Shabbar says no compromise on CNIC condition

ISLAMABAD: Completely irked with the persistent absence of Adviser to PM on Finance Dr Abdul Hafeez Shaikh from proceedings of the parliamentary panel, the National Assembly Standing Committee on Finance has rejected the projections on account of accumulation of public debt in percentage of GDP over next five years.

The Ministry of Finance has projected to bring down public debt to GDP ratio to 50 percent over the medium term but the committee members rejected it in totality and argued that these projections had nothing to do with existing ground realities on the economic front.

It seemed that the government was not consulting federal cabinet so unrealistic projections were made and presented before the parliamentary panel.

The Finance Ministry high-ups told the NA panel that the government was going to obtain $14 billion foreign loan during the current fiscal out of which $7 billion would be paid back on account of piled up external loan liabilities.

The National Assembly Standing Committee on Finance and Revenues held its meeting under chairmanship of PTI MNA Asad Umar here at the Parliament House on Friday.

FBR Chairman Shabbar Zaidi told the NA panel that the FBR was finding out middle way to resolve the lingering issue on condition of Computerized National Identity Cards (CNICs) on Rs50,000 sale. However, later the FBR chairman told Geo TV that the FBR would not compromise on CNIC condition.

As soon as the proceedings of the meeting started, the opposition members pointed fingers at empty chair of Finance Minister as it resulted in heated debate among the treasury and opposition benches. The chairman of the committee Asad Umar said that the committee could criticise the minister but practically nothing could be done. He asked Qaiser Sheikh what he had done in the past as chairman when the former finance minister Ishaq Dar had never turned up in NA panel meeting for several years. Qaiser Sheikh made disclosure when he insisted on the minister to come in the meeting he was asked that he would be removed from the chairmanship slot.

The committee members Nafisa Shah, Ayesha Ghous Pasha, Ali Pervez and others severely criticised the government on economic issues and absence of ministers from the proceedings of parliamentary panels.

Chairman of the committee stated that former finance minister Ishaq Dar, who was widely known as Deputy prime minister, rarely turned up in the committee and same was the case with his predecessor Miftah Ismail.

The committee also deferred some legislation on the agenda due to absence of SBP governor who was required to submit report and personally brief the committee on eradication of Riba law 2019, and Islamabad Capital Territory Prohibition of Interest on Private Loans Bill 2019.

Asad Umar said that political point scoring on the absence would disallow the committee to go through the agenda.