ISLAMABAD - Members of Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation on Friday advocated for declaring emergency for export sector in order to promote external trade.

The members during a meeting, chaired by Qaiser Ahmad Sheikh, highlighted the importance of resolving issues of export sector for the best national interest. The issues included, refund claims, double duty in clearing goods in different provinces, banking issues related to exports, limitations of Rs180 billion export package etc. The committee recommended for convening a consultative meeting of all stakeholders wherein the representatives from Ministry of Commerce, Ministry of Textile and Ministry of Finance would be called to help resolve the issue.

MNAs Asad Umar and Abdul Manan were of the view that the committee must look into the matter why the exports from the country were on declining trend and urged for taking emergency steps to promote exports sector.

On the occasion, Federal Board of Revenue (FBR) Chairman Tariq Pasha assured the committee that as announced by Finance Minister Ishaq Dar in his budget speech, the refund claims would be cleared by August 14. Meanwhile, the committee decided to take up the issue of rupee devaluation against dollars during its upcoming meeting, likely to be held in first week of August.

Raising the issue, Asad had argued that the committee must know the findings of the inquiry initiated in this matter. Meanwhile, the committee passed the Microfinance Institutions (Amendment) bill 2017 which was moved by Sajida Begum and referred to the committee on March 7, 2017. The committee deferred discussion on an Eradication of Riba bill 2015 and on The Islamabad Capital Territory Prohibition of Private Money Lending Bill 2017. The presentations of the State Bank of Pakistan (SBP) on the State of Economy for fiscal year 2016-17 and Federal Board of Revenue's (FBR) presentation revenue collection during the fiscal year 2016-17 were also postponed for next meeting.

 The committee welcomed Tariq Pasha for assuming the charges as FBR chairman and expressed the hope that under his supervision the board would perform better.