Islamabad: Interim Finance Minister Dr. Shamshad Akhtar on Saturday said that capital market reforms were critical component of the Caretaker Government's economic revival program.

She was chairing a meeting with the Chairman of the Securities Exchange Commission of Pakistan, bankers and heads of development finance in Karachi.

The initiatives are aimed to promote growth and development by harnessing the potential of capital market institutions to diversify sources of financing and exploiting innovative financing modalities.

Bankers and Development Finance Institutions agreed on the need for establishment of private equity and venture funds to serve as a catalyst for economic revival.

The Chairman SECP reinforced SECP's commitment and for creating an enabling regulatory environment.

 The Finance Minister appreciated SECPs active engagement and encouraged banks and DFIs to set the stage for this collaborative effort and fast track the setting up of the private funds to support industrial development.

The meeting concluded with resounding commitment from all participants, including banks and Development Finance Institutions, to work together for the greater good of Pakistan's economy.

Faisalabad: Jamiat Ulema-e-Islam-Fazl (JUI-F) Chief Maulana Fazlur Rehman on Saturday urged Pakistan Tehreek-e-Insaf (PTI) to step back from the country's politics.

Maulana Fazl cited the PTI-led government's poor performance and its perceived anti-Pakistan agenda as reasons for this call.

Speaking to the media in Faisalabad, Fazlur Rehman emphasized that Nawaz Sharif, the former prime minister and leader of the Pakistan Muslim League-Nawaz (PML-N), should return to his homeland, Pakistan.

When asked about Nawaz Sharif's call for accountability of judges and generals, Fazlur Rehman refrained from making a direct comment but highlighted that the JUI-F aimed to govern the country to rescue it from bankruptcy, attributing the prevailing chaos to the PTI.

Fazlur Rehman expressed concern over the continued deprivation faced by the people in the tribal belt, formerly known as FATA (Federally Administered Tribal Areas), after its merger in 2017. He pointed out that only Rs 900 million in funds had been allocated since the merger, and essential institutions like police, administration, and a finance department were still lacking.

Regarding upcoming elections, Fazlur Rehman emphasized that the decision to hold them or not rested with the Election Commission of Pakistan (ECP). He noted the rise in terrorist activities in Balochistan and Khyber Pakhtunkhwa, expressing concerns about leading an election campaign in these areas, given past incidents of JUI-F scholars' martyrdom due to bombings.

Responding to a question, Fazlur Rehman expressed reservations about conducting elections in January due to harsh cold and snow in northern regions, which could discourage voter turnout.

He also mentioned that despite the establishment of a caretaker setup after a government that had saved the country from bankruptcy, the common man had not experienced any relief.

Islamabad: Pakistan Railway on Saturday rebutted the news circulating on media regarding stealing of railway carriages.

In a statement, Pakistan Railway said a tender for 542 railway carriages was issued in 2017 under which 521 were awarded to bidders while the remaining 21 were kept in yard due to obliteration of their wagon numbers.

Pakistan Railway rejects news about stealing of railway carriages @PakrailPK #RadioPakistan #News https://t.co/jnvGVeYGzs pic.twitter.com/jpenLfX9HF

— Radio Pakistan (@RadioPakistan) September 30, 2023

It further said these carriages are still in the yard and can be shown to the media.