ISLAMABAD: A legislative body on Thursday asked the Ministry of Finance to provide details of the loans above the amount of Rs100 million written off during the last 10 years.
The National Assembly Standing Committee on Finance, Revenue and Economic Affairs took up the issue as it discussed a calling-attention notice moved by Rana Hayat Khan MNA regarding inadequate laws for recovery of loans from the defaulters as well as waived off loans.
The committee recommended to the State Bank of Pakistan (SBP) to inquire about the matter referred by the lawmaker regarding loans waived off by the government. It directed the SBP to provide relevant details within 15 days for further action.
While considering the implementation status of the recommendations made by the committee with regard to the deduction of markup rates on agriculture loans to the farmers, the meeting, chaired by Qaiser Shaikh MNA, once again recommended to the Ministry of Finance to reduce the markup ratio on the said loans up to single digit.
The committee considered The Controller General of Accounts (Appointments, Functions and Powers) (Amendment) Bill, 2017, and decided to discuss it in next meeting after consultation with the departments concerned.
The committee recommended that the matter pertaining to eradication of Riba should be resolved according to the constitution. The committee also discussed the IMF report on state of Pakistan’s economy. While considering the issues regarding free trade agreement with China, the committee expressed apprehensions about the local industry and business community. Minister of state for finance and revenue assured the meeting that all stakeholders would be taken on board in this regard. The committee directed the Ministry of Commerce to provide analysis details of import and export between Pakistan and China. The committee decided that a joint meeting should be convened with the standing committee on commerce to discuss the FTA.
Published in Daily Times, April 6th 2018.
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