Board of Investment Ordered to Finalize Regulations Within 90 Days

The sub-committee of the Public Accounts Committee (PAC), took strong notice of the Board of Investment (BOI) for not formulating its statutory rules for the last two decades. The Committee directed it to finalize rules and regulations within 90 days. The meeting of PAC’s sub-committee was held under the chair of its Convener Senator Sherry Rehman, in which the audit paras relating to the Board of Investment (BOI) were examined. Addressing the media after convening a meeting of the PAC subcommittee-III, Vice President PPP, Senator Sherry Rehman, said, “It is appalling that the Board of Investment (BOI) has not made its statutory rules and regulations for 20 years and is locked in a stalemate over pay packages among other things. It is shocking that a premier federal agency is paralyzed by so much mismanagement; it is no surprise that Foreign Direct Investment (FDI) has slipped around 35 percent in 2020-21”. “It is surprising that over the past 20 years, BOI has only had 8 board meetings. Despite having the responsibility of piloting CPEC projects, including the Special Economic Zones (SEZs). They have failed to present the annual reports for last 3 years or resolve internal anomalies, which is preventing their progress. This must be immediately rectified as transparency is the currency of investor confidence,” she added. Rehman said, “Annual reports should be shared with the Committee, but in this case, only discussions of a draft for the FY16-17 have been mentioned. This is creating a backlog of reports that should be the last thing expected from a body that deals with financial matters of macroeconomic significance. Reports need to be finalised and released. If the PTI government aims to increase the investment, it must do away with such inefficiencies and lack of transparency.” “Pakistan needs foreign investment and employment opportunities. Hence it is important for the BOI to play its part effectively. We have given them 90 days to finalise their rules and regulations as we cannot afford any more delays,” concluded Rehman.