• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Business

GoP planning to establish Infrastructure Bank

ToP by ToP
August 17, 2021
in Business, Pakistan
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

ISLAMABAD: The federal government is planning to establish Infrastructure Bank that will act as a long-term financing vehicle for ensuring long-term financing needs of the infrastructure development projects in the country.Industrial Development Bank of Pakistan (IDBP) has also been converted into a long-term project financing company and approval process has been completed and now it is awaiting operationalisation. For this purpose, a Presidential Ordinance would be required.International Finance Corporation would reportedly inject financing in this company and the federal government would match the financing requirements of Rs 3 billion needed to bridge the gap between its assets and liabilities.Secretary Finance, Dr Waqar Masood Khan and other officials informed the Senate Standing Committee on Finance on Wednesday, expressing serious concerns over non-existence of a single Development Financial Institution in the country. Senator Ishaq Dar, Senator Haroon Khan, Senator Ilyas Bilour were of the view that after abandoning of the DFIs like RDFC, IDBP and PICIC not a single institution is left in the country to provide long term financing.

They were also of the view that industrialization process in the country have stopped due to the non existence of the DFIs and government is taking no step to make available long term financing through establishment of DFI in the country. They were also of the view that few hands are manipulating stock market of the country and a handful of rich are making billions through trading alone and stock markets have failed to meet the long term financing needs in the country. Senator Ishaq Dar was of the view that government should equip the National Bank of Pakistan’s wing, which is managing the affairs of the NDFC for long term financing. The senators were of the view that companies should be encouraged for listing and some incentives should be announced in the budget 2011-12 through Finance Bill, 2011.Secretary Finance agreed with the Senators and said that actually source of long-term financing from all the international financial institutions (IFIs) for industrialisation have dried up totally and IFIs have stopped this mode of financing, due to which international injection of financing in local DFIs have vanished. He said that State Bank of Pakistan is at present managing two schemes of LTF and LTTF for meeting financing g needs of the export oriented sectors with cap on interest rate leading to predictability.Secretary Finance also informed the meeting that Finance Ministry is also floating Pakistan Investment Bonds (PIBs) for 3 years, 5 years, 7 years, 10 years and even for a maturity period of 30 years to arrange long-term financing for development purposes.

Secretary Finance informed the meeting that there would a major role of the stock market of the country in a new Privatisation Plan being finalised by the government. There is a vast scope of the listing of the major public sector players in the stock market. The listing of major public sector entities in the stock market would give new impetus to the stock market and would improve the depth of the market. Secretary also informed that during the last ten years depth of the stock market have improved due to the listing of the major public sector entities like PTCL, OGDCL, NBP, UBL and HBL in the stock market. There is a huge scope of fresh listing of big companies and new listings of major public sector entities like PEPCO’s companies and other entities would help improve further the market depth.He also informed the committee that in a recent meeting with business community at President House, private sector have demanded risk cover to the tune of $2 billion to $3 billion for long term financing. The government strongly feels that this kind of facility would not be feasible, as it would lead to a similar situation where the government had left with no option to freeze the foreign currency accounts in the past.After meeting while talking to reporters, the Secretary informed that financing needs for infrastructure development are huge. He said that an IMF mission is expected by end January 2011 to negotiate fresh performance benchmarks under extended SBP programme – Dailytimes

Previous Post

Pakistan trio head for tribunal

Next Post

KCCI holds moot on industries, investment, HR

ToP

ToP

Related Posts

Multiple killed, dozens injured in Peshawar Police Line mosque blast
Pakistan

Multiple killed, dozens injured in Peshawar Police Line mosque blast

by Top
January 30, 2023
Foreign exchange: SBP reserves go down by $75mn in a week
Pakistan

Pakistani rupee slips further against the US dollar

by wasif
January 17, 2023
Talks with India not possible until revocation of J&K’s status: PM Office
Pakistan

Talks with India not possible until revocation of J&K’s status: PM Office

by Top
January 17, 2023
Andre Emilio Suiting
Entertainment

Modernizing the Art of Bespoke Tailoring

by wasif
January 17, 2023
No case of Omicron variant BF.7 detected so far in Pakistan: NIH
Pakistan

No case of Omicron variant BF.7 detected so far in Pakistan: NIH

by Top
January 3, 2023
President, PM grieved over loss of security personnel in Bannu operation
Pakistan

President, PM grieved over loss of security personnel in Bannu operation

by Top
January 2, 2023
New Gas Reserves Discovered In D.I.Khan
Pakistan

New Gas Reserves Discovered In D.I.Khan

by Top
December 27, 2022
Next Post

KCCI holds moot on industries, investment, HR

Popular Stories

  • Cow stuck on ROOF

    Cow Gets Stuck on roof in Switzerland

    0 shares
    Share 0 Tweet 0
  • Top 10 Fastest Sprinters Ever

    0 shares
    Share 0 Tweet 0
  • Multiple killed, dozens injured in Peshawar Police Line mosque blast

    0 shares
    Share 0 Tweet 0
  • Andrea Riseborough flaunts her cleavage in black gown at the red carpet of Independent Film Awards

    0 shares
    Share 0 Tweet 0
  • 9 Exotic Cat Breeds You May Have Never Seen Before

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • Multiple killed, dozens injured in Peshawar Police Line mosque blast
  • Breath life into the Royal Era of the East with Shameel Khan
  • Pakistani rupee slips further against the US dollar

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In