Senate Standing Committee on Finance, Revenue meets

ISLAMABAD, Oct 12 (APP): The Senate Standing Committee on Finance, Revenue, Economic Affairs met at Parliament House here Thursday with Senator Saleem Mandviwala in the Chair.
The Committee was told by the officials from Finance Division that the programme of loans/budgetary support has not been suspended by the World Bank for Pakistan as reported in press.
The Chairman of the Committee observed that it has been attributed as a statement of World Bank that programme has been suspended owing to deteriorating macroeconomic indicators.
The Committee directed that if it is not true the finance division should present a substantial evidence from the World Bank.
It was told by the petroleum division that update on the summary sent to cabinet regarding settlement of GIDC with the CNG sector as recommended by the committee will be given in the same month.
Regarding the issue of payments made to clear the circular debt of power sector amounting to Rs 480 billion during the year 2013, the Committee expressed serious apprehensions on the reply submitted to the committee as it was contrary to the commitment made by power division in the previous meeting.
The report stated that the directives of the committee cannot be implemented because it is in contrary to the principles of good governance and transparency without stating any particular reasons for not implementing the recommendations clause by clause.
The Committee asked the officials to clearly state whether they agree to implement the directions or not. If latter is the case the ministry should give good reasons for not being able to do so. It decided to take briefing on the matter from the Minister and Secretary in the next meeting so that it can be decided that the matter has to be sent to FIA or NAB or some other entity.