest diatribe against state institutions, saying "He (Khan) even alluded to the Supreme Court in his criticism. "He should go to relevant organizations like NAB or FIA if he has any evidence. But no one is allowed to undermine state institutions from a container. This intimidation is condemnable and should be discouraged," said the PML-N leader. "So this is how you are venting your anger out when people have rejected you in Vehari, Burewala and Jehlum (by-polls)!"
Also, Dar told a questioner that the Economic Coordination Committee would be approving two-month salaries for the employees of Pakistan Steel Mills (PSM) which was shut for quite some time. He said he, in a Cabinet Committee on Privatization (CCoP) meeting, had proposed to issue the First Right of Refusal to the Sindh government which had showed keenness to run the loss-making steelmaker. "Some foreigners were interested in 25 percent strategic partnership. We (however) gave first right of refusal to Sindh government. But still haven't heard from them," the minister said.
Earlier, the minister lauded SECP chief and his team for making possible amending the 30-year-old company laws and called upon the professionals among audience to come up with their constructive viewpoints within next 2-3 days to be incorporated in the proposed legislation.
SBP Deputy Governor Saeed Ahmed told the audience that the central bank had written to the Ministry of Finance to also introduce Sukuk-like tax neutrality for the Islamic banking industry. He hoped that the finance minister would approve the file when reached his table next week.
Explaining the draft bill, SECP Chairman Hijazi told Business Recorder that Monday's was final seminar to get stakeholders' feedback on the proposed law which was need of the hour given the fact that world was changing. He said the number of companies registered in Pakistan saw 24 percent growth in FY16. "This percentage is going to further increase this year," the chairman said.