National Assembly legislates to establish Pakistan Sovereign Wealth Fund

ISLAMABAD, Jul 31 (APP): The National Assembly on Monday approved legislation to establish Pakistan Sovereign Wealth Fund which aims to ensure sustainable economic development through the efficient management of funds and assets, adhering to the highest international standards.

Minister for Law and Justice, Azam Nazeer Tarar, announced the introduction of the Pakistan Sovereign Wealth Fund Bill, 2023 in the National Assembly, which was later successfully passed by the House.

Addressing concerns raised by JUI-F lawmaker Aliya Kamran, Minister Tarar clarified that the bill had undergone discussions in the Cabinet, including input from the three members of JUI-F who did not raise any objections.

The Pakistan Sovereign Wealth Fund aims to consolidate the scattered investments of the Pakistani government into a single entity and assess their face value. The fund will be regulated with financial policies, considering the segregated accounts of the government in the form of shares and state-owned companies.

The minister highlighted successful examples from Egypt and Indonesia, where similar funds have contributed significantly to their economic growth. By establishing this fund, the Pakistani government aims to dispel any apprehensions about the country’s economy and showcase its financial health, while also contributing positively to overall economic development.

Regarding the point raised by JUI-F lawmaker Aliya Kamran about including the Prevention of Violent Extremism Bill, 2023 in the Senate’s agenda, Minister Tarar clarified that the bill was initially drafted by the previous government approximately two years ago during the FATF-related legislation process. However, it had not been deliberated upon in the current incumbent cabinet. He said that it appeared on the agenda as per routine but was later dropped after being opposed by the lawmakers.

The establishment of the Pakistan Sovereign Wealth Fund represents a significant step towards enhancing economic growth and stability in the country. Through prudent financial management and adherence to global best practices, the fund aims to pave the way for a prosperous and sustainable economic future for Pakistan.