New committee formed to implement SIFC recommendations

WEB DESK: The federal government has announced the formation of a dedicated cabinet committee to oversee the implementation of recommendations from the Special Investment Facilitation Council (SIFC), according to Radio Pakistan.

This initiative aims to streamline and enhance the effectiveness of economic policies and cooperation efforts.

An official order has been issued to formalise the establishment of this committee, which will be responsible for presenting its decisions to the federal cabinet for approval.

Prime Minister Shehbaz Sharif will chair the committee, with key figures such as the Army Chief, Provincial Chief Ministers, and the National Coordinator participating in meetings by special invitation.

In related developments, discussions between Pakistan and Russia under the SIFC framework have been progressing. The focus is on expanding economic cooperation, particularly in the banking sector.

Key areas under consideration include the facilitation of mutual settlements through the establishment of correspondent accounts and bank branches in both countries. Additionally, there are plans to integrate Pakistani banks with Russia’s Financial Messaging System (SPFS).

In another strategic move, Prime Minister Shehbaz Sharif has constituted a separate Cabinet Committee on Immigration, Overseas Employment, and Technical Vocational Education and Training. This committee will serve as a central coordinating body for all government agencies involved in overseas employment and technical training.

The committee’s responsibilities include reviewing and approving policies related to vocational education, establishing monitoring and evaluation frameworks for training institutions, and developing strategies to combat illegal immigration and human trafficking.

According to Business Recorder, it will also focus on preventing the exploitation of skilled workers and engaging with international partners to enhance employment opportunities abroad.

Read next: PSX closes below 74,000 mark