Pakistan’s Finance Committee Deliberates Sovereign Wealth Fund’s Future

Islamabad: The National Assembly Standing Committee on Finance and Revenue, chaired by Syed Naveed Qamar, discussed critical aspects and the future of the Pakistan Sovereign Wealth Fund (PSWF) in a meeting at Parliament House today.

According to National Assembly of Pakistan, the sixth meeting of the committee focused on the operational and structural ambiguities surrounding the PSWF. The committee received briefings on the compliance issues related to the State-Owned Enterprises (Governance and Operation) Act, 2023, and the status of entities like OGDCL and NBP that have been included in the PSWF. A significant concern raised was the clarity and operationalization of the fund, as entities transferred to the PSWF are to maintain their previous status-quo, including their chain of command and reporting lines, until further decisions are made.

The committee, expressing concerns about the lack of clear guidance for these entities, recommended issuing explicit written instructions to ensure that operations continue smoothly without disruptions in reporting structures. The meeting, attended by multiple members including the Minister of State for Finance and Revenue, also touched on the generalization issues within the drafted law and engaged a consultant to refine these points to enhance the fund’s effectiveness.

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