Shaukat Tarin: work underway to amend NAB laws

ISLAMABAD: Finance Minister Shaukat Tarin said Tuesday he was not sure whether the current account would remain in surplus next year as well or not, as he spoke in depth about the country's economic situation. The finance minister revealed that the NAB law will be amended in the next few weeks. Explaining the rationale behind the amendment, Tarin said the bureaucracy was not performing up to the mark due to the fear of the anti-graft watchdog.

The minister gave the example of the LNG import, saying that it was imported from Qatar at 13.7% above the Brent rate, and later on at 10.4% above the Brent rate. Despite such a lower import rate, NAB had summoned the files of the agreement. He admitted that Pakistan's import bill was going up, stressing that lower oil prices in the international market and since Pakistan was importing machinery. The minister said the import bill was expected to reach $5-6 billion if Pakistan showed economic growth.

Speaking on the current account deficit, Tarin said he was unsure whether it would remain in surplus next year or not. However, he added, if it incures a deficit, then it shall be to an extent that the government will be able to manage it.

The minister said China was the biggest opportunity for Pakistan at the moment, as far as investment is concerned. He said Pakistan was establishing special economic zones, adding that Pakistan will have to figure out how to attract Chinese companies who were relocating from Myanmar, Cambodia and Vietnam.