ISLAMABAD: A high-level committee on Russia, chaired by Minister for Planning, Development, and Special Initiatives Ahsan Iqbal, has instructed the State Bank of Pakistan (SBP) to engage in consultations with banks and major exporters to establish a streamlined transaction settlement system for trade with Russia, according to sources from the Planning Commission.
The committee has conducted several meetings on the matter, but a finalized action plan remains pending, awaiting discussions during an upcoming high-level visit to Moscow. Pakistan’s ambassador to Russia, Khalid Jamali, was in Islamabad to provide input on various agenda items under consideration regarding future relations with Russia.
During the committee’s sixth meeting on August 6, 2024, it was noted that Prime Minister Shehbaz Sharif may soon convene a review meeting to assess preparations for the visit to Russia. The Prime Minister emphasized the need for each ministry to be ready with a comprehensive presentation on their engagement roadmap with Russia at short notice.
Following detailed discussions, the committee made several key decisions: (i) All ministries and divisions must prepare concise presentations for the Prime Minister’s review meeting, encapsulating their strategy for engagement with Russia, ensuring compliance with previous committee decisions; (ii) Each ministry is to deliver its own presentation during the review meeting; (iii) The SBP is to organize a meeting with all banks and leading exporters to develop a concrete plan for innovative, non-sanctioned methods of transaction settlement with Russia, possibly inspired by the BRICS New Development Bank model; (iv) The Ministry of Railways is to conduct a feasibility study for passenger travel on the Pakistan-Iran-Turkey route and explore multi-gauge options by collaborating with engineering universities for innovative solutions; (v) The Ministry of Water Resources is to coordinate with the Power Division to align overlapping projects and avoid inconsistencies in their roadmap; and (vi) The Ministry of Inter-Provincial Coordination (IPC) is to coordinate with provinces to prepare a consolidated presentation for the Prime Minister.
The meeting was attended by the Minister for Water Resources, Dr. Musadik Masood Malik, Special Assistant to the Prime Minister Syed Tariq Fatemi, Prime Minister Coordinator Rana Ihsan Afzal, and senior officials from various relevant ministries.
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