The agreement with the IMF will be signed in a few days, according to Tarin – Journal
ISLAMABAD: The Prime Minister’s adviser on finance and revenues, Shaukat Tarin, announced Monday that Pakistan will sign an agreement with the International Monetary Fund (IMF) in a few days to revive the extended facility of 6 billion dollars.
“We have already shared the legal opinion on the State Bank of Pakistan (SBP) with the Fund,” Tarin said, adding that the IMF has been informed that the proposed amendments in three or four areas of the SBP law require constitutional amendments by a two-thirds majority. .
“We do not have the required figures in parliament,” he said. However, Tarin categorically stated that an agreement had been finalized with the IMF and would be signed in a few days.
Ministry of Finance officials, however, were unable to explain what specific amendment is needed to meet IMF conditions for granting autonomy to the SBP.
Launch of two Pakistani Single Window modules
Tarin, who led the Pakistani delegation during his negotiations in Washington with the IMF last month, answered questions from reporters at a ceremony to launch the Pakistan Single Window (PSW) modules.
Previously, the Prime Minister’s advisor launched the PSW subscription and banking modules which aim to facilitate doing business in the country.
The ceremony served to highlight the outstanding achievements of PSW by introducing a subscription mechanism and a module for integrating banks into its system. The introduction of the two new modules will help transform the ecosystem of commerce and industry, some analysts say.
The PSW will bring together 74 departments on a single platform and eliminate the need to verify documents from different departments. The project is expected to be completed by March.
PSW’s subscription module allows users to subscribe and access its services in minutes and removes many obstacles including unnecessary regulatory requirements to obtain user ID for customs and other clearance .
The integration of the banking module will allow users to conduct their financial transactions seamlessly by eliminating electronic import forms and electronic forms for exports mandated by the SBP.
Speaking on the occasion, Mr. Tarin said that the PSW concept and its framework embodied the government’s vision of meaningful reforms in all sectors and all aspects of government, thereby promoting business competitiveness with increased transparency and efficiency. .
He said the past two years have been difficult for global supply chains as international trade and transportation have been affected by the disruption caused by the Covid-19 pandemic. This resulted in a multiple increase in production and shipping costs.
“The worst seems to be over and as economies start to recover globally, we expect business to pick up and in fact increase at a much faster rate than before,” he said. he declares.
He believed that the government, as well as the business community, must be prepared to take advantage of new opportunities.
The PSW would allow businesses and traders to enter new markets and boost their exports, the prime minister’s adviser said.
“Our government is continuing the program to make Pakistan a hub for regional trade and transit and realize the full potential of Pakistan’s geostrategic and geo-economic situation,” he said.
In this regard, he said, an important step was taken when the TIR agreement was made operational and transit consignments were dispatched to Uzbekistan and Turkey. He expressed the hope that PSW would further strengthen this regional connectivity effort through effective use of ICT technologies, ensuring better facilitation of cross-border trade.
“I must stress that no system can be successful if it is not supported by its stakeholders and beneficiaries,” he said.
Aftab Haider, Managing Director of PSW, made a presentation on the goals and objectives of the project.
“This project will help reduce the time and cost of doing business in Pakistan and unleash the country’s potential to become a hub for regional and international trade and transit,” said USAID Deputy Mission Director David Young.
“By simplifying trade, Pakistan’s one-stop-shop will help unlock the Pakistani economy,” he said.
The PSW enables parties involved in trade and transport to register standard information and documents with a single point of entry and thus meet all regulatory requirements for import, export and transit. .
Previously, traders had to get approval from various government offices, which doubled the effort and red tape, leading to increased costs and delays.
The PSW is an initiative of the federal government.
Posted in Dawn, le 2 November 2021