Daily Times

ISLAMABAD: The Senate on Thursday passed the Fiscal Responsibility and Debt Limitation (FRDL) (Amendment) Bill, 2022 with a majority vote.

The bill was moved by Minister of State for Finance, Aisha Ghaus Pasha in the Upper House of the Parliament amid protest by the members of Pakistan Tehreek-e-Insaf (PTI). National Assembly has already passed the bill.

The amendments would strengthen the debt office with the mandate and resources for effective planning and execution of debt management functions of the government.

According to the statement of Objects and Reasons, the bill will provide a reduction in the federal fiscal deficit and the ratio of public debt to the gross domestic product through effective debt management. It is pertinent to mention that the Debt Policy Coordination Office was also established under this Act.

This Amendment Bill proposes main amendments in the prevailing version of the Act (Amended in 2017).

The bill generally seeks to achieve key objectives including; limiting the stock of government guarantees to 10 percent of GDP; Publication of Medium Term National Marco-Fiscal Framework; Institutionalize debt management functions in a single office reporting to the Finance Secretary; Assignment of additional functions to Debt Officer and create two additional senior management positions with Debt Office.

Earlier, the Leader of the Opposition, Dr. Shahzad Waseem urged the Chairman to refer the bill to the concerned committee for detailed vetting and discussion.

Law Minister, Azam Nazir Tarar asked for passage of the bill. Minister for Federal Education, Professional Training, National Heritage and Culture, Rana Tanveer Hussain said the previous PTI government had passed 36 billion within 15 minutes without holding any debate.