The Upper House of the parliament unanimously approved four bills during Wednesday’s session, including the Pakistan Sovereign Wealth Fund Bill, 2023.
The bill moved by Finance Minister Ishaq Dar aims to establish Pakistan Sovereign Wealth Fund to promote sustainable economic development through the management of fund assets, following the best international standards, policies, and practices.
Dar mentioned that Pakistan possesses the largest gas pipeline valued at $40 to $50 billion and has reserves of minerals and mines worth $6 trillion. He said that to start with, seven such valuable assets, amounting to $8 billion will be placed in the Pakistan Sovereign Wealth Fund.
The minister pointed out that setting up such funds is an international practice and recently Egypt and Indonesia set up such funds to park their state assets. He said that fund will help Pakistan showcase its assets to the world.
Speaking at event on Tuesday, the minister pointed that sub-funds would be created under the main fund which could include agriculture, green revolution, minerals and mining.
Other bills passed by the upper house include the Pakistan Civil Aviation Bill 2023, Pakistan Air Safety Investigation Bill 2023, and National Commission for Human Development (Amendment) Bill 2023.
