Islamabad September 17 2022: The Senate’s Standing Committee on Economic Affairs on Friday reviewed budgets, external debt and liabilities, and details of multilateral and bilateral development partners.
Senate panel told that following the Covid-19, the government was able to reschedule $3,686 million bilateral debt under the Debt Service Suspension Initiative offered by G 20 countries.
As regards the public debt, the committee was informed that multilateral and bilateral debts were most preferred sources as they had lower mark up and longer repayment plans.
The committee, which met here with Senator Faisal Saleem Rehman in the chair, was informed that the mandate of the Ministry of Economic Affairs Division (EAD) revolved around external public debt management, and establishment and administration of joint economic commissions to create platforms for promoting bilateral economic cooperation in areas such as trade, investment, agriculture, industry, education, health, transport and communication and financial assistance.
As regards Pakistan’s technical assistance programme, the committee was told that foreign students attended programmes offered by the HEC (Higher Education Commission) recognized universities.
The committee directed the ministry to work on inclusion of foreign students undertaking religious education at Madaris (seminaries) in Pakistan and the Pakistani students taking Islamic courses abroad in the HEC’s programmes and inform it on the progress made in that regard.
While deliberating on the agenda item pertaining to legislative cover to the non-governmental organizations (NGOs) receiving foreign funding in the light of the Sindh High Court’s judgment, the committee was apprised that the EAD only dealt with the NGOs receiving foreign funding.
The committee sought details of some 1,000 out of total 16,000 NGOs, which received foreign funding.
The meeting was attended by senators Muhammad Akram, Manzoor Ahmed and Atta Ur Rehman, besides senior officers of the EAD.
