The authorities to ensure effective utilization of external debt :Senator Ishaq Dar

Lahore: Federal Finance Minister Senator Ishaq Dar on Thursday directed the authorities concerned to ensure effective utilization of external debt.

He was chairing a high-level meeting to review external debt portfolio here at State Bank of Pakistan. The Economic Affairs Division Secretary Tariq Bajwa, Additional Secretary Finance Tariq Mahmood Pasha, the SBP Governor Ashraf Mahmood Wathra and other senior officers of the Minister of Finance attended the meeting.

During the meeting, the SBP Governor gave a detailed briefing on monetary reforms.

Meanwhile; Federal Minister for Finance, Revenue, Statistics and Privatization, Senator Muhammad Ishaq Dar said on Thursday that EXIM Bank would become functional during this financial year.

He was presiding over a high-level meeting here at State Bank of Pakistan . The Economic Affairs Division Secretary Tariq Bajwa, Additional Secretary Finance Tariq Mahmood Pasha, the SBP Governor Ashraf Mahmood Wathra and other senior officers of the Minister of Finance attended the meeting.

The meeting was told that Rs 10 billion funds have been allocated in the budget 2015-16 for setting up of the EXIM Bank.

It was decided in the meeting that Rs 7 billion equity funds for the bank would be released on January 4, 2016 and a notification to this effect would be issued on January 5, 2016.

Later on April 4, 2016, further Rs 3 billion amount would be released on April 4, 2016, the meeting decided.