May 18, 2006	Thursday	Rabi-us-Sani 19, 1427

ISLAMABAD, May 17: Adviser to the prime minister on Finance and Economic Affairs Dr Salman Shah said on Wednesday that the ministry of finance was planning to hold an international conference on capital market development.

The conference will thoroughly discuss and deliberate on the role of innovation and new instruments in areas of derivatives, futures, pensions fund, bonds markets, private equity and REIT products in boosting national growth and economy, he added.

He was talking to an Asian Development Bank (ADB) team headed by Mr Rainer Hartel, senior Financial Specialist.

Minister of State for Finance Omar Ayub Khan and senior officials of the ministry were also present during the meeting.

The adviser said that the conference would focus on various issues as well as provision of roadmap for future plan of action.

The proposed conference would be held after the announcement of the forthcoming budget, he added.

Dr Shah said that the convening of conference would greatly help in making assessment of the progress achieved so far by the capital markets in Pakistan and fixing targets and goals to be accomplished in future to boost economic growth of the country.

During the meeting, role and performance of the SME Bank was reviewed and it was decided that effective measures should be taken for privatisation of the bank.

The meeting decided that reforms should be introduced for the release of second tranche of $30 million of SME reforms programme from the ADB.

The meeting also discussed the scope of effective labour protection and labour inspection policies.

The ADB team was informed that the matter will be taken up with the ministry of labour and manpower and the ADB will be apprised of the outcome after due consultation.

The meeting discussed issues about the lowering of stamp duty on loan bonds and passage of anti-laundering law.

The ADB team was further informed that the anti-laundering law was under consideration of the Parliament.—APP