Forex Cft 626 Bereich

US-Außenministerium Das Gambia hat einen aktiven privaten Sektor und die Regierung hat ihre Unterstützung für die Förderung der lokalen Investitionen und die Anziehung von ausländischen Direktinvestitionen angekündigt. Es gibt eine staatliche Agentur für die Gewinnung von ausländischen Investitionen und die Förderung der Exporte und es bietet Leitlinien und Anreize für alle Anleger, deren Portfolios für eine Special Investment Certificate qualifizieren. Das Gambia ist ein kleiner Markt im Vergleich zu einigen seiner westafrikanischen Nachbarn. Es gibt eine sichtbare Präsenz ausländischer Investoren, vor allem aus Nigeria, Ostasien, dem Nahen Osten und Nordafrika und einer begrenzten Anzahl von europäischen und amerikanischen Unternehmen. Auch die Handelsbeziehungen mit der Türkei sind gestiegen. Es gibt Möglichkeiten für Investitionen in verschiedene Branchen wie Tourismus und Hotellerie sowie Landwirtschaft für den größeren westafrikanischen Markt. Es gibt auch Möglichkeiten für Cashew-Verarbeitung mit einem von West Africarsquos größte Cashew-Züchter, Guinea Bissau, weniger als einen Tag weg mit dem LKW. Das Land hat ein funktionierendes Bankensystem, obwohl im Mai 2014 die Zentralbank die Kontrolle über zwei nigerianische Banken aufgrund der Bedenken über schlechte Vermögenswerte und Fragen mit Kapitalreserven übernahm. Die internationale Muttergesellschaft einer dieser beiden Banken rekapitalisiert die lokale Tochtergesellschaft und die Zentralbank aufgegeben Kontrolle über sie. Es bestehen derzeit keine Beschränkungen für die Umwandlung von Fonds. Anleger können Gewinne und Dividenden über Handelsbanken oder lizenzierte Geldtransferagenturen zu vorherrschenden Wechselkursen repatriieren. Bankkunden können auch Devisenkonten (FCDs) eröffnen. Es gibt keine rechtliche Unterscheidung zwischen der Behandlung von ausländischen und inländischen Investoren, aber anti-westlichen Diskurs, der von leitenden Regierungsbeamten ausgeht, war für viele Betreiber des Privatsektors von Belang. Ein Verbot der Einfuhr von gefrorenen Geflügelprodukten, das etwa sechs Monate im Jahr 2013 dauerte, beeinflusste amerikanische Hühnereixporte nach Gambia. Diese Handelsfrage wurde Anfang 2014 beschlossen. Im Oktober 2014 verbot die Regierung die Einfuhr von Rindfleisch-Innereien (Leber und Niere) aufgrund von Bedenken über die Art und Weise, in der sie behandelt und an die Öffentlichkeit verkauft wurde. Das Verbot wurde im Dezember aufgehoben. Gambisches Recht bietet den gesetzlichen Rahmen für den Schutz des Privateigentums an Eigentum und für eine angemessene und zeitnahe Entschädigung im Falle des obligatorischen Erwerbs. Allerdings hat die Regierung von Gambia im Januar 2013 Erdöl-Explorations-, Entwicklungs - und Produktionslizenzen für mindestens zwei ausländische Ölkonzerne gekündigt. Eine der Lizenzen wurde Anfang 2015 wieder eingeführt und es gab keine öffentliche Diskussion über jede Art von Vergleich mit den anderen Unternehmen. Es gab mehrere Landstreitigkeiten im vergangenen Jahr mit der Regierung und privaten Eigentümern. Die meisten bleiben ungelöst, mit privaten Eigentümern mit wenigen, wenn irgendwelche rechtlichen Optionen, wenn ihr Eigentum von der Regierung beschlagnahmt wird. Die Regierung hat einen schlechten Menschenrechts-Ruf, der die Investitionsaussichten gedämpft hat. Nach der Verabschiedung eines drakonischen Gesetzes, das lebenslange Freiheitsstrafe für Personen vorsieht, die sich mit aggressiven Homosexualitätshandlungen befassen, wurde im Jahr 2014 der Zugang zu UN-Sonderberichterstattern, die Berichte über Folterungen und außergerichtliche Hinrichtungen untersuchen, sowie laufende Berichte über willkürliche Verhaftungen von Journalisten, Menschenrechtsanwälten und Zivilstaaten verweigert Diener, die US-Regierung am 24. Dezember 2014 suspendiert Die Gambia aus Anspruchsberechtigung zur Teilnahme als Handel Begünstigten nach den Bestimmungen des African Growth and Opportunity Act (AGOA). Die US-Regierung hat am 29. Dezember 2014 eine schriftliche Richtlinie an alle Ministerien, Regierungsstellen und Agenturen verabschiedet, in denen sie behauptet, dass Fragen der Agrarpolitik und der Ziele der nationalen strategischen Entwicklung angesprochen werden sollten Nicht mehr mit den US-Behörden diskutiert werden. Die Richtlinie fügte hinzu, dass diese Informationen an alle Bediensteten der jeweiligen Institutionen weitergegeben werden. Die praktische Wirkung dieser Richtlinie besteht darin, die Fähigkeit der Mitarbeiter der U. S.-Botschaft zu beschränken, inhaltliche Gespräche mit den gambischen Beamten zu führen, ohne dass ihre Gesprächspartner die Erlaubnis zum Treffen erhalten. Diese Beschränkungen schränken die Fähigkeit von US-Botschaftsmitarbeitern stark ein, sich für amerikanische Firmen und Einzelpersonen einzusetzen, die in Gambia Geschäfte tätigen wollen. Amerikanische Unternehmen, die in Gambia investieren wollen, müssen über einen lokalen Anwalt arbeiten und offen und transparent in all ihren Geschäften sein. 1. Offenheit und Einschränkungen der ausländischen Investitionen gegenüber ausländischen Direktinvestitionen Die Regierung von Gambia vertritt öffentlich ein liberales, offenes wirtschaftliches Umfeld und eine freie Marktpreisgestaltung mit einem festen Engagement für die Beteiligung des privaten Sektors an allen Wirtschaftszweigen. Die Regierung von Gambia erkennt das Potenzial des privaten Sektors als Wachstumsmotor an. Allerdings hat die Exekutive Niederlassung über Schlüsselindustrien wie den Kauf und die Verarbeitung der countryrsquos wichtigsten Cash Ernte, Erdnüsse, sowie empfindlicheren Bereichen wie Fernsehen und Rundfunk übernommen. Es gibt keine rechtliche Unterscheidung zwischen der Behandlung von ausländischen und inländischen Investoren. Weitere Empfehlungen für die Anlagepolitik Die Regierung von Gambia hat in den vergangenen drei Jahren weder auf eigene oder durch internationale Organisationen wie die Welthandelsorganisation (WTO) die Organisation für wirtschaftliche Zusammenarbeit und Entwicklung (OECD) Oder die Konferenz der Vereinten Nationen über Handel und Entwicklung (UNCTAD). GesetzeRegulierungen von ausländischen Direktinvestitionen Die Regierung des Gambia39s, zum der ausländischen Direktinvestitionen (FDI) anzuziehen, erhielt einen Jumpstart 2002, als sie die Gambia Investitionsförderung und freie Zonen-Agentur (GIPFZA) gründete, deren Hauptaufgabe war, freies ökonomisches herzustellen und zu handhaben Zones (FEZs) um den internationalen Flughafen Banjul. Im Juli 2010 wurde das GIPFZA umstrukturiert und in die GAMBIA-Agentur für Investitions - und Exportförderung (GIEPA) mit einem erweiterten Mandat für die Ausfuhrförderung und die Unterstützung der Klein - und Kleinstunternehmen (KMU) umgewandelt. Nach dem GIEPA-Gesetz 2010 werden die ehemaligen freien Wirtschaftszonen nun als Export Processing Zones (EPZ) bezeichnet und die Anreize, die im Rahmen der jetzt aufgehobenen GIPFZA-Gesetze zur Verfügung gestellt wurden, wurden verstärkt, um mehr Investoren anzuziehen. Andere Gesetze, die ausländische Investitionen beeinflussen, sind das Companies Act von 1955 und das Business Registration Act von 2005. Informationen über die Gesetze, Regeln, Verfahren und Registrierungsanforderungen können ausländische Investoren die Website der GAMBIA Investment and Export Promotion Agency (GIEPA) besuchen: Giepa. gm. GIEPA ist eine staatliche Agentur zur Förderung von Investitionen, Exporten und unternehmerischer Entwicklung. Die Regierung von Gambia begrüßt Investitionen in allen Bereichen der Wirtschaft. Jedoch wurden acht als quotpriority Sektoren identifiziert, die ein Special Investment Certificate (SIC) anziehen, das eine Reihe von Anreizen einschließlich Dividendenfreistellungen bietet. Die acht Sektoren sind Landwirtschaft, Luftverkehr, Energie, Fischerei, Informations - und Kommunikationstechnologie (IKT), Leichtindustrie, Flusstransport und Tourismus. Die Liste der vorrangigen Sektoren und Anreize für Investoren sind auf der Website Gambia Investment und Export Promotion Agency (GIEPA) - giepa. gm Begrenzungen auf ausländische Kontrolle gibt es keine Beschränkungen für ausländisches Eigentum oder Kontrolle von Unternehmen außer in den Operationen von Devisenbüros , Des Fernsehens und der Verteidigungsindustrie sind die beiden letztgenannten Sektoren unabhängig von der Staatsangehörigkeit für alle Beteiligungen des privaten Sektors geschlossen. Ein in den Vorjahren auferlegtes Embargo für die Gründung privater Sicherheitsfirmen wurde aufgehoben. Allerdings sind die Sicherheitsfirmen verpflichtet, die Summe von GMD 1.000 (USD 21.27) für jeden neuen Wächter, der Induktionstraining an der Polizeiakademie erhält, zu zahlen. Die Regierung von Gambia hat in den letzten Jahren keine Programme durchgeführt. Allerdings, wenn sie in der Vergangenheit stattgefunden haben, wurden ausländische Investoren zur Teilnahme ermutigt. Ausländische Investoren werden ermutigt, sich an Privatisierungsprogrammen zu beteiligen, insbesondere als sogenannte quotstrategische Investorquot mit Mehrheitsaktien. In solchen Fällen sind einige Aktien für staatliche Körperschaften reserviert, die als institutionelle Investoren bezeichnet werden. Einige davon sind für Privatpersonen und Unternehmen in Gambia reserviert, und eine begrenzte Anzahl von Aktien ist für das Personal der Institution, die privatisiert wird, vorbehalten. Der Bieterprozess wird in einigen Fällen nicht veröffentlicht. Zum Beispiel haben im Jahr 2007 Unternehmen mit libanesischen Verbindungen 50 Prozent der staatlichen Telekommunikations - und Mobilfunkunternehmen gesichert und die Verwaltung des staatlichen Strom - und Wasserunternehmens übernommen. Allerdings wurde der Vertrag mit Spectrum, ein wenig bekanntes libanesisches Unternehmen, das 50 Prozent der Anteile des staatlichen Telekommunikationsunternehmens (GAMTEL) und seiner Mobiltelefon-Tochtergesellschaft (GAMCEL) kaufte, von der Regierung von Gambia im November 2008 gekündigt Der Verwaltungsvertrag für das staatliche Strom - und Wasserversorgungsunternehmen ist noch in Kraft. Es gibt kein obligatorisches Screening von ausländischen Direktinvestitionen, aber ein solches Screening kann durchgeführt werden, wenn es einen Verdacht auf Geldwäsche oder Terrorismusfinanzierung gibt. Keine US-Unternehmen haben sich über alle Screening-Mechanismen beschwert. Es gibt keine Informationen darüber, wie die Überprüfung funktioniert oder wie lange es dauern kann, aber es wird wahrscheinlich von Finanz-und Intelligenz-Offiziere durchgeführt werden. Anleger, die einem solchen Screening unterzogen werden, können für Geschäftsregistrierungsdokumente und Bankauszüge gebeten werden. Ausländische Investoren sind nicht bestritten nationalen Behandlung (d. H. Die gleiche Behandlung wie heimische Unternehmen) oder MFN Behandlung (d. H. Die gleiche Behandlung wie die meisten begünstigten ausländischen Investor) in jedem Sektor. Im Rahmen des Privatisierungsprogramms des Landes werden ausländische Investoren den lokalen Investoren gleichgestellt. Im Jahre 2007 wurde ein faires Wettbewerbsrecht verabschiedet und 2009 eine Fair Competition Commission gegründet. Darüber hinaus gibt es die Public Utilities and Regulatory Authority (PURA), die Aktivitäten im Telekommunikations-, Wasser - und Energiesektor umfasst. Die Regierung von Gambia begrüßt Investitionen in allen Bereichen der Wirtschaft. Jedoch wurden acht als quotpriority Sektoren identifiziert, die ein Special Investment Certificate (SIC) anziehen, das eine Reihe von Anreizen einschließlich Dividendenfreistellungen bietet. Die acht Sektoren sind Landwirtschaft, Luftverkehr, Energie, Fischerei, Informations - und Kommunikationstechnologie (IKT), Leichtindustrie, Flusstransport und Tourismus. Obwohl die GIEPA aufgrund der Beschränkung, die durch die Richtlinie der Regierung vom 29. Dezember 2014 (siehe Zusammenfassung) festgestellt wurde, keine aktualisierte Liste der Investitionen und ihrer Dollarwerte erhalten konnte, wurden in einigen dieser Sektoren, insbesondere im Bereich der Finanzdienstleistungen, beträchtliche Investitionen getätigt Wo viele nigerianische Banken haben Niederlassungen in den letzten 10 Jahren. Die Tourismusbranche zieht auch weiterhin Investitionen in die Hotelentwicklung mit vielen neuen Drei - und Vier-Sterne-Hotels an. Der Energiesektor, insbesondere die Stromerzeugung, - übertragung und - verteilung, hat Investitionen aus Libanon und Malaysia angezogen. Es gibt eine spürbare Präsenz türkischer und ostasiatischer Geschäftsleute, die elektronische Waren und Haushaltsgeräte verkaufen. Es gibt auch ein wachsendes Interesse an der Erdöl-Exploration, vor allem nach den jüngsten Entdeckungen im benachbarten Senegal angekündigt. Millennium Challenge Corporation Country Scorecard 2. Umwandlungs - und Transferpolitik Es gibt keine Beschränkungen für die Umwandlung von Fonds, die mit einer Anlage verbunden sind. Anleger können Gewinne und Dividenden über Handelsbanken oder lizenzierte Geldtransferagenturen zu vorherrschenden Wechselkursen repatriieren. Es gibt derzeit 83 lizenzierte FOREX-Büros und Geldtransfer-Agenturen mit mehr als 300 Filialen im ganzen Land. Die meisten Banken im Land bieten auch Devisen-Konten (FCDs), die von der Zentralbank von Gambia im Jahr 2001 eingeführt wurden, um den internationalen Handel und ausländische Direktinvestitionen weiter zu erleichtern. Die nationale Währung, die dalasi (GMD), hat einen variablen Wechselkurs, der von den Marktkräften bestimmt wird. Die Exekutive hat sich in den vergangenen Jahren an dem Börsenmarkt beteiligt - indem sie kurzfristige feste Wechselkurse festlegt und alle Lizenzen für kommerzielle Forex-Büros und Geldtransferagenturen annulliert. Es gibt keine Pläne, den Zugang zu Devisen für Investitionsüberweisungen zu verschärfen. Anleger können Gewinne und Dividenden über Handelsbanken oder lizenzierte Geldtransferagenturen zu vorherrschenden Wechselkursen repatriieren. Die meisten Geschäftsbanken in Gambia betreiben auf Devisen lautende Konten (FCDs), die von der Zentralbank von Gambia im Jahr 2001 eingeführt wurden, um den internationalen Handel und ausländische Direktinvestitionen weiter zu erleichtern. Die Banken geben keine auf Dollar lautenden Staatsanleihen aus, sondern können Barauszahlungen oder Entwürfe für ausländische Banken ausgeben. Es gibt keine Beschränkung für den Zufluss oder Abfluss von Mitteln für Überweisungen von Gewinnen, Schuldendienst, Kapital, Kapitalgewinnen, Erträgen aus geistigem Eigentum oder importierten Inputs. Allerdings sind Reisende über Banjul Flughafen wird empfohlen, nicht Bargeld mehr als USD 10.000 oder den entsprechenden Gegenwert in anderen Währungen zu tragen. Das Gambia ist Mitglied der Interregionalen Aktionsgruppe gegen Geldwäsche in Westafrika (GIABA). Die Bewertung der Umsetzung von Maßnahmen gegen Geldwäsche und Terrorismusbekämpfung (AMLCFT) in Gambia wurde von GIABA durchgeführt. 3. Enteignung und Entschädigung Die Gambische Verfassung von 1997 stellt den rechtlichen Rahmen für den Schutz des Privateigentums an Eigentum dar und sieht nur den obligatorischen Erwerb durch den Staat vor, wenn dies für die Verteidigung, die öffentliche Sicherheit, die öffentliche Ordnung, die öffentliche Sittlichkeit, Gesundheit, Stadt - und Landplanung. Sowohl die Verfassung als auch das Obligatorische Erwerbsgesetz verpflichten den Staat, eine angemessene und sofortige Entschädigung zu beeinträchtigen. Laut lokalen Medienberichten wurde die Bestimmung in der Regel respektiert, obwohl die Regierung hat gerichtliche Unterlassungen ignoriert und abgerissen Privateigentum Anfang 2014. Doch im April 2011 gab die gambische Regierung angekündigt, dass sie die Kontrolle über alle libyschen Vermögenswerte im Land übernommen hatte , Die eine Reihe von Hotels und einen Vergnügungspark in Reaktion auf die Krise in Libyen enthalten. Im Mai desselben Jahres hat ein hoher Gerichtshof entschieden, dass die gambische Regierung die Kontrolle über die Vermögenswerte übernehmen kann, bis eine von der Vereinten Nationen unterstützte politische Macht aus der Krise hervorgeht. Es gibt keine weitere Aussage über den Status der Eigenschaften, auch nachdem der Übergangs-Nationalrat in Libyen die Macht übernahm. Im Februar 2008 kündigte die Regierung von Gambia an, dass sie im Dezember 2005 die Lizenz für eine australische Bergbaugesellschaft, Carnegie Minerals (Gambia) Ltd., extrahiert und verarbeitet habe, um schwere Mineralsande, die Zircon, Ilmenit und Rutil enthalten, zu verarbeiten. Die Entscheidung, die Bergbaulizenz von Carnegie zu annullieren, kam fast einen Monat, nachdem die Regierung dem Unternehmen ein 24-Stunden-Ultimatum gegeben hatte, um Informationen über die Art und Menge der gewonnenen Mineralien und den internationalen Wert der bereits exportierten Tonnage zu liefern. Die Frist wurde später für zwei Wochen verlängert und nachdem es verstrichen, verhaftete die Behörden den britischen Manager der Firma, Charles Northfield. Er wurde mit Wirtschaftsverbrechen belastet, aber die Verhandlung ging nicht weiter, nachdem Herr Northfield Kaution sprang und das Land verließ. Carnegie Minerals legte eine Klage gegen die Regierung des Gambia in ICSID. Im Januar 2014 erließ der Gambiarsquos-Sondergerichtshof ein Urteil im Regierungsverfahren gegen Carnegie Minerals und Mr. Northfield und befahl dem Unternehmen, 200 Millionen Dollar zu zahlen. Wenn es ausfällt, ist das Unternehmen, alle Maschinen und andere Vermögenswerte des Unternehmens auf den Staat verfallen. Im Januar 2014 beendete die Regierung von Gambia die Erdöl-Explorations-, Entwicklungs - und Produktionslizenzen, die an die drei Ölkonzerne ndash African Petroleum, Buried Hill und Oranto vergeben wurden. Eine Erklärung des Amtes des Präsidenten sagte, die betroffenen Unternehmen hätten die Lizenzverpflichtungen nicht erfüllt. Die Aussage sagte, dass die Regierung Unternehmen nicht erlauben würde, Lizenzen zu erwerben, nur um sie für Spekulation zu halten. Im November 2014 gab die Regierung jedoch bekannt, dass sie die Lizenz für das afrikanische Petroleum nach einer Verpflichtung der Gesellschaft, den ersten Bohrloch bis zum 1. September 2016 zu bohren, wiederhergestellt hat. 2015 hat African Petroleum zwei ICSID-Klagen gegen die Regierung von Gambia eingestellt Nachdem ihre Lizenzen wieder eingeführt wurden. Die Regierung von Gambia diskriminiert nicht U. S.-Investitionen, Unternehmen oder Vertreter. Im Juni 2013 hat die Regierung jedoch ein Verbot der Einfuhr von gefrorenen Geflügelteilen angekündigt, das den größten U. S.-Export nach Gambia im Wert von über 7 Millionen US-Dollar pro Jahr darstellt. Das Verbot wurde im November 2013 aufgehoben, aber eine Erklärung des Ministeriums für Handel erlassen eine neue Bedingung, dass alle Sendungen von Geflügel-Produkte in das Land erforderlich SGS-Zertifizierung, dass sie hormonfrei sind. Im Oktober 2014 verbot die Regierung die Einfuhr von Rindfleisch Innereien (Leber und Niere) wegen der Bedenken über die Art und Weise, wie es behandelt und verkauft an die Öffentlichkeit. Es gab keinen Unterschied in den Ursprüngen dieser Produkte, sondern eine erhebliche Menge dieser Einfuhren kommen aus den Vereinigten Staaten. Das Verbot wurde im Dezember 2014 aufgehoben. Auf der Grundlage historischer Präzedenzfälle gibt es Sektoren, die von der Regierung angegriffen werden können, einschließlich (aber nicht beschränkt auf) die Bereiche Landwirtschaft, Energie und natürliche Ressourcen. Es gibt keine Gesetze, die lokalen Besitz erzwingen. Allerdings gab es Fälle von exekritischen Expropriationquot oder staatliche Maßnahmen wie Enteignung, wie oben in diesem Bericht erwähnt. Rechtssystem, Fachgerichte, gerichtliche Unabhängigkeit, Urteile ausländischer Gerichte Das Gambia-Rechtssystem basiert auf dem englischen Common Law und es gibt einen rechtlichen Rahmen für die Durchsetzung von Eigentums - und Vertragsrechten an Gerichten. Es gibt ein schriftliches und konsequent angewandtes Handelsrecht, das im Gesellschaftsgesetz enthalten ist. Monetäre Urteile können sowohl in der Währung des Anlegers als auch in der Landeswährung getroffen werden. Das Gambia-Investitions - und Exportförderungsgesetz 2010 und das Gambische Gesetzbuch enthalten die Mechanismen und den rechtlichen Rahmen für die Streitbeilegung, sei es durch Verhandlungen oder Schiedsverfahren. Gegen die Entscheidungen der Bezirksgerichte (oder das Arbeitsgericht im Falle von Arbeitsstreitigkeiten) kann bei den obersten Gerichten, dem Obersten Gerichtshof und dem Obersten Gerichtshof, dem höchsten Berufungsgericht des Landes, stattgegeben werden. Grundsätzlich ist das Justizwesen unabhängig von der Exekutive, aber es gab Zwischenfälle der Exekutive, die in richterliche Angelegenheiten eingreifen. Allerdings ist das Gerichtsverfahren in der Regel zuständig, fair und zuverlässig. Das Gambia ist Mitglied des Internationalen Zentrums für die Beilegung von Investitionsstreitigkeiten (ICSID), aber es gibt keine spezifischen Rechtsvorschriften, die die Durchsetzung von ICSID-Preisen ermöglichen. Es gibt keine bekannten Fälle von ausländischen Gerichten, die Urteile, die die Regierung beeinflussen. Probleme mit ausländischen Investitionen können von Gerichten behandelt werden. Das Gambia-Investitions - und Exportförderungsgesetz 2010 und das Gambische Gesetzbuch enthalten die Mechanismen und den rechtlichen Rahmen für die Streitbeilegung, sei es durch Verhandlungen oder Schiedsverfahren. Gegen die Entscheidungen der Bezirksgerichte (oder das Arbeitsgericht im Falle von Arbeitsstreitigkeiten) kann bei den obersten Gerichten, dem Obersten Gerichtshof und dem Obersten Gerichtshof, dem höchsten Berufungsgericht des Landes, stattgegeben werden. Insolvenz im Gambia ist durch das Insolvenz - und Insolvenzgesetz von 1992 abgedeckt. Insolvenz ist nicht kriminalisiert. Gläubiger, Anteilseigner und Inhaber anderer Finanzverträge können sowohl für die Liquidation als auch für die Reorganisation einreichen. Das Gambia-Investitions - und Exportförderungsgesetz 2010 und das Gambische Gesetzbuch enthalten die Mechanismen und den Rechtsrahmen für die Streitbeilegung, sei es durch Verhandlungen oder Schiedsverfahren. Gegen die Entscheidungen der Bezirksgerichte (oder das Arbeitsgericht im Falle von Arbeitsstreitigkeiten) kann bei den obersten Gerichten, dem Obersten Gerichtshof und dem Obersten Gerichtshof, dem höchsten Berufungsgericht des Landes, stattgegeben werden. Die Regierung von Gambia hat zuvor Gerichtsurteile über Investitionsstreitigkeiten angenommen und ist bereit gewesen, außergerichtliche Vergleiche zu diskutieren und zu ehren. Der letzte große Streit mit ausländischen Investoren war die Schweizer Gruppe Alimenta über die Vermögenswerte der Gambia Groundnut Corporation im Jahr 1998. Diese Erdnussverarbeitungsanlage an der Denton Bridge ist der größte Industriekomplex des Landes und die feindliche Übernahme löste einen anhaltenden Rechtsstreit aus. Die Regierung schließlich aus dem Gericht entschieden und bezahlt Alimenta Entschädigung von USD 11,2 Millionen und Alimenta eingestellt die Forderung hatte es bei ICSID eingereicht. Es gibt auch inländische kommerzielle Gerichte mit dem Vorsitz von hohem Gericht Richter, die die Kompetenz zur Vermittlung von Handels-und Investitionsstreitigkeiten. Am 16. Januar 2015 haben die Behörden jedoch einen deutschen Staatsbürger, Bern George Diedrich, abgeschoben, kurz nachdem er und sein gambischer Freund Alieu Barry aus einem Anwesen vertrieben wurden, das Gegenstand eines Rechtsstreits im Hohen Gericht war. Das Gericht hatte zu ihren Gunsten entschieden, aber die Behörden gingen fort, sie aus der Verbindung zu vertreiben. Das Rechtssystem des Landes basiert auf dem englischen Common Law und es gibt einen rechtlichen Rahmen für die Durchsetzung von Eigentums - und Vertragsrechten. Nach lokalen Medien-Quellen und Rechtsexperten, jedoch ist die Regierung bekannt, dass in das Gerichtssystem eingreifen. Es gibt keinen bekannten historischen Präzedenzfall für die Regierung von Gambia, die Urteile von ausländischen Gerichten zu akzeptieren. Das Gambia hat ein schriftliches und konsequent angewandtes Handelsrecht, das im Gesellschaftsgesetz zu finden ist. Monetäre Urteile können sowohl in der Währung des Anlegers als auch in der Landeswährung getroffen werden. Es gibt keine festgelegte Dauer für lokale Investitionskommerzielle Streitbeilegungsverfahren. Allerdings können Fälle in den unteren Gerichten schneller geregelt werden als jene in den höheren oder Berufungsgerichten, in denen Sitzungen manchmal weit zwischen sein können. Das Gambia ist Mitglied des Internationalen Zentrums für die Beilegung von Investitionsstreitigkeiten (ICSID), aber es gibt keine spezifischen Rechtsvorschriften, die die Durchsetzung von ICSID-Preisen ermöglichen. Es gibt einen alternativen Streitbeilegungsmechanismus (ADR) als Mittel zur Beilegung von Streitigkeiten zwischen zwei privaten Parteien. Das Gesetz zur Schaffung des ADR-Mechanismus wurde im Jahr 2003 erlassen und das ADR-Sekretariat wurde im Jahr 2008 voll einsatzfähig. ICSID-Konvention und New York-Konvention Das Gambia ist Mitglied des Internationalen Zentrums für Ansiedlung von Investitionsstreitigkeiten (ICSID), ist aber nicht Unterzeichner Das New Yorker Übereinkommen von 1958 über die Anerkennung und Vollstreckung ausländischer Schiedssprüche. Dauer der Streitbeilegung Es gibt keine festgelegte Dauer für lokale Investitionskommerzielle Streitbeilegungsverfahren. Allerdings können Fälle in den unteren Gerichten schneller geregelt werden als jene in den höheren oder Berufungsgerichten, in denen Sitzungen manchmal weit zwischen sein können. Gerichtsentscheidungen sind in der Regel angewandt und im Einzelfall der internationalen Schiedsgerichtsverfahren mit der Regierung, hat die Regierung die Entscheidung eingehalten. 5. Leistungsanforderungen und Investitionsanreize Die Regierung von Gambia führt keine Maßnahmen durch, die sie der WTO mit den TRIMs verwechselt hat oder die den TRIMs-Text verletzen. Das Gesetz über die Gambia-Investitions - und Exportförderungsgesetzgebung (GIEPA), das 2010 unterzeichnet wurde, legt die administrativen und rechtlichen Voraussetzungen für Investitionen in das Gambia fest und regelt Geschäftsanreize, Schutz vor Zwangserwerb, Beilegung von Streitigkeiten und Mittelübertragungen . Das ultimative Ziel ist es, das Gambia als Investitionshafen zu fördern, indem: ein attraktives Geschäftsumfeld und Anreize für Geschäftsaktivitäten in Gambia geschaffen werden, um die Sicherung von Genehmigungen, Lizenzen, Grundstücken und Anreizen zu erleichtern, die für die Gründung eines Unternehmens erforderlich sind Die Erhöhung der Herstellung von Waren und den Handel mit Waren und Dienstleistungen Koordinierung, Förderung und Erleichterung der Investitionen in die Gambia Beratung der Regierung über die Investitionspolitik und damit zusammenhängende Fragen Förderung und Erleichterung der Entwicklung der Exporte in Gambia Förderung und Erleichterung der Entwicklung von Kleinst-, Klein und Mittel Unternehmen. Die Anlagen müssen die folgenden Kriterien erfüllen, um für Sonderanlagebescheinigungen zu qualifizieren: Investitionsaufwand in Anlagevermögen von mindestens USD 250.000 (innerhalb von zwei Jahren) oder deren Gegenwert in GMD oder anderen frei konvertierbaren Währungen zum Zeitpunkt der Anlageinvestitionstätigkeiten in einem der Vorrangige Sektoren wie in Anhang 1 des GIEPA - Gesetzes enthalten sind: Landwirtschaft, Fischerei, Tourismus, Forstwirtschaft, Fertigung, Energie, Kompetenzentwicklung, Finanz - und Offshore - Dienstleistungen, Gesundheit und Veterinärwesen, Fluss - und Luftverkehr, Informationstechnologie, Mineralienforschung und Ausnutzung und Kommunikation Nutzung der lokalen Materialien, Lieferungen und Dienstleistungen Schaffung von Beschäftigungsmöglichkeiten in der Gambia Einführung von fortschrittlicher Technologie oder die Verbesserung der indigenen Technologie-Beitrag zur lokal oder regional ausgewogenen sozio-ökonomischen Entwicklung. Das Gesetz legt zwei vorrangige Investitionskategorien fest: a) vorrangige Sektoren, die aus der Liste der Sektoren gemäß Anhang 1 des Gesetzes und b) aus vorrangigen Gebieten bestehen, die aus den geografischen Gebieten gemäß Anhang 11 bestehen, die von der Regierung in Betracht gezogen werden Dringender Entwicklungsbedarf. SIC-Antragsteller werden Anreize gewährt, wenn sie innerhalb einer vorrangigen Anlagekategorie gemäß dem GIEPA-Gesetz tätig sind. Solche Investitionen haben Anspruch auf folgende Anreize: Freistellung von Körperschaftsteuer, Umsatzsteuer, Abschreibungsentschädigung, Quellensteuer auf Dividenden für fünf Jahre im Fall des vorrangigen Sektors und höchstens acht Jahre im Fall von neu festgesetzten Schwerpunktbereich A Die unter eine vorrangige Anlagekategorie gemäß Abschnitt 61 fällt, wird für die Dauer von fünf Jahren ab dem Zeitpunkt der Unterzeichnung der Einfuhr eine Umsatzsteuerbefreiung für die Einfuhr von: Herstellungswerk, Baustoffen und Ersatzteilen gewährt Vereinbarungen über Roh - und Zwischenerzeugnisse für einen Zeitraum von fünf Jahren ab dem Zeitpunkt des Betriebsbeginns und des im dritten Zeitplan für das Zoll - und Verbrauchsteuergesetz aufgeführten Erzeugnisses. Das Gesetz macht keine Diskriminierung zwischen ausländischen und lokalen Investoren und es gibt keine Anforderungen, die Staatsangehörige eigene Aktien oder dass der Anteil der ausländischen Eigenkapital im Laufe der Zeit reduziert werden. Innerhalb des Gambia-Investitions - und Exportförderungsgesetzes (GIEPA) gibt es attraktive Anreize für den Export und die KMU. Die Bürger der Wirtschaftsgemeinschaft Westafrikanischer Staaten (ECOWAS) und andere Nationen mit einem gegenseitigen Visabestimmungsabkommen mit dem Gambia benötigen kein Visum, um in das Land einzureisen, egal ob im Urlaub oder auf einer Geschäftsreise von nicht mehr als 90 Tagen. Dieselbe Regelung gilt für Bürger des Vereinigten Königreichs und des Commonwealth bis zum 2. Oktober 2013, als das Gambia aus der Mitgliedschaft des Commonwealth of Nations zurückzog. Staatsbürger der USA benötigen ein Einreisevisum mit mindestens einer leeren Seite auf ihrem Pass für den Stempel nach den Regeln und Vorschriften des Einwanderungsgesetzes. Forschung und Entwicklung Es gibt Richtlinien oder Verordnungen, die amerikanische und ausländische Firmen daran hindern, an staatlich finanzierten oder geförderten Forschungs - und Entwicklungsprogrammen teilzunehmen. Lokale Beschäftigung ist beauftragt. Unternehmen, die Nicht-Gambier beschäftigen, müssen nicht mehr als 20 Prozent ihres Personals übersteigen. Sie sind auch verpflichtet, eine jährliche Expatriationsquote (oder Lohnsteuer) von GMD 10.000 (USD 256,40) für ECOWAS Bürger und GMD 40.000 (USD 1.025,64) für alle anderen Ausländer zu zahlen. Solche ausländischen Arbeitnehmer sind auch gesetzlich verpflichtet, eine jährliche Anmeldegebühr von ungefähr USD 54 und eine Arbeitserlaubnisgebühr von ungefähr USD 11 zu zahlen. Es ist nicht schwierig, Visa, Aufenthalts - und Arbeitserlaubnis oder andere Anforderungen zu erhalten, die die Mobilität von ausländischen Investoren und ihrer hemmen Mitarbeiter. Es gibt keine Zollschranken. Die Regierung folgt nicht ldquoforced Lokalisierung, rdquo erfordert ausländische Investoren, zum des inländischen Inhalts in Waren oder Technologie zu verwenden. Es ist nicht bekannt, ob ausländische IT-Provider erforderlich sind, um den Quellcode umzuwandeln und den Zugriff auf Überwachungssoftware oder den Schlüssel zur Verschlüsselung zu ermöglichen. 6. Recht auf Privatbesitz und Errichtung Die Gambische Verfassung garantiert das Recht auf Privatbesitz. Gemäß dem Gesellschaftsgesetz von 1955 bestehen keine Beschränkungen für das Mindest - oder Höchstkapital eines Unternehmensunternehmens, noch gibt es eine obligatorische Anforderung an die Beteiligung von gambischen Staatsangehörigen in ausländischen Unternehmen. Unternehmen können vollständig im Besitz von Ausländern oder gemeinsam im Besitz von Beteiligung von lokalen Investoren. 7. Schutz der Eigentumsrechte Eigentumsrechte werden durchgesetzt. Die Landesbehörde gibt ordnungsgemäß eingetragene Urkunden ab. Der Großteil des Landes ist jedoch frei gehalten oder kontrolliert von Bauern und traditionellen Herrschern. Solche Länder können jedoch leicht von der Regierung übernommen oder als reserviertes Land für soziale Einrichtungen wie Schulen, Krankenhäuser oder Bürogebäude genutzt werden. Landbesitz bleibt eine laufende Frage - sowohl die zuständige Behörde für die Vergabe von Land (Zentralregierung vice lokalen Führer) und die außerrechtliche Beschlagnahme ohne Entschädigung oder gebührenden Prozess von privatem Eigentum. Es gibt sehr wenige Hypotheken in The Gambia. Rechte an geistigem Eigentum Das Gambia ist Unterzeichner sowohl der Pariser Verbandsübereinkunft zum Schutz des gewerblichen Eigentums als auch der Berner Übereinkunft zum Schutz von Werken der Literatur und Kunst. Im Jahr 2003 erließ das Land sein eigenes Urheberrechtsgesetz. Dieses Gesetz bietet angemessenen Schutz für geistiges Eigentum, Patente, Urheberrechte und Marken. Die Regierung hat auch den Vertrag über WIPO-Urheberrechte und das TRIPS-Abkommen der WTO unterzeichnet und ratifiziert. Allerdings ist die Durchsetzung dieser Verordnungen und Verträge aufgrund mangelnder Ressourcen und Fachkenntnisse manchmal unzureichend. Das Gambia hat die WIPO-Internet-Verträge noch nicht ratifiziert. Es gab keine jüngsten Berichte der Regierung die Beschlagnahme gefälschter Waren trotz der Prävalenz gefälschten Waren wie Zahnpasta und Zigaretten aus China importiert. Meanwhile, the Government of The Gambia, through the National Centre for Arts and Culture, is in the final stages of launching a fully operational Collecting Society for The Gambia. A Board for the Society has been elected and it meets regularly and conducts training programs as it awaits the governmentrsquos finalization of the regulations that will govern its operation. The country is not listed in USTRrsquos Special 301 report or the notorious market report. Counterfeit goods such as toothpaste and cigarettes, mostly imported from China, are prevalent in the local market. Resources for Rights Holders The World Intellectual Property Organization (WIPO) provides Country Profiles at: wipo. intdirectoryen 8. Transparency of the Regulatory System A Fair Competition Law was enacted in 2007 and a Fair Competition Commission was established in 2009. There is also the Public Utilities Regulatory Authority (PURA), which oversees compliance and telecommunications, broadcasting and utility supplies. 9. Efficient Capital Markets and Portfolio Investment There are no policies in place that impede the free flow of financial resources in the product and factor markets. On the contrary, the authorities facilitate the free flow of resources to support the government39s growth agenda. Foreign investors can acquire credit on the local market at prevailing interest rates if they are able to provide the requisite collateral or guarantee. There are limited credit instruments available to the private sector because the only money market instruments available are the government treasury bills. Portfolio investment is also very low because, among other reasons, there is no formal stock market such as a stock exchange for trading equity securities. Only one Gambian bank, Trust Bank Limited, is listed on the Ghana Stock Exchange. The estimated total assets of the country39s 12 commercial banks at the end of December 2014 were GMD 28.21 billion (about USD 626.2 million). In May 2014, the Central Bank took over two Nigerian-owned banks - Keystone and Access - apparently in response to the banksrsquo failures to maintain minimum capital reserves. However, within a week, the owners of Access injected USD 12.5 million into the Bank to recapitalize it and free it from Central Bank control. Money and Banking System, Hostile Takeovers The country has a functioning bank system with 12 commercial banks. The majority are Nigerian-owned, but two are sub-regional, two are Gambian-owned, and one British-owned. Most of the banks offer foreign currency denominated accounts (FCDs). In May 2014, the Central Bank, which regulates and monitors the banking sector, took over two Nigerian-owned banks - Keystone and Access - apparently in response to the banksrsquo failures to maintain minimum capital reserves. However, within a week, the owners of Access injected USD 12.5 million into the Bank to recapitalize it and free it from Central Bank control. The estimated total assets of the country39s 12 commercial banks at the end of December 2014 were GMD 28.21 billion (about USD 626.2 million). There are no restrictions on a foreigners opening a bank account. Most of the banks offer foreign currency denominated accounts (FCDs) to their customers, making it possible to withdraw or make payments in foreign currencies. 10. Competition from State-Owned Enterprises Private enterprises are allowed to compete with public enterprises under the same terms and conditions with respect to access to markets, credit, and other business operations, such as licenses and supplies. However, public enterprises often have material advantages and there is a general conception in the public that the presidentrsquos own diversified companies (e. g. Kanilai Bakery, one subsidiary of KGI) enjoy privileges that independent private companies do not. KGI reportedly utilizes government employees and resources regularly. State-owned enterprises are active in tourism, aviation, maritime services, public transport, power generation, telecommunications, road building, and housing. OECD Guidelines on Corporate Governance of SOEs All SOEs have a Board of Directors which is appointed by their line ministry. Members of the Board usually comprise of key stakeholders in the sector and some government officials who serve as ex-officio members. Management reports to the line ministry, which has final responsible to approve Board decisions. All SOEs are required to submit their annual report and audited accounts to the National Assembly. SOEs adhere to the OECD Guidelines on Corporate Governance. Sovereign Wealth Funds There is no Sovereign Wealth Fund in The Gambia. 11. Corporate Social Responsibility Generally speaking, the notion of corporate social responsibility is not well known in The Gambia and only some state-owned enterprises and some private companies such as banks and mobile phone companies adopt CSR as a policy. In most cases, their understanding of CSR is allocating funds to support various charitable causes such as supporting schools and health projects, disaster relief, and environment enhancement. However, the banks and mobile phone companies often use such donations for publicity and marketing reasons. These firms are often viewed favorably by the Gambian public. OECD Guidelines for Multinational Enterprises Foreign and local enterprises are encouraged to follow CSR principles such as the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights. Compared to the rest of West Africa, The Gambia has generally benefited from a stable political climate since independence in 1965. A bloody coup attempt in 1981 was put down by the Senegalese army after the former President invoked a mutual defense agreement between the two countries. The country39s only successful coup d39etat occurred in July 1994 and was accompanied by minimal violence. President Jammeh took power in 1994 was elected president in 1996 and again in October 2001, which foreign observers (Commonwealth, EU, U. S. etc.) deemed generally free, fair, and transparent, albeit with shortcomings such as voter intimidation and the use of state resources to create an uneven playing field. As a result, the U. S. Government lifted section 508 sanctions in April 2002. In March 2006, an aborted coup attempt led to several arrests of military officers and civilians. Many of the alleged high-profile coup leaders, including former Chief of Defense Staff Lieutenant General Lang Tombong Tamba are in prison serving life sentences. In November 2011, President Jammeh was elected for a fourth consecutive time with 72 percent of the vote. Voter turnout exceeded 83 percent. National Assembly elections were held in March 2012 and local government elections took place in April 2013. The Independent Election Commission (IEC) oversees elections, including special elections to fill vacancy. The terms of many IEC members have expired. On December 30, 2014, a group of foreign-based dissidents launched an attack on State House (the presidential palace) in an apparent attempt to overthrow the government. In the ensuing fighting, three of the attackers were killed: U. S. army reservist Captain Njaga Jagne (a dual national), former Gambian Presidential Guard Commander Lieutenant Colonel Lamin Sanneh, who was resident in the US and former Gambian gendarmerie officer Alhagie Nyass, who was based in the United Kingdom. At least six other Gambian army officers were arrested. On April 2, 2015, a military press release reported that six individuals who were brought before a court martial received life imprisonment and death sentences. There have been no incidents of politically motivated damage to projects or installations. Various political parties are active, but there is no indication that civil disturbances are likely because of this. Relations with the countryrsquos neighbors are generally peaceful. Skirmishes along Gambiarsquos southern border with Senegal have occurred in the past, but this violence and instability generally does not cross the border into The Gambia. Corruption exists, and the government continues its efforts to combat it. On June 28, 2012, the National Assembly passed the Gambia Anti-Corruption Act aimed at fighting official corruption. The law provides for the setting up of a permanent six-member Commission mandated to investigate and prosecute all crimes of corruption committed by Gambians within and outside the country. On March 6, 2015 President Jammeh said the Commission would soon commence. The Criminal Code also provides a legal platform for combating corruption. For example, in May 2011, a former permanent secretary at the Ministry of Agriculture was convicted on charges of ldquostealing by a person in public servicerdquo for fraudulently overpaying his travel per diem entitlement. He was fined GMD 100,000 (USD 3,300). In July 2011, a former Inspector general of Police was sentenced to life in prison after being convicted on numerous charges including corruption. In December 2013 and January 2014, a former Minister of Justice and a former President of the Gambia Court of Appeal, were each sentenced to two years in prison for soliciting a bribe, an audio recording of which was later uploaded on to YouTube. In the 2014, several officials of the Ministry of Agriculture and the Department of Fisheries were arrested and charged with various counts of corruption. The trials are still ongoing. U. S. firms have not identified corruption as a serious obstacle to foreign direct investment in The Gambia. Traffic police and other junior police and immigration officers are often accused of corruption and solicitation of bribes. Accepting a bribe, irrespective of source, is a criminal act and the penalties are fines and imprisonment depending on the magnitude of the amount. Senior government officials take anticorruption efforts seriously, even though some of them have been investigated for corruption. The police, the National Intelligence Agency and the Ministry of Justice are responsible for combating corruption. UN Anticorruption Convention, OECD Convention on Combatting Bribery The Gambia was ranked 126 out of 175 countries in Transparency International39s 2014 Corruption Perceptions Index. The Gambia has signed and ratified the African Union Convention on Preventing and Combating Corruption and Related Offences, but has neither ratified the UN Convention Against Corruption nor the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Local companies do not have internal codes or effective controls to detect and prevent bribery. The Gambia ratified the UN Anticorruption Convention in May 2014 but has not yet signed the OECD Convention on Combatting Bribery. Resources to Report Corruption Contact at government agency or agencies are responsible for combating corruption: Commanding Officer, Fraud amp Commercial Crime Unit Gambia Police Force Police Headquarters, ECOWAS Avenue, Banjul, The Gambia (220) 4223015 4222307 E-mail address not available. No international, regional, or local NGO operating as quotwatchdogquot organizations monitoring corruption are known to exist in the country. 14. Bilateral Investment Agreements The Gambia has bilateral investment agreements with Mauritania, Morocco, the Netherlands, Switzerland, and the United Kingdom. However, only the agreement with Switzerland has gone into force. The Gambia does not have a bilateral investment treaty with the United States. Bilateral Taxation Treaties The Gambia does not have a bilateral taxation treaty with the United States. 15. OPIC and Other Investment Insurance Programs The Gambia is a member of the Multilateral Investment Guarantee Agency (MIGA). The Overseas Private Investment Corporation (OPIC) was not opened for business in The Gambia until the lifting of restrictions on bilateral assistance in April 2002. In 2003, OPIC conducted a study of The Gambia and listed it as having significant potential for investment. There are no OPIC programs in The Gambia at the moment. However, in view of the private sector willingness to engage with U. S. firms, there is potential for OPIC programs. The Gambian currency, the dalasi, significantly depreciated in 2012 and 2013 which prompted the Central Bank to fix the exchange rate for a short period of time. The currency also depreciated in 2014, but the government did not intervene and maintained a free floating exchange rate. From December 2012 to December 2013, the dalasi depreciated by nearly 15 percent, and between January 2014 and January 2015, it fell by another 18 per cent against the dollar. The current exchange rate used by the Embassy is GMD 49 to the dollar and could depreciate further in 2015 with the end of the tourist season and extra budgetary spending by the GOTG. This depreciation of the currency has affected real purchasing power and hampered regional trade. The countryrsquos leadership has supported the proposed common currency of the five-nation West African Monetary Zone (WAMZ), the ECO. The Gambia39s total economically active population is estimated at 400,000. About 75 percent are engaged in agriculture 18 percent in industry, commerce, and services and 7 percent in government. The Gambia suffers from high unemployment and underemployment, compounded by a shortage of skilled workers and trained professionals. Many of the skilled workers in the construction and mechanical industries are foreigners from neighboring countries. However, many Gambians are now taking up these trades. Foreign workers are required by law to pay an annual registration fee of about USD 54 and a work permit fee of about USD 11. Companies employing non-Gambians are required not to exceed 20 percent of their staff. They are also required to pay an annual expatriate quota (or payroll tax) fee of GMD 10,000 (USD 256.40) for ECOWAS citizens and GMD 40,000 (USD 1,025.64) for all other foreigners. The Labor Act of 2007 and its regulations, provide the legal framework for labor relations in The Gambia. The Ministry of Trade, Regional Integration and Employment enforces the Act. It covers most conditions of employment, including dismissals, recruitment and hiring, registration and training, protection of wages, registration of trade unions and employees39 organizations, and industrial relations in general. The Act also contains procedures for the settlement of disputes, including an industrial tribunal. Minimum wages and working hours are established through six joint industrial councils: commerce, artisans, transport, port operations, agriculture, and fisheries. Private-sector employees receive between 14 and 30 days of paid annual leave, depending on length of service. International labor rights, such as freedom of association, the elimination of forced labor, child labor employment discrimination and minimum wage, are recognized within the domestic law. Labor and trade unions exist, but are not very active. Most workers are not unionized. The most active unions are for dock workers and workers in the transport sector. The Gambia Workers Confederation, formed in 1985, coordinates union activities. The confederation is a member of the International Labor Organization (ILO). The confederation is not political but is increasingly active in negotiations on pay and employment conditions. There are hardly any strikes and certainly none that pose an investment risk. The Children39s Act of 2005 raised the minimum age for employment from 14 to 16 and holds corporate entities accountable for exploitative labor practices involving children on their premises with executive officers of these entities subject to fines and criminal liability for violations of the Act. A regulation that set up the Expatriate Quota Board is intended to encourage businesses to hire qualified Gambian staff. If a company chooses to hire an expatriate for a job that can be done by a Gambian, they are required to pay the equivalent of USD 345 in tax annually. An amendment to the Payroll Tax Act approved by the National Assembly in April 2008 set the limit of non-Gambians that businesses can employ to 20 per cent, except in the case of specialized professionals. No new labor related laws were enacted during the last year and there are no pending draft bills. 17. Foreign Trade ZonesFree PortsTrade Facilitation The GIEPA Act provides for Export Processing Zones (EPZ) to be established in separate selected areas to which special customs territory status shall be conferred as well as for the establishment of single factory EPZs for which GIEPA will be the regulator. The aim of the EPZ is to provide a conducive business environment for export oriented investment enterprises through the provision of additional incentives, simplifying the import-export procedures and facilitating the acquisition of land, permits and licenses. An area measuring 164 hectares at Banjul International Airport has been designated an Export Processing Zone (EPZ) and the first phase of this USD 6 million project was completed in December 2005. An area of almost 9 hectares has been fully developed with factory space, access roads and electricity. The July 22 Business Park, as it is called, is designated as a mixed-use EPZ to allow both free zone and non-free zone activity. It is currently occupied by a garment, diaper and tissue manufacturing company. There are also some bonded warehouses at the Banjul port which have not yet been designated as EPZs. An investor operating within an export processing zone that exports at least eighty percent of its output is exempted from the payment of: import or excise duty and sales tax on goods produced within or imported into an export processing zone unless the goods are entered for consumption into the customs territory import duty on capital equipment corporate or turnover tax withholding tax on dividends municipal tax An investment enterprise located outside an export processing zone that exports at least thirty percent of its output is entitled to the following incentives: a ten percent corporate or turnover tax concession for five years financial planning services and advice participation in training courses, symposia, seminars and workshops on export promotion export market research advertisement and publicity campaigns in foreign markets product design and consultancy. Incentives for investors in the EPZ are valid for maximum period of ten years. Foreign-owned firms have the same investment opportunities as local companies. However, an American investor locally registered as Zain Group Limited, who approached GIPFZA for agricultural land in 2010 (during the period of its transition to the new agency GIEPA), had to wait six months before the land was finally allocated. When the companyrsquos workers moved in to survey the 25 hectares of land near the village of Siffoe, some villagers asked them to leave saying it was their traditional land. Zain Group was then offered an alternative site to grow vegetables for export but the company decided to leave the country. 18. Foreign Direct Investment and Foreign Portfolio Investment Statistics Table 2: Key Macroeconomic Data, U. S. FDI in Host CountryEconomyMr. Rachid Benmessaoud, Country Director-World Bank called on Finance Minister Senator Mohammad Ishaq Dar today at the Finance Ministry to discuss issues related to World Bank assistance to Pakistan. The Finance Minister expressed his gratitude on support of the World Bank for Pakistan Day (May 1, 2014) and appreciated early disbursement of the US 1 billion to Pakistan. He informed the Country Director that Pakistanrsquos economy is moving in the right direction and that we would continue to engage with multilateral fora including World Bank for assistance in energy and infrastructure development programmes initiated by the Government. He added that, in line with the vision of the Prime Minister to make Pakistan developed and prosperous country, the Government has embarked upon a plan to meet the energy requirements and to make Pakistan an economically viable country. He emphasized that World Bankrsquos assistance in energy and development projects particularly on Dasu Dam and CASA - 1000 will help Pakistan progress. The Country Director said that we are encouraged by the positive trends of the economic indicators. He said that we are working day and night for Board meeting to be held on June,10 and hope that the assistance for Dasu Project will be approved. He assured the Finance Minister that things are moving positively for Pakistan at the World Bank. The meeting was also attended by Mr. Shahid Mahmood, Special Assistant to the Finance Minister and senior officials of the Finance Ministry. Mr. Thomas Williams, Charged Affairs, US Embassy called on the Finance Minister Mr. Thomas Williams, Chargersquod Affairs, US Embassy in Islamabad called on the Finance Minister Senator Mohammad Ishaq Dar at the Ministry of Finance today to discuss bilateral economic issues and cooperation between the two countries. The Finance Minister informed the Chargersquod Affairs that the structural reforms, the new government undertook after coming into power have started to yield positive results and all economic indicators are as per our projection or even better. He said that today we have fairly stable foreign exchange reserves and buoyant stock market which shows the confidence of the business community in the economic policies. The Finance Minister said that energy remains one of the highest priorities of the present government. In this connection the government is working on fast track to the indigenous resources to reduce the dependence on imported resources, he added. The Finance Minister also discussed CASA-1000 Power Transmission Project and hydropower projects in Pakistan including Dasu and Diamir Basha Dam with the Chargersquod Affairs. The Chargersquod Affairs assured the Finance Minister that the US would continue to maintain partnership with Pakistan and will work for peace and stability in the region. He said that we are looking forward to enhance our existing relations in all areas of mutual interest. He informed the Finance Minister that the reimbursements to Pakistan on account of Coalition Support Fund are on track. The Chargersquod Affairs expressed the hope that import of live animals from the US will be allowed by the government. In this regard, the Finance Minister said that the ECC will take appropriate decision in case of submission of summary by the relevant Ministry. The meeting was also attended by Rana Assad Amin, Advisor to Finance Ministry and senior officials of the Ministry. Mr. Greg Giokas, Canadian High Commissioner called on Finance Minister Mr. Greg Giokas, Canadian High Commissioner called on Finance Minister Senator Ishaq Dar at Finance Ministry today. The High Commissioner informed the Finance Minister that his last visit to Toronto and meetings with Canadian officials had a very positive impact on enhancing cooperation between the two countries. He also appreciated participation of businessmen and investors in Canada-Pakistan Business Council meeting held in Toronto. He mentioned that there is an enormous enthusiasm in Canadian investors and Asian Diaspora over economic developments in Pakistan in light of Prime Ministerrsquos recent visit to New Delhi. He mentioned that there is huge potential in agriculture sector of Pakistan and he is leading a team comprising officials from Canada, USA and Australia for helping farmers and stakeholders in policy formulation for transformation of agriculture sector in Pakistan. He said that the group is working on consultation with value chain which will make implementation of policy framework easier. He gave an example of Canadian agri exports from CAD 15 million to 50 billion during a period of ten year due to appropriate policy formulation. He said that we are interested to share our methodology and experience with Pakistan. He informed the Finance Minister that international community want to see Pakistan succeed in its reform agenda. The Finance Minister informed the High Commissioner that agriculture sector is our priority and we have plans for provision of micro financing to small farmers. He said that the agriculture sector drives the whole economy and appreciate the valuable contributions being made by the Canadian High Commissioner. He said that it is quickest result producing sector and the present government is focusing on new initiatives in this regard. On regional connectivity, the Finance Minister said that we believe in regional trade and opening of new vistas to expand our trade and economic relations with the neighbours and beyond. He said that Pakistan provided a good opportunity to international investors in Pakistan particularly in hydro carbon exploration, energy and infrastructure development sectors and urged for investment by Canadian firms. Rana Assad Amin, Advisor to Finance Ministry and other senior officials of the Ministry also attended the meeting. Finance Minister has taken a serious notice of a news item published in a section of press stating that 1200 out of 1743 FBR officials have not submitted their income tax returns Finance Minister Senator Ishaq Dar has taken a serious notice of a news item published in a section of press stating that 1200 out of 1743 FBR officials have not submitted their income tax returns. The Finance Minister has directed Chairman FBR to verify the veracity of the report and if found correct, the defaulting officers should be directed to file their returns by 10th June subject to existing rules. Failing to comply with the directions given by the Finance Minister, punitive action should be taken against the non-complaint officers and their performance allowance must be stopped. The Finance Minister added that the Government will not allow evasion of tax declaration by government officials who ought to set an example for ordinary citizens. Finance Minister chairs ECC meeting The ECC of the Cabinet met here today under the Chairmanship of the Federal Minister for Finance, Revenue, Statistics, Economic Affairs and Privatization, Senator Mohammad Ishaq Dar. ECC considered and approved allocation of gas from SARA and SURI gas fields located in district Ghotki Sindh to GENCO-II at mutually agreed terms and conditions. It may be mentioned that the gas fields remain dormant due to lack of investment. It is estimated that 14-15 BCF gas reserves are lying in the gas field and it requires investment costing around 6-8 million. ECC also approved a summary for re-allocation of low BTU gas from Bahu gas field to Fauji Kabirawala power company limited (FKPCL).Keeping in view the prevalent electricity crises in the country and higher dispatch order low BTU gas from Bahu Gas Field will be allocated to project for remaining term of its PPA i. e: 29th October 2029, to ensure its smooth operation and to avoid conversion of the Project on any expensive alternate liquid fuel, which would be an unaffordable option given the energy mix scenario in the country. The ECC also considered and approved a summary of Ministry of Water amp Power for issuance of policy guidelines to NEPRA to incorporate debt servicing on actual basis in revenue requirements of Distribution Companies which would be adjusted in tariff of DISCOs on annual basis. The ECC also approved the summary of the Ministry of Water amp Power for issuance of policy guidelines to NEPRA to rationalize TampD losses target of 12.82 to 15.75 on a same anology as done for the tariff for the FY2012-13. It may be mentioned that the DISCOs claim TampD losses of 17.55 for the year 2013-14. The Minister for Water amp Power informed the ECC that the government in the last one year has improved in recovery and containing line losses up to the extent of 2 and will continue to make progress in this regard. The ECC also approved the summary of the Revenue Division for transfer of tax exemption given to PSA Gwadar Pte Limited as per ECC decision in case No.1312007 dated 1-2-2007 to China Overseas Ports Holding Company Limited for the remaining period of the term. ECC also approved the summary of Revenue Division for exemption from income tax to profits and gains derived by coal mining projects in Sindh supplying coal to power generation projects only. The meeting was also attended by Mr. Pervez Rasheed, Minister for Information, Broadcasting and National Heritage, Khawaja Asif, Minister for Water amp Power, Mr. Ahsan Iqbal, Minister for Planning amp Development, Mr. Zahid Hamid, Minister for Science and Technology, Mr. Abbas Khan Afridi, Minister for Textile Industry, Ms. Anusha Rehman, Minister of State for IT, Mr. Muhammad Zubair, Chairman Privatization Commission, Federal Secretaries and senior officials. Finance Minister chairs Monetary and Fiscal Policy Coordination Board meeting A meeting of the Monetary and Fiscal Policies Coordination Board was held under the chairmanship of Federal Minister for Finance, Economic Affairs, Statistics and Privatization Senator Muhammad Ishaq Dar here today. Other members of the Board present in the meeting include Federal Minister for Planning, Development and Reform, Federal Commerce Minister, Governor SBP, Secretary Finance, Dr Ishrat Hussain Director IBA and Dr Asad Zaman, Vice Chancellor PIDE. The Finance Minister, highlighted the importance of the Coordination Board Meeting that it is an important body for bringing consistencies in monetary, fiscal and exchange rate policies. He said that, the meeting also provides to share assessment of the current economic situation and bring consistencies in economic targets and see how we can adopt optimal policy measures for economic stability and growth. He also noted that despite its significance in policy coordination, in the past the meetings of the Board were not held regularly. While expressing satisfaction on revival of the Board after a gap of five years he stressed that meetings should be held in each quarter of fiscal year. Finance Secretary presented an overview of the current economic situation and informed that due to better policies of the government the 4.14 percent GDP growth is achieved which is the highest level achieved during last 6 years, inflation was also contained in single digit. It was observed that industrial sector recorded growth of 5.8 percent, construction 11.3 percent, wholesale amp retail trade 5.2 percent, electricity 3.7 percent which are highest in recent years. It was also noted that IMF after every review scaled up the GDP growth and adjusted downward its inflation forecast. Budget deficit reduced to 3.2 percent during July-March FY 14 which is lower than 4.7 percent in the same period last year. Government gradually reduced its borrowing from SBP with an aim to adhere to the zero limit borrowing. FBR tax revenues have reached to Rs 1744.8 billion during July-April FY 14 as compared to Rs 1505.5 billion during same period last year showing a growth of 16 percent. Remittances have grown by 11.4 percent and reached to 12.9 billion against 11.6 billion in the same period last year. Foreign exchange reserves have reached to 13.7 billion and Pak Rupee also appreciated significantly. Finance Minister informed that this year was fire fighting year and after period of consolidation and reforms we have to look Out Of the Box and shift in different modes to bring consistencies in the policies for betterment of the economy. He said that effective debt management has been the prime challenge as composition of debt portfolio has itself under gone from high dominance of long term debt to an increasing dependence on short term floating which was a source of vulnerability as it entailed high roll over and re-financing risks. We have now focused on lengthening the maturity profile to reduce the re-financing risk along with sufficient provision of external inflows to help in reducing the pressure on domestic resources. The government has also launched secondary market trading of government debt securities at the stock exchanges in the country which will also be helpful in obtaining long term financing for the government in future. Minister for Planning, Development and Reform informed that government policies have brought stability in the system and now focus is on structural changes to boost growth by TIE i. e. achieving trade, investment and exports in the country. In particular he stressed more focus on agriculture and asked the provinces to pick up the investment issues in this sector as it is there responsibility after devolution. Dr. Ishrat Hussain emphasized to introduce high yielding varieties of seed in agriculture particularly BT cotton and pro-active role of public private partnership. Minister for Commerce briefed on exports and imports and also explained the facilitations which are needed to address the structural bottlenecks in the enhancement of exports and suggested the important role of sectoral organizations in this regard. He further elaborated for enacting the legislation for creating Land Port Authority to deal with all agencies and to have matching facilities on the borders to facilitate regional trade. A limited target market focus for exports was also emphasised. The Governor State Bank informed that SBP kept the policy rate at 10 percent. Given the real GDP and inflation target, M2 was projected to grow at around 13 percent in FY14. However, it grew by 7.3 percent during July ndashMay 09 FY14 as against 10.3 percent in the corresponding period of last year. NFA expanded by Rs. 263 billion and NDA by Rs.411 billion. The credit to private sector points in the direction of improved economic activity, the flow was almost two and a half times more as compared to last year. He briefed the impact of monetary policy on growth, investment and balance of payments. The Finance Minister expressed the hope that the deliberations of the Board will lead to better economic coordination and the goals of the government will be achieved in a coordinated manner by all the institutions involved. He urged the members to have special groups within their ministriesdepartments to discuss more in line with objectives of the Board so that in future we may setup goals and focus on its implementation on regular basis. British High Commissioner called on the Finance Minister Mr. Philip Barton, British High Commissioner to Pakistan called on the Federal Minister for Finance, Senator Mohammad Ishaq Dar at the Finance Ministry today. The High Commissioner informed the Finance Minister that the visit by the Prime Minister and the Finance Minister to United Kingdom had a very positive impact on enhancing cooperation between the two countries. The High Commissioner also informed the Minister that the business meeting held in London went very well and provided an opportunity to stock markets and fund managers to know about the development taking place in Pakistan. He added that it reflects the confidence of the international investors which is growing each day in favour of Pakistan because of the prudent economic policies of the present government. Mr. Richard Montgomery, Country Head of Department for International Development (DFID) of UK who accompanied the High Commissioner discussed issues related to aid from UK and social safety programmes. He said that with the focus of the present government to social safety programmes, we are encouraged that the government is not only pro-business but it is also pro-people. The Finance Minister said that the government believes in poverty alleviation and will take all necessary steps to help the poor people. He also mentioned about recently announced Prime Ministerrsquos schemes for youth. He added that these steps will help reduce the poverty and promote economic activity in the country. The Finance Minister said that the government will continue with its reform agenda for the sake of the people of Pakistan. The meeting was also attended by Rana Assad Amin, Advisor to Finance Division and other senior officials of the Finance Ministry. Finance Minister presided over comprehensive meeting, spanning over 2 days, with FBR officials, to review budget proposals Finance Minister Senator Ishaq Dar presided over comprehensive meeting, spanning over 2 days, with FBR officials, to review budget proposals at the Finance Ministry today. Chairman FBR Tariq Bajwa briefed the Finance Minister on proposals to be incorporated in the upcoming Federal Budget 2014-15. He informed the Finance Minister that, as per his directions, recommendations of all stake holders including Chambers, Industry representatives, traders and professional bodies have been considered and the doable proposals have been incorporated in the set of proposals. He added that the business community is satisfied with their meetings with the Finance Minister and appreciated his personal interest in the reform process. The Finance Minister appreciated the hard work and commitment of the FBR and Finance Ministry officials in consulting the stake holders and finalizing the budget proposals for consideration. He observed that during the current financial year the government had to do a lot of firefighting to save the economy from further deterioration and make a new beginning. He thanked almighty Allah for giving courage and commitment to the government for not only facing all those challenges but also for making progress toward changing the direction of the economy to growth and development. The Finance Minister said that now itrsquos time that the whole nation should join hands with the government to build Pakistan for the sake of our future generations. He said that we have burned mid night oil for making corrections in our economic direction and it is due to prudent reforms that we have been able to achieve all our economic targets. The Finance Minister said that the new budget will set the direction of our economy and it will be a component of mid term macro-economic strategy. He observed that the proposals will bring in positive results for the nation in the long run. He said that we will work together to expand the tax net and all those people who are not paying their taxes will be encouraged to do their duty towards the country. He added that tax payers will be rewarded and serious efforts will be made for documentation of the economy. He said that the youth is our future capital and the Prime Ministerrsquos schemes are aimed at harvesting this great potential of the nation. He added that we have to find fiscal space to invest in our future capital. He concluded that all our efforts and policies should aim at ensuring growth and reduction in poverty. May 26, 2014 (PR No. 668) Finance Minister chaired a meeting to review budget related matters Finance Minister Ishaq Dar chaired a meeting to review budget related matters at the Finance Ministry today. Finance Secretary Dr. Waqar Masood gave a detailed presentation on the contours of the special initiatives for budget 2014-15. The Finance Minister directed the Budget Wing of the Ministry that welfare of the general public and especially poor segments of the society should be kept in mind while finalizing details of the special initiatives. He directed the concerned officials to ensure in built fool proof mechanism for the special initiatives and fine tune the proposals in this regard. Finance Minister chaired a meeting of Data producers regarding coordination of statistical data Finance Minister Ishaq Dar chaired a meeting of Data producers regarding coordination of statistical data at the Finance Ministry today. Finance Minister talked about the inconsistency and discrepancies of statistical data and lack of coordination among the data producing institutions of the Federal Government. Furthermore he said that due to this incongruity in the data many institutions along with the International donor agencies do not get to collect reliable and verified data, used for various purposes. The Finance Minister directed all the data producing bodies, including Finance Division, Economic Affairs Division, Pakistan Bureau of Statistics, Security Exchange Commission of Pakistan and the Regulatory bodies to coordinate with each other to have a consensus on a single verified statistical data system. He also advised these institutions to conduct regular meetings among themselves to monitor and review the whole process of data collection and verification. Chairman Pakistan Bureau of Statistics (PBS) Mr. Asif Bajwa also emphasized on the credibility of the statistical data. Former Governor of State Bank of Pakistan Ishrat Hussain accentuated upon the requirement of primary producers of statistical data, as all the data available is of secondary nature. The Finance Minister said that our government has already decided to issue quarterly data instead of publishing yearly data. He also informed participants of the meeting that during third review, IMF agreed to revise their GDP growth, and inflation figures for Pakistan, and there is convergence that growth is moving up and inflation remains in single digit. He further added that now we have to make sure that reliable and transparent data is available throughout the country. The meeting was attended by Ishrat Hussain (former Governor SBP), Asif Bajwa (Chief statistician PBS), members of PBS, officials of the Finance Ministry and people representing reputed educational institutions. Finance Minister chaired the 6th meeting of the Governing Council of Pakistan Bureau of Statistics The Finance Minister Senator Ishaq Dar chaired the 6th meeting of the Governing Council of Pakistan Bureau of Statistics at the Finance Ministry today. Chief Statistician Pakistan Bureau of Statistics (PBS) Mr. Asif Bajwa gave a detailed briefing on the performance of PBS and explained the implementation status of the decisions taken in the 5th meeting of the Governing Council and proposed approval of the ldquoGoverning Council (Procedures and Conduct of Business) Rules, 2014, which are drafted in consonance with the Act, 2011. Mr. Bajwa gave a detailed briefing to the Finance Minister on National Strategy for Development of Statistics, recruitment of functional members, budget proposals and the new initiatives taken by PBS. He further mentioned that PBS is looking forward to changing the manual method of data collection by using electronic data collection devices like tablets and ipads. The Minster was also informed that PBS has developed a SAARC statistical Database and Web portal which will be launched in Katmandu on 12th June 2014. The Finance Minster said that the Government fully supports the idea of conducting a timely census but practicalities and security situation of the country must be taken into account before taking the important decision in consultation with the provinces. The Finance Minister said that the first year of the Government passed on in fire fighting, to correct the mistakes already committed by the previous administrators of the country and now the time has come to build and improve the economy and revive the confidence of people in the government. The Finance Minster said that PBS should include data from small markets and weekly bazaars to present a broader picture of the statistical record. He further directed the Bureau to make seasonal adjustments in the data for presenting a clearer picture. The Finance Minister while chairing the meeting made an observation that in Pakistan different institutions use different figures for the same set of data collected through different means this practice should be abandoned now. All institutions should reconcile their figures and remove any discrepancies before making them public, said the Minister. He emphasized on the role of PBS as a focal point for the verification of data. The Finance Minister also directed that a Committee must be formed to review the PBS Act and suggest amendments. The committee shall consist of four members i. e Additional Secretary Regulation Wing of Finance Division, one member from SECP and two members from the Governing Council of PBS. He also said that statisticians from the recognized and reputed educational institutions of the country should also be included in the Governing Council of PBS. The Finance Minister further directed PBS to make efforts to provide the data available to different users so that research should be promoted in the country. The meeting was attended by members of Governing Council of PBS, officials of the Finance Ministry and people representing reputed educational institutions. Finance Minister chaired a meeting with the representatives of Overseas Chambers of Commerce and Industry The Federal Minister for Finance Senator Ishaq Dar chaired a meeting with the representatives of Overseas Chambers of Commerce and Industry, Pakistan Business Council, American Business Council and Pakistan German Business Council, at the Federal Board of Revenue Head office today. Chairman FBR Mr. Tariq Bajwa briefed the Finance Minister in detail about the discussion he and other members of FBR had with the business representatives. He informed the Finance Minister that the proposals presented by them will be considered in the budget. The trade representatives said that they would welcome documentation of the economy and the measures to encourage local manufacturing. They urged the Finance Minister to incentivize taxpayers and appropriate measures should be taken on the refunds issue which is increasing the cost of their businesses. The Finance Minister said that we inherited the economy in shambles and no international multilateral institution was willing to deal with Pakistan. He said that we have been extremely tight on our expenditure and in the last budget we imposed rupees 135 billion expenditure cut. He added that in a short span of time our economic indicators have improved to a level where now we are able to be back in business with World Bank, Asian Development Bank and other financial institutions. He mentioned that now our foreign exchange reserves are at a satisfactory level and we expect to take our foreign exchange reserves to US 15 billion well before the target of September 30th 2014. He assured the business community that their recommendations will be considered seriously and if possible we will include them in the next financial budget. Prime Minister of Azad Jammu and Kashmir met with the Finance Minister Ch. Abdul Majid, Prime Minister of Azad Jammu and Kashmir accompanied by Ch. Latif Akbar, Minister for Finance, AJK met with the Finance Minister Senator Ishaq Dar at Finance Ministry today. The Finance Minister welcomed the Prime Minister and briefed him on the economic performance of the government. He said that in the last eleven months, structural reforms were introduced with total commitment and hard work. He said that as a result of these reforms, the government had to take some painful decisions to fix the economy and now the economy is in much better shape. Growth is moving up whereas deficit has been restricted to single digit, he added. He also mentioned about the achievements made in restoring the confidence of the IFIs. The Prime Minister mentioned about the financial issues which the AJK Government is currently facing. He said that the AJK Government has maintained fiscal discipline to a maximum level. He added that education and health facilities need to be financed after reconstruction of buildings by ERRA. He said that due to non-availability of funds, health and education staff cannot be appointed to these facilities. He also highlighted meager resources of AJK for allocation to Public Sector Development Projects. The Finance Minister assured the AJK PM that the Federal Government will assist and help to overcome the financial deficit and a future roadmap will be drawn with the help of the concerned officials of the AJK Government. The Finance Minister directed the Finance Secretary to hold a separate meeting with the Chief Secretary and Finance Secretary AJK to help resolve the budgetary issues. The Finance Minister also informed the AJK Prime Minister that the Federal Government is pursuing the vision of Prime Minister Nawaz Sharif to connect Islamabad to Muzaffarabad through a railway link. He added that the project will cost Rs.60 billion and we have an equal priority and sentiments for development projects of AJK. He concluded that our hearts beat with the people of Kashmir. Federal Finance Secretary, Dr. Waqar Masood, Chief Secretary AJK, Mr. Khizer Hayat Gondal, Finance Secretary AJK Mr. Yousuf Khan and senior officials of Finance Ministry and AJK Government were also present in the meeting. CLARIFICATION - Reference news items published on May 08th 2014, in the national press, containing comments of former Finance Minister Dr. Hafeez Pasha Reference new items published on May 08th 2014, in the national press, containing comments of former Finance Minister Dr. Hafeez Pasha made while speaking at an event on budget proposals organized by the Institute for Policy Reforms. The comments and conclusions drawn were not only based on inaccurate facts and figures but also contained assumptions dependant on future transactions without taking into account the repayments of loans being made regularly. We must not forget that the present government started off its term with inherited challenges including large fiscal deficit, unfavorable balance of payment position, depleting foreign exchange reserves, limited revenue base, rising current expenditures, circular debt, energy crises, flight of capital and shaken investorrsquos confidence. Add to it Pakistan needed to pay off the due repayments to IFIs including IMF. The statement regarding signingloan agreements amounting to US 52 billion presents one side of the picture. It is worth mentioning that borrowing is beneficial for economic development of any country as long as it is undertaken to facilitate the well thought out road map devised with due diligence. As the above mentioned borrowing will be mostly done for the development purposes amp BoP support and that too on concessional terms, it will accelerate the pace of economic growth and help the government to accomplish its social and developmental goals. These loans are expected to remove the structural bottlenecks which are hindering the development of the economy like energy crises. Dr. Pasha has already endorsed the government plan to revive the energy sector as most of the current borrowing is done to overcome the energy crises. These loans will promote economic development and bring prosperity to the future generations instead of exerting dire consequences. It is most important to mention that Mr. Pasha ignores the fact that the government is required to repay over US 30 billion in next 10 years while maintaining sufficient foreign exchange reserves. The said amount will result in reduction in public debt stock. Moreover, the above mentioned loans would be disbursed over next 3 to 7 years and not a part of public debt today, therefore, presently the government is not in violation of Fiscal Responsibility and Debt Limitation Act, 2005 Regarding Dr. Pasharsquos suggestion that the government should prepare a detailed medium term action plan to come up within the limits imposed by the Fiscal Responsibility and Debt Limitation (FRDL) Act, 2005, the government has already taken appropriate measures in this regard through Medium Term Budgetary Statement (2013-14 - 2015-16) and Medium Term Debt Management Strategy (2013-14 - 2017-18). Medium Term Budgetary Statement (2013-14 - 2015-16) was presented to the National Assembly along with the budget 2013-14. According to said statement, the public debt to GDP is projected to be brought down to 55.2 percent by 2015-16. The government has also developed its first Medium Term Debt Management Strategy (MTDS) to ensure that both the level and rate of growth in public debt is fundamentally sustainable and can be serviced under different circumstances while meeting cost and risk objectives. The MTDS contains a policy advice on an appropriate mix of financing from different sources with the spirit to uphold the integrity of the Fiscal Responsibility amp Debt Limitation Act, 2005. In accordance with MTDS public debt to GDP ratio is expected to be around 52 percent by end of 2017-18 which is well below the threshold of 60 percent as mentioned in Fiscal Responsibility amp Debt Limitation Act, 2005. It may be mentioned that there is no overall debt increase. As a result of the external financing, the Government of Pakistan has off loaded a proportionate domestic debt. Moreover, the rate of interest on domestic borrowing is over 12 per annum. Whereas, the external borrowing has been made on a minimal interest rate. It has saved Government of Pakistan a huge amount on account of interests only. Misplaced notions like mortgaging generations etc sounds like political rhetoric but does not comensurate with the well established robust relationship between growth, financial stability and foreign capital inflow. Moreover, FDI inflows are positively associated with economic growth, especially when exchange rates are stable and monetary policy independent. This is what the government aims for in the medium to long term economic policies. Finance Minister Meets Citibank and Standard Chartered Bank delegations The Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Mohammad Ishaq Dar held two separate meetings with the delegations of Citibank and Standard Chartered Bank today Dubai and discussed prospects of investment by the banking sector in Pakistan. The Finance Minister said that all economic indicators were positive and financial market was upbeat about Pakistan. He stated that Pakistanrsquos foreign exchange reserves position had significantly improved on account of increased inflows from multilateral and bilateral sources. Foreign exchange reserves are going to further increase due to inflows from the WB and 3G payments, CSF, he added. He mentioned that his government promised to the people of Pakistan that foreign exchange reserves would be enhanced to 15 billion dollar by September 2014 but hopefully it would be achieved within coming months much earlier than the given timeframe. Finance Minister mentioned that the possibility of Sukuk transaction was being considered. He said that there were bright prospects of raising funding through Islamic financing instruments and expressed his optimism about Middle East banking sectorrsquos participation. Senator Mohammad Ishaq Dar acknowledged the valuable support received by Pakistan and thanked the international banking sector for their contributions. He said Pakistan government was trying to diversify financing transaction to reap the maximum benefit for the country. CEO of Citibank Atiq Ur Rehman and CEO of Standard Chartered Bank Christos Papadopoulos observed that there was a visible shift in financial institutions attitude, and sentiment, particularly Middle Eastern Banks which were taking keen interest in Pakistan after successful launching of Eurobond. They said that Pakistan would fetch favourable pricing on financing transactions. He further said that his bank would also like to participate in Islamic structured financing as well. Citibank delegation mentioned that their bank would put another Islamic structure with a size up to USD 500 million. There can be multiple transactions which can take place over a period, they added. Standard Chartered Bank apprised the Minister that his bank would also like to participate in the financing of the Neelum Jhelum project and other infrastructure projects. Secretary Finance Waqar Masood Khan, Governor State Bank Ashraf Wathra, Special Assistant to the Finance Minister and Additional Secretary Shahid Mahmood, Vice President and Director of the Citibank, Managing Directors and Regional Head of the Standard Chartered Bank, and other senior official of the Ministry of Finance and Consulate General of Pakistan Dubai also participated in the meeting. Finance Minister Meets Bankers on Sukuk Transaction The Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Mohammad Ishaq Dar held a meeting with a team of Bankers from Dubai Islamic Bank (DIB) on the prospects of Sukuk issuance by Pakistan. The meeting was also attended by Finance Secretary and Governor State Bank of Pakistan. The Minister stated that following the success of Euro Bond wherein in Pakistan was able to obtain USD 2 billion from capital market, government intends to tap the Sukuk market for Islamic financing, increasing its foreign exchange reserves. He mentioned that government would shortly issue advertisement in international and local press to select financial advisor for Sukuk transaction through a transparent and competitive process. The Chief Executive Officer of DIB congratulated Finance Minister on the issuance of Euro Bond. He shared the details about the Sukuk market and the attractive prospects of investments through this Islamic finance instrument, keeping in view the economic fundamentals of Pakistan. The Chief Executive Officer also mentioned that there is appetite in the market for issuance of Sukuk and the government should access the market regularly. Finance Minister informed that government has chalked out a detailed plan for increasing external inflows and the proposed instrument is a part of the said plan. Finance Minister Meets IMF Delegation The Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Muhammad Ishaq Dar while chairing a meeting with IMF delegates, which was among others attended by the senior officials of Ministry of Finance, State Bank of Pakistan gave an updateon Pakistanrsquos economy. The Finance Minister said that Pakistanrsquos performance on various actionseconomic indicators envisaged under the reform agenda was on track and most of the Policy Actions, Performance Criteria and Benchmarks have been met. The growth during the first half of current financial year posted 4.1 against 3.4 of the last financial year. The factor behind the growth is the rebound in industrial sector, which is backed by remarkable growth in large scale manufacturing sector due to better energy supply. All indicators of the economy are on upward trajectory. The inflation has also been contained to single digit during the first ten months of the current fiscal year. Finance Minister stated that the outlook of external sector has been positive on account of inflows from multilateral and bilateral development partners, Euro Bond, privatization proceeds, 3G4G license proceeds, IMF tranche and significant increase in remittances. He also mentioned about further increase in the foreign inflows during the remaining part of the current financial year. IMFrsquos Mission Chief appreciated the efforts of the government in meeting various targets in a short period of time. Finance Minister meets President Asian Development Bank Finance Minister Senator, Ishaq Dar met with the President of Asian Development Bank (ADB), Mr. Takehiko Nakao at Astana today. The Finance Minister thanked President ADB for the Bankrsquos continued support to Pakistan, specially recently approved assistance of US 900 million for Jamshoro Power Project, US 400 million Development Concessionary Program loan and US 430 million support for Income Support Program for vulnerable population of Pakistan. President ADB deeply appreciated Pakistans Government efforts in bringing back the Countrys Economy on right track by implementing structural difficult reforms and stabilization measures in less than a year, with very positive results. He stated if efforts continue, Pakistan has the great potential to become a robust economy in next few years with high growth, low inflation, employment generation and infrastructure development. The Finance Minister invited President ADB to visit Pakistan which later accepted. Details for his visit in September will be worked out in due course by two sides. Finance Minister met with delegates from other countries attending 47th Annual Meeting of the Board of Governors of Asian Development Bank at Astana Finance Minister, Senator Ishaq Dar met with delegates from other countries attending 47th Annual Meeting of the Board of Governors of Asian Development Bank at Astana today. The Finance Minister, in his meeting with Deputy Minister of Finance of Afghanistan, Mr. Mustafa Mastoor, congratulated the Afghanistan Government on holding of successful and peaceful Presidential elections in Afghanistan. The Finance Minister raised the issue of CASA 1000 during the meeting and both sides expressed their commitment for resolution of the tariff issue expeditiously. The Finance Minister emphasized the importance of this project for regional integration which would also strengthen the bilateral relationship. Finance Minister also held a sideline meeting with Mr. Xiaoyu Zhao, Assistant Governor, China Development Bank. The Finance Minister appreciated the China Development Bankrsquos role in the formation of the Pak-China Investment Company Limited and also for its interest to invest in Pakistanrsquos infrastructure projects. Assistant Governor, Mr. Zhao assured the Finance Minister of the Bankrsquos continued interest in the development projects undertaken by the present government. He concluded his visit while meeting, along-with his delegation, with Mr. Takehiko Nakao, President Asian Development Bank. The President ADB expressed his confidence in the effective steps taken by present government for revival of Pakistanrsquos economy. He further assured that the ADB will continue to support the present government in its development projects. The Finance Minister thanked ADB for its support to Pakistan and also extended an invitation to him to visit Pakistan. The President ADB accepted the invitation to visit Pakistan in September, 2014. Both sides agreed to finalize the dates and details of the visit very soon with mutual consent. Finance Minister meets Chinese Finance Minister Finance Minister, Senator Ishaq Dar, held a bilateral meeting with Chinese Finance Minister Mr. Lou Jiwei during the 47th Annual Meeting of the Board of Governors at Astana today. The Minister appreciated the Chinese contribution for the economic development of Pakistan. He also conveyed the best wishes from the Prime Minister of Pakistan to the Chinese leadership. While appreciating the Chinese support for building the economic corridor from Kashkar to Gwadar, both sides agreed to work on an integrated plan for overcoming the difficulties likely to be encountered in the planning and implementation of the economic corridor. The Finance Minister assured full support for the initiative of establishing economic corridor as it will not only reduce the transportation costs but would also result in the development of the local regional economies through increased connectivity through enhanced levels of movement of people and goods. The Finance Minister also assured full support to the Chinese Government for the establishment of Asia Infrastructure Bank and appreciated the proposal for its establishment as it is likely to contribute to the development of infrastructure needs of the region. The Chinese Finance Minister appreciated Pakistanrsquos plans for the development projects initiated by the present government. Both sides were optimistic that the proposed Asian Infrastructure Investment Bank can work in parallel with other agencies for achieving the goals of sustained development. Finance Minister urges for Regional Cooperation at ADB Meeting The Finance Minister Senator Ishaq Dar represented Pakistan during the Governor Round Table Conference, in the 47thannual meeting of the ADB Board of Governors at Astana today. The theme of the Conference was to suggest a role for ADB in handling the challenges currently faced in the Asia and Pacific economies due to different levels of economic development. The conference realized that due to different levels of growth taking place in Asia and Pacific region, challenges could arise in the form of increasing social tensions, risk of economies getting caught in the lsquomiddle income traprsquo response requirements due to global warming and climate change, poor governance and weak institutional capacities and debt overhangs. The Finance Minister suggested actions to be taken at three levels namely national, regional and global to counter these challenges. At national level, the Minister urged the participants to prioritize inclusive growth through emphasis on human development, technological innovations, increasing efficiencies and bringing improvements in governance and institutions. At regional and global levels the Minister requested the international community to work towards collective efforts for enhanced regional cooperation and integration by aiming for long term development through collective efforts for global peace and stability. He suggested ADB to adopt innovative approaches for addressing the newly arising challenges through reviewing ADBrsquos processes, rewarding innovative approaches and by adopting result based lending modalities. The Minister also suggested ADB to revise the absolute poverty line from USD 1.25 per day to USD 2 per day in conformity with the latest suggested by the International Monetary Fund. Finance Minister stated that 2.4 billion people (40 percent of world population) is currently living below the poverty line. The meeting was attended by all the Finance Ministers of the ADB Member Countries. Foreign Minister was one of the main speakers in the Governor Round Table Conference. US Delegation called on Pakistani Delegation headed by Finance Minister The US Delegation led by Ms. Marisa Lago, Assistant Secretary, International Markets and Development called on Pakistani Delegation headed by Finance Minister Senator Ishaq Dar, in the sideline meeting on the occasion of 47th Annual Meeting of Board of Governors of ADB, Astana, Kazakhstan. The Finance Minister briefed the US Delegation about the structural reforms and stabilization measures undertaken by the present government since its coming into power in June 2013. The Finance Minister informed the delegation that through prudent macro-economic management, austerity measures, resorting to external sources of funding and retiring domestic debt obligations, the Government has been successful in putting the economy on the stable growth trajectory. He said that these measures have resulted in restoring the investorrsquos confidence in Pakistan economy which has also helped in over-subscription of Euro bonds. Ms. Marisa complimented the Finance Minister on overall economic performance which is helping in stabilizing the Pakistani rupee, building foreign exchange reserves which may help in attracting foreign direct investment. Finance Minister also appreciated and acknowledged the US assistance in the important sectors of Pakistan. The Finance Minister informed that Pakistan is now expecting World Bank to consider Dassu Hydro Project and would appreciate US support for this project which is very important for energy sector. He further informed that Pakistan is going ahead with Diamer Bhasha Dam Project also which would serve the dual purpose of generating electricity and would act as a water reservoir for both agriculture and flood controls. 47th Annual Meeting of Asian Development Bank (ADB) Board of Governors is being held at Astana, Kazakhstan from 2-5 May 2014 - Press Release The 47th Annual Meeting of Asian Development Bank (ADB) Board of Governors is being held at Astana, Kazakhstan from 2-5 May 2014. Senator Ishaq Dar, Minister of Finance joined the delegation of Pakistan on 3rd May 2014 after his official visit to UK with the Prime Minister. Besides reviewing the annual performance of the ADB in the Board of Directors meeting, special sessions have been arranged on reducing the vulnerabilities in the financial systems especially focusing on the Asian economies. In this regard, Senator Ishaq Dar in his capacity as the Governor of Asian Development Bank, participated in these sessions and he elaborated the efforts made by Pakistan in this area. During the Constituency Breakfast Meeting, the Minister suggested ADB to revise the absolute poverty line from USD 1.25 per day to USD 2 per day in conformity with the latest revision adopted by the International Monetary Fund. Finance Minister stated that presently 2.4 billion people (40 percent of world population) are living below the poverty line of US2. During the Governorrsquos Plenary Session, the Minister while highlighting the recent natural disasters in Pakistan and the response and future strategy of National Disaster Management Authority of Pakistan, emphasized the need to reduce the exposure to the natural hazards and disasters. He suggested the development partners such as ADB, World Bank, IMF etc to devise different strategies and action plans for promoting disaster risk reduction programmes and may like to benefit from Pakistanrsquos experiences. While attending the First Business Session, Senator Ishaq Dar thanked the people and the Government of Kazakhstan and appreciated the efforts of ADB for successfully organizing the 47th Annual Board of Governors Meeting in Astana. In his statement during the First Business Session, he outlined the present governmentrsquos strategies in overcoming the macro-economic challenges since the inception of the new government in June 2013. He stated that economy is expected to grow by over 4 percent this year and inflation to remain in single digit spurred by growth in both agricultural and industrial sectors. The fiscal deficit has been restrained to around 6 percent through an increase in revenues and reduction in expenditures along-with positive growth in exports and remittances. Necessary domestic reforms are being undertaken along-with government preference for regional integration through increased connectivity and enhanced preferential arrangements. During his call on the Minister for Finance Deputy Prime Minister Mr. Bakhyt Sultanov, he extended the invitation to President Nursultan Nazarbayev as well as to Finance Minister to visit Pakistan in 2014. He emphasized the need to examine the existing frameworks for increasing the present level of bilateral trade which is far below the potential of two countries. He requested the Minister to consider measures for easing the movement of people along-with enhanced cooperation in the areas of trade, investment banking and finance. Finance Minister Statement at ADB Board of Governors Meeting at Astana Mr. Chairman, Mr. Takehiko Nakao, President ADB honorable members of the Board of Governors distinguished officials of the delegations to this Annual Meeting ladies and gentlemen. Let me begin by thanking the people and Government of Kazakhstan for the generous warmth and hospitality with which we have been received here. I would also like to appreciate the efforts of ADB Management and staff, under the leadership of President Nakao, in providing institutional support for organizing this event. Pakistan has experienced a triumphant return to democracy. The new governments at national and sub-national levels that took office after the general elections in 2013 have generated hope, expectancy and economic activity in the country. They are concentrating upon economic and social progress to strengthen the economy and enhance its inclusiveness. The new government has adopted strategies to overcome the countryrsquos macroeconomic challenges. In this regard, the government has embarked upon reforms agenda in economic and financial sector which includes: (i) Restructuring of Public Sector Enterprises (ii) Power Sector Reforms (iii) Debt management strategy (iv) Fiscal austerity to reduce fiscal deficit (v) Tight monetary policy to check inflation (vi) Building foreign exchange reserves to stabilize the exchange rate (vii) Promoting exports (viii) Incentivizing home remittance (ix) Strengthening social safety nets to mitigate impact of stabilization measures through Prime Ministerrsquos Youth Loan (x) Promoting growth and raising domestic revenues (xi) Rationalizing subsidy regime to reduce pressure on the budget and (xii) Tax administration and policy reform to mobilize domestic resources. We expect the economy to grow by around 5 this year and inflation to remain in single digits. Growth in both agriculture and industry has revived. Fiscal performance is also improving with deficit likely to be restricted to around 6, due both to austerity in expenditures and an outstanding revenue collection performance which recorded an increase of 16.4 in the first nine months of the financial year. On the external side, exports have maintained positive growth while remittances have also reached 11.58 billion. It is the governmentrsquos strong political commitment and resolve to accelerate the pace of reforms in Pakistan. We expect at the same time that the international development community will step up its support to the new government in undertaking much needed investments in infrastructure, energy and social development sectors. Such investments, underwritten by bold country-owned economic and governance reforms, will bring sustained growth and prosperity to the country. Pakistan, in this regard, has always considered ADB as a frontline development partner that is both trustworthy and dependable. Mr. Chairman, regional cooperation and integration is one of the key pillars of Strategy 2020. Pakistan joined Central Asia Regional Economic Cooperation (CAREC) program in November 2010 to expand its trade and investment links with the region. We aim to expand the CAREC transport infrastructure through CAREC Transport Corridor to create employment opportunities and accelerate growth. Pakistan hopes to be a strategic partner for CAREC members, providing a land bridge between Central Asia and the rest of South Asia and shortest access to sea routes beyond South Asia. We are looking forward to converting CAREC transport corridors into economic corridors, ushering in a new era of flourishing economy for CAREC member countries. Pak-China Economic Corridor will promote connectivity and economic development between the two countries. Both countries would be able to take maximum benefit of the Free Trade Agreement signed between Pakistan and China and improve bilateral trade which has reached US 12 billion and has potential to improve further. We commend ADB for completing the midterm review of Strategy 2020 for sharpening and rebalancing the strategic priorities and aligning them with changing development challenges exploring options for enhancing its resources to meet the development needs of the developing member countries and streamlining business processes and undertaking organizational reform within ADB in order to ensure more effective implementation. Finally, let me recognize ADB support to Pakistan in infrastructure, energy and regional integration projects. We value this relationship and the leadership of Mr. Nakao. We look forward to continuing and enhanced partnership with ADB. Thank you, Mr. Chair. Pakistan receives US 400 Million from ADB Pakistan has received, today, US 400 million from the Asian Development Bank (ADB) on account of support to the Government of Pakistans ongoing reforms to tackle the countryrsquos chronic energy crisis. In recognition of governmentrsquos commitment to carry out reforms, particularly those in the energy sector, which is important for overall economic development, the Asian Development Bank had, on April 24 2014, approved the loan worth of 400 million for Pakistan and an agreement to this effect was signed on April 28th at the Finance Ministry. Finance Minister Senator Ishaq Dar had already indicated that coal power projects will be set up in different parts of the country with the help the soft loan which is virtually a free loan and reflected the trust of the international community in the governmentrsquos efforts to improve the economy. The loan is part of an assistance program which will underwrite reforms needed to make the energy sector affordable, reliable, sustainable and secure. It will accelerate industrial activity needed to boost economic growth and help create jobs, which are keys to reducing poverty levels. ADB is the lead development organization in Pakistanrsquos energy sector supporting energy efficiency, transmission, distribution, cross-border natural gas pipelines, power generation, and renewable energy projects. The full program is expected to total 1.2 billion, with future commitments. Top Fund Managers led by CEO, London Stock Exchange calls on Finance Minister Mr Xavier Rolet, CEO of the London Stock Exchange called on Finance Minister Senator Ishaq Dar and appreciated the positive steps taken by the government to put the economy back on track. Mr Rolet was accompanied by prominent UK fund managers. The Finance Minister welcomed Mr Rolet and apprised the investors that countryrsquos macro-economic indicators have shown steady improvement as a result of stabilization and structural reforms undertaken by the government. Forex reserves have increased to 12 billion and will reach 15 billion by 30th September, 2014. He also informed the delegation that the capital market in Pakistan grew by over 40 since the government has taken over. He said the country is open to business and offered attractive investment opportunities with high returns. Mr. Rolet informed the Minister about institutional appetite of British companies towards Pakistan after phenomenal growth in its capital market. While praising the reform initiatives of the present government, he said that Pakistanrsquos economic success story is gaining momentum and now needs to be told in a right way to the right people. He mentioned the ongoing collaboration between the London and Karachi Stock Exchanges with praise-worthy results. He further added that London Stock Exchange is looking at ways to maximize partnership opportunities with Pakistanrsquos corporate sector. Mr Rolet congratulated the Finance Minister on the impressive success of the Pakistanrsquos Euro Bond issue in the international market. The Finance Minister said that the response of the international investors was overwhelming and the subscription was 14 times of the amount originally intended. He mentioned that with the launch of the Euro Bond Pakistan has returned to the international bond market after seven years absence. Pakistans recent dollar bond received bids totaling 7 billion, reflecting strong demand for Pakistanrsquos sovereign paper. The Finance Minister also informed that Pakistan will issue an Islamic bond denominated in dollars for Islamic banking institutions and funds. He informed the group that after initiating home grown economic reforms with successful implementation, Pakistanrsquos standing in the international markets has improved considerably. While talking about energy crisis, the Minister told the delegation that the government is launching various energy projects and taking necessary steps to add around 10,000 megawatt generation to the national grid which will eliminate the energy shortfall in the next four years. He informed the delegation that the government has already managed to clear circular debt of Rs 500 billion within 45 days from taking oath. He further added that the World Bank has approved two concessionary loans to Pakistan after a period of five years and will provide 1bn for energy and development reforms. He said the government has secured the necessary financing for the construction of Dasu Hydropower Project. Financing of Diamer-Bhasha Dam is in progress and the government has already started acquisition of land from its own resources for this project. The Minister also emphasized opportunities in the telecommunication sector and informed of recent auction of 3G and 4G licences which has fetched over 1.1 billion recently in a transparent manner. Speaking about the privatization agenda of the government, the Minister further informed the delegation that financial advisors have already been appointed through due process for the disinvestment of shares of United Bank Limited, OGDCL and PPL through London as well as Pakistanrsquos stock exchanges. WB approves US 12 Billion for Pakistan The World Bankrsquos Board of Directors, in a consensus decision, approved a total of US 12 billion worth loans for Pakistan to be disbursed in the next 5 years. Pakistan Day was celebrated at the World Bank yesterday, and in the two Development Policy Credit (DPCs) US One billion was approved for energy and revenue support during the current financial year. The other land mark achievement of the day was the approval of Country Partnership Strategy under which Pakistan will get US 11 billion in the shape of project loans and budgetary support. It may be mentioned that the World Bank loans are purely concessionary in nature with repayment schedule spanning over a period of thirty years including five years grace period and the interest rate will be nominal at the rate of 2 per annum. It is expected that US One billion will be transferred to Pakistan during the next week and it will increase Pakistanrsquos Forex Reserves substantially. On receipt of US One Billion, an equivalent amount of Rs.100 billion will be reduced from the domestic debt which is much more expensive at 12.5 per annum. The WB loan will incur 2 interest per annum and the Government of Pakistan will be saving net 10.5 in payment of interest on Rs 100 Billion. Resultantly, there will be no net increase in overall public debt. The World Bankrsquos, Board of Directors, support and commitment with Pakistan reflects their confidence in the leadership and vision of Prime Minister Nawaz Sharif and his team led by Finance Minister Senator Ishaq Dar. The Finance Minister has congratulated the whole nation on this success and observed that. the Country Partnership Strategy is aligned fully with the vision of Pakistanrsquos development challenges around the four ES ldquoEnergy, Economy, Extremism and Education, rdquo based on the manifesto of the PML(N) and its commitment to the nation. Chairman London Stock Exchange calls on Finance Minister A delegation comprising UKrsquos top fund managers led by Chairman, London Stock Exchange Dr. Christopher Gibson-Smith called on Finance Minister Senator Ishaq Dar in London today. While talking to the delegation, the Finance Minister highlighted Pakistanrsquos improving macroeconomic stabilization indicators manifested by rising reserves, appreciating currency, fiscal reforms and decreasing inflation rate. He said that GDP growth during the first half of the year of the present government rose to 4.1 from 3.4 last year, an anticipated increase, showing the economy is on the right track. He expressed his confidence in the tax reforms undertaken by his government which has seen a decent increase in the Tax-to-GDP ratio and 17 jump in revenue collections. International financial institutions are displaying satisfaction with Pakistanrsquos economic performance and opening their doors again to Pakistan, he added. The Finance Minister informed that the country is expected soon to become eligible for concessionary loans from International Bank for Reconstruction and Development (IBRD) making possible for it to undertake major infrastructure projects. Chairman London Stock Exchange, Dr. Christopher Gibson-Smith while praising the Finance Minister said that he has never seen a Finance Minster with such a strong grip on his numbers and such a clear vision. He offered full support in implementation of the Finance Ministerrsquos policies with both expertise and capital available for Pakistan from UK. Responding to a question about liberalizing trade with India, the Finance Minister reiterated the vision of the Prime Minister Muhammad Nawaz Sharif to have cordial relations with all neighbouring countries, including India, and to promote economic prosperity through trade and cooperation. He said that both governments are working closely towards granting of more liberal, non-discriminatory market access on reciprocal basis. Later Dr Gibson-smith called on the Prime Minister of Pakistan, Mr Muhammad Nawaz Sharif and appreciated his efforts to put Pakistan on the road to prosperity with right economic policies. 22-01-2017 Finance Minister chaired a meeting on infrastructure project financing Click here for details 21-01-2017 Finance Minister called on the Prime Minister AJK Click here for details 21-01-2017 US Ambassador H. E. David Hale called on the Finance Minister Click here for details 19-01-2017 Pakistans Executive Director in the World Bank called on the Finance Minister Click here for details 19-01-2017 Finance Minister chaired inter-ministerial meeting to discuss matters relating to Indus Waters Treaty Click here for details 19-01-2017 Vacancy Announcement - PresidentCEO, National Bank of Pakistan Click here for details 18-01-2017 Dr. Muhammad Irshad (Member FBR) look after the work of Chairman FBR Click here for details 18-01-2017 British American Tobacco delegation called on Finance Minister Click here for details 18-01-2017 Finance Minister chaired the meeting of ECC Click here for details 17-01-2017 Civil Defence Specialist Instructors (Casualty Service) Course Click here for details 17-01-2017 Finance Minister chaired meeting to review Macroeconomic Framework Click here for details 17-01-2017 Problems faced by the Pensioners in SanctionDrawl of Pension Click here for details 16-01-2017 Civil Defence Specialist Instructors (Rescue Service) Course Click here for details 16-01-2017 Commander US Central Command, General Joseph Votel called on the Finance Minister Click here for details 16-01-2017 Finance Minister chaired a meeting to review the demandsupply situation of fertilizer Click here for details 14-01-2017 Finance Minister commends National Savings on Membership of Automated Clearing System Click here for details 13-01-2017 Finance Minister chaired a meeting to review 6-month performance of FBR Click here for details 13-01-2017 Finance Minister chaired a meeting of the Law Review committee Click here for details 12-01-2017 Google Director Ms. Ann Lavin called on the Finance Minister Click here for details 11-01-2017 Finance Minister chaired 4th meeting of NFIS Council Click here for details 11-01-2017 Finance Minister meeting with Governor SBP Click here for details 11-01-2017 Finance Minister chaired a meeting of ECC Click here for details 11-01-2017 Workshop on Competency Management in the Public Sector Organizations Click here for details 10-01-2017 Finance Minister chaired a meeting regarding Pakistans investment climate and exports Click here for details 09-01-2017 Courses and Seminar at the IMF Singapore Regional Training Institute (STI) Click here for details 07-01-2017 PRSP Budgettary Expenditure of FY 2014-15 and FY 2015-16 Click here for details 07-01-2017 Corrupt persons to stand Permanently Disqualified from holding Public Office or from being a Government Servant Click here for details 06-01-2017 Finance Minister chaired a meeting of National Price Monitoring Committee Click here for details 06-01-2017 Finance Minister chaired a meeting of ECC Click here for details 05-01-2017 Finance Minister Conducts Computerized Balloting for Audit for Tax Year 2015 Click here for details 05-01-2017 Finance Minister urged stronger enforcement of AMLCFT Laws in Pakistan Click here for details 05-01-2017 Finance Minister Emphasized the Need for Early Promulgation of the New Company Law Click here for details 04-01-2017 Grant of M. Phil Allowance Rs. 2500- per month Click here for details 04-01-2017 Finance Minister chaired a meeting to review Tarbela Dam 5th Extension Hydro-power Project Click here for details 04-01-2017 Acting US Ambassador pays courtesy called on the Finance Minister Click here for details 04-01-2017 Rate of Mark-up chargeable on Development Loans and Advances by the Federal Government for the FY 2015-16 Click here for details 03-01-2017 Finance Minister chaired a meeting to review matters related to Privatization Click here for details 02-01-2017 Finance Minister chaired a meeting to review economic performance Click here for details 02-01-2017 Finance Minister addressed at the IT Ministry Function Click here for details 31-12-2016 Finance Minister Announced New Petroleum Prices with Effect From 1st January 2017 Click here for details 31-12-2016 Governor State Bank called on the Finance Minister Click here for details 31-12-2016 British High Commissioner called on the Finance Minister Click here for details 30-12-2016 U. S. Secretary of State telephone called to the Finance Minister Click here for details 30-12-2016 US Ambassador H. E. David Hale called on the Finance Minister Click here for details 29-12-2016 Finance Minister chaired a meeting to review progress on the implementation of National Financial Inclusion Strategy (NFIS) Click here for details 28-12-2016 Finance Minister chaired a meeting to review proposals of the AJK Council for AJK Budget 2016-17 Click here for details 28-12-2016 Finance Minister chaired a meeting of ECC Click here for details 27-12-2016 Finance Minister chaired Law Review Committee meeting Click here for details 26-12-2016 Naval Chief of Staff called on Finance Minister Click here for details 26-12-2016 Ministry of Finance Dispels Demonetization Rumors Click here for details 25-12-2016 Finance Minister takes notice of the fraud in National Bank of Pakistan Click here for details 25-12-2016 Finance Minister chaired a meeting to review matters related to SECP Click here for details 25-12-2016 Finance Minister chaired a meeting to review the measures taken by FBR on increasing the direct collection of taxes Click here for details 24-12-2016 WB delegation hold a meeting with Finance Minister Click here for details 24-12-2016 Finance Ministers letter to the President of WB on IWT Click here for details 23-12-2016 01-Day Training Course under ISFD Project Click here for details 23-12-2016 Finance Minister chaired a meeting to review matters related to Pakistan-China JCC Click here for details 23-12-2016 Finance Minister chaired a meeting on development policy credit for growth Click here for details 22-12-2016 Finance Minister chaired a meeting on macroeconomic indicators Click here for details 21-12-2016 Finance Minister chaired First Meeting Of The E-Commerce Policy Board Click here for details 21-12-2016 Finance Minister chaired a meeting with a delegation of the Lahore Chamber of Commerce and Industry Click here for details 21-12-2016 Finance Minister chaired a meeting to review financial matters pertaining to the upgradation of Pakistan Railways Click here for details 20-12-2016 Call for nominations for Training Courses at STI Civil Defence Relief Camp Management Course Click here for details 20-12-2016 Finance Minister chaired the meeting of ECC Click here for details 20-12-2016 Finance Minister chaired the meeting of ECNEC Click here for details 20-12-2016 Finance Minister chaired the 20th Meeting of PCER Click here for details 19-12-2016 Finance Minister chaired the 3rd meeting of the 9th National Finance Commission (NFC) Click here for details 18-12-2016 Appointment of Member, Competition Commission of Pakistan (CCP) Click here for details 16-12-2016 Finance Minister chaired a meeting to review matters related to Economic Affairs Division Click here for details 15-12-2016 Training - Civil Defence General Instructions Click here for details 15-12-2016 Finance Minister inaugurated F-9 Park Solar Lighting Project Click here for details 15-12-2016 Finance Minister chaired the meeting of ECC Click here for details 15-12-2016 Managing Director of Pak Suzuki Motors Mr. Hirofumi Nagao called on the Finance Minister Click here for details 14-12-2016 Finance Minister chaired a meeting on AML (Anti-Money Laundering) Click here for details 14-12-2016 Finance Minister chaired a meeting with Chairman SECP and his team Click here for details 14-12-2016 Finance Minister chaired the meeting to review the measures to attract FDI and improve local investment in the country Click here for details 13-12-2016 Revision of Management Grades (MP-I, MP-II, MP-III) and grant of Adhoc Relief Allowance - 2016 Click here for details 13-12-2016 Revision of Management Position Scales (MP-I, MP-II, MP-III) Click here for details 13-12-2016 Finance Minister chaired the meeting on matters related to Finance Division Click here for details 13-12-2016 Promotion of Islamic Banking in Pakistan Click here for details 13-12-2016 Finance Minister chaired the meeting of ECC Click here for details 13-12-2016 Rejoinder - Responding to News Item ADB stalls 300 million loan tranche over delayed reforms by Shahbaz Rana appreared in Express Tribune on 11th December, 2016 Click here for details 10-12-2016 President AJK met with Finance Minister Click here for details 10-12-2016 Finance Minister met with French Counterpart in Paris Click here for details 10-12-2016 Governor State Bank called on the Finance Minister Click here for details 09-12-2016 Finance Minister Holds Bilateral with CEO of French Development Agency (AFD) Click here for details 08-12-2016 Finance Minister held bilateral meeting with Secretary General,(OECD) in Paris Click here for details 07-12-2016 Finance Minister expressed grief over PK-661 Crash Click here for details 06-12-2016 Finance Minister attended the closing session of the 75th Anniversary celebrations of French Agency for Development (AFD), France Click here for details 06-12-2016 Finance Minister received a telephone call from Ms Catherine A. Novelli, Under Secretary of State for Economic Growth, U. S. State Department Click here for details 06-12-2016 Rebuttal - Reference to news item published in Ausaf dated 28-11-2016 titled US 3 billion additional debt in 4 months, inflation rising Click here for details 05-12-2016 Finance Minister will attend OGP Summit, AFD moot hold Bilateral Meetings in France Click here for details 05-12-2016 Rebuttal - Reference to news item published in Daily Duniya dated 21-11-2016 titled Government borrowed Rs. 8,000 billion, total debt crossed Rs. 22,000 billion in 3 years Click here for details 05-12-2016 Rebuttal - Reference to news item published in Daily Jinnah dated 22-11-2016 titled Total Debt crossed Rs. 22,000 billion Click here for details