Govt tables sovereign wealth fund bill in Senate

ISLAMABAD: The government, Friday, moved the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026 in the Upper House of the Parliament that aims to introduce “fiscal safeguards, improving the governance structure and enhancing public disclosure and reporting requirements. ” Parliamentary Affairs Minister Tariq Fazal Chaudhry presented the bill on behalf of Finance Minister Muhammad Aurangzeb, the original mover of the bill, in the Senate session. The bill was referred to the Senate Standing Committee on Finance and Revenue. READ MORE: Pakistan passes law to set up a sovereign wealth fund The Statement of Objects and Reasons of the bill reads that Pakistan Sovereign Wealth Fund has been established through Pakistan Sovereign Wealth Fund Act, 2023. The Section 4 of the PSWF Act states that the primary objective of the Fund shall be to contribute to sustainable economic development through management and optimal utilisation of its funds and assets as per best international standards and policies, to maximise their value for future generations, the statement reads. The amendment bill is aimed at introducing fiscal safeguards, improving the governance structure and enhancing public disclosure and reporting requirements, reads the bill’s Statement of Objects and Reasons. In addition to Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026, five bills were moved in the Senate—the National Rahmatul-Lil-Aalameen Wa Khatamun Nabiyyin Authority (Amendment) Bill, 2026, the Centre for Psychology Centres (Amendment) Bill, 2026, the National Textile University (Amendment) Bill, 2026, the Area Study Centres (Amendment) Bill, 2026, the NFC Institute of Engineering and Technology Multan (Amendment) Bill, 2026—all referred to the relevant standing committees. The House passed the Iqbal Academy (Amendment) Bill, 2026 that seeks to amend the Iqbal Academy Ordinance, 1962 to replace the words “federal government” with the appropriate authority. Later, the Senate session came to an abrupt end after the senators from Pakistan Muslim League Nawaz (PML-N), the ruling party, and opposition’s Jamiat Ulema-e-Islam Fazal (JUI-F), exchanged heated arguments. Taking the floor, JUI-F Parliamentary Leader in Senate Atta-ur-Rehman took on federal and Khyber Pakhtunkhwa governments over what he termed was their failure to ensure security in the wake of recent killing of JUI-F’s Maulana Idrees in Charsadda. Both the governments have lost the right to rule, he said. “When we announced to protest over the martyrdom of Maulana Idrees, you stopped us. You kill us then don’t allow us to weep, ” he said. PML-N’s Abid Sher Ali accused the JUI-F senator of criticising the military. He asked Rehman to condemn the “heinous terrorism launched from Afghanistan into Pakistan. ” Harsh words were also exchanged between the N-Leaguer and another JUI-F Senator Atta-ul-Haq. Amidst the tension, Sherry Rehman, the Pakistan Peoples Party’s (PPP’s) Parliamentary Leader in Senate, who was presiding over the Senate session, adjourned the Senate till coming Monday. Earlier, Naseema Ehsan took up the issue of Rubina Chandio’s honour killing in Sindh. Senator Rehman, the Presiding Officer, said, the country is witnessing a dangerous surge in honour killings, rape, and other forms of gender-based violence. She urged the Parliament to ensure that cases of honour killings and violence against women are “continuously and rigorously taken up by the Senate Human Rights Committee. ” She referred the case of Rubina Chandio to the Senate Human Rights Committee for “immediate scrutiny and action. ” Meanwhile, the government declined to share with the Senate the names of the accused facing cases in the National Accountability Bureau (NAB). In a written reply to a question from JUI-F’s Talha Mahmood, furnished in the Senate Question Hour, the Law Ministry responded, “In view of the confidentiality and sensitivity of cases under process in NAB, the names of defendants/accused and the amounts involved cannot be disclosed. ” The reply revealed that 745 inquiries and 226 investigations were pending with NAB till 31 December 2025. Copyright Business Recorder, 2026

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