Dar for monitoring NGOs’ funding
ISLAMABAD – Finance Minister Ishaq Dar said on Saturday that funding of the non-governmental organisations (NGOs) should be properly monitored to protect the national interests.
“Around 99 percent funding of NGOs are used for the purpose they are released. However, Pakistan must have a monitoring policy to ensure that the matters stay on track,” said the finance minister while talking to the media after attending a seminar on the Draft Companies Bill, 2016. It was organised by the Securities and Exchange Commission of Pakistan (SECP).
He further said that Indian government was monitoring the funding to international NGOs and also Pakistan should adopt this policy to ensure that the money reaches the right place.
Dar said the new companies’ law was important to cultivate corporate culture, mobilise investments, encourage investors, raise the foreign direct investments (FDIs) and also for creating positive impact on the national economy.
He suggested that more time should be served on the consultation of Draft Companies’ Bill 2016 to come up with a modern and comprehensive and balanced legislation.
He asked the professionals and business leaders to come up with suggestions and feedback on the bill. He advised the SECP chairman to conclude the consultation process in one month so that the bill could be tabled before the parliament ahead of the Federal Budget in June.
The finance minister appreciated the work done by SECP and congratulated the SECP chairman in initiating and working towards the conclusion of the long expected law. The minister said that time had proved that the selection committee choice was right for the position of SECP chairman.
Moreover, he said that the government had recently released a sum of Rs5 billion to the Pakistan International Airlines, as it had sought Rs22 billion from the government. It would release more funds to the PIA soon, he added.
He said that that PML-N government was successfully implementing its home-grown agenda which was part of its manifesto. He said that his government had achieved economic turnaround in just half of its tenure and its economic achievements were recognised globally.
He pointed out that the country had achieved a 4.24 percent growth in GDP 2015, which is the highest in the last seven years.
The fiscal deficit is expected to be as low as 4.3 percent for the current year and foreign remittances are expected to as high as 19.5 billion dollar, he added. He said that the government is targeting up to 6 to 7 percent GDP growth by 2018; therefore to fulfil the growing energy needs.
Projects are underway to add up 10,000 megawatts of electricity in the national grid by March 2018, he said.
He also emphasised a need for continued review of the corporate laws administered by SECP and advised the top management at SECP to continue with reforms in accordance with best international practices. He also asked it not to be hesitant in bringing positive changes.
The seminar raised awareness about the important and salient features of the bill and shared the vision of SECP. The major focus of the bill is to facilitate the corporate sector and other stakeholders as well as strengthening of the regulatory frame work.
It also gives maximum emphasis on the use of technology, abolishment of unnecessary requirements, protection of the interest of shareholders, softer regime for the companies having no stake of the general public, regulation of public sector companies and protection of the interest of creditors.