Marchers have greatly damaged Pakistan economy, says minister

* Khurram Dastagir says volume of foreign debt has enhanced by Rs 350bn

ISLAMABAD: Due to political disturbance of two sit ins in front of parliament house, there is expectation that supply of imported and exported may stop and it greatly damage Pakistan economy.
This was told in Senate Standing committee on Commerce and Textile, which held here on Thursday in Parliament house, while Senator Ghulam Ali was on chair. Federal Minister for Commerce Khurram Dastagir said that the country is economically suffering and there are expectations that supply of imported and exported goods may suspend. The political impasse is greatly affecting capital formation in Pakistan. There is also expectation that billions of rupees of foreign investors may sink because the transportation of import and export stopped for the time being halted. He regretted that large quantities of imported heavy machineries are laying at Karachi Port.
The minister said the volume of foreign debt has enhanced by Rs 350 billion due to decrease in value of Pakistani currency due to twin marchers in the capital. He expressed serious concern over spreading bad image of Pakistan at international community along with rising trade deficit of the country. Chairman of the committee Haji Ghulam Ali said in democracy all maters were resolved through talks and closing the door of negotiations is like political suicide. However, he appreciated collective stand of all political parties for democracy, parliament and supremacy of Constitution.
Earlier, the committee discuss appointment of permanent Chairman Pakistan State Life Insurance. In this regard the committee was told that the government already announced in press but could not found capable person for the said post and now the government will again give another advertisement in media. The committee was also informed that details of other employee’s appointment in State Life Corporation of Pakistan may be provided in one month. Senator Ilyas Bilor was of the view that quota system was not observed in appointment in State Life Corporation of Pakistan.
Through another question, Secretary Commerce Ministry said there is no housing society in the name of State Life Corporation of Pakistan in any part of the country except few employees has formed a housing society in the name of State Life Corporation of Pakistan. Senator Ilyas Bilor also claimed that there were fraud cases in State Life Corporation of Pakistan, first Rs 4 million and second Rs 20 million and the honest officers, who conducted the enquiry were transferred while the dis-honest employees still working in the Corporation. Secretary Commerce informed the committee that two officers involved in fraud cases were suspended and FIA enquiry still continue and its report will be presented after completion.
Amendment in Trade Organization Rules 2013 and its extension to FATA areas, Secretary Commerce informed the committee that it has been sent o ministry of SAFRON, who may approve it from President of Pakistan through FATA Secretariat. Chairman of the Committee said FATA Secretariat silent over the implementation for last 10 months but Secretary claimed that soon it will be approved soon through ministry of SAFRON.
The committee also discussed difference between Directorate General of Trade Organisations (DGTO) office and chamber associations. In this regard a sub-committee formed to remove the grievances of organizations of chamber and industries. The committee also expressed serious reservations that DGTO office involved in unlawful interference in chambers affairs and also helped in wining their blue eyed persons in the chambers associations’ election.
Federal Commerce Minister Khurram Dastagir assured the committee that the government will implement recommendations of the committee in every attach departments. Convener of a sub-committee presented a report, which said 40 people who migrated from Pakistan in 1947 wanted to invest billion of rupees in Pakistan but the government should create better environment for them. The commerce minister said the government will take every step for their facilitation.

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