Pakistan passes law to set up a sovereign wealth fund

[Edevelop]

ISLAMABAD: Pakistan’s upper house of the parliament on Wednesday passed a law to allow the creation of a sovereign wealth fund which will have the country’s solvent assets parked in it.

Finance Minister Ishaq Dar passed the bill that was already passed in the lower house of the parliament. The upper house’s speaker, Sadiq Sanjrani, announced the bill becoming law in a live telecast.

The South Asian nation is asset solvent, Dar told the house, saying that’s why he had discarded any talk in recent months of the country defaulting on its sovereign debt.

Dar said the wealth fund will initially have seven assets worth 2.3 trillion Pakistani rupee ($8.06 billion) parked in it.

A day earlier, Dar had said the government would establish sub-funds under the Pakistan Sovereign Wealth Fund (PSWF).

The development came after the National Assembly on Monday approved legislation to establish PSWF which aims to ensure sustainable economic development through the efficient management of funds and assets, adhering to the highest international standards, according to state-run APP.

Pakistan passes law to set up a sovereign wealth fund

ISLAMABAD: Pakistan’s upper house of the parliament on Wednesday passed a law to allow the creation of a sovereign...

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[lightning F57]

Dar must be in crack cocaine, what liquid assets is he planning to put in the fund. Most countries which set this up are rich in gas and oil.

 

[Ali_Baba]

The crooks in the establishment want all the money in one place so it is easier for them to steal and loot? I mean - what else would happen in a country with no law - no working institutions, and no consequences for breaking laws if "you know the right people to wash down your convictions" ?

 

[truthseeker2010]

Must be in stupid and funny section.

 

[Menace2Society]

After 40 years of looting

 

[HAIDER]

Beggars can become choosers if you continue to please them..

 

[Jango]

I don't think Dar got the memo which explains the purpose of a sovereign wealth fund.

 

[Ali_Baba]

Dar said the wealth fund will initially have seven assets worth 2.3 trillion Pakistani rupee ($8.06 billion) parked in it.

So Pakistan only has 8 billion dollars of assets left that it has not already mortgaged to get a loan ?

 

[Trango Towers]

Yes let me invest.....NOT

 

[tman786]

LMFAO

 

[POPEYE-Sailor]

GOOOD NEWS GUYS GOOD NEWS ..!!! LION IS COMING BACK..!

FK PK SYSTEM

 

[FuturePAF]

esday passed a law to allow the creation of a sovereign wealth fund which will have the country’s solvent assets parked in it.
Dar said the wealth fund will initially have seven assets worth 2.3 trillion Pakistani rupee ($8.06 billion) parked in it.

Why does this sound like it’s just making it easier to sell these assets? Sounds more like a collateral fund. Btw, many nations have a sovereign wealth fund where they invest in other countries and not local companies to diversify the risk. The Norwegians have a $1.5 Trillion sovereign wealth fund and follow this principle.

 

[waz]

'Assets parked' lmao!!!!!!
Yes let's see how much is in this fund by the end of the year.

 

[Edevelop]

At least it's not a Ponzi scheme like the so called "dam fund" or "investment in real estate by overseas Pakistanis" to oblige corrupt tycoons. As long as State Bank of Pakistan and all stake holders agree to be part of this initiative it will have success.

 

[PakFactor]

Why does this sound like it’s just making it easier to sell these assets? Sounds more like a collateral fund. Btw, many nations have a sovereign wealth fund where they invest in other countries and not local companies to diversify the risk. The Norwegians have a $1.5 Trillion sovereign wealth fund and follow this principle.

My mind was analyzing that bold part, and I firmly believe that's what this is; this could be a sign of even more hard times to come, as international lenders now want guarantees.

This sovereign wealth fund news is like a black from the south side of Chicago living off food stamps suddenly wakes up one day and decides to become a hedge fund manager with no money.

At least it's not a Ponzi scheme like the so called "dam fund" or "investment in real estate by overseas Pakistanis" to oblige corrupt tycoons. As long as State Bank of Pakistan and all stake holders agree to be part of this initiative it will have success.

Do you think a different makhluk will run the State Bank of Pakistan?