News Detail
Event Title: Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue presiding over a meeting of the committee at Parliament House, Islamabad
Event Date: 2026-11-04
The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, met to review the Government’s Annual Borrowing Plan, consider the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026, discuss issues relating to foreign exchange facilities for parliamentarians and tenure track system (TTS) professors, and review matters concerning tax refunds and FBR governance.
The Accountant General of Pakistan informed the Committee that the revised pay slips of Director Staff and Private Secretaries of the Senate Secretariat had been issued in compliance with the Committee's directions. The Chairman appreciated the efforts of the Accountant General of Pakistan Revenues and the Additional Accountant General and directed that copies of the revised pay slips be submitted to the Committee for record.
The Committee considered the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026, and was briefed on its objectives, including improving the performance of government entities and facilitating co-investment in domestic projects with foreign funds and private investors. Members raised concerns over the exclusion of loss-making government entities, possible duplication of existing investment structures and additional administrative costs. The Committee unanimously decided to examine the Bill as a single-point agenda in its next meeting through a detailed clause-by-clause review.
The Minister for Finance and Revenue briefed the Committee on the Annual Borrowing Plan, highlighting the projected public debt of Rs. 86.7 trillion, additional borrowing of Rs. 6.86 trillion and gross financing requirements of Rs. 28.65 trillion. The Committee was informed that public debt had declined from 75.1 percent of GDP in F.Y. 2023 to 68.6 percent in F.Y. 2026. The government also apprised the Committee of its efforts to maintain macroeconomic stability, retire short-term debt, improve the debt profile and enhance Pakistan’s credit ratings to secure financing at lower costs. It was further informed that the country would comfortably meet approximately USD 5 billion in debt-servicing obligations over the next six months while maintaining foreign exchange reserves of USD 21.5 billion. The chairman committee appreciated the government's efforts towards economic stability but emphasized that its benefits must also reach the common people.
Taking up the difficulties faced by parliamentarians in obtaining foreign exchange for personal travel, the Chairman directed the State Bank of Pakistan to review the existing procedures, including PEP-related clearance requirements and the mandatory personal appearance of parliamentarians before exchange companies despite submission of valid passports, tickets and visas. The Committee also expressed serious displeasure over the SBP's response dated October 30, 2026, to a letter written by the Secretary Committee on behalf of Committee to the Governor, State Bank of Pakistan, observing that the matter had been responded to by a Deputy Director-level officer instead of an appropriately senior authority. The Chairman termed the requirement of personal appearance humiliating and called for an immediate review of the existing procedures, warning that the Committee would take serious notice if the matter remained unresolved.
The Committee also expressed concern over the pending pay raise issue of Tenure Track System (TTS) professors and urged the Ministry of Finance to resolve the matter on a priority basis.
Regarding the withholding of income tax refunds of M/s Gumcorp Private Limited and M/s Oleocorp Private Limited, the FBR informed the Committee that the long-standing issue had been resolved in compliance with its directions. The Chairman appreciated the FBR's efforts in addressing the matter.
The Committee also considered and adopted the report of its Sub-Committee on consultations with the business community regarding industrial relocation and the review of governance, accountability and policy practices within the Federal Board of Revenue.
The meeting was attended by Senator Shahzaib Durrani, Senator Ahmed Khan, Senator Muhammad Abdul Qadir, Senator Dilawar Khan and Senator Amir Waliuddin Chishti, while Senator Anusha Rahman participated through Zoom.