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ISLAMABAD: The National Assembly Standing Committee on Finance, Thursday, directed the State Bank of Pakistan (SBP) to submit details with names and amount of 600 people who were provided $3 billion loan at zero interest rate.

During the committee proceedings, the committee members also sought details about the names of 600 persons who were provided $3 billion at zero interest rate.

The representative of the SBP said that the facility was provided by commercial banks during corona. Commercial banks very thoughtfully provided loans to experienced people, he added.

He said that all details can be provided to the committee in an in-camera meeting.

Forex manipulation: SBP governor says probe against banks completed

Under the Banking Companies Ordinance, credit information is confidential. However, the SBP would follow the directions of the Finance Committee, he maintained. The chairman of the committee wanted that the SBP should submit a list of loans and on what terms and conditions it was provided.

The chairman of the committee and members raised serious questions as to what is preventing the government from appointing president NBP, president ZTBL, and members of the Competition Commission of Pakistan (CCP). The minister said that process for the appointment of president ZTBL and NBP president is being expedited. She said that this is the prerogative of the government.

She admitted that these are governance-related issues but added that once the entire cycle for the appointment was completed which was subsequently re-advertised due to some issue.

The appointment of NBP president was re-advised and at this point in time the case is with the State Bank of Pakistan (SBP) for clearance under fit and proper criteria. She said that an assessment of fit and proper criteria is under process for the appointments of both the ZTBL and NBP presidents. She said that currently it is being run by the acting president.

With regard to the appointment of the members of the CCP, she said that a total of 190 applications were received and the selection committee has been constituted and the process would be completed as early as possible.

The chairman of the committee expressed serious concern over no appointment of NBP president, Zarai Taraqiati Development Bank, and CCP there is only one chairperson in the board of five members and four members have not been appointed.

On the issue of the pension of the ex-NBP employees, a senior official of the NBP bank informed the committee that as per their directives, first meeting with the representative of pensioners was held.

The pensioners’ representatives were informed that a decision to this effect would be taken by the Board of the bank and the pensioners agreed that the board has to resolve it.

The chairman of the committee stated that this matter is pending for many years and the court has also ruled in favour of the pensioners and the bank has filed a review.

Aisha Pasha stated that the pensions and National Saving Schemes (NSS) have been digitalised and if a pensioner wants it can get a cheque book or ATM card and they have to inform the national saving schemes that his profit should be transferred to the pension account and they are not required to visit the national saving center.

Minister of State for Finance Minister Dr Aisha Ghaus Pasha informed that the government is not considering any scheme to give one-time permission to the accountholders to deposit cash foreign currency in their bank accounts without asking the source of the foreign exchange.

“The IMF has strictly barred the government from announcing any amnesty scheme. The fund is extremely against such amnesty schemes. Therefore, the government is not considering any scheme for the accountholders”, she said.

Chairman Forex Dealers Associations Malik Boston said that the biggest problem of the country is dollars and stated that they came to help the government in this regard through an agreement as was done in 1998 after the country faced a similar challenge following nuclear tests.

He said that we are giving $400 million and could increase the amount to $1 billion besides providing dollars to the public. Pakistan is not getting the benefits of being calamity-hit area but so far only $800 million out of the total pledges made.

Copyright Business Recorder, 2023

Comments

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Abdullah Apr 07, 2023 06:35am
Now we know why rich suppprt pti.They getting interest free loans during corona but they did not invest it in job creations instead of propertt investments.why should the tax payer fund the rich.
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Muhammad Ali Apr 07, 2023 09:16am
@Abdullah, Not rich , not poor; everyone supports PTI because it is the only party which addresses issues not persons; they are for the people & for the country. PeeDM is only for the specific persons.
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Tulukan Mairandi Apr 07, 2023 09:49am
The rich who received these loans during Chinese virus era, during PTI regime, deposited it in other countries, and are living off the interest. When its repayment time they will simply withdraw the principle. Besides these loans were given in PKR which has only depreciated, bringing huge windfall to recipients
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Aamir Latif Apr 07, 2023 10:46am
Whow, Pakistan a very rich country to give $3bn loan at zero intetest.... Report says EXPERIENCED people...?????? Can't be straight forward.? unlike fine money recovered from BT in UK was diverted to Bahria Town.... Pakistan roasted by such favors...
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Love Your Country Apr 07, 2023 12:05pm
1. What was the objective of this favour? 2. What was selection criteria? 3. For how long?
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Kami Apr 07, 2023 01:09pm
Borrowed loan from IMF with hefty terms and conditions and then eaisly distribute these loan amount among the berocracy, politicians and handlers. Simple story to distory country economy
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Owais Apr 08, 2023 05:48am
PTI has made country miserable. They are lier lier lier.
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Basit Ayub Apr 08, 2023 09:22am
Mcb bank pensioners were not receiving pension according to 1990 pension rules.they were receiving pension on the basis of 2005 basic pay inspite of SUPREME COURT OF PAKISTAN full bench decision to pay pension at last drawn pay as per rules of the whole world. It's is worth mentioning that MCB president has submitted an affidavit to the court that he would implement the Supreme court's decision in letter and spirit. he is committing contempt of court. A case of contempt of court is pending in supreme court since long.can any body help the poor labourers of mcb because we don't have enough money to pay expensive lawyers of the this country.
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