Senate committee approves SBP Amendment Bill 2021

ISLAMABAD (92 News) – The Senate Standing Committee on Finance has approved State Bank of Pakistan (SBP) Amendment Bill 2021 on Monday.

During the meeting, Finance Minister Shaukat Tarin and SBP Governer Raza Baqir participated. Shaukat Tarin said that previous governments made wrong use of SBP.

“SBP was considered a machine of publishing money. The past government took seven trillion of rupees from SBP, but this government did not take any money. Now SBP will not have one-sided powers. The parliament will also look into matters. The SBP governer and the finance minister will make decisions jointly," he added.

The minister said that common man will get loans on zero percent interest rate. "Farmers will get loans of Rs0.5 million without any interest. The FBR and the NADRA will work mutually. Taxes will increase with track and trace,” he disclosed.

SBP Governer Raza Baqir denied the the impression that decisions are being taken on the directions of the IMF.

Expressiong their reservations, PPP leader Farooq H Naek and Senator Sherry Rehman said that it is being feared that a new wave of inflation will come.

During the meeting, Finance Minister Shaukat Tarin and and PML-N leader Ahsan Iqbal exchanged harsh words. Ahsan Iqbal stressed upon to include the section pertining to appearance of the SBP governer before the parliament committee.