A meeting of the federal cabinet was held on Wednesday to review the overall political and economic situation of the country. Prime Minister Shehbaz Sharif chaired a federal cabinet meeting in which Finance Minister Ishaq Dar briefed the cabinet about the economic condition of Pakistan. The cabinet also discussed the 12-point agenda and granted approval to amend laws relating to the Board of Investment (BoI). The cabinet also approved the merger of the Special Investment Facilitation Council with the BoI. The 12-point agenda included the reorganization of accountability courts, hemp policy, and SNGPL board. However, the cabinet did not approved the hemp policy and approved the draft of the amendment bill of the Investment Board Ordinance 2001 for promotion of foreign investment in Pakistan.

The amendment will empower the Special Investment Facilitation Council (SIFC) and evolve mechanisms for working relationship with various ministries and provincial governments, besides raising its basic structure and formulating nature of work.  Once it will become law, the Special Investment Facilitation Council will ensure speedy implementation of foreign investment projects in the country. The Cabinet, on the recommendation of the Ministry of Narcotics Control, constituted a ministerial committee under the chairmanship of Defence Minister Khawaja Muhammad Asif to finalize the National Cannabis Policy.

Credit: Independent News Pakistan (INP)