Pakistan to get $32.5 mln under Coalition Support Fund by Oct 15

Pakistan to get $32.5 mln under Coalition Support Fund  by Oct 15

ISLAMABAD, Oct 1 (APP): The Senate Standing Committee on Finance was informed Tuesday that Pakistan would receive a tranche of $.32.5 million by October 15 under Coalition Support Fund (CSF). Collectively the country would get $1.3 billion during the current fiscal year (2013-14) under CSF, Secretary Finance, Waqar Masood Khan said while briefing the committee.

He said that a sub-committee has been constituted to pace up the work on 3G Licence auction adding that Acting Chairman Pakistan Telecom Authority has also been nominated.
The Secretary informed the committee that increase in power tariff was approved by the Council of Common Interest (CCI).
The committee approved the transfer of private property to pay off $800 million of Etisalaat.
Briefing the committee on the occasion, Governor State Bank of Pakistan attributed the recent hike in Dollar value to speculations in financial market.
He said that State Bank was taking comprehensive measures to check money laundering adding although it was a very difficult task but not impossible one.
He was of the view that illegal currency business was going on Pak-Afghan Boarder whereas illegal money was being transferred to international banks through Dubai.
The committee expressed its concern that despite the fact that value of dollar has depreciated against rupee, the basic commodities were still being sold at old rates, resulting in the mental torture of common people.
Chairperson of the committee, Nasreen Jalal said that it was expected that businessmen would provide relief to the people, but price hike in petrol, diesel, gas and edible items have rendered people helpless.
Senator Nuzhat Sadiq said that Prime Minister Mian Nawaz Sharif was well aware of the hardships of people and the government was taking decision keeping in mind the interest of people.
Senator Kulsum Perven urged the government to inform about the reasons behind increase in dollar value and depreciation in Rupees.
Senator Sughra Imam said we must avoid policy of getting loans from International Monetary Fund which we have had to return with interest.
Senator Fateh Muhammad Hussani said that State Bank should be made autonomous and fully independent entity.
Senator Haji Adeel lamented that people who are holding foreign currency and receive rent of their properties in dollar do pay taxes while  Senator Usman Saifullah criticized loan agreement with IMF.
The members of the committee were of the view that inflation has been increased and urged the government to take steps for the relief of common man.