Islamabad: The Federal Government has decided to establish the Pakistan Sovereign Wealth Fund for better management and better utilization of the assets of the Government of Pakistan in the country.
The establishment of the fund will be implemented under the Public Finance Management Act, 2019 for which the government has finalized the draft law, and has decided to send the draft to the Ministry of Law and Justice for further necessary action.
According to the announcement issued by the Ministry of Finance, an important meeting was held under the chairmanship of Federal Minister for Finance and Revenue Ishaq Dar on Friday to finalize the legal draft related to the establishment of Pakistan Sovereign Wealth Fund.
Special Assistant to Prime Minister on Finance Tariq Bajwa, Chairman SECP Akif Saeed and senior officers of Finance Division and SECP attended the meeting.
According to the statement, as announced by Finance Minister Ishaq Dar in his Budget 2023-24 speech in the Parliament, the draft bill for the establishment of Pakistan Sovereign Wealth Fund for better utilization and better management of the assets of the Government of Pakistan in the country. Reviewed.
International standards, policies and procedures, establishment of the fund will be implemented under the Public Finance Management Act 2019. After considering the technical aspects of the draft in the meeting, the draft law was finalized and it was decided to send it to the Ministry of Law and Justice for legal opinion and further necessary action.
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